A component includes a substrate having an outer surface and an inner surface, where the inner surface defines at least one hollow, interior space. The outer surface of the substrate defines a pressure side wall and a suction side wall. The pressure and suction side walls are joined together at a leading edge and at a trailing edge of the component. The outer surface defines one or more grooves that extend at least partially along the pressure or suction side walls in a vicinity of the trailing edge of the component. Each groove is in fluid communication with a respective hollow, interior space. The component further includes a coating disposed over at least a portion of the outer surface of the substrate. The coating comprises at least a structural coating, where the structural coating extends over the groove(s), such that the groove(s) and the structural coating together define one or more channels for cooling the trailing edge of the component. A method of forming cooling channels in the vicinity of the trailing edge of a component is also provided.