How Life Coaches Can Make Big Money
The best way to get lifelong clients for life coaching is to create an information product that introduces your services. There are many advantages of selling an information product versus just selling a book on Amazon.
Putting together an information product takes less time to put together than a book.
An e-book or a regular book has a strict format, so it takes a bigger thought process to put it together.
This is why so many life coaches are thinking about (but NOT actually) writing an e-book, even though many of these same life coaches have over one hundred blog posts!
With an information product, you can be a little more random—for lack of a better word. You still want to put your best stuff out there, but it doesn’t have to be in a neat package like ink on paper book.
And most of all, your audience will appreciate this. With your information package, you can have all sorts of written material such as:
- Tip sheets
- Tests and quizzes
- Books (eBooks)
- Back issues of newsletters or reports
- Boxed set of books (bundle)
- Set of cards (recipe cards, flash cards, reminder cards)
- Transcripts from speeches or seminars
- Posters/infographics (diagrams)
- Multi-author publications (several authors for one publication)
- Forms (time keeping, weight loss, step by step processes, workout sheet)
You can write each of these independently, and they do not necessarily have to coordinate with each other.
Life Coaches Need to Think About the Multimedia Experience
When you’re a life coach, you often have an interpersonal relationship with your clients. You clients will want to get a full picture of you and how you operate. Now, you could create social media accounts and have videos on YouTube.
But how do you get people to see your videos on YouTube or Facebook? Also, if you did drive traffic to those multimedia sites, where is the money in that?
Unless you are dead set on creating a YouTube channel that brings in millions of viewers and you are doing it just for the advertising revenue, then creating videos may not be worth the effort.
Next, we’ll talk about advertising, and we’ll answer those questions.
Advertising for Life Coaches
It seems that being a life coach can get you into an endless stream of promoting your marketing materials. You spend time writing a book or eBook to promote your brand, but you have to ask yourself how do you get people to read your book?
It’s not easy. Especially when readership is down and there is a flood on new books coming on the market.
Forbes puts the number at 600,000 to 1,000,000 new books being published every single year. That’s a tough mountain to climb.
Then to promote your book, you have set up a website or a social media account like Facebook or Twitter. How do you get people to go to your Facebook, Twitter or website? You engage in guerilla marketing tactics that take up a lot of your time.
All these things work, but they take time.
Time—as in all day and many years to build your brand. That’s the problem. Life coaches are too busy building their brand like Dove soap instead of getting real customers. You don’t have the budget nor the time to create a campaign like that.
Life Coaches Need Money Coming in Now.
The best way to bring in money while developing your brand is to create an information product. For many coaches, you can sell their information product for more than $250.
You would only need 40 buyers to bring in $10,000 a month. Only 40! The trick is in how you get those 40 people.
Paid advertising works best because it’s targeted and reliable. Some advertising sources can be expensive like Google Ad Word. And some advertising sources just aren’t appropriate. But biggest problem is that many life coaches don’t know how to advertise their services properly.
The big money for life coaches in creating an information product.
Let’s go back to the above scenario. You are making $10,000 from your 40 customers. What kind of ad budget do you think you can you put together to bring in those 40 customers? What it if you spent $2,000? Don’t you think you could get at least 40 buyers from a $2,000 budget? I thinks so. It’s really doable. It’s been done.
Now, with 40 customers buying your $200 product (instead of your $9 book), you’re pulling in $8,000 of pure profit a month. That’s nearly a six-figure salary—on top of your personal coaching fees.
Do think you could bring in those kinds of customers and bring in that kind of money if you sold a book on Amazon for $2.99? Not likely—unless you have a strong Facebook page, at least 20,000 followers on Twitter, a solid website and a YouTube channel. You see you could put in a lot of work and still get nowhere.
The more money you can charge for your product, the more advertising and marketing you can afford to do to get your customers. The more a life coach can spend to acquire a customer, the better.
You don’t see a lot of advertising for paper clips, do you? They’re not going anywhere (yet). But you see a lot of advertising for cars. Life coaches need to up their game with information products.