You Need a Signature Coaching Program
While 1-on-1 coaching can be a great business, in order to grow at scale every coaching or consulting business needs to develop a signature program or programs.
In this video we discuss the 3 reasons why programs can help you meet your income goals much faster AND impact more people in the process!
Although one-on-one coaching can be lucrative, if you do the math, you may be surprised at how difficult it might be to meet your income goals by offering individual coaching only.
If you're a coach or consultant, one-on-one coaching is not your golden ticket for your financial goals.
Hey, I'm Rodger, with RodgerandMelissa.com, and aid another way... Today we're gonna cover three reasons why having a signature program to offer your audience is a must for coaches, consultants, thought leaders, and experts. So let's just jump right on in.
Why have a program, or programs to offer your audience other than in-person or virtual one-on-one time with you? Well, number one, programs help you scale your business. A few months back I did a post that touched on this idea, but I wanna reiterate some of it here to support the observation that although one-on-one coaching can be lucrative, if you do the math, you may be surprised at how difficult it might be to meet your income goals by offering individual coaching only.
So the trap looks something like this. You're having some success, getting clients, your mindset immediately goes to the logical plan of, well, I've proven myself successful with clients, people like what I'm doing. Now let's ramp up the efforts to get more clients, that is how I will grow my business, that is how I will meet my financial goals.
Now I'm not saying that you can't make that work, but I am saying, let's take a look at the math. For instance, let's assume your income target for this year is $100,000. Let's also assume that your one-on-one coaching hourly rate is $130 per hour. Based on that, you'll need to book and perform right at 770 hours of coaching over the course of a year. Let's give you three weeks off for vacation and one week off for holidays, so that's 48 out of 52 weeks in the year that you'll work. Divide the 770 hours by the 48 weeks that you're gonna work and that 16 coaching hours per week on average every week for 48 weeks per year.
And keep in mind, this is only your coaching hours, it doesn't include any back office or marketing, or sales work you need to do to fill your client pipeline, or build your clients. Now I'm not gonna say one way or the other. Whether $100,000 per year is too high or too low of a goal, or if 16 coaching hours every single week for 48 weeks is doable, that's up to you, but what I am going to say is that with this model, you only have two choices to increase your income. You either increase the coaching hours, which is more of your time, and, or, you increase your hourly rate. And sometimes those can work against each other.
Now, enter a signature program like a digital course or a live masterclass. These types of programs are what we call, leverage offerings because they better leverage your investment of time. Take for instance a live four-week masterclass. You take a specific topic that perhaps you always cover with your one-on-one clients, that means it's clearly a topic that applies to the types of clients you serve. You already know the material. You just have to come up with the class outline and the relevant content.
So let's say that takes you 50 hours. When you hold the masterclass, you have four two-hour sessions, so that's another eight hours. So you're 58 hours invested into this, 50 of which you never have to do again. Let's say you enroll 20 people at $400 each. Now that's $8,000 divided by 58 hours, including the creation of the class and that's a realized hourly rate of $138 per hours, but the next quarter when you run the class again and every additional time you run the class after that, you only have to invest that eight hours of class time, because the content is already done.
So the same $8,000 divided by eight hours is a realized hourly rate of $1,000 per hour. Sell more than 20 spots for the class, or gradually increase the price and your realized hourly rate gets even higher because your eight hours of invested time per class remains the same.
Same idea with a digital course. Invest the time once to create it and all your sales thereafter are pure upside. Adding these leveraged offerings or programs can allow you to scale much better than a plan that only involves one-on-one coaching.
Moving on to reason number two that you need a signature program or programs, assuming you're still going to serve your clients through one-on-one coaching, leveraged programs allow you to value your one-on-one coaching at a much higher price. You may have heard of an ascension model, or a value ladder, or an opportunity stack, well basically by offering more than just individual coaching, you give your audience multiple ways to consume the expertise you provide. Things like digital courses and masterclasses can offer a ton of value to your customers, but for those people who want to fast track their results or really just prefer to work one-on-one, those are the ones willing to pay a premium for your undivided attention. Dedicated time with you should be seen as a premium.
So with other programs available you can significantly raise your one-on-one coaching rates and the third reason you need to have signature programs, they expand your ability to reach and impact more people.
Very simply, just as we stated in reason number two, having multiple ways for your audience to consume the expertise you provide gives them options. Some like group settings, some like self-paced formats. Some are willing to give up FaceTime with you for a lower price. Some want the personal interaction and are willing to pay more. However you look at it, you're offering more ways for people to receive value from you, ultimately allowing you to reach more people and therefore, have more of an impact on this world.
Now, stay tuned and subscribe if you're new here, because over the next few weeks we're continuing to talk about developing a signature system that allows you to grow and scale faster. And check out these other videos that were picked out just for you. And as always, take care of you and take care of your business.