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Interview with Coaching Legends
Karl: What is the best advice you’d give a coach that is looking to go from $50,000 to $150,000 in annual coaching revenue?
David: Karl, going from $50,000 to $150,000 is actually pretty easy. Now, going from $0 to $50,000 is much harder because you don’t have momentum. And going from $150,000 to $1 million is really hard because that requires an entirely different skill set that most coaches don’t possess. But going from $50,000 to $150,000 isn’t that hard to do, but let me give you a couple rules to follow that will make that jump even easier.
Rule number one – hire someone to help you as quickly as you can, even if it hurts you financially. And make sure that person is high quality. The reason – you need to be working on revenue-generating activities and nothing else… PERIOD! All the other stuff needs to be completed by someone else. I’m going to share with you a concept called the “breakeven theory of decision-making” that I learned from a guy named Marlon Sanders. He said if you feel overwhelmed and you offload some of your workload to somebody else, even if you don’t think you can afford it, would you at least break even on that new hire? If you can break even on that person within four months, hire them today.
Rule number two – step back for a moment and create an automated marketing system so that leads will come to you rather than you having to chase them. Tony Robbins and a lot of other big speakers set out a four-month plan to fill an event. Let’s say they’re going to Chicago. They have an appointment setter that works back in the office, and they call all the mortgage offices, all the real estate offices, all the insurance offices and book all of them for an hour of free sales training. Then they send a speaker to Chicago and they deliver a Tony Robbins one-hour sales training program; then upsell them into Tony’s live event so when Tony arrives four months later he has a room full of qualified people that he can upsell to his high-end coaching program. That’s how the top speakers do it, and it’s all automated.
Rule number three – try to develop or promote some type of subscription system. At the end of my coaching career, I started promoting send out cards. It’s an excellent subscription-based system that I sold to a bunch of people. Today, I still make a 6 figure income from that subscription-based model. There are a lot of programs where you can get clients on a monthly subscription model. Services like Infusionsoft, ClickFunnels or SalesForce.com all generate continuous monthly residual revenue. Find something that will do the same for you and that residual income will help pay the bills for the months and years to come if done properly.
Martin: OK, how do you go from $50,000 to $150,000? The first thing I would do is look at what I did that generated the $50,000 I’m currently making in the first place? So many times we do something successfully and then we get tired of it, so we try something else. Why did you stop doing it just because you got tired of it? Your clients or your prospects haven’t gotten tired of it. But this happens all the time, so first, revisit what brought you to the dance in the first place.
So I would take an inventory of what helped me to reach my initial $50,000. Now, maybe times have changed and what I was doing may now need to be changed, tweaked or redeployed. Perhaps I need to change my message, change my video or change my offer. This is where you want to think outside the box. Try this exercise – if you had a 10-foot wall and you had to get over it, what would you do? Not around it, not under it, not through it but you had to get over the top of it, what would you do? Write down all the things that you would do, such as get a trampoline, a ladder, have somebody boost me and so on. Now, add a zero to that 10-foot wall. Now you have a 100-foot wall – how are you going to get over it? Some of the things you used to get over the 10-foot wall will help you get over the 100-foot wall? But not all of them will. So now you have to start thinking differently; you have to think outside the box. What if we use a helicopter, a crane, an airplane or whatever it might be? You must think differently to get over a 100-foot wall than you do to get over a 10-foot wall.
So to boost my income by an additional $100,000, I would look at and evaluate my client selection process. After all, coaching is a service-based profession. I can only work with a certain number of clients. Let’s say I can work with six clients. Those six clients can only pay me a certain amount of money. What if that’s not enough to get me to the level I want to go? I either need to pick up more clients or I need to reevaluate the clients I have and change my client selection process to go after bigger clients or clients that can afford to pay more.
Or maybe I need to take a look at the offer I have. Maybe I need to add some additional services to my product mix, offer longer-term higher-priced upsells, offer personal growth coaching or group coaching sessions or maybe offer some monthly masterminds. My goal would be to get clients into my basic level and then upsell them into a mastermind and/or the higher priced programs I offer. Realistically, to go from $50,000 to $150,000 means that I need to change one of two things – my client selection or my product selection. And in some cases, I may need to do both depending on my price points.
About Karl Bryan
Karl Bryan gets clients for Business Coaches…period. He is the editor of The Six Figure Coach Magazine and Chairman of Leader Publishing Worldwide, home of the largest private community of Business Coaches (24 countries and counting) in the world.
His goal is straight forward… to help serious coaches/consultants get more clients and to start using the internet effectively.
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