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Creating and offering multiple income streams – group programs, teleseminars, live events or products – is a fantastic way to leverage your time and open you up to new and exciting ways to grow your business.
But what if it sounds daunting given your current schedule?
You know, the one that’s filled with 1:1 clients, too many coaching sessions and a calendar that looks like a hurricane hit it.
Take heart!
Transitioning your 1:1 coaching business to a more leveraged model is simple if you follow a few key steps.
It starts by shifting the way you currently handle your private clients.
Here are 3 simple but powerful steps that will free up your time (and increase your income at the same time) so you can get going with those exciting new streams of income.
Step 1. Start by Making the Switch from Monthly Coaching to 6-12 Month Packages
Month to month coaching allows for an “easy out” that actually limits your clients. By shifting away from the month-to-month mindset, you create an opportunity for your clients to create a deeper commitment to their transformation.
I recommend replacing month-to-month coaching with longer-term coaching programs that are specifically designed for quantum leaps. Called “Platinum Style” programs, your package can include a VIP Day, simple, done-for-you materials, email access, recordings of past trainings and other bonus goodies.
With this strategy, before you know it, you’ll have greatly reduced the monthly anxiety of wondering how many of your month-to-month clients will continue.
Step 2. Next, Raise Your Rates
Think offering a longer program means you have to discount your current rates for “buying in bulk”? No way!
That’s because platinum style programs include more than just coaching sessions. They’re a package whose value is greater than the sum of each individual component.
Think of your new coaching packages as an exclusive opportunity to empower and inspire clients. Platinum means that what you’re offering is of greater value than routine coaching sessions.
Create your Platinum program with the intention of helping your clients make quantum leaps forward and you’ll find it easy to shift your mindset around premium pricing.
Step 3. Now, Reduce Session Times and Frequency
Coaching sessions longer than 45 minutes are not efficient for you or your client. While it may seem generous to offer 60-minute sessions, it’s actually giving clients permission to get stuck in their story and spin in circles with decision making.
I recommend cutting your programs to 2 sessions per month and you’ll see a big change in the outcome of each session. Breakthroughs come more quickly when clients know their sessions are limited and that each one is going to be laser focused on the major issues. They’ll come more prepared too. And you’ll suddenly have a lot more time to create new products and programs.
Even in a leverage model, private coaching clients will always be a staple that you offer…
The exciting part is that when you offer higher end 1:1 coaching programs, you’ll attract clients who are ready to do the work. And you can focus on masterful coaching and creating deeper transformation, all while charging higher fees.
With fewer private clients at higher rates, you’ll free your time, making it entirely do-able for you to add in new income streams.
