Why launching a group coaching program may be a mistake

by Yvonne Bynoe on August 29, 2014

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For many of you in the U.S. yo
u’re getting ready for Labor Day Weekend, you’ll be at the beach or having that last summer cook-out, so enjoy! I wanted to share a question that came up in Transformative & Lucrative Coaching Facebook Group about launching a group coaching program.  It’s a common question I get from women coaches who are either brand new or not earning the level of income that they’d likes.


A LOT of women coaches and solo-entrepreneurs have heard about the evils of trading hours for dollars..I’ve even discussed it in my trainings. 
But there is a missing piece:

Trading dollars for hours isn’t the problem. It’s the number of dollars you’re trading for your hours.”


As a result many women coaches and solo-entrepreneurs are rushing to create group coaching program to “leverage” their time. Unfortunately they learn after experiencing disappointing results how difficult it really is launch a group coaching program.

 
It takes a LOT of effort and know how to enroll even 20 people into a $497.00 program (and get everyone’s payments). There are always exceptions, but typically to do it you’ll need to have:

  • solid marketing that’s already attracting your ideal prospects
  • a list of 1000 (highly targeted prospects) or a list of 2,000+ good prospects (Using standard conversion rates you’d need at least 2000 people to get 20 enrollments)
  • JV partners or affiliates
  • a high-converting sales page with great copy
  • a multi-week launch strategy including webinars, follow-up emails, maybe videos
  • Support team to: create sales page, handle back-end technical issues; create graphics and handle administrative talks and provide customer service once students are enrolled
 
This is why I recommend that coaches and business owners focus on 1 on 1 coaching program until they have their marketing tight (meaning that they’re earning consistent income) and have a larger list to support launching a group program.

The same coach who flopped trying to launch a group program could earn $10,000 in a month with as few as 4 clients AND without the stress and headache of a complicated launch. I know because my clients are doing it. 

If you want freedom to spend time with your kids; travel  or do what you want— working with committed higher-paying clients is the ticket.  Doing ONLY 4 1-day intensives a month at $2,500 person, earns you $10,000.  Even if you started off at $1,000 a day…5 days a month of client work would earn you $5,000. (BTW, there are plenty of people in almost every field paying for this type of coaching, you just need a proven plan to find them).

 

You have to decide what works best for you.

 

Leveraging is a good thing but you have to know whether you’re at a stage in your business where you can really make it work. You need to be honest and ask: Do group coaching program appeal to me because I’m afraid to charge higher rates for private coaching?



Here are some 7 questions that you should ask yourself to determine whether group coaching programs are really for right for you and your business:

1. Are you generating consistent income of $5,000 or more a month from your current list?


2. How much additional income do you desire to earn each month?

3.  How many days per week do you want to work with clients? (Remember you should also be devoting at least 3-5 hours per week to marketing)

4.  Based on answers in 2 and 3 how many clients do you need to work with each month to reach your goal?

5.  Is offering a group coaching program a part of an intentional strategy to grow your business or do you think that your client base just won’t pay more?

6.  Do you enjoy coaching clients 1 on 1 or do you prefer to “teach” larger groups?

7.  Do sales conversations scare you so you’re doing what you can to avoid them?

Once you answer these questions you’ll have a better sense of which business model is your true preference : 1 on 1 coaching or group coaching. Either way, it’s important that you get support to design programs that your ideal clients will eagerly buy AND marketing that helps you to easily reach potential clients, month after month. 

What’s Your Next Step?

If you’re ready to receive high-level support to create transformational and lucrative coaching programs, 1 Day Intensive may for you.  This intensive is invite-only because it’s important that you and I are a good fit. To test the waters you can schedule a complimentary 30 minute Platinum Business Discovery session with me. Go to: http://www.soulfulaffluence.com/discoverysession

In this call together we will:

*Identify your goals for your business and your lifestyle

*Uncover the obstacles that are stopping you from attracting and enrolling higher paying clients into your programs

*Discuss your personalized, step-by-step marketing action plan that will allow you to rapidly experience the success that you desire.


To schedule your session, go to: www.soulfulaffluence.com/discoverysession


I look forward to talking with you and exploring how I can assist you.

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3 Tips to Attracting Higher Paying Coaching Clients

by Yvonne Bynoe on August 22, 2014

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At lot of coaches ask me about where to find high-paying clients.  The truth is that they’re everywhere.  They aren’t “wealthy” people sipping martinis at the country club. You can find high-paying clients at Starbucks, at your local gym or online. High-paying clients are average people who are sick and tired. Unlike most people they’ve made the decision to get expert help to finally achieve the goal that they desire.
 
For people who are ready to work privately with a coach, time is more valuable than money.
 
This is important for you to know as you price your programs and services to attract higher paying clients. It doesn’t matter whether your area of expertise is health and wellness; relationships or finance; by the time your prospective client comes to you she’s either in crisis or very close to it. This mean that she’s willing to pay to solve the problem and start seeing results ASAP not in 6 months.  This is why high-paying clients love 1 day Intensives and VIP days— they receive BIG shifts quickly.
 
However you can’t just raise your prices, say that you’re a high-end coach and expect to automatically attract the people who will pay your higher prices or tell their friends why they MUST work with you. You don’t need fancy branding, but you do need to design and deliver, results-oriented programs that helps your clients to rapidly achieve a breakthrough. The best way to understand the power of a 1-day intensive and see how much momentum you can gain is to experience one for yourself.I invite you to book a complimentary 30 minute Platinum Discovery Session with me to learn more about my Rich Business+ Fabulous Life Intensive and how it can help you to uplevel your business http://www.soulfulaffluence.com/discoverysession

 

I’m going to help you get started by giving you:

“3 Tips to Attracting Committed, Higher Paying Clients”



1. Stop offering single sessions: 

Highly committed people who are ready to hire a coach to solve a pressing problem will be turned off by single sessions.   One of the biggest drawbacks is that the coaching is open-ended; your prospective client has no idea when their problem will be solved. 

Instead offer programs that provide specific outcomes within specific time periods. This means having 1-3 programs that provide different levels of “your solution” at different price points.  People are then able to make an informed decision about how much time and money they’re ready to invest in solving their problem. In my Rich Business + Fabulous Life 1Day Intensives, I teach my clients how to take their current expertise and create client attractive program that provide real results at a variety of prices.


2.   Be intentional about  what you include in your programs

People are busy and offering “more coaching” isn’t an incentive for prospective clients to enroll in your programs. What also is a turn off for highly committed clients is a lot of ebooks or audio recordings that they are expected to wade through. (BTW, often coaches load up their programs to justify to themselves, raising their fees).

Instead of offering “weekly coaching calls”  or “3 one hour sessions a month,” explain in your marketing how your coaching sessions (regardless of the length or number) help your clients to achieve their ultimate goal—what will you be doing with them?   Also only offer supplemental materials or services that help your clients to achieve their goals quicker and with ease—-so they don’t have to reinvent the wheel.  For instance, I give my private coaching clients templates and scripts to save them time and to make thing easier. These small things allow them to get their desired results quicker. I also review their marketing material so that they feel more confident about what they’re sending out to prospective clients.


3.  Make Yourself Available To Clients

One of the reasons why there will always be people who will pay more for private coaching is that they want personal attention—that’s access to their coach.  They may have even been in group programs where they never had the opportunity to speak to the coach directly or only could do it if they were willing to share their issues with the entire group.  For you, this means that should make provisions to be accessible to your private clients in between their scheduled coaching sessions.

Instead of exposing yourself to endless calls and emails, you can institute weekly “office hours” that you clients can use to get laser coaching or a have quick question answered.  Another option is to provide private clients with a direct email address, guaranteeing that you’ll response to their question within 24-36 hours. My private coaching clients receive unlimited email access to me and typically I respond to them within 24 hours (during the week only). Also some of private clients receive a set number of monthly “emergency” calls.  To date, no one has abused these services.

Last but definitely not least.  You have to be that type of client that you seek. 

You can’t expect people to invest in your program beyond the level that you’ve invested in yourself. If the most that you’ve ever invested in coaching is $500, you can’t turn around and expect people to pay your $1,500.  One of the biggest mistakes that I see is coaches who what to offer “high-end” coaching but have yet to invest in a high-level coach themselves.  
 
This is similar to saying that you want to open an upscale clothing boutique but you’ve never worked or even shopped in one; there’s a credibility gap. You simply don’t have enough knowledge or experience to attract and serve that type of client.  Part of what people are paying ANY coach for is her “expertise.” So if you want to attract higher paying clients, you need to have the experience of working with a coach with that type of experience.


So What’s Your Next Step?

If you’re ready to receive high-level support to create transformational and lucrative coaching programs, my Rich Business + Fabulous Life 1 Day Intensives may for you.  This intensive is invite-only because it’s important that you and I are a good fit. To test the waters you can schedule a complimentary 30 minute Platinum Business Discovery session with me. Go to:  http://www.soulfulaffluence.com/discoverysession



In this call together we will:

*Identify your goals for your business and your lifestyle

*Uncover the obstacles that are stopping you from attracting and enrolling higher paying clients into your programs

*Discuss your personalized, step-by-step marketing action plan that will allow you to rapidly experience the success that you desire.

 

I look forward to talking with you and exploring how I can assist you.

 

 
 
 
 
 
 
 
 
 
 

Love, abundance and success!

Yvonne

P.S. Here are what my clients, women like you, have experienced: http://www.soulfulaffluence.com/discoverysession/testimonials/

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