MBA2122 How to Scale a Coaching Business + Free Ride Friday

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Hey, welcome to the $100 MBA show. No fluff, just the good stuff. Every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started back in 2014 with my co founder and today is Free Ride Friday. On Free Ride Fridays, we give away a lifetime membership to one of our programs. If you want to order a free ride, just leave us an Apple Podcast rating and review and you enter our weekly random draw. We're giving away our automated webinar challenge. It retails for $299 or you can get it for free. Just leave us a review. Listen in on Friday, just like today, to see if you won. We announce this week's winner a little bit later in the episode. In today's episode, you will learn how to scale a coaching business. And we're going to go beyond just doing coaching. If you want to scale your coaching business to seven, even eight figures and beyond, you're going to need to do more than just that. People don't know that coaching businesses can make millions upon millions of dollars every single year if done right. And that's what today's episode is all about. How to do it right to scale the business to make more revenue, but more importantly, make more of an impact on more people. So let's get into it. Let's get down to business. Hey, Fidelity. How can I remember to invest every month?

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Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC Member NYSE SIPC if you're a coach of any kind, whether you teach fitness or business or any kind of skill, I'm here to tell you that scaling that business is in your best interest. Everybody wins when you help more people and you charge more. Why? Because when you charge more, when you make more, you're able to reinvest in the business, provide a better experience for your clients, and get them better results. So how do we do this? We spoke about group coaching in a previous episode. Recently, back at episode 2119, we talked about pricing and why low ticket offers or low ticket coaching does not work. We're going to build upon it. So first of all, we're going to go beyond just group coaching, saying that you have, you know, hundreds of clients in a group. We're teaching at scale. We're going to build upon that. The first step that we're going to build upon is your pricing. And that is you have to charge a premium. You have to be charging at least $1,000 a month or $12,000 a year for this to be viable, to be able to scale where you want to seven and eight figures. Otherwise, you're shooting yourself in the foot. And when I say at least, this is just the first step. Many people just offer one coaching package. But the best coaches out there, the ones that I know personally, they have tiers. Silver, gold, platinum, diamond, you name it. And the more they pay, the more they get, the more coaching they get, the more events they're invited to, the more view they get. Okay, so it's really important to understand why. Why have tiers? Well, we as consumers only understand PR when it's anchored against something else. This is why you often see the original price or the value is such and such, and they cross it out and they give you a much lower price. It's because that new price, that lower price, only seems low because of the first price that's shown. The other thing is that FOMO is a real thing. Fear of missing out. People want to have some sort of path of progression. And thirdly, you want to be able to offer more to people that want more. And you're going to have people in your group, in your search circle of clients that want the best, they want more of you. They want the best that you have to offer. So for example, if your starting tier is $15,000 a year and then you have another tier that's $20,000 and the next tier is $30,000 and the top tier is $40,000, you allow yourself to get more expansion revenue. You get more revenue from each customer, you increase the lifetime value and you give them a reason to keep moving forward. Tiering is going to help you get that revenue to a million and beyond faster. Next, when you do group coaching, this is a community, okay? People like to bond, people like to get to know each other. The coaching is one thing. But facilitating the ability for them to connect, to grow, to network. This is another product in itself. Organizing trips, organizing holidays, getaways and charging for it. This is what the best of the best do. The Tony Robbins of the world, the Dale Beaumonts of the world, the Taki Moore's of the world. These are the top coaches in the world and this is what they offer. Yes, not everybody's going to take these top tier, top shelf offerings, but your best customers will because it's on the table and you're going to make the profits because of it. In your coaching packages if you mix them up. If you mix up the modalities and how you deliver your coaching, this is going to one, free you up so you can be able to work on your business and not just do all the coaching, but also add more value to your clients. Let's talk about some of those things. One, Everybody knows online coaching group calls, that's something that is pretty common. But supplementing that with a bank of great video training that's prerecorded that you can kind of point to refer to here. Go to this link to learn more about this topic or to learn how to do this. This is a huge benefit. It's like them being able to do some self study between the live sessions. 3. Getting experts, getting people beyond yourself to come and present in your group. You can't be an expert at everything. By getting specialized experts, you're adding value in person events, mix it up, meet up in person a few times a year and do it online as well. Number four, recommended tools or discounted tools with partners that you can find so that you can just tell people use this to do XYZ this is so much easier. If you're a fitness coach and you're teaching clients, you're teaching your students how to get fit and how to get healthy. They're going to be just telling you, hey, just tell me what to take, what supplements to take. Even if you get an affiliate commission, this is going to help you earn some money, but at the same time it's going to make things easier for your clients as a resource to know what to do. Same thing with business tools, same thing with any other genre that requires other than just training tools to get it done. What else? We talked about the social aspects, meetups and dinners, parties. You can charge extra for these and not including the coaching or include it in your higher tiers only. You can include office hours and you could also include those experts or mentors in your office hours where they can book some time to talk to them. You can pay your mentors or they could be kind of doing it to take exposure to their own businesses and their own services. Now we're going to get even more sophisticated done for you services. You can offer done for you services to your clients that they want to learn, they want to be coached with some things about their business they just want to get done. And you can organize that yourself or you can get a referral fee for those services that are out there. Great examples of these are like building a website most people don't want to do themselves. You can offer that as a done for you service. One of my buddies, Michael Port, he runs Heroic public Speaking. He offers a done for you service for a speaker reel. You can come to their offices and shoot your high quality professional speaker reel. And then you can have this video you can put on your website so you can get speaking gigs. Makes total sense as a speaker need that done for you services are a huge money maker. Yes, they're one offs, but you can charge a premium, run your own referral or affiliate commission for your program. So most of your students are going to love you. They're going to recommend you to other people. If you incentivize to do so, they're going to do it in droves. So even if they get a discount on their coaching or they get some sort of finder fee, this is going to help you because this is what people do. They talk about their experiences. People are going to be more motivated, they're going to be top of mind to do so. Hey, use my link. It's going to actually force that person who's referring this new client to hey, Take this link and go ahead and sign up. They're going to make sure that person takes action. This is going to create a viral marketing loop getting you more and more people into your coaching program.

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I got a few more strategies to make sure you scale your coaching business to seven and eight figures and beyond. Most people will charge for their coaching programs in yearly cycles. So somebody signs up, they pay for the coaching for the year, and then at the end of the year they have a choice to sign up again or leave the program. The successful coaches out there don't wait until it's 12 months. What they do is they wait for nine months. There's three months left on their coaching. They do a review and say, hey, this is what you've accomplished so far. These are all the wins you've gotten in these nine months. Let's take a look at what else you want to accomplish. Okay, these are the things you want to accomplish. This is how you want to take things to the next level. Well, let's create a strategy, a plan to get there for the next year and they get them to sign up for next year's program before even getting to month 10.

Right?

Within the first nine months they get them some results and then they go ahead and they sell the next year well before the year is up. The other thing is coaches are constantly raising their prices year after year, even if it's just a small increment. A $500 increment. A increment. The point here is that you want to make sure that your current customers see it's a deal to resign, that, hey, prices went up. If I leave and come back, I'm going to have to pay more. I'm getting a deal because I'm getting grandfathered in. And you should be raising your prices because, hey, you are getting better, you are providing more value, you are getting better results, you're getting more experience, the community is getting bigger. The community is getting better for the actual coaching clients. So therefore you can charge more, you should charge more. The value is increasing money. Coaches will discount if you pay a year in advance versus paying monthly or monthly payments, giving them maybe a 20% discount. This is actually a very strategic move because you get a bulk sum upfront and you're able to reinvest in your marketing and your sales to get more clients quickly. And at the same time you're rewarding people that commit and take action. That wraps up today's lesson on how to scale your coaching business. If you have a coaching business, my advice is take at least a few of these and implement them immediately so that you can start seeing some results and start seeing some growth. Remember, all the things I mentioned are in the interest of your coaching clients, so you're doing them a service by doing this for your business. Today's episode's not over though. It's Free Ride Friday. Let's see who won this week's Free Ride. And the winner is TRS 2001. That's the handle on Apple podcast TRS. Continue your education. Five stars. This show provides great content on money and business. Thanks trs for that great review. Your mission is to email me over@omar00mba.net, so I can hook you up with the lifetime membership to the Automated webinar challenge, our 30 day challenge on how to automate your marketing, your sales and bring in leads and convert them into customers with automated webinars. It retails for $299 over@edwebinarninja.com AWC but you just want it for free. If you want to win a free ride, just leave us an Apple Podcast rating and review and you enter our weekly random draw we call Free Ride Friday. Listen in on Friday just like right now to see if you won. It's that easy. Thanks so much for listening to the $100 NBA show, for supporting the show, for subscribing and sharing with your friends and family on social. Just send them over to 1000nba.net so they can subscribe for themselves. Before I go, I want to leave you with this. At the end of the day, if you want to scale any business, all you have to really think about is how can I add value to my customer value. They actually want things they actually want that solve their problems that I can charge for. Before you add features to your software or bells and whistles to your program or whatever it is, think about what are the big problems my customers have? What are actual valuable things I can add to my offering that I can easily charge for and they'll happily pay for? That's how you scale because you're not forcing it, you're actually giving them something that's a hell yeah. And they're happy to pay for. Thanks so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

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