A universal fact is that our time is valuable, and as an entrepreneur, you probably don’t have as much of it as you’d like.
As your business grows and your popularity increases, your flow of client requests will grow and eventually you’ll find that you have more potential clients than you do hours in a day. We don’t want to turn them away but we also want to make sure they get the value they came to us for. This is where the importance of offering online programs come in as you diversify your business and avoid being in that situation.
If you can relate, you’re not alone. Many coaches find themselves tapped out from serving clients one-on-one and are looking for ways to scale. Thankfully today, we have many options that can serve as our solution.
We’re going to explore why online courses are a great way to create more leverage, impact, and income in your coaching or consulting business; and how you can begin to today using Miestro!
Why Sell Programs For Your Clients
Hitting this plateau is the number one challenge that prevents coaches from scaling their business.
When this happens, you have three options to get over the hump and grow your business:
- Raise your prices– When raising your prices keep in mind that as your price increases, you may need to target a different audience, one who can afford the higher price point. By diversifying your offerings, you can also begin to raise the price of working with you directly; allowing your programs to take care of the rest!
- Save Time – This allows you to be more productive while also allowing you to gently push less qualified people in the direction of a course that you created with them in mind, you’ll have fewer people emailing and requesting to work with you when they’re not ready.
- Create leverage– Stop trading time for money altogether by creating leverage. Create more offerings that can be sold on repeat; saving you time to grow your business and not just run it.
If you’re ready to create leverage or more offerings, Online courses are a great tool to help you do this. When you create an online course once, you have the ability to sell it over and over again on a global scale.
Common Course Model: The Mirror
This model uses online courses to productize your coaching program, turning it into a fully-fledged online information product. You could position it as an upsell, downsell, or as complementary to your one on one coaching program.
This is also a great opportunity to create an online course for the exact people who do qualify for your coaching program.
“Mapping out the same ideas that you walk through in your coaching business.”
The idea is that you probably have more demand for your coaching than you have time to coach people, and having this program established allows you more flexibility among other benefits such as:
- Work with more people.
- Be more choosy of who you work with.
- Still work with clients who aren’t ready for your services.
- Passive income.
Pricing Your Course
To start off, the biggest problem is that most course creators usually don’t charge enough for their online product! $1oo should be minimum for a basic online course, and oftentimes, even that’s too low.
As a quick guide for how much you should be charging:
- Mini courses – FREE (or up to $50)
- Regular courses – $100-$899
- Flagship programs – $899+.
Charging more for your course can be intimidating, yes, but it will help you maintain inner peace and reach your revenue goals. Let’s discuss why that is:
- Perceived value: Your customers are going to believe that a higher priced course will provide more value.
- Weed out students: Cheaper courses will attract students who aren’t really in your target audience, which means they might not experience your intended outcome. Also students who are not ready for your coaching or consulting services may benefit greatly from a program instead.
- Reach your goals: If you are trying to make $2,000 with your online course, it’ll be easier to convince four people to pay you $500 than it will be to convince 40 people to pay you $50. The lower you price your course, the larger your audience will need to be to hit your goals.
It’s also great to have multiple tiers to your business so you can serve customers at all levels. As some aren’t quite ready for your 1:1 coaching quite yet, they could benefit from other products or services to help them reach that level.
Transition To Course Only Coaching Model
This is a great transitioning if you to enjoy more freedom while also having the opportunity to work with a larger audience base. The key to making this transition successful is to slowly raise the price of your coaching services, while also adding in more valuable programs and offerings. Allowing you to work with a few high paying clients per month while also having the opportunity to serve and work with more people through your programs.
Offering a program for your coaching or consulting services offers so many unique benefits that everyone should have one. Interested in learning how you can get started? Check out Miestro, where we offer video walkthroughs, guides, and much more to help you get started!
And if you’re a coach and a course creator, let us know in the comments what you think the pros and cons of each are!