Do You Have a Business … Or a Job? Ask Yourself This One Question.
Hint: It should work without you.
6 min read
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This is a guest post by Yuri Elkaim, Founder and CEO of Healthpreneur, New York Times bestselling author, and an Advisor in The Oracles.
If you’re like many coaches, you might have a job, not a business. What’s the difference? A business produces a profit regardless of how involved you are day-to-day. If you go on vacation, it still functions without you. But if it stops working when you do, it’s not a business; it’s a job.
Ask yourself: Do you have a predictable way of generating revenue that doesn’t depend on you? If not, don’t worry. By leveraging group coaching and the three Ts — training, technology, and a team — you can create an automated, scalable system that ensures you aren’t the cog in the wheel.
With this method, I’ve scaled my seven-figure coaching business to support over 200 clients at a time. I spend just five hours a week with them because I’ve built the systems and team around me to support them. I’m not limited to trading my time for money, and my clients see better results. Here’s how.
Establish competitive pricing.
With group coaching and an established training program, you can double your income while working a fraction of the time. For example, $3,000 a month is a reasonable price to charge for a coaching program that gets results. So instead of charging $100 an hour while working full time with dozens of clients to earn $4,000 a week, you can earn $7,500 a week by spending just a few hours with 10 clients.
Create an evergreen online program.
It’s a common assumption that coaching involves a lot of one-on-one time with clients — but it doesn’t have to. Create a strong online training program, and your clients will be less likely to rely on you. But if they need you, at least you’re there.
To create your program, identify how you would take clients from A to Z, and document the process. Show them exactly what to do, how, and when, and proactively answer the questions they would ask. Automate the training in a structured way with sequential videos and exercises. For example, ask them to watch a video, complete an activity, and then implement the learnings in their life or business before moving on.
Host the training on a platform like Kajabi or ClickFunnels. Then create a Facebook group where clients can ask questions when they’re ready to come up for air.
Streamline your enrollment and onboarding.
With my method, which I call the Perfect Client Pipeline, you can create an automated system that generates leads while you sleep using Facebook ads, a pre-recorded webinar, and an online application. All you have to do is speak with potential clients on the final enrollment calls, or you can train other coaches to handle them for you.
At first, we launched our coaching program in cohorts so that a group would start the program at the same time. But we realized that clients don’t want to wait to get started, so we pivoted to an evergreen model where they can enroll at any time and start right away.
This approach requires a clear onboarding process that sets expectations, so clients know where to start and aren’t overwhelmed by the information ahead. The added benefit with this approach is that our clients learn from each other as those further ahead end up helping those just getting started.
Host weekly calls.
Establish group check-in calls with themes to support clients when they get stuck or have questions. For example, because we teach coaches how to get clients using Facebook ads and webinars, we have Webinar Wednesdays and Facebook Fridays.
This approach is the only way on-demand enrollment works. You can’t focus on webinars one week and Facebook ads the next, for example, since everyone is at different points in their journey. But with this buffet effect, you give clients a choice to attend the calls that apply to them.
Hire other coaches.
Then you can hire coaches for each topic area. For example, we have coaches who specialize in Facebook advertising, copywriting, webinars, and mindset. They’re available for the weekly call on their topic and one-on-one “office hours” to answer questions. This way, you can scale your business without hiring team members on full-time salaries.
As the business owner and head coach, I spend around 10 minutes a day answering questions in our Facebook group. Then I lead one of the weekly calls and host office hours on Fridays when I’m available for two hours of 20-minute appointments. Clients have to book an appointment with me, so it’s first-come, first-served. In total, that’s three hours of calls and another hour or two in the Facebook group a week.
Adjust along the way.
What do you do with the rest of your time — besides enjoy it, of course? As you systematize the business, you should focus more on spreading your message and improving your process when you aren’t spending time with clients. I film videos for our social media channels and brainstorm how to improve our delivery so we can get results for our clients faster.
Your business will evolve based on client feedback. You can adjust your approach to address common questions and issues. Our training is quite different than it was years ago, but it’s not about adding more content; it’s about continuous improvement.
That means that your program doesn’t have to be perfect from day one. Give yourself permission to improve over time and remember that it’s good enough to get your clients where they want to go. As long as you’re an expert, you’ll always be a few steps ahead of those you serve, so be confident and put yourself out there. It’s a great feeling knowing that your income doesn’t rely on you.