Are you a coach or consultant that’s ready to increase your income for coaching?
You’ve been hearing all the noise about creating a course, starting a membership or selling a high ticket offer. That all sounds great, but where do you even start?
When we work with newer coaches and consultants, there is one mistake that they all make like clockwork.
It’s the exact same mistake that we made three years ago, and we’ve even seen people who are 2-3 years into their business do the same thing.
What is it?
They dive right into creating a suite of products without any real rhyme or reason. You see all the other “experts” starting a membership, so maybe I should too, right?
Raise your hand if you’re guilty of this too!
*slowly raises hand*
We’ve definitely done this too. But the reality is, it’s difficult to scale your online coaching business by just copying others.
So if you’re concerned about increasing your income for coaching and ready to start pumping out products to your audience.
There are 3 things you need to know if you’re ready to double your income beyond your one-on-one coaching and consulting packages.
1. Know your numbers.
First things first, you gotta know your numbers. This is crucial if you want to grow your income for coaching.
SO many new coaches and consultants skip this step. It might seem obvious but I have to point it out for those of you who keep neglecting your numbers.
That behaviour stops here.
If you have a product or service right now, I want you to just start jotting down the numbers and calculating your own salary.
If you know how much you want to make in business, then you need to be able to reverse engineer how many products you need to sell to make that money.
Remember when Kat mentioned that she was charging $500 for a spot in her course. Her goal was to sell 10 courses each month which would equal 5 grand per month. That’d be nice, right?
It’s really as simple as that when you’re just getting started.
If your income goal is $6,000 per month and your coaching offer costs $750, then you need to sell 8 coaching offers to reach your monthly goal.
Here’s the formula:
(Income Goal) ➗ (cost per offer) = # of offers you need to sell
Now, let’s talk about conversions.
The reality is every single person you meet isn’t going to purchase your offer. So it’s important that you also know your conversion rate when you’re creating a plan to hit your income goals.
Let’s say that you create a sales page to sell your coaching offer and you know that 2/10 people who visit your page will buy it. That means if you want to sell 8 coaching offers, then you need at least 40 people to visit your sales page.
Conversion numbers will vary depending on the offer and your audience size. Low ticket offers and high ticket offers don’t convert at the same rate, and a warm audience will convert much higher than a cold one.
This is why it’s so important to understand your numbers before you honestly start selling anything. And if you continue to track and project your numbers as your business grows, then you’ll know exactly how to reach your income goals and set better ones for the future.
2. Add a high ticket offer to your business.
Back in the day, Kat only had one product. It was an online course that taught her students the exact steps to create communities online and offline.
She hustled really hard and spent a ton of money on paid advertising to fill the course.
Did Kat end up filling the course?
Yes and she made $10,000!
Sounds like a win, right?
I slowly realized that to earn the same amount of money every month, I would need to launch the course every 4-6 weeks. It was not feasible for my lifestyle and honestly, launching a course that often is just exhausting.
But when I launched my first high ticket offer, not only did I double my monthly cash flow but I only needed to launch 3x per year! Instead of hustling hard all year, I was able to serve my clients at a higher level, do less marketing and sales and just enjoy life! Now, I spend way more time with my dog, Stella, my friends and significant other.
That’s how I know the secret to double your income for coaching is high ticket offers.
High ticket offers are usually priced at $1000 or more. It’s the best way to reach your income goals faster since you don’t have to worry about selling tons of low-ticket offers.
Let’s revisit our example in step one.
You understand that you need to sell 8 coaching offers at $750 each to earn $6000 per month.
So what if you decided to turn it into a high ticket offer that you could sell for $1500 each. That means instead of selling 8, you’d only need to sell 4 to hit your current income goals.
But now that you’ve doubled the price (and it’s value!), you notice that your sales page isn’t converting the same. Instead of 2/10 people purchasing your offer, it’s 3/10 (30%). You know your audience and your offer is really resonating with them.
After a few days, 40 people visit your landing page and it converts at 30% for your new high ticket offer. You’ve just made $18000 and doubled your income from last month!
Think about the next step for your clients and add a high ticket offer that can help them get to the next level. That’s how you’ll instantly double your income and grow your online coaching business.
3. Add new offers that you can market to current clients.
Did you know that the easiest way to increase your income is to keep marketing to your current clients?
Instead of always trying to attract new clients, try to add new offers that will address their pain points and take them to the next level. And it’s actually 60-70% easier to land an existing customer than a new one (according to Marketing Metrics).
Your current clients are the perfect market to sell your high ticket offers to since they’re already warmed up! You already know you can support them and they already enjoy working with you.
Take some time and start thinking about creating another offer. Perhaps it’s a longer program or a mastermind that you can add to your online coaching business. The possibilities are endless.
These 3 strategies have completely transformed our business in less than 6 months. So if you’re struggling to hit consistent revenue in your business, or you simply have questions about building a high ticket offer for your business. Then leave a comment below and we’ll answer them!
Before you go, did we mention that we actually cover the exact steps to creating your high ticket offer at our Profitable Speaker Bootcamp. We’ll show you how to make a plan (in detail) and how to decide what to include in your high ticket offer.
This event is literally a no brainer! Join us and learn exactly how to implement these 3 strategies into your business. You get to spend 3 days with us and map out your entire offer.