Revenue Strategies For New Coaches & Consultants

When starting a consulting or coaching business, it’s important to think about not just how to bring in initial clients, but also how to create multiple revenue streams to sustain and grow your business.

One of the first things I did before leaving my full-time job and going it alone, was to create a vehicle to drive recurring revenue into my business. I did this by building a membership, which today, is my pride and joy. In fact, I loved the experience so much, I created another. Not so much because of the revenue, but because of the community.

Having a membership is super useful, especially during the quiet months when clients were scarce… or when I got COVID-19 and was unable to work for a couple of months!

But, I have more than one revenue stream inside my consulting business, I have a mix of digital products, consulting packages and group offers, and I am working on a couple more.

In the early days of me just starting out, I wasn’t told to get multiple revenue streams. I wasn’t told to focus on creating different income strategies. I fingered it out, mainly because my corporate experience was in finance and strategy so I guess I had a heads-up! But, I’m a strong believer in, each one, teach one, (or teach many), so, I want to share a few different strategies you can use to introduce and increase revenue streams in your consulting business. Are you ready?

Let’s get into it…

Offer different levels of in your packages

Most of the time, when you are starting out, you focus on creating one offer. This can be useful, especially for neurotypical brains, but one package doesn’t necessarily mean one level. Let me explain. You can create a consulting package which has different levels of commitment and exposure, which allows flexibility in payments, thus opening up different avenues that cater for different budgets and the different needs of your clients. It could look like, Standard Level, Gold Level and Premium Level. The higher the level, the more access to you, the higher the investment. This also increases your authority. If you already have a signature programme, or a workshop, you can add a VIP option and increase the value you provide – and the price you charge! Get it? Good!

Create and sell digital products

This can include e-books, online courses, webinars, and other digital resources and done-for-you services that your clients can access at any time. These products can serve as an additional source of income and can also serve as a lead magnet to attract new clients. But don’t be fooled into thinking this means extra work. One of the things I love to help my clients to do is, to use strategies that allow them to maximise their time and re-purpose materials, utilising my favourite LIVE to Sale Strategy in my most popular package, The 3 Month ‘All-In’ Business Incubator.

Group Programmes

Group Programmes can be challenging sometimes, and personally, I would recommend it only after you’ve got experience successfully running 1:1 programmes, unless using my Beta Strategy. However, once this is under your belt, I would definitely urge you to consider offering group programmes for your coaching or consulting clients. This can also be a great way to offer a community aspect to your consulting business and can also help to scale your business faster.

Create a membership program

Well, I touched on this as it was something I did straight away. By creating a membership program, you can provide your clients with ongoing support and resources. This can include access to a private community, exclusive content, discounts on your products and services and so much more. I went through an amazing and highly successful mentor called Desislava Dobreva, whose programme was instrumental in my learning how to build my first membership. Since then I’ve also helped others build memberships and communities because of the value I have seen firsthand. Not just monetary, but the value of showing up and building relationships with a community of people who are on a journey alongside you. Being part of their dynamic growth and transformation is life-changing. I have multiple communities, a mix of paid and non-paid. But each of them means the world to me.

Leverage affiliate marketing

This is something I am working on for my own business, but, full transparency, the link I provided to join Des’ Recurring Revenue Programme is an affiliate link as I am one of her launch partners. I stand by what she teaches as it led me to build my own membership which is why I am proud to be one of her affiliates. I strongly believe in being an affiliate for services I have used or am well versed with, it just allows me to be fully in my integrity. But one thing for sure is that partnering with other businesses and promoting their products or services to your clients can also be a great way to bring in additional revenue.

So, there you have it!

It’s important to note that different niches will have different revenue stream options, so do your research and understand your industry and client enough to know which options will be most viable for you. Also, when you have a good understanding of your business and the lay of the land, don’t be afraid to experiment, try new things and be open to new opportunities.

To bring in recurring income, it is beneficial to focus on building a strong, loyal client base and providing them with excellent service. This can lead to repeat business and positive word-of-mouth recommendations, which can in turn lead to more clients and more revenue. A large part of my business is actually down to referrals and word of mouth. I think people might underestimate how powerful this is, but returning clients and their outward expression of your offer WILL make up one of the largest areas of your business revenue.

This is why it is super important to really get to know your ideal client, and what their needs and desires are. This knowledge will help you to create no-brainer offers that are relevant and will speak directly to your client, which will in turn make it more likely for them to purchase from you.

I also believe when you are first starting out, you can easily get ‘in your head’, not necessarily realising that, when you first start out, a strong network is KEY and can also unlock new revenue streams. Connecting with other consultants, entrepreneurs and industry leaders can open up new opportunities and possibilities, not only can you share their audience and get wider exposure, but you also have an opportunity to showcase your portfolio and share your success stories which are brilliant for gathering social proof and key to attracting new clients.

Lastly, remember that starting and growing a business isn’t easy. Especially if you are doing it while still holding down a full-time job. It takes courage, empowerment, action, and growth. It takes working through my 4Step Value System. You see, don’t make the mistake of thinking it is only the professional skills you need. When stepping out on your own into the big bad world to reposition yourself from employee to entrepreneur, you need to build your mindset as much as anything else. In fact, I’d probably say, at times, your mindset might be the only thing that keeps you going.

Some final words of encouragement:

Don’t focus on finances, focus on patience, persistence and consistency. Focus on being of service. Focus on giving your clients, and potential clients what they need. Focus on ensuring your business is ALWAYS solving a problem. When you do that, finances will naturally follow!

You’ve got this, trailblazer! The world awaits YOU.

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? JJ, Your Coach, Strategy & Revenue Mastermind

? Mantra: “I Never Lose, I Either WIN or Learn – Nelson Mandela”

? In Another Life: Solo globetrotter soaking up the sun and manifesting next-level strategies.

? Why I’m Here: To guide you to work smarter, not harder, and to empower your purpose-driven journey. Let’s change the world together, one client at a time.

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