How Coaching Can Build Stability and Income Into Your Business
- Coaching will convert better than selling a package is essentially all niches
- Coaching includes training (the package, course, or classes) and a live Q&A – 1 per week, 1 hour long
Don’t worry about getting questions that you don’t know the answer to, just ask them if you could get back with them, they’ll never say no. 90% of the time, these are people in your niche so you’ll know the answer to their question
When people first start they might be afraid that someone asks them a question that they don’t know the answer to. I’m going to share with you a secret here if someone asks you a question that you don’t know the answer to, say this, “I don’t know that answer to that but would it be okay if I got the answer for you and got back with you via email within 24 hours?”
I’ve never, ever, ever in the years I’ve been doing this been told, “No, that won’t work for me.” Never. That should get rid of all of your fear. If you still have fear of doing unlimited email access, let them know for example that they can have access to you Monday through Friday at your set time. The beautiful thing about email access is that when they ask you a question that you don’t know the answer to, you can go find the answer, send it to them and they would never have known you didn’t know the answer.
What we’re going to do is to put together a $1,000 package. We’re going to create this course then we’re going to sell it. Imagine that you have 1,000 subscribers, and they make 10 coaching sales. Now, in real life what we normally see is that 3 of those coaching sales are full price upfront, meaning that people pay the full $1,000 upfront. The other seven are going to be monthly payments. This is very similar to what we just shared, yes, it’s similar. However, it could also be different.
Here’s why: remember in our first campaign, we said we’d invest a hypothetical $2,000, get 1,000 subscribers. Do $1000 in low ticket the first two weeks, then maybe in another 4-6 weeks we do another $1,000. We then have another $1,000 per month coming in for 9 or 10 months. It takes us 4-6 weeks to even recoup our net $2,000. With this model, approximately 3 people purchase the $1,000 package within that 14-18 day window. What does that immediately do? It reimburses you free traffic.
Because you’ve invested $2,000 up front, you have made $3,000-$4,000 within the first 18 days, beautiful! Now, not only do you have 3 payments of let’s say $1,000, you also have 7 more people sign up for a monthly fee of $100. So, you also generate that first month $700 in upfront payments, $3400 comes in for you in the first 14-18 days. So, you’ve invested $2000, you have $3700 back the next 14-18 days.
Understand, this is not a guaranteed number I’m giving you. Take what is being shared and start split testing it and improve on it. The more you implement, the better the numbers are going to be. So, you have $3700 that first 14-18 days which pays for your traffic. Plus with 7 people paying in installments, you have $700 from the first month and $700 per month payments in the future. This is what this will allow us to do, this will allow us to invest $2,000 every 14 days. Now we have our investment coming back in and, if we really wanted to grow we’d invest the entire $3700. Instead of selling 10, in the next 14-18 days we sell 14, and maybe the next 14-18 days we sell 23 for an example. That’s reinvesting the whole profit so we can scale up.