Regardless of the career path you’ve chosen, the chance to triple your income probably sounds like a dream come true.  After all, at that point, you’d have enough to not only live off but also in invest back in your business as well as enough to save for you future.

But there are certain careers and industries where this is harder to achieve than others. Luckily for coaches in particular though, today I’m going to be discussing how those in the coaching industry can pull this off. It comes down to give main strategies, and the best part is that these strategies won’t even require much extra work from you!

#1 – Get Into Affiliate Marketing

It’s no secret that the best way to make money without putting much work in is by creating a form of passive income. There are many ways to do this, but one of the most popular is through affiliate marketing. You’ve probably heard of it already but in case you haven’t…

Affiliate marketing is where you promote someone else’s products or services, usually providing a link that leads to them. Then, if someone buys that product or service because of you, you get a commission.

For instance, if you’re a coach that teaches people how to become their best selves then you might promote something like a self discovery book which you think can help your audience. Maybe you talk about it in a YouTube video, post the link in your Instagram stories, etc. This is just an example of how it works, but you can find unique ways to apply this strategy to your business.

The main point is that affiliate marketing can be a powerful tool, and allow you to make quite a bit of money without putting much work in.

#2 – Create Optimal KPIs

A KPI, or key performance indicator, is an important aspect of anyone’s business strategy. It’s essentially a goal that you work towards achieving as a business, and when you do, you know that your business is on the right track.

But what a lot of people don’t realize is that it can also be used to maximize your revenue, the trick is to optimize it. To do so, you’ll need to keep the following things in mind…

• Your KPI needs to be chosen while keeping your business’s overall trajectory in mind. You’ll need to envision your long term strategy, and pick a KPI that aligns with it.
• Your KPI needs to be something that easily measured, you want the goal to be something that you’ll know you’ve reached as soon as you do. Plus it’s hard to measure your progress unless your KPI is also measurable.
• Additionally, your KPI needs to be something that inspires a plan. When you set it, you need to know how you’re going to reach it!
• And finally, it needs to be realistic. Because there’s no point otherwise, and it will only end up discouraging you.

#3 – Hire Contractors

Another way to make more money from coaching while not increasing your workload is to let someone else do it. This might sound crazy to some of you, and not so crazy to others. But the fact remains that many people in the coaching industry hire contractors to complete coaching jobs for them, then they take a cut after the fact.

Some people even have this as their entire business model and never actually coach a client themselves! So it’s a perfectly valid strategy.

Lt’s say that you still want to do some coaching and simply want to be able to take on more clients. You can hire some contractors to help you with extra work; you could even hire them as permanent employees that work under your brand if you’d like.

But no matter how you choose to go about, extra work coming in means more funds for you! And this can be a powerful tool to increase your income without lifting a finger.

#4 – Form An LLC

This strategy won’t be applicable to everyone reading this article, purely because in order to form an LLC you’ll need an established business and to have worked on your industry for a while. But for those who could form an LLC, it can be a fantastic step to take.

Forming an LLC comes with a variety of benefits ranging from more flexible taxation options to less accountability as an individual if your business were to go under. But one of the main benefits that apply to today’s topic is the newfound credibility that your business will have after creating an LLC.

And with more credibility comes more opportunities, and more funds. Especially as a coaching business, since a certain level of trust is required for someone to purchase your services.

#5 – Make Video Series

Last but not least, we have one of the most efficient ways to start generating passive income and it’s to create video series! Video series are really taking off lately, and many people even prefer learning through them to learning from a one-on-one session with a coach. And obviously it’s easier for the provider as well since you’re not physically having to attend each lesson.

So if you’re serious about increasing your income as a coach without extra work, create some video series. You could even repackage an old service with a video series rather than in person classes, and adjust the pricing as necessary. Or you could just start from scratch.

This method takes a bit of work on the front end, but afterwards, it’s really just a matter of marketing the content you’ve made and watching the profits roll in.