One-on-one coaching is extremely rewarding.
You get to connect fully with the person and serve as their mentor during every step of their journey.
Unfortunately, coaching individual clients doesn’t necessarily give you the opportunity to make a lot of money.
At this point, you’re probably thinking: “But I didn’t become a coach for the money. I chose this profession so that I can have a fulfilling career helping others.”
If that’s how you feel – great. That’s how the majority of coaches feel.
But the fact of the matter is that you need to make a living, and you have the potential to make a really good one with your coaching business. How so?
The best way is with group coaching or memberships. Read on to find out why this is important. Plus, we’ll share some of the top membership drive ideas.
The Membership Business Model – Why You Need It
Coaching more than one client can bring in a substantial amount of income each month.
You can create a membership plan in two ways.
- Membership for Group Coaching
Coaching more than one person at a time can be done in-person, over the phone, or via video conferencing.
A group coaching program is something that typically has an end-date. You coach each group for a certain period of time – seven days, six weeks, six months – and then the program ends.
Members pay a one-time fee or according to a payment plan you’ve approved. Once the program has ended, they can choose to work with you again, participating in another group coaching program or investing in one-on-one coaching.
- Membership Subscription
For example, let’s say you help business owners improve their marketing efforts. Periodically, you might advertise to the general public about an upcoming webinar or training boot camp. The public has to pay for access to your event, but those on your subscription list have access to it for free.
When you learn how to recruit new members, you have the potential to earn substantially more than you do with one-on-one coaching.
Instead of making $250 for an hour of one-on-one coaching, you can make $75 per client per hour with group coaching. Or, you can charge $45 per month for an on-going, online subscription plan.
This is definitely a numbers game.
After all, if you only have two people in your group then you’re only making $150 per hour. But if you end up with six to 10 clients, you could make between $450 and $750 per hour.
With regard to the subscription plan, you could make nearly $7000 per month with 150 subscribers. Plus, the time you spend with your subscribed members is significantly lower than what you would spend with one-on-one clients.
Another perk: You get to help a lot more people.
If you’re interested in recruiting members for a club, subscription program, or group coaching plan – read on for some helpful tips!
How to Bring in a Great Income: The Top 3 Membership Drive Ideas
Are you curious on how to recruit new members? Here are some of the best membership drive ideas for coaches.
1. Give People a Reason to Become Members
Before you start marketing your plan you need to make sure you have incentives that will make people want to join.
What can they get from you that they can’t get elsewhere? Why should they pay for what you have to offer?
Some incentives include:
- Monthly conference calls
- Access to a private Facebook group
- Access to all of your classes.
2. Use the Internet
One of the best membership drive ideas is to utilize the internet. That’s where people go for their information and to find coaches like you!
Start by creating a fan page on Facebook and promoting it. Use this page to let people know about new programs and upcoming events.
3. Word of Mouth
It may sound old-fashioned but it’s still effective.
Let your friends, family members, colleagues, neighbors, the Starbucks barista, and anyone else you can think of know what you’re up to and how they can learn more. And encourage them to spread the word.
Allow Yourself to Thrive Financially by Learning How to Recruit New Members
As a coach, you’re constantly helping others to improve some aspect of their life. But you don’t stop there. You encourage your clients to care for every facet of their life in order to have a rich and fulfilling one.
Do you take your own advice?
It’s easy to see how to improve another person’s life. But when it comes to our own it’s not so easy. We can’t see the forest for the trees.
You need to view yourself as your clients – as someone who needs to focus on self-care, their health, and their finances.
Coaching is a very satisfying career. Make sure it’s financially rewarding as well. Learn about and implement various income streams, like group coaching and membership plans. Your wallet will thank you.