You Don't Need "More Products" [The REAL Reason You Can't Scale Your Coaching Business]

You don't need more products if you want to grow your coaching business. And in fact, that very thought might be keeping you broke. Now, if you don't know who I am, my name is Morgan Gillis. I run a coaching company that, that does somewhere between $60,000 and $100,000 a month. Here is a screenshot from last month, if you care to see. And what I find much more important than that, in your case, if you're watching this video, is that we've helped our clients scale up to $40,000 and $50,000 a month. Now, what I'm going to cover in this video is the 3 reasons that having more products for your coaching is actually going to make you less money. So let's dive in. The first one— and actually, I should say this before we dive in— this whole video is getting inspired. I was speaking with someone in the DMs the other day. He's a financial coach. And I asked him, I was like, man, what's holding you back from getting to the $25K a month mark? And his answer was two things. He said, number one, I don't have enough products. And number two, I don't know how to market effectively. Now, number two, this one makes sense, but not enough products. That's not the reason you're not at $25,000 a month. So reason number one that this is going to actually make you less money when you have more products is that it splits your focus. Instead of just marketing one thing, you're marketing many things. Instead of building one thing, you're building many things. And obviously you're not gonna do as well if your focus is everywhere. It's almost the same thing, like, it's almost the same thing that Alex Hormozy talks about when he talked about how he had 7 different businesses, right? And at one point Leila was like, if you don't get rid of these businesses, I am going to leave, right? He had so many different businesses and he wasn't making a lot of money, and she basically forced him to choose one. And he did, and he went all in. And next thing you know, that business did like $30— I think it was like $30 million a year or something crazy, right? Focus. And so the reason, again, that this is going to fuck with you is because of that. And I can tell you also for sure, coaching people, one of the number one reasons that— like, I think one of the number one pieces of value that I bring to my fricking clients is actually just preventing them from doing stupid things. Just, just like keeping them on the straight and narrow, keeping them focused and accountable to that stuff without getting distracted by 7,521 shiny objects that are around them. And there's a specific client I can think of in my mind right now, and I swear to God, every time we work together, his business blows up in the best of ways, right? He just had some of his highest cash months last month. I think it was like It was like $31,000 or $36,000 or something like that. And the reason is every time he stops working with me, he gets distracted by other things. And then when he comes back, I get him to focus and his business makes more money. And so that is reason number 1, is that when you have so many frickin' products, it dilutes your focus. And obviously you're not gonna have as good of a business, right? So that's piece number 1. Now, piece number 2, it actually makes sales harder. And a lot of people would be like, "Well, wait, that's counterintuitive. Wouldn't it make sales easier because you have so many different products for different people and things they want and different budget levels?" Honestly, no. Because when you get on a sales call with someone, especially if you have a high-ticket offer, what's the first rule? I think this— I don't know if this is a Russell Brunson quote or if this is a Dan Kennedy quote or something like that. The first rule of direct response marketing is a confused mind always says no. This applies to sales, right? So when you get on the phone with someone and you present them one or two or three or God forbid more programs or more options, right? Now they're having to make two decisions. One, do they want to work with you, yes or no? And then if they do want to work with you, which thing are they doing? That's too many decisions. And what happens is people will say no. And so it even, like, having more products in a lot of ways, it even makes your sales calls harder. Now the third thing, um, and this kind of, uh, loops back to the first thing, which is focus, is that when you have, um, let me just pull this up here. When you have a bunch of different offers Right? What ends up happening is none of them are all that good. Why? Because you're diluting your focus, right? It all really comes down— honestly, the sales thing is like secondary, but it really comes down to just being more focused. If you have— think about it. It's just logical, right? What offer is going to be better? Whose offer is going to be better? Someone who has one offer they focus on or someone who has 10? Well, obviously the person who has one because they're going to pour all their time into that, right? So basically, sorry, this thing's moving around. But basically, you have a worse product. And you know what happens? That means you have less proof, less people are getting results. And what that means when you have less proof is that your marketing is actually harder. Okay. And unfortunately, like, you know, if we look at this, let me just see if I can scroll up here. This thing here, right? This guy's like, yeah, I think the reason I can't get the $25,000 a month is because I don't have enough products. And I don't know how to market effectively. Well, first of all, it's not that you don't have enough products. And second of all, if you have a bunch of products, marketing is going to get even worse, right? It's just going to be better. If you have one good program, you can stay focused on it, which means you can make the product better, which means you're gonna have better proof, and your marketing is going to get easier. And you know what happens when you do all that and you focus? It all compounds. And that's how you scale. And I will show you how this works. Let me just show you for a sec. Okay, I want to show you this. I want to show you our wins channel inside Slack, right? $13,000, almost $14,000 week, first week of October, right? Let's just take a look at this. I'm slightly bragging, but let's take a look at this, right? Look at some of the wins in here. First $1.8K cash collected, signed a $6,000 client, sold his highest offer at 5-ticket $5K this week, and he had $4.8K last week, right? Uh, ending the month at $31,000. Record sales month, bringing in $42K. Uh, new income ceiling, $43,700, right? Closed out at $20,000 a month. He hit his goal, right? A $4,800 day for this running coach, right? Like, look at this stuff. Do you think this stuff makes my marketing easier? Yes. It makes it way easier, right? So that's my point. But anyways, to go back to this, it's— the point is, the reason that I— we have wins like that is because I have focused on one product for so long, and it's good and it gets people results. And I'm even using them in this piece of marketing. I use them everywhere, right? And it just makes marketing easier, which is why we're making You know, it's why we made $80,000 last month, right? And so if your business is not at 7 figures, you probably don't need more products. You probably just need to get better at marketing. And if you have one product and you focus on it, that will actually make your marketing easier. So anyways, I hope this video was helpful. If it was, um, there's a link below this video. In fact, let me show it to you. Okay, it looks a little something like this. It is directly below this video. And as you can see from the Wins channel, we can probably help you scale your coaching business. If that sounds like it's worth a chat, click this link below, book in a call with myself or my team. We'd love to see if we can help you grow. That's it. Lots of love. Hope this was helpful. Catch you in the next one. Bye.