How do you plan to make money inside your business? What business model supports you bringing in consistent income, consistent clients into your world and into your business? And if you don’t know the answer to this, we need to figure it out! Today, I’m talking about business models for health coaches.
Some people have a singular way of making money in their business while other people have multiple income streams. I’m someone who has multiple income streams, but I’m actually currently trying to whittle those down and reduce the number of business models that I have. So in the end, you have to decide what makes the most sense for you because you are the one who runs your business. You’re the one who has to live with your business model. I want to show you the different types of business models that are available to you so that you can see what is possible.
When it comes to business models, it is figuring out how you can deliver your signature program in the most effective way. And there’s several different ways in which you can do this.
Business model #1: Private coaching
If you’re new to your business, I recommend starting here. This is a one-to-one format where you just you and that client and no one else present.
Business idea #2: Group format
Instead of working just one-to-one, you’ll be working one to many. You’ll have teaching, coaching and support components.
Business model #3: Membership program
A membership program is where people are paying monthly. They come into your membership, they work through the program, but they’re paying monthly, quarterly, or annually in order to continue to access you in that sort of membership format.
Business idea #4: Digital product
This is tricky for health and wellness coaches because everyone’s body responds so differently to things that a health coach will recommend. So I find DIY products and health and wellness for an entire signature program doesn’t tend to sell or work that well, it doesn’t mean there’s not exceptions.
Business model #5: In-person home
I’ve never done this personally, but I do have a lot of colleagues who do and love it. So it’s something that is high ticket. And instead of, you know, working with people over three months, you literally do everything in one day. So the value for this is people are going to save a lot of time.
Business plan #6: Mastermind
Now, this is less typical in health and wellness. It’s more typical in business programs, but it is something you can consider. These are usually one year long and with a small group of people. There’s usually some sort of live component involved like two or three live events throughout that time. And the value of a mastermind is that it’s small and intimate. Everyone gets to know each other really well
Business model #7: Live event or retreats
If you love to work in person with a bigger group of people, you can consider doing a live event or retreat. These tend to deliver a lot of value because there’s nothing that creates more community and connection like in-person live events. People get to see you in person. They get something that just really can’t be delivered in an online format.
As I mentioned, if you’re new you want to start with private coaching because you learn a lot about your ideal client this way and this gets people on your email list, to eventually sell a larger program down the road.
