Building a viable coaching practice takes time, sometimes months or years before your practice is self-sustaining. Here are some ways to supplement your income in lean times, generate money quickly when you need it, and make productive use of extra time.
1. Take a temporary job or part-time job that still allows you time to coach clients and build your practice.
It generates income, but also extends your reach. You'll meet new people who might need your coaching services Everyone's curious about temps! You'll also get a taste of different offices which will make you a better coach in long run.
2. Have sources of passive revenue -- tapes, ebooks, Internet courses.
Run a special. If they buy in next two weeks, they get half price. Give a Bonus -- buy one, get one free.
3. Make a push for referrals. Offer a bonus for referrals.
We so often forget to ask our current clients to recommend us to their friends! You should always be working referrals, but at low times, go back over your list. Email, phone, or ezine your list asking for referrals. Don't forget to ask other coaches for referrals.
4. Go back over 80-20 principle.
20% of your efforts and clients probably account for 80% of your revenue and return. Go back over your data and see where 20% is.
In doing that, you'll re-find 'sphere of influence' clients who've referred a lot of other clients to you or helped you in other ways. Take this time to take them out to lunch, write them a thank you note or call them and ask them how they're doing.