Coffee & Coaching - When to pull the plug on a good idea

Hello, good morning. Happy Monday, everybody. Welcome to the final coffee and coaching. So today is going to be my last coffee and coaching session, and I'm going to kind of be going over that today and talking about why we kill off things that are working quite well and the different things to look at. So I'm really happy we're back to the world now. Welcome back to the world, everybody. I know the kids have been off. What have they been off, like, 10, 11, 12 weeks? Something like that. And now they're back at school, which is exciting. Are your kids back at school? Let me know in the chat box if you've had kids. And they're back at school today. And it's both bittersweet. I mean, I felt really sorry for the kids while they've been off because we've obviously been working full time and so they've been a lot more neglected than they usually are in holidays. So that's a real shock, shame. But they're absolutely stoked to be back today. I see people coming on. Good morning. Good morning. Let me know you're here. Post in the comments. Say hello. So, as I said, today is the final coffee and coaching. Now, I have a very important question for you which kind of leads into this is, are you busy right now? Do you have a lot to do? Let me know. Are you busy? Jump into the comment box and let me know. So, as in most people, most people are busy humans, we like to create things to do because we're ambitious, because we want to do a whole lot of really, really awesome stuff. And I am no exception to that. In fact, I think a couple of weeks ago I did bite off more than you can chew. And sometimes it's great to really go out of your comfort zone and do the things that you haven't done before and figure out whether or not you can actually do. But for me, at the moment, I've been going, okay, with everything happening in quarantine. It's a really good time to assess everything that we've been doing and everything that we want to do in the future and make sure that we're perfectly happy with all of that. And so I've been going through everything we do and working out from a time audit perspective. So I love to time audit myself every now and then. So what a time audit looks like is to which if you would like my template to time audit, just pop in the comments, time audit, please. And I will message you this template later. So what you do is it's a spreadsheet that you go through and you work out exactly what you do with your time every day of the week. And then you can work out what percentage of time is spent on marketing and on admin and on family and on all the things that are important to you. And then you go through and go, okay, is how I'm spending my time in line with my values and. And in line with my goals. And so for me, I had to really go through and go, okay, I'm doing some of these things, but I'm not doing them 100%. I think I can do better. And sometimes when I go through that, I go, you know what? I can't do better because I've run out of resources. And the most valuable resource that you have is your time. And so I'm pretty strict with my time, how I spend it, all of that sort of thing. And so one of the things that I was going through was obviously coffee and coaching. And one of my favorite quotes is, every time you say yes to something, you're unconsciously saying no to something else. And so I went, okay, if I'm saying yes to this, what would I do in place of that? So if you're looking at something and you're going, you know, if you were going to spend your time in doing that, good morning, Peter. I shall send you the time audit later. If you were going through something and you're going, you know what? I'm not sure whether this is the best use of my time. I want you to ask the question, if I didn't do this, what could I do instead that would add more value to my customers and be more in line with the values and the goals that I have going forward? And so that's really what I did with everything that I do in the business. And what I was looking at was going, you know what? The members in my business are my number one priority, which they should be in every business. The people that are paying you money, your prime customers, they are the people that are your number one priority. And through doing coffee and coaching, it's about three to four hours a week of time. Not mine. Mine comes in, good morning, Donna. How are you? Mine comes in and I jump on. I probably spend about 15 minutes beforehand working out the dot points of different things that I want to say and then setting up on streamyard here. But then after we download that video, it goes on the blog, it goes on the podcast, it goes on YouTube. It's very good from a repurposing content point of view, but it's Taking time away from the business. So I go, okay, if we spent that three hours on our customers, is that going to be better? And I came up with the decision 100%, yes. And so that's why I decided to pull the plug on coffee and coaching. Hi, Carla. And so when you're going through different things in your business, just because something works doesn't mean you should continue it. And so I was going through and going, you know, I do the podcast. So our podcast is, like, officially recorded and comes out on a Wednesday, and then coffee and coaching on a Monday. So it's a lot of content. It's a lot of me talking. And so I made the decision that, you know what, the podcast is actually enough. That is totally fine, because we can't spend 100% of our time on nurturing our customers, or we would eventually we wouldn't get any new customers. You do still need that marketing time. But I looked at it. I went, you know, what, with my social media marketing plan, with the podcast, with everything else that happens, that's enough. I don't need to do coffee and coaching as well. And I would rather go live in the group with our members and be able to give them extra value every week and be able to do all of that. And so with you, like, is there something in your business at the moment that, you know, are you busy? I'll come back to that question because there's a lot more people on here now. Let me know in the comments. Are you busy right now? And if you say yes to that, then what I want you to do is go through the time audit. And again, if you've just come on, if you want a template to time audit, just say time audit, please, in the comments, and I'll send you that later. But I want you to go through each of the things that you're doing and go, even if it's working, even if it's not, could you be doing something better? Is there something that could add more value and increase the speed that you achieve your goals? And for me, one of my goals, like my main goal, is by 2025, to have 100 women in my coaching program making a million dollars a year. And so that's a audacious goal. But to do that, I've got to spend a lot of time on coaching people, a lot of time on creating new systems, a lot of time on checklists, a lot of time on experimenting so that I can then pass that knowledge onto my members and they can kind of shortcut it and so to do that, it takes more resources. Good morning, money. How are you? And so, yeah, so that's what I have decided to do, is the podcast is enough. So for everybody that comes on here every week, I want to say thank you for tuning in. I mean, I did cocktails and coaching all of 2019, and then I have done coffee and coaching every Monday for this year. So it's been a big, massive commitment, and I will be a little bit sad to see it go. I may just moonlight randomly when I miss it a lot. But now that we're kind of coming out of this COVID 19 fog, I want to get back into being really regimented about the minutes that I spend, and I'm making sure that everything is going to where it should. So last opportunity that you'll have here in a coffee and coaching capacity. Does anybody have any business questions that you want to ask of anything that you're stuck on, any decisions that you're making, how we do different things? Ask them in the comments now and I can answer them for you live. And while we're doing that, I can take a sip out of my coffee cup. Do you know I love this coffee cup so much. You can probably. For those of you watching live, not listening on the podcast, it's this gorgeous ceramic coffee cup from few and far. If you look up few and far, it's the most beautiful interiors shop, furniture shop I've ever seen online. Also one of my clients. But it's absolutely amazing. So you can. You can see that. Okay, we've had no questions come through. This happens, and then I always, like, go to wrap it up, and then people start sending questions to. I'm like, ah, so send them through if you've got any. What was I going to say? There was something that just popped into my head and then I totally forgot it. So, yeah, last coffee and coaching. Oh, that's what I was going to mention, because the podcast. So up until now, we've also. And this was a. This was a factor in my decision making as well. We actually have better podcast listening statistics when coffee and coaching doesn't get added. I think because of the different format, obviously this one's a little bit more casual. I'm talking to you live. So for people listening later, it's not as effective. And so I'm hoping when we stop, it'll go back up again to the numbers that it was before. Okay. Moni's asked, how much time do you recommend we spend moderating Facebook groups? As much time as it takes so Facebook groups are absolutely fantastic in order to nurture clients that may join you later. But it's also a really great thing for you to be in there commenting on everyone. We go to so much effort to actually create the Facebook groups that if you're not in there answering people, commenting, keeping the engagement alive, then you've wasted your time. There was no point in doing it in the first place. Personally, I spend about 15 minutes and I go through like a crazy person. So I go onto Facebook For 15 minutes in the morning. I look at every single notification, every single comment, and I reply to every comment because I think, what's the point otherwise? So it's really important to deliver that grade A customer service and then try and, you know, if someone's asking lots of really great questions, take that conversation into private as well. So you can really get to know that person and see whether you should work together more. But it's really. How long is it going to take you? Good morning, Palmina. Okay, so Donna has said, how do you figure out pricing for online courses for membership? Oh, my gosh. This is one of the most difficult questions because it's not like, oh, you know, I used to own a toy store. So you'd buy a toy for a dollar and you'd sell it for $2. Really, really simple equation. But with online courses, it's very, very different. And it's something that people backflip on completely. And you can often tell people's level of confidence by the price that you want to pay. So there's different strategies with online courses. So you're either going to go really high quantity, really low cost, or you're going to go high cost, low quantity. And there's different strategies for both, and there's different positives and negatives for both. So really anything under kind of $200 you can sell through like an online funnel. So you could do a Facebook ad, then that Facebook ad could go to a webinar, then the webinar goes to the sales page, and then people buy. So anything kind of 197 and under, you can do that in sort of in that funnel, anything over that. Unless you've got a really, really high, almost like fame sort of reputation, you're going to need more touch points. So, you know, you either sell from live events, which we can't do at the moment, you can sell high ticket prices from there, or you have a relationship with people for a longer time. So people will come into your your list, your world with a freebie, and then you're giving them lots of content, lots of value, and then usually when you do a launch, you'll then get them in. If it's anything over $2,000, you'll need to have a one on one call. Generally with them, as with online courses, I always do it from the point of view of what value can be given. So for me, one of my online courses is $997 on average. When people do that, they'll then make $10,000 from that within the next 60 days. And so for me, I go well worth the thousand dollars. I feel totally comfortable charging that. There's people that charge less, there's people that charge more. That's something that I like. And really, when it comes to online courses, you charge whatever you want. There's no real formula for it, which makes it kind of hard. But you look at what value are you providing, what return can the customer get, and making sure that it's going to be a win win for both of you. So making sure that, for example, there was someone I was talking to the other day that's charging 297 for their course. But for that they're talking to people, they're saying, give me a call whenever you like. I can help you with this. They're giving way too much for the price that they're getting paid. So making sure that it's actually going to work for both. So hopefully that helps. Okay. Good morning, Christy. Christy said, good morning. Tina. Would love to know the deciding factor in ceasing coffee and coaching. Is it based on stats? Ah, so go back and watch this one. From the beginning. And I talked all about that. So it was mainly time and where best to spend my time. And I decided I wanted to spend it on my members, the customers that are paying me money, and the things that I'm doing public to the face here, which is really to nurture customer bases and let people get to know me before they decide to buy from me. I thought my normal Facebook lives, my normal Instagram stories, my normal podcast is plenty there. So that's the short answer to that in there. So hopefully that helps. All right, have we got any other questions coming through? Is there any other questions that you've got? Gosh, I love coffee. Isn't it the best, best thing in the world? I always go, I call coffee love in a cup. And then it gets to the bottom and I'm always really sad that it's ran out. Alrighty, everyone. So that is the final coffee. In coaching, who knows? We never say Never. It may come back later. But for now, if you do want a copy of that time audit, just click comment in there and say time audit, please. Oh, see, this always happens. I go to wrap up and then more questions come in. All right, I will hold. Donna, I have a few client Facebook groups in Making Change. Would you send me the groups to ask what they love and what they'd like to continue and what they don't love and what we should stop? Yes and no. So, yeah, sometimes we can. Like for me personally, I have four different Facebook groups as well. I've got different groups for different segments of my members. And then I've got her Empire Builder, which is for the public as well. So it takes a lot of effort to maintain different Facebook groups. It takes a lot of effort to do planned lives like I've been doing. It takes a lot of effort to do a weekly podcast. All these things take time and effort. And so you've got to work out what's giving you the best return to know whether to continue doing that or not, and what is impacting your customers, what's in line with your values and what's in line with your goals. So you could ask people, but often the people that answer are a really small segment. And so I do it more from an observation point of view in going, which of those Facebook groups are giving you the best interaction? Which ones have the highest engagement? Which ones have been most useful to you in the past and most useful to the customer, and they're the ones to keep. And it's no problem to tell people in another group, I'm going to combine these two groups together and pop them into the other one there, because it means that you just don't have to think about all the different content that you're posting all the time. Which is good because sometimes we can go content overkill as well, which is what I feel like I've done, is that content overkill. But in terms of, like, I love Instagram stories for asking opinions in terms of what people are enjoying, what they're not. Sometimes I've got some of the best podcast episodes out of saying, hey, what would you like to hear more about? And people will tell me. And I go, excellent, we shall do that. So, yeah, so it works really well. So hopefully that that helps in saying that with Facebook groups, if each of the different groups serves a different purpose. So for, like, mine, I've got one group for a certain course, I've got one group for another course, and it's really nice for those people to be able to interact with each other and to create that community and to really keep each other accountable through that journey as well. So if they serve purpose, then keep them there. But if you've got like lots of different Facebook groups and you're having to come up with content all the time for the different ones, really ask the question, is this the best use of my time or should I be doing something else that's going to add more value for my customers? Amazing guidance and perspective. Always wondered about all this. Thanks, Moni. Alrighty, so that's it. If you want to tune in, I'll now be on the podcast. It'll come out every Wednesday. If you are not subscribed to the podcast yet, jump on her Empire Builder and subscribe for the podcast. And then I will be answering questions. So if you ever got any questions like the ones that you ask in coffee and coaching, jump into her Empire Builder group. So often if people send me an email and ask me a question, I'll ask to ask it in the group because then it's helpful for everyone. Because usually why I've loved doing coffee and coaching is when someone asks a question, there's usually so many other people on that are going, oh yeah, I want to know the answer to that too. So it's much, much more helpful to ask it in a public sphere because I guarant guarantee you're going to be helping someone out by doing that. All righty guys. Have the greatest week. Set yourself up for absolute winning. Have a look at how you're spending your time, what's going to be the most important and use less time to do more. Thanks so much. See you later.