How Can a Coach Create Passive Income Streams?
Question: How can a coach create many income streams online?
Biana Babinsky Answers: Back when I was working in corporate America, (I had a good job writing software and designing web pages for a Fortune 500 company), I have noticed that many people (myself included) were paid a salary. It was a decent salary, but we could not really control it. Yes, we would get a raise every year, but otherwise, we could not make any more money. We did our job and got paid, there was no room for increase, we pretty much had a salary ceiling.
On the other hand, there were people even in corporate America, who were more in control of their salaries. These people usually sold something, and they were paid a base salary + commissions. Obviously if you could not sell, you didn’t make much money. However, if you could sell, you made MUCH more.
Same with owning a business – once you book yourself solid with clients, you will make money, but there is a limit. At some point you can’t add any more one on one clients to your practice, thus, reaching a limit on the number of clients, and the amount of money you make.
Instead, you can have a mix of one on one clients, as well as group coaching, products (ebooks, workbooks, reports, home study courses), consulting, teleseminars, speaking, selling others’ products, etc. This mix will fill up some of your time, but will leave you the rest of the time for other activities – market research, marketing, new product development, etc.
Biana Babinsky
Biana Babinsky is the online business consultant, author and expert, who teaches solopreneurs how to use the Internet to gain more clients and make more money. Learn directly from Biana about creating passive income products at MarketingSalad.com, the online business community for solopreneurs