As a life coach, the passion to guide others towards their goals is your calling.
But what about the goals you have for yourself and your business?
For growth and financial freedom, passive income can be a game-changer for your life coaching business. Expanding how your coaching business makes money can allow you to extend your influence and create a lasting impact.
This all-in-one guide will demystify passive income and cover seven easy ways you can build it into your life coaching practice. Let’s dive in!
6 Passive Income Strategies for Coaches
- Digital Products
- Online Courses
- Affiliate Marketing
- Graphics & Design Templates
- eBooks & publications
Understanding Passive Income
Passive income involves earning money with minimal ongoing effort. On the other hand, active income occurs when income is directly tied to time and effort.
As a coach, time working with clients, teaching classes, or even speaking on stage is active income.
Courses that people can buy any time or income from views on Tiktok or Youtube represent passive income.
All streams of income require some set up and maintenance. Passive income isn’t truly “effortless”, but it can help you earn more money consistently with less work.
For life coaches, passive income helps leverage time and increase income without adding hours to an already full schedule.
But, do you need passive income streams as a life coach?
Here’s why you might not want to put all of your income eggs into the active-coaching basket:
Why Passive Income is a Must for Life Coaches
- Sustainable Income: Provides a consistent income stream even when you’re not actively working. You can continue to make money even if you’re sick, dealing with a family emergency, or on a much-needed vacation.
- Scalability: Allows you to reach and help more people than you can with one-on-one sessions. You can grow your business beyond the number of hours you’re able to work each day or week.
- Financial Stability: Reduces dependency on active income and creates financial cushioning. You can make bigger investments in your business without requiring more time.
- Personal Freedom: Frees up time for personal development, family, or starting new ventures. Passive income allows you to create the truly flexible business you dreamed of when you became a coach.
Let’s explore six easy ways you can start generating passive income in your life coaching business.
1. Digital Products
How to Start:
Create a website to sell digital products. Different types of digital products include eBooks, workbooks, templates, or audio programs. Each product should provide specific value, addressing common issues or offering tools your ideal clients need.
Examples of Digital Products Ideas:
- Comprehensive PDF eBooks or workbooks
- Downloadable digital templates
- Guided meditations or recorded exercises
- Downloadable road maps, guides, and how-to’s
- Planners and journals
- Paid newsletters, video, or podcast series
Pros: One-time creation; potentially unlimited sales; wide reach.
Cons: Initial time and resource investment; market competition.
Tips for Success: Expanding Reach
Keep each of your digital products focused on addressing and solving a single problem that applies to your target audience. Be sure to provide value without taking away from the other, more in-depth solutions that your business offers. Always provide a next step for potential clients to take throughout or at the end of your downloadable product.
Promote your digital product online through a well-designed website, engaging social media content, and strategic email marketing campaigns. Consider partnerships for even broader distribution.
2. Online Courses
How to Start:
Craft and sell online courses that dive deeper into areas of your expertise. Use engaging content formats like videos, quizzes, and interactive assignments. For coaches, this is one of the best ways to create passive income. Creating courses utilizes the knowledge and insight you already offer your clients, making it a logical transition.
Questions for Coaches Becoming Course Creators:
- What topics can you create courses on that speak to the problems and goals of your ideal client?
- Will your course be self-study or will you incorporate live elements like Q+A sessions or live coaching?
- In addition to video, what other resources or elements will you include to support each person’s journey?
- Will you create a “1-step” course that addresses one part of a larger problem or solution? Or will you choose to create an “A-Z” course that gives people everything they need to reach their ultimate end goal?
- Will you create an evergreen, automated funnel to deliver your course to anyone who signs up at any time? Or will you choose to “launch” your digital course at specific times throughout the year?
The answers to these questions are ultimately up to you, but they can give you a clear place to start your course-creation journey.
Pros: High earning potential; positions you as an expert; scalable.
Cons: Requires significant upfront effort; ongoing updates needed.
Tips for Success: Marketing
Create a compelling landing page, utilize testimonials, and offer free previews to attract potential customers. Once you’ve created an online course, explore using ads and social media to drive traffic to your course.
Sites like Podia.com, Kajabi.com, and Teachable.com make it easier than ever to design, create, and host your digital course content. You can also use most of these platforms to keep in touch with the audience your course attracts for future offers and opportunities.
3. Membership Sites
How to Start:
Develop a membership platform offering exclusive content, such as live webinars, discussions, and downloadable resources. Provide regular value to keep members subscribed.
Example: A community site offering monthly expert webinars and peer coaching circles.
Pros: Regular, predictable income; builds a loyal community.
Cons: Continuous content creation; member retention efforts.
Tips for Success: Engagement Strategies
Host regular events, provide personalized content, and actively engage with your community to maintain high retention rates.
The success of your membership site relies on equal parts value and relationship-building. Remember, as you build know-like-trust with your members, they are likely to also invest in other resources like courses or coaching.
4. Affiliate Marketing
How to Start:
Promote products or services that align with your coaching philosophy. Use your blog posts, newsletter, or social media platforms to share affiliate links.
Example: Recommending a popular self-help book or personal development event and earning a commission on sales.
Pros: No need for product creation; complements your content.
Cons: Dependent on audience size and engagement; need to maintain trust.
Tips for Success: Stay in Alignment
Choose affiliate products carefully, provide honest reviews, and disclose affiliations to maintain credibility and trust with your audience.
It can be tempting to join affiliate programs purely for the earning potential they offer. But integrity and staying in alignment with your expertise and philosophy will lead to greater long term success.
5. Sell Graphics and Design Templates
How to Start:
Create and sell your own branded templates or graphics. Offer a variety of designs catering to specific coaching niches or needs.
Graphic & Design Template Examples for Coaches:
- Goal Setting Workbook: A comprehensive template guiding individuals through the process of setting and breaking down their personal or professional goals.
- Daily Planner Sheets: Customizable daily planner templates that clients can use to schedule their day, track habits, and reflect on their progress.
- Mood Tracker Graphics: Visual mood trackers that clients can use daily to acknowledge and understand their emotional patterns.
- Mindfulness and Meditation Guides: Beautifully designed guides or infographics on various meditation techniques or mindfulness exercises.
- Self-Care Checklists: Printable or digital self-care checklists that offer daily, weekly, or monthly suggestions for activities to boost wellbeing and reduce stress.
- Personal Branding Kits: Templates for clients looking to develop their personal brand, including logo templates, personal business cards, and social media headers.
- Health and Wellness Journal Templates: Journals focused on health and wellness goals, including food diaries, exercise logs, and sleep trackers.
- Vision Board Kits: Digital or printable kits that clients can use to create a vision board, complete with inspirational quotes, affirmations, and imagery.
- Financial Budgeting Templates: Easy-to-use templates for personal budgeting, expense tracking, and financial goal setting.
- Career Development Packs: Templates and guides for resume building, LinkedIn profile optimization, or job interview preparation.
Pros: Creative outlet; high demand; multiple marketplaces for selling.
Cons: Requires design skills; competitive niche.
Tips for Success: Add Value
By creating and selling these types of digital products, you can provide valuable tools to help clients. These resources offer a way for potential clients to engage with your methodologies, even outside coaching sessions.
Keep your future client’s journey in mind as you create these types of digital products. You aren’t just making passive income, you’re investing in people who may choose to work with you in the future.
6. Write and Sell an eBook
How to Start:
Write an eBook that offers unique insights, strategies, or stories. Ensure it addresses a real need or interest within your target audience.
Sample eBook Titles for Different Coaching Niches:
1. “The Balanced Executive: Strategies for Stress-Free Leadership”
- Niche: Executive Coaching
- Focuses on helping corporate leaders manage stress and maintain balance between their professional and personal lives.
2. “Transform Your Habits: A Roadmap to Healthier Living”
- Niche: Health and Wellness Coaching
- Guides readers through the process of creating and maintaining healthy habits for long-term physical and mental well-being.
3. “Career Leap: Making the Jump to a Job You Love”
- Niche: Career Coaching
- Helps individuals navigate career transitions, identify their passions, and secure a job that aligns with their values and skills.
4. “Cultivating Creativity: Unleash Your Artistic Potential”
- Niche: Creativity Coaching
- Encourages and guides readers in exploring and enhancing their creative talents, whether in arts, business, or everyday problem-solving.
5. “From Conflict to Connection: Relationship Building for Couples”
- Niche: Relationship Coaching
- Provides tools and communication strategies for couples looking to strengthen their relationship and resolve conflicts effectively.
6. “The Digital Nomad’s Guide: Building a Life of Travel and Work”
- Niche: Lifestyle Coaching
- Offers practical advice for individuals aspiring to combine work and travel by living a location-independent, digital nomad lifestyle.
Pros: Authority building; long-term income potential; wide distribution options.
Cons: Intensive upfront work; marketing efforts required.
Tips for Success: Publication
Use platforms like Amazon Kindle Direct Publishing for ease and reach. Invest in a good cover design and professional editing to enhance appeal.
How to Make Money As A Life Coach: Best Practices for Building Passive Income
To effectively generate and sustain passive income streams, consider these best practices:
Consistently Provide Value
Your offerings should consistently deliver value and address the needs or desires of your target audience. Keep abreast of industry trends and client feedback to ensure your products and services remain relevant and desirable.
Leverage Your Network
Build and nurture a network of clients, peers, and mentors. Collaborations, partnerships, or simply sharing insights can lead to new opportunities and increased visibility for your passive income products.
Automate and Delegate
Use tools and resources to automate repetitive tasks and consider outsourcing aspects of your business that are outside your expertise. This will free up more time for you to focus on creating and refining your passive income streams.
Keep Learning and Adapting
The market is ever-changing, and what works today might not work tomorrow. Stay committed to learning and adapting your strategies. Attend workshops, listen to podcasts, and engage with other successful coaches to stay inspired and informed.
Your Path to Financial Freedom
Creating passive income streams is a journey of creativity, innovation, and perseverance.
Remember, the most successful passive income strategies are those that align with your values, leverage your strengths, and meet the real needs of your audience.
So start today, and watch as your coaching practice and personal life transform with the power of passive income!
(Hey coach– want even more insider tips to skyrocket the success of your coaching business? Click below!)