MODULE #5 Leverage Your Income - Amazon S3 · Group Event #3: Group coaching Filling group events: see Module #12 - available to members of the Complete Blueprint and Clients Blueprint

MODULE #5

Leverage Your Income

Erika Kalmar

The Coaching Biz Start-Up Strategist

www.getreadytocoach.com

Traditional coaching on 1:1 –

Why is it not enough?

1. It requires continuous presence – you

generate income while you are present.

2. You max out – you can take on only a

certain number of clients.

3. Budget constraints – People might not have

the means to invest into high-priced 1:1

coaching or they need more trust first.

2. You impace only as many people as you

work with.

4 options to increase your income:

- Increase number of clients

- Increase fee

- Increase client lifecycle value

- Introduce leveraged income model

Leveraged income model

= Working smarter, not harder

Same time investment brings

more revenue

Why use leveraged income model?

- Generates income in your absence

- Exposure to more clients = more

visibilibity, more referrals, more income

- Grouping clients togethers spares up time

- Serve different budgets

- Build trust with lower-end products

Categories of leveraged income models:

1. Passive income models

No presence required

Generates income while asleep

eg. E-books


2. Recurring income models

Generates recurring income

eg. $17 Membership site x 100 members

= $1,700 income EACH MONTH


3. Group events

Same time investment as with 1:1

clients, but multiplied income

In the rest of this module

we will discuss group events.

In Module #6 we will cover

passive and recurring income models.

Group Event #1: Masterminds

- Exchange of like-minded individuals

- Often business owners or executives

- Same goals

- Premium-priced

- Input from group members

Group Event #1: Masterminds (contd)

- Virtual or face-to-face

- Tools: conference call lines, Skype

conference call, Skype video conference

- Pre-screen participants

Group Event #2: Group retreats

- Face-to-face

- Premium-priced (several thousands $)

- Premium environment

- Transformational – leave with a plan

Group Event #2: Group retreats (contd)

- Small group

- Start with assessment

- 1 or 2 facilitators

- Follow-up to keep the momentum

Group Event #3: Group coaching

Benefits:

- Low-cost (compared to 1:1)

- Can upsell to 1:1 or combine with 1:1

- Leverages your income

www.coachcalc.com

Example:

10 participants, 6 week program

2 hours /week, $600/person

= Total revenue $6,000

= Hourly revenue $500!!!

http://www.coachcalc.com/


Benefits (contd):

- Build on group wisdom

- Team bond / Motivation

- Community of like-minded individuals


Type:

- Working towards similar goals

- Curriculum based


Content:

- Coaching only

- Teaching & coaching


Building blocks prior to the program:

- Assessment

- Objectives

- Content ideas


Building blocks during the session:

- Check-in (progress, objectives)

- Session overview

- Teaching


Building blocks during the session (contd):

- Discussion around book, quote, news,

industry trend etc.

- Group exercise



- Small group exercise

Use conference call line provider

with breakout rooms



- Hot seat coaching

- Resources, tools

- Home work assignment



- Action steps & commitment

- Takeaways


6 steps to get started:

1. Define subject and target group

Survey

One common problem / goal


6 steps to get started (contd):

2. Decide about content – your own, book,

program licence etc.

Don’t develop content yet!



3. Market the program – your list, JV

partners, companies, associations, speaking

engagements, social media etc.



4. Free preview call

5. Select people - optional



6. Create excitement and team bond

www.groupcoachingmanager.com

Facebook private group

http://www.groupcoachingmanager.com/


Criteria your program must fulfil:

- Educate

- Correct non-supportive behaviors

- Shift – eye-opener


Criteria your program must fulfil (contd):

- Step-by-step plan

- Inspire to act

- Accountability

- Action-driven!!!


Components:

- Mini masterminds

- Teleclasses by invited experts

- Resources, tools, rolodex

- 1:1 coaching


Components (contd):

- Live events, retreat

- Community

- Exercises

- Templates, checklists


Components (contd):

- E-book

- Free ticket to your public live events

- Monthly call-in days

- Q&A calls


7 keys to setting your program up for success:

1. Set ground rules

- say their names

- stay non-judgemental



2. You control

- Everyone contributes (pick people)

- Don’t let people dominate

- Check takeaways during the session



3. Have 1 common goal or problem

- Content should be highly relevant to it

- Content should fit with everyone’s

objectives



4. Small group

- Customized roadmaps



5. Not pure theory but action-driven

- Information can be found everywhere

- It needs to be transformational



6. Follow-up to keep up the momentum



7. Prepare people for sabotaging methods

- optional


Further resource:

Jennifer J. Britton: Effective Group Coaching


Filling group events:

see Module #12

- available to members of the Complete

Blueprint and Clients Blueprint

Combining group events - example:

4 group retreats / year

+ 1 mastermind / month

+ 1 group coaching call / month

+ 1 call-in day / month

= $15,000 package

Today we covered:

- Why the traditional model of 1:1 clients is not

enough

- 4 ways to growing your business

- Why you want to leverage your income

- In the spotlight: masterminds, group coaching

and group retreats

Today we covered (contd):

- Introduction to masterminds

- What you need to know about group retreats

- Benefits of group coaching

- 6 keys to getting started with group coaching

Today we covered (contd):

- Group coaching elements

- 7 keys to group coaching success

- The criteria your programs must fulfil

- Selecting your program components

Your assignment from Module #5:

What group program do you decide

to add to your business?

Note it down to Chapter #7

of your Business Plan.

- rough topic

- content type

- ran how many times a year and when

What next?

1. Summarize your learnings in your Action Guide.2. Post your questions under Module #5on the discussion board.3. Work on your assignment.4. Note down your action steps in your Action Guide and post them on theboard under „Progress”.

In Module #6

I am going to talk about

passive and recurring revenue models.

Documents

MODULE #5 Leverage Your Income - Amazon S3 · Group Event #3: Group coaching Filling group events: see Module #12 - available to members of the Complete Blueprint and Clients Blueprint