As business owners, we’ve all been told having multiple streams of income is how we scale to six- or seven-figure businesses, but with so many options out there, how do you know which is the right one? After working with a wide variety of clients over the years, and trying different structures myself, I’ve learned there is no such thing as a one-size-fits-all, and to focus on the structure that will be most profitable to you.
Tune in to today’s episode to learn more about different passive income structures- including evergreen courses, group programs, and memberships – and how they can scale your business.
Here’s a closer look at what I discuss in this episode:
- Breaking down the most common streams of income from my coaching clients
- How much success I’ve seen with each income stream
- What it takes to make each income stream work
- Address the question: Do you really need them all?
- How to choose the best fitting product suite for profit and balance
You are listening to the scaling of freedom podcast. I’m your host, Christina Bernhard. And in this episode, we are talking about expanding the streams of income in your business, the different ways that you can do that. So we are going to break down the most common streams of income from my coaching clients that I see and how much success I’ve seen with each income stream to give you an idea of what that looks like. Um, and also what it takes to make each of these income streams work. Um, I also am going to address the question of, do you really need all of them , um, or is it best to have all of them? Is it best to have just one or two streams? Um, and what that kind of looks like in a coaching business , um, from what I see and what I see work the most for my clients , um, and how to choose the best fitting product suite for profit and for balance for you and your business. So let’s talk about having one single offer.
So you can have one single offer with lots of volume. So I have seen this , um, if you go this route, the delivery of that offer obviously needs to be scalable. If your goals are to be, you know, hitting multi six or seven figures , um , or hitting even the seven figure mark, I often see this with memberships . So most of the time, whenever I see a client have one single offer , um, it is often a membership and I’m, I’m specifically talking about the clients who have scaled to the seven figure. Mark and memberships are not for everyone. And to hit seven figures, you really do need some serious volume, which can be , um, very doable, but also take some time. Um, it’s gonna be really difficult to hit that with one-on-one coaching and masterminds without either overworking yourself or lowering, lowering your service quality, but I have heard of it. Um, but I , it’s not something that I see very often. So usually whenever I have a client that has one single offer, it is often , um , either a membership or something that can be more evergreen and it’s very much a one to many . Um , it could also be a course as well, but memberships are gonna be a little bit easier to stack the revenue , um, because people are paying every single month. So as you are bringing in more people, you’re still getting your monthly payments from your , uh , people who have joined in the past. Um, so memberships can be really, really great for that. Um, as opposed to having an online course where someone just purchase it, purchases it one time, and then you have to always be looking for more and more people to continuously purchase , um, to be able to keep that revenue up. So that’s what it looks like to have a single offer. But what I’m gonna talk about today mostly is having multiple offers , um, and having, you know, should you do a group program is a group program better than one-on-one should I just do one-on-one um , how important is it to have passive offers and evergreen funnels and all of that? So , um, I get these questions all the time and it’s definitely something that, you know, you want to test out and try different things, and it’s going to be pretty unique to you. So we’re gonna talk about that as well. Um, but let’s go ahead and talk about passive offers and evergreen funnels. So most of my clients in the seven figure range do have passive offers that supplement their income. So these offers are often courses or memberships, and they are usually in the $300 to a thousand dollars range. And they often sell themselves in the background, like in background funnels that we fill with ads. Now these funnels , um , are , are obviously like converting and, you know, that is allowing them to actually use ads to fill those and have that , um, passive , um, income coming in. Um, it’s not fully passive, of course, like they’re still in there tweaking, ’em keeping them up to date . Um, and sometimes those, you know, passive offers or whatever , um, they do tend to have some level of support. So my clients might be going into a Facebook group once a month and going live or things like that. Um , and there’s still some customer service aspects of that, that their team takes care of. These were almost always offers that they initially live launched a few times before making them passive offers. So this is something that takes time to build. And once someone has like any of my clients that have these offers, most of them have been in business for a while . So they’ve been able to have, you know, periods and seasons in their businesses where they have launched these specific programs. Um , and so their types of offers and things that they’ve created has just stacked up over time. So , um, they are just able to create the turn these offers into evergreen funnels and have them , um , more passive to supplement their income while they are doing one-on-one coaching, or maybe just masterminds or group coaching , um, programs like that. So it does take time to build , um, but they also have to be, if you’re going the evergreen routes, you wanna make sure that your offers can withstand some time passing to keep up with changes. So , um, like life and wellness coaches have an easier time with this usually than the business coaches. So my clients with that are business coaches. They have to change their programs a lot more often because the business and marketing world is just changing all the time. So your work can actually get outdated. So it’s something to keep in mind that if you are going to create an , a more passive offer or you’re creating an offer now that you would like to eventually go evergreen , um, you definitely want it to be in something that you can , uh , that will is a little bit more evergreen. Um, you know, if you are like my wellness coaches , um , or life coaches, you know, if they have some sort of system to help people better themselves or get healthier or something like that , um, those are typically more evergreen because the space isn’t changing as drastically as the marketing world, whereas, you know, this strategy used to work really well and it doesn’t anymore. Um, you know, whenever people have like Instagram courses and stuff like that , um , those change a lot. So that can be , um, a factor too , that I think it’s really important to keep in mind whenever you’re thinking for the long term .
So that is usually what the passive offers look like. They’re usually memberships , um , more often are they courses? Um, so these were , are past courses that they’ve li launched before. And again, they are usually in the $300 to a thousand dollars range. And , um, just having these run in the background can be really helpful to just supplement your income as you are, you know, filling up different things like masterminds and things like that, especially when , um, whenever your business model is really focused on launching , um, having those passive offers and the background really do help in between launches as well. That way you always kind of have something coming in and some of these passive offers , um, can make really, really good money. I mean, I even have , um, a client that her passive offer and hers is a course. It’s not even a membership meaning that she, and I say that to mention that there aren’t , um, you know, past payment plans that are stacking on top of each other. Um , and she actually makes 30 K a month pretty much every single month on those PA that passive course. And it’s just one single course. And it’s around like, I think like 3 50, 3 75 or something like that. So it’s not even a high end course. Um, and we’re able to continuously fill that up and keep it at that $30,000 range. And so she’s able to just kind of have that in the background. Um, she is a wellness coach, so again, her stuff doesn’t change a whole lot. Um, and so she’s able to have that in the background while she can focus on launching her group programs and things like that. So again, it can be like extremely helpful in helping you scale your business as well, but also just take the pressure off of every single launch because you know that you’re not going to go hungry if , uh , you have a failed launch or something like that. So it just also helps like energetically , um , to have that in the background. Also, the other part is , um, group program. So this is a really, really common one for coaching because it’s a , a one to mini offer and almost all of my clients have high ticket group programs. I’m trying to think if there’s anyone who doesn’t , um, there might be one or two clients that don’t, but it’s very rare that I see , um, in the coaching space any anyways , um, that someone doesn’t have some sort of group program unless they have the single offer. That is a membership. That’s the only thing that I can think of , um, is having that ongoing membership, which is sort of like a group program. So they kind of treat it like that. They’re usually going into their membership live each month , um, and doing some sort of coaching or, or teaching. So , um, almost all of them have high ticket group programs. Um, and this is a great way to scale high ticket and the community aspect is really attractive to a lot of people. So this is also just a more unique offer for people who , uh , maybe they’ve done one on one coaching before, and they don’t really need that kind of one-on-one support anymore. Um , but they do still need some support and having the group , um, you know, community aspect is also really, really valuable depending on what it is, you’re coaching, but in most scenarios it’s super valuable. So this is a more intimate sales process. So these people often come from their other offers, which is why it is also nice to have those other more passive offers or just the smaller offers. You don’t have to have those, but they are kind of cultivating these people who are growing and moving on to the next step. Um, especially for business coaches because tho their clients are building businesses. So their , their client’s business revenue is continuously getting bigger and bigger and they’re needing bigger and bigger support as they are going to different levels of their business. So this works really well for business coaches, but also can also be similar journeys for other coaches as well. Of course, if you are running ads to low ticket offers, this is also a really great way to get a return on that ad spend when you’re able to upsell them to a more advanced support container for them, that’s a little bit higher ticket or a lot higher ticket. Um, and so whenever you are running ads, this is especially the case now because ads are a little bit more expensive than before. Um, or they’re certainly more expensive than they were like five years ago. But , um, they are, they’re still very affordable in comparison to, you know, advertising as a whole, but , um, they are more expensive than they used to be. So whenever you have low ticket offers , um, it is a little bit harder to get a good return on your ad spend . It’s totally doable. Like we still see it, but it is harder. So whenever you do have something that is more higher ticket to send those people to that they funnel too . Um, it makes it a lot easier to get a return on your ad spend . So that’s just another component there to help you decide if this is a good part , um , or a good thing to add to your product suite, if you don’t already have something like this , um, or something high ticket , um, but they will need it regardless if they get it from you or a competitor. So also that’s something to keep in mind. And what I mean by that is if you have a lower ticket program and you have people going through them, and there is a point where they have, you know, completed that and they are ready to graduate to something that is a little bit more , um , in depth or more advanced , um, they’re going to need that more advanced support, whether they get it from you or competitors.
So that’s something to also keep in mind that , um, if you want to, you can also scale out your product suite to so people can grow with you and you can still get those higher ticket clients. Okay, super quick. If you are enjoying this episode, I would love if you took a moment to screenshot this, added to your stories and tag me so we can get this content to more people that are looking to scale their businesses to more freedom and wealth. Okay. Back to the episode. Okay. So now let’s talk about how to choose. So we have our , um , single offer where we could have just a single membership or something like that. Um , and then we also have passive offers and evergreen funnels, which is an option , um , that we could be adding to our high ticket , um , offers. Or we also have our group programs. There’s also one on one coaching, but I’m not gonna go over that. That’s usually where most coaches start out. So , um, you know, it’s up to you, whether you drop that or you continue that on. Um, I’m talking about just more like other income streams outside of one on one , so how to choose. So the first thing is , um, this is going to be really custom to you and your work , um, with these different variables. So the first variable is which structure works best for your clients. So what actually is going to serve them the most, what kind of container helps them the most? Um, so for example, I’ll use myself as an example, my own product suite, which is actually a very simplified , um , product suite. I have three offers and that’s it. Um , so I wanted to do , um, a lot of people had asked me to do an ads course, and I continuously had people asking me if I did have an ads course, and I didn’t. And , um, I now have an ads membership, but at the time I didn’t even have that. And I really resisted the idea of doing an ads course, because it is one of those things that Facebook ads changes all the time. Matter of fact, they’re not even called Facebook. ADS anymore technically they’re meta ads. , and I’m kind of toying with the idea of whether I should start calling them meta, cuz I don’t think that people are really receptive to that yet. Um, so maybe as the name gets more mainstream, but like even things like that, I mean, it’s, it’s constantly changing. Um, and so I felt like a course is just going to be outdated. As soon as I finish it, I’m gonna have to redo everything and I have to film everything and it just seemed like it was just not the best for the people going through the course because there’s a chance that they’re going to have things that are outdated and I’m gonna have to constantly be updating it. Um, so that’s why I decided to go for a membership because a membership is a little bit more flexible. I’m always adding to it so I can , um, really , uh , cover all of these new updates and keep everyone up to date . And it’s just the best kind of container for that sort of work. Um, so think about your clients and like what they actually need and what kind of container works best for them. So that’s gonna be one variable. It’s only one variable though. The second variable is which structure works best for you. Um, so I have another example of myself for this. Um, so I used to offer ads coaching, and whenever I offered ads coaching, it was always sold out. And I often get, I still get asked all the time if I do ads coaching and basically what that looked like was where I would just guide them to , um, uh, run their own ads. So I would just, we would have multiple calls and , um, we would have ongoing communication through slack or Voxer. Um, and I would help them as they are executing their own strategy. And I realized very quickly that this structure did not work best for me. It was great for them and great for the client, but it starts to get a little bit messy because it’s very, very high touch, but because I have an agency and we have done for use services, I couldn’t actually charge like high ticket prices. I couldn’t charge , even though it was a high touch offer where I was giving tons of my one- one time to my clients. Um, but it like way more time sometime or often than actually just doing the ads for them. So it just didn’t make sense for us. Um, it was and when , when , whenever you calculate in the time that I spent on ads coaching , um, it was very much not even profitable for us. And I could not even, I couldn’t even take on a lot of clients because it was just so much communication and so much work. So that’s just an example of, you know, it was really great for the client because they got so much of me for a much less cost than us just taking it on for them, but it was terrible for me and my business. Um , because again, I just couldn’t actually charge high ticket, even though it was really a high ticket offer to have that kind of one on one support where I’m guiding you and you don’t have to pay me agency fees. Right? So , um , that’s another variable of, you know , which structure works best for you and your client. Um , and then the third one is which structure is more profitable. So I can use the same example here, ads , coaching versus agency client’s done for you. Um , the done for you is going to be way more profitable. It could because we’re gonna be way better at just doing the ads for you than me, constantly having to try and teach you from the very beginning, how to basically be an ads manager. Um, so that’s just one example, but also which structure is more profitable is going to be really important because you’re scaling your business and you’re trying to, you know, have your business hit a sweet spot where you’re getting that higher revenue, but you’re also not working around the clock all the time and we want to scale properly. So you want a balance of all of these answers. What’s going to work best for the client. What’s going to work best for you and what is going to be most profitable.
So that is what I have for you for this episode. I hope that you found this helpful and hopefully just hearing the different ideas and what, the ways that I’ve seen these different offers and different kinds of , uh , pieces of product suites have helped or worked for my clients and you know, what my thoughts are on them. So hopefully you have some ideas on what you want to try next because it’s ultimately just really a testing game and just seeing what works over time. Um, and you will definitely find your sweet spot for sure. So I hope you have a lovely week and I will talk to you next week. Thank you for listening to the scaling to freedom podcast. If you are a seven figure coach looking for ads management with an agency that partners with you to get your work out into the world and amplify your impact. See if we are a good fit by applying for a spot in our firstname.lastname@example.org slash apply. Find the link in our show notes.