There’s a super simple way to know if group programs should be next on your priority list. And, this one question test – yes, I’ll share it with you in a sec – isn’t based on the fact that group coaching programs can be fun. (I’m sorry.)
I’ll give you a hint: group coaching programs usually aren’t the best way for my clients to ramp up their income quickly.
Let me explain.
I understand why you are drawn to the idea of a group program. These might be some of them…
- You can serve more people at a lower price point
- You are able to leverage time and actually make more money per hour when you work this way
- It feels “better” because you aren’t charging a lot of money
You also need to be aware of the not-so-sexy parts of a group program…
- You (usually) need a large group to market this program to (on average, 3% of the peeps who see your offer will actually purchase)
- The first time that you put it together, it may require a big technology learning curve on your part
- Your client shows up “less” because she didn’t invest much in the program
I teach my clients that the fastest path to cash is working one-on-one with clients. When you are first starting out or want to ramp up your income (and confidence!) quickly, there is no faster way to make it happen. Period.
So that leads us right to the one question test that I’ve been teasing you with. Ready for it?
If I waved my magic wand and granted you either more time or money in your business, which one would you want?
If the answer is time, then (ding-ding-ding!) putting together a group coaching program may be a great next step for you.
If the answer is money, then focusing your effort on working with fewer high paying clients is a better use of your time.
Let’s look at an example.
For shits and giggles, let’s just say that the investment level for working with you for 6 months is $5000 and your goal for 2015 is $100k. And, the investment level for working with you as part of a group program or as a participant in a workshop is $500.
Doing some basic math, here, you’d need to work with 20 one on one clients or 200 group participants.
Now, let’s dig a little deeper and look at something else. Imagine that you close about 50% of the sales conversations that you have.
So, to reach your income goal of $100,000, you’d need to have one on one sales conversations with at least 400 interested people (sorry, your husband doesn’t count) to fill your group programs and at least 40 interested peeps each year to fill your one on one programs.
Those numbers can feel overwhelming when you look at it all at once but it illustrates my point: if you want an increase in cash in your business, then focus on serving more one on one clients.
If you want to increase your time freedom in your business, then focus on creating your group coaching programs.
Based on this perspective, what is the best next step in creating a life and business that you love (committing to your next step is 95% of the battle!)?
© Copyright 2015 Krista Martin