Covid - 19 presented unique challenges for folk running their own businesses, and it’s been tough for many small business owners to stay on their feet. Whether you’re dealing with overhead costs, client retention, or limited resources, it’s essential to always look for ways to diversify your income stream as a financial coach.
Looking for ways to diversify income doesn’t mean that you have to scrap your regular coaching work. Diversifying how you work simply means looking for different ways to support your clients, focusing on passive income options or strategies that require fewer resources than your primary method of working to kickstart.
To help you find the proper method, we’ve handpicked 3 creative strategies that you can try out this year to broaden what you’re offering and support your business further.
Try Your Hand at Public Speaking
One of the best ways to diversify your income stream and demonstrate your experience in the financial field is to put together some public speaking arrangements. For example, Giving a seminar, instructional class, or speech at an event is a great way to show people that you’re an expert who should be relied upon.
If you’ve never put on any paid public speaking arrangements before, try starting out with any local events or conventions that you can get booked at. Don’t immediately jump into the most significant opportunity you can find - take it slow and give yourself time to learn the ropes if you’re unfamiliar with public speaking.
One of the most important things you can do when organizing paid events like this is to utilize audience feedback for the next event. Try leaving comment cards on the seats or monitoring a unique hashtag on social media for feedback. What did people like about the speech, and did they think it was worth the ticket price?
Consider Putting Together Online Training Courses
Recent lockdowns and stay-at-home scenarios led many people to learn about new things and educate themselves online, with platforms like Udemy, Coursera, and Future Learn. Online courses are a great way to focus on a specific skill or interest, giving people the freedom to learn at their own pace.
Online courses are an efficient tool for content creators and coaches, too. If you’re looking for a way to share your knowledge with a broader audience, putting together a professional online training course and monetizing it would be a great move. It would be a great way to position yourself as a thought leader and provide your audience with genuine value.
You could also focus on a targeted section of your audience (for example, students) or a specific niche within the financial field. Make sure to keep a feedback loop open so that people can leave reviews and comments to let you know how they found the course.
In terms of hosting an online course, you could do this directly through your own website and create a landing page for it. If you’d prefer to put it on another website instead, your options include Udemy, Skillshare, and Thinkific.
Try Working on a Handy Ebook
Finally, consider spending some time on an eBook or whitepaper this year. While this project can take a significant amount of time to put together, it can lead to a steady passive income flow. It’s also a great way to further spread your online persona and show your audience that you’re an authority in your field.
The theme is one of the most essential things to consider when writing an eBook for your business. Find a specific pain point or frequently asked question from your customers, and spend a reasonable amount of time unpacking this. Make sure this is a book that people genuinely need, and market it.
Diving into marketing, it’s essential to set up a simple but punchy marketing strategy to accompany your book. Pair it with uplifting, exciting social media posts, and reference it in a few blog posts. Ebooks can be great for passive income, but simply hitting publish and letting the websites do the rest won’t do the trick.