One of the most common questions I get, in one form or another, is:
“What is the fastest / easiest way to start a side-business?”
If you’ve ever wondered that yourself, today I have the answer for you.
The fastest and easiest way is to offer coaching.
Why? …Here’s 11 rock-solid reasons:
- Almost zero start-up costs.
- No products to create, or inventory to hold.
- You can deliver to groups, to scale your impact and your income.
- It’s the perfect way to transfer your knowledge to others.
- You can actively create a product by recording your coaching sessions.
- Depending on what you are coaching on, you can charge premium prices, right out of the gate.
- When you know how, getting coaching clients is easier than trying to sell products.
- If you like, you can run it in your spare time, and still make a lot of money.
- You don’t need any staff.
- You can do it from anywhere in the world (with decent wifi).
- You don’t even need a website to get started.
You could literally decide you want to be a coach today, and start getting clients tomorrow, if you know how.
Coaching is usually where I recommend most of my clients begin, when they join my coaching programs.
When you start with coaching, I recommend you start with 1:1 coaching.
Test your strategies and processes, and really dive deep into getting 1:1 results.
Then you can either scale that up to a group delivery model, or capture your concepts and turn it into an online course.
My preferred progression for a new client is:
- Begin with 1:1 coaching.
- Help those clients get awesome results, and use those results as case-studies to launch a group program.
- Gain leverage by delivering coaching to groups, and scale back on the 1:1.
- Test and refine your concepts in the group coaching model, get more case-studies and testimonials, then make a plan to turn your concepts into a DIY, self-paced online course.
- Create and launch the online course version of your coaching.
Very often I see people wanting to start by making a course.
That’s fine, and sometimes it works. However it takes a ton of research to get it right the first time, and I’d prefer to get paid to do that research in real-time by actively working with, and helping, real-life coaching clients.
How realistic is it to make a decent income with what I’m suggesting here?
Let’s do some “Money Maths”…
Assuming your goal is $20k per month, and you charge $1k per month for coaching, you need 20 clients.
That’s 20 clients TOTAL, not 20 clients per month.
If you can sign-up 1 out of every 5 people you speak to (that’s a 20% conversion rate — which is okay for a beginner) you’ll need to talk to 100 prospective clients.
My phone sales process takes, on average, 1 – 1.5 hours per sale. So let’s call that 150 hours of sales calls in total.
If you can take 10 hours of phone sales call per week, it’ll take you 15 weeks (or just under 4 months) to go from ZERO to $20k per month.
Here’s a quick summary:
- Sales calls: 100 (x 1.5 hours each).
- Total time invested: 150 hours (10 hours per week x 15 weeks).
- Conversion rate: 20%.
- Total sales: 20.
- Price point: $1k per month x 12.
- Monthly income: $20k per month (or just under a quarter of a million per year).
And that’s with a 20% conversion rate… I personally have an 80% conversion rate.
Now let’s pour some fuel on the fire!
If you’re running a 1:1 coaching program, you now have to deliver 20 x 1 – 2 hour sessions per month.
Which is cool… Coaching is fun.
However if you offer a group coaching program… You can coach ALL 20 of your clients in just 2 – 4 hours per month.
Would you work 4 hours per month for $20k?
In reality, with ongoing marketing, sales calls, session planning, and post-session follow-up, you’re realistically looking at 10 – 20 hours work per month.
Yes… per MONTH.
If you’re working a 40 hour work week right now, that’s 160 hours per month.
If you’re making $100k per year in your job, that’s a relative hourly income of $52 per hour.
When you build a coaching business that makes $20k per month for just 20 hours of work, your relative hourly income is now $1k per hour.
That’s a 1,923% increase in your hourly rate.
And that’s why coaching is the number 1 business to start as you first dip your toe into the entrepreneurial world of working for yourself.
If you’re interested in building your own $20k per month side-business, the best place to start is with the free One-Page Million Dollar Marketing Plan. With this simple, one-page plan you’ll capture all the essential pieces of your business model… craft your Million Dollar Message… plan your marketing strategy… and do your “Money Math” so you know how long it’ll take to go from idea to income.
Nick “Start With Coaching” Cownie.
P.S. Whenever you’re ready… here are 4 ways I can help you get off the income rollercoaster:
1. Grab a free copy of my book, 7 Minute Mindset
It’s the roadmap to eliminating fear, procrastination, and failure. — Click Here
2. Join the Income Altitudes Lounge for daily marketing, sales, and mindset support
It’s our Facebook community where smart business owners learn to get more money, time, and freedom. — Click Here
3. Explore the Income Altitudes program suite with the Selector Survey
We’ve put together a super short survey tool to help you discover which of our programs are the perfect fit for your needs and goals. — Click Here
4. Work with me and my team privately
If you’d like to work directly with me and my team to help you build a high 6-to-7 figure business you can run in your spare time… grab a zero-sales-pitch, free 15 minute spot in my calendar, and we’ll bounce some ideas around to see if or how we can help. — Click Here