Some so many coaches are burning their money and profits by not understanding the fundamentals of building a coaching business. In this podcast, I get into the 11 elements that can make your coaching business profitable!
🚀 Join our Diamond Certification to get more profitable: https://sidz.co/diamond
In this podcast, you'll learn:
- The importance of building a great, value-packed product
- Creating an effective ascension model with low, mid, and high-ticket products
- Mastering the message-to-market offer match for successful marketing
- Nurturing your audience with high-quality content to build trust and authority
- Crafting winning webinar selling formulas for increased conversions
- Scaling with high-ticket sales in both one-on-one and one-to-many settings
- The significance of generating success stories to attract more customers
- Strategies for increasing product prices while maintaining high conversion rates
- Launching high-ticket masterminds for added revenue and stability
- The value of reinvesting profits into community experiences and events
- Reducing customer acquisition costs through partnership programs
Unlock the secrets to profitability in the coaching world and take your business to new heights. Subscribe now on Apple Podcasts and Spotify for more episodes filled with valuable insights and expert advice. Transform your coaching business into a lucrative success story!
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Speaker 1: How do you make your coaching business profitable? You know,
00:00:03
Speaker 1: there are multiple factors to it. And in this particular podcast,
00:00:06
Speaker 1: I'm gonna go deep into it and break down as
00:00:09
Speaker 1: much as I can to help you get that awareness
00:00:11
Speaker 1: like never before. And today a lot of coaches I'm
00:00:15
Speaker 1: seeing in the market are burning their money because they're
00:00:17
Speaker 1: not able to understand how to really be profitable. Ok.
00:00:21
Speaker 1: In this particular podcast, I want to be sharing with you, uh,
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Speaker 1: 11 different ideas on how you can make your coaching
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Speaker 1: business more profitable.
00:00:27
Speaker 1: And we've been super profitable right from day one. And
00:00:29
Speaker 1: we continue to be profitable at, you know, six X
00:00:32
Speaker 1: to eight X in our overall profitability from the time
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Speaker 1: that we started till today. And there are some months,
00:00:36
Speaker 1: we have even taken the profitability to, you know, 15
00:00:38
Speaker 1: X 20 X in our, in our business because of
00:00:41
Speaker 1: the way that we have structured the business. Ok. Now, first,
00:00:45
Speaker 1: let's understand what from where does profit come, profit comes
00:00:48
Speaker 1: from value exchange.
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Speaker 1: When people see the value in what you're providing only,
00:00:53
Speaker 1: then they're going to be giving you money. And if
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Speaker 1: you can exchange that money for incredible value and you
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Speaker 1: do that continuously. That's what will add up to your
00:01:01
Speaker 1: profitability kitty. OK? And another one, another perspective to profitability
00:01:07
Speaker 1: is
00:01:09
Speaker 1: every money that is saved,
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Speaker 1: it goes to profit. OK? Or in other words, when
00:01:16
Speaker 1: you are able to have them, when you're frugal with
00:01:18
Speaker 1: your money, especially in the beginning stage. Yeah, you can
00:01:21
Speaker 1: invest in your learning, invest in tools, invest on the
00:01:22
Speaker 1: essentials of your business. But when you're very watchful of
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Speaker 1: your money management and exactly where the money is going
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Speaker 1: and paying your taxes on time and all of that stuff,
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Speaker 1: you are going to be making that into a habit
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Speaker 1: and that will compound into a profitable business.
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Speaker 1: So number one is you got to build a great product. Ideally,
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Speaker 1: when you build a membership based product, that is a
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Speaker 1: kind of a product that where the value exchange is
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Speaker 1: really high and you can keep the costs also very,
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Speaker 1: very low when you're going to be launching a digital product,
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Speaker 1: which is ideally a membership.
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Speaker 1: And when I say building a great product, there are
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Speaker 1: many attributes of a great product. Number one is, does
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Speaker 1: it have an X factor two? Is, does the product
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Speaker 1: uh you know, is it able to get results for others?
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Speaker 1: Number three is your delivery style in a product, especially
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Speaker 1: in a coaching product. It's about the way you're able
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Speaker 1: to communicate the way you're able to uh you know,
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Speaker 1: structure things where people are able to see the, the
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Speaker 1: value in the way, you know the value per minute
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Speaker 1: of every minute that they are spending with you. OK.
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Speaker 1: So that's the first piece.
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Speaker 1: The second point is create an ascension model like a
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Speaker 1: combination of a low ticket product, a mid ticket product
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Speaker 1: and a high ticket product. A low ticket product is
00:02:27
Speaker 1: anything under ₹10. A mid ticket is anywhere between 10
00:02:31
Speaker 1: to ₹20. And a high ticket product is something which
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Speaker 1: is above ₹50 in value. Even go to one lac,
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Speaker 1: two lac for it to happen because if you're able
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Speaker 1: to get even a few high ticket sales every single month,
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Speaker 1: that will be the profitability that you reinvest to acquire
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Speaker 1: more low ticket customers.
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Speaker 1: So the essential model is important. You can directly do
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Speaker 1: high ticket. But again, if you're directly pitching high ticket,
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Speaker 1: there's going to be execution time, there's going to be
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Speaker 1: delivery time and there's a limitation on scalability unless you
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Speaker 1: build teams and stuff like that. And for me, I've
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Speaker 1: been able to scale with a very lean and mean
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Speaker 1: team because of having a combination of low ticket to
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Speaker 1: acquire customers on the front end and a high ticket
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Speaker 1: back end product.
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Speaker 1: Number three is if you want to make your coaching
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Speaker 1: business profitable, you need to get your message to market
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Speaker 1: to offer match, right? Ok. If your message to market
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Speaker 1: offer is I mean, if your message to market match
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Speaker 1: is not there, you'll have less people coming to your webinars.
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Speaker 1: If your market to offer match is not there, you'll
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Speaker 1: have less conversions.
00:03:25
Speaker 1: So for that, you got to get good at short
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Speaker 1: form videos and recording video ads to attract the right
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Speaker 1: people so that you can lower your cost per lead.
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Speaker 1: Keeping it under ₹100 per lead or even under 60
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Speaker 1: ₹70 per lead, which is what my cost per lead
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Speaker 1: right now is around ₹70 per lead. And I'm able
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Speaker 1: to generate anywhere between 500 to 1000 leads every single day.
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Speaker 1: And the second part of getting the message to market
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Speaker 1: of match right is to optimize your landing page for
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Speaker 1: speed and for a high opt in rate. So for
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Speaker 1: every 100 people that come on my landing page to
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Speaker 1: give their lead data, 40 of them give their information.
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Speaker 1: So my landing pages are converting at 40% because of
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Speaker 1: the right targeting that I'm doing in the ads and
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Speaker 1: the way that I'm recording the videos for the ads
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Speaker 1: and also the speed at which the page loads and
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Speaker 1: the messaging on that page that
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Speaker 1: that has a good connection with the target market. OK.
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Speaker 1: Number four is
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Speaker 1: just not running ads is not good enough. You got
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Speaker 1: to nurture your audience with extremely high valuable content to
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Speaker 1: win trust and authority in the marketplace, for example, I'm
00:04:25
Speaker 1: recording this podcast so that I can give you a
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Speaker 1: lot of information. And even if you're not in my community,
00:04:30
Speaker 1: just by listening to this podcast, you will be, you
00:04:33
Speaker 1: will be able to connect with me as a person.
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Speaker 1: And there's a high chance that you're going to be
00:04:35
Speaker 1: coming to my webinar and you're going to be uh
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Speaker 1: you know, getting into my community
00:04:41
Speaker 1: number five, you got to get really good at selling
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Speaker 1: at webinars, webinar selling formula. I have a 90 minute
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Speaker 1: formula that I share in my webinar selling formula course
00:04:50
Speaker 1: my gold membership, but actually break it down, minute to
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Speaker 1: minute what you should sell, how you should sell, how
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Speaker 1: you should structure the webinar. How do you deliver an
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Speaker 1: offer and how do you really get people to buy?
00:04:58
Speaker 1: And that is a science by its own. So you
00:05:02
Speaker 1: may be very good in your knowledge. But if you're
00:05:03
Speaker 1: not able to sell, that's where profitability actually lies.
00:05:07
Speaker 1: Number six, if you want to make your coaching business profitable,
00:05:10
Speaker 1: you got to get really good at selling high ticket
00:05:12
Speaker 1: in both 1 to 1 and one to many. In fact,
00:05:15
Speaker 1: for me, I do something called this a diamond showcase. Now,
00:05:17
Speaker 1: if you are not a member of my community, please
00:05:20
Speaker 1: come and check out my diamond showcase by going to
00:05:22
Speaker 1: S ID zs.co slash diamond and learn more about my
00:05:26
Speaker 1: three year certification and that's my high ticket program and
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Speaker 1: I do it in a one too many sales process. Now,
00:05:30
Speaker 1: even if you're in my community as a silver or
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Speaker 1: gold member, I would highly recommend that you go through
00:05:34
Speaker 1: the diamond process. So you can accelerate your journey.
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Speaker 1: And for me to design this high ticket product, it
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Speaker 1: is not a 1 to 1 based product. It's a,
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Speaker 1: it's a highly scalable high ticket product
00:05:43
Speaker 1: because I'm selling certification and I'm selling the journey for
00:05:47
Speaker 1: people to up their skills, like experiencing a three year
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Speaker 1: university like uh you know, program to actually get the results.
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Speaker 1: So when you get good at selling one too many
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Speaker 1: high ticket, your scalability goes to a whole different level.
00:06:00
Speaker 1: Number seven is if you want to make your coaching
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Speaker 1: business profitable, create more success stories. It's all about your
00:06:08
Speaker 1: student results. When you create more success stories that will
00:06:11
Speaker 1: help you attract more customers, go and check out my
00:06:12
Speaker 1: youtube channel. There are so many Hall of Fame interviews
00:06:14
Speaker 1: and now I'm launching every week. There is some new
00:06:16
Speaker 1: video that I'm launching called Freedom Talks and you can
00:06:19
Speaker 1: go and check it out. Number eight,
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Speaker 1: keep improving your products and increase the price of your
00:06:25
Speaker 1: high ticket products. Like I started at 50 60, then
00:06:27
Speaker 1: it went to 170 LAC. And now my high ticket
00:06:32
Speaker 1: product is at three lacs for three years and I
00:06:33
Speaker 1: give a scholarship bonus of one lack of people are
00:06:35
Speaker 1: getting in it, you know, and I keep increasing the
00:06:38
Speaker 1: price and uh my conversions have never dropped. It just
00:06:40
Speaker 1: kept moving because of
00:06:43
Speaker 1: the results that are coming in the community. And I
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Speaker 1: kept increasing based on what I feel will be the
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Speaker 1: best value for my customers. And of course, when people
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Speaker 1: pay that high ticket amount and come in, they get
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Speaker 1: that kind of a high ticket experience and they get
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Speaker 1: that high ticket, you know, impact and growth in their business.
00:06:59
Speaker 1: And if you go and check out my trust file reviews,
00:07:01
Speaker 1: you know, we've just touched over 7000 plus reviews at
00:07:03
Speaker 1: five star rating, which is very, very hard to get
00:07:07
Speaker 1: number nine. If you want to increase your coaching business, profitability,
00:07:11
Speaker 1: launch a high ticket mastermind that is anywhere above five LACS,
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Speaker 1: 10 LACS per year.
00:07:16
Speaker 1: But to get to the high ticket mastermind, you got
00:07:18
Speaker 1: to have a lot of uh you know, content and
00:07:21
Speaker 1: stuff to actually build a high ticket mastermind. Like right
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Speaker 1: now we have a master mastermind of more than 100
00:07:27
Speaker 1: people who are paying a 7.5 LACS, eight LACS, 8.5
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Speaker 1: LACS plus GC. That's around 10 LACS a year. So
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Speaker 1: we are able to have an annual recording revenue of
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Speaker 1: anywhere between 8 to 10 crores a year with this
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Speaker 1: small group of 100 people that I'm catering to and
00:07:40
Speaker 1: that really adds to the funnel stability. It's a funnel
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Speaker 1: stabilizer and that adds to the profitability of the overall funnel.
00:07:46
Speaker 1: So I have a low ticket. I have a mid ticket.
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Speaker 1: I have a high ticket and I have a super
00:07:49
Speaker 1: high ticket after that. Ok. But it took me around
00:07:51
Speaker 1: five years to get to this stage.
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Speaker 1: And this is what I teach for those of you
00:07:55
Speaker 1: who really want to know how to build that kind
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Speaker 1: of high ticket for yourself. I would highly recommend that
00:07:59
Speaker 1: to be my diamond member, understand how to build it.
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Speaker 1: In fact, there's a course in my diamond membership called
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Speaker 1: High Ticket Mastery where I will tell you exactly how
00:08:07
Speaker 1: to launch a scalable high ticket mastermind kind of a
00:08:09
Speaker 1: product that does not require you to spend so much
00:08:13
Speaker 1: of time that allows you to scale. But for that,
00:08:15
Speaker 1: there is an entire journey you need to go through.
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Speaker 1: Number 10 is whenever you're making profits, reinvested into community
00:08:23
Speaker 1: experiences and events because that will add to your profitability
00:08:26
Speaker 1: every time I do a large event, I do an
00:08:28
Speaker 1: FBR with 6 700 people. I get so many people
00:08:31
Speaker 1: who jump into my diamond membership without even selling it.
00:08:33
Speaker 1: You know, I pretty much it sells on its own
00:08:36
Speaker 1: because of the live experience and the impact that that
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Speaker 1: they're able to experience.
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Speaker 1: And finally, number 11 is if you want to make
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Speaker 1: your coaching business profitable, reduce your customer acquisition costs
00:08:49
Speaker 1: by empowering and building a partner program only with your
00:08:53
Speaker 1: high only with your high ticket customers. For example, I
00:08:57
Speaker 1: have a silver gold and diamond membership and I have
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Speaker 1: a partner program only in my diamond membership level. And
00:09:03
Speaker 1: that rule is optional, only if people want to promote it,
00:09:06
Speaker 1: they will promote me. So I have an entire team
00:09:09
Speaker 1: of uh you know, members of promoting me as partners.
00:09:12
Speaker 1: And I also have alliances with success, Jan, my mentor,
00:09:15
Speaker 1: Blair singer and others. And that really helps me reduce
00:09:17
Speaker 1: my acquisition costs. So I'm not just depending on one
00:09:20
Speaker 1: traffic source, I have my paid marketing. I have my
00:09:22
Speaker 1: organic marketing. I have my promotional partners as my DA
00:09:26
Speaker 1: M members as and, and I also have alliances, strategic
00:09:29
Speaker 1: alliances with other members. So
00:09:32
Speaker 1: if you want to make a coaching business profitable, don't
00:09:35
Speaker 1: focus on profits. Focus on customer experiences, focus on the
00:09:40
Speaker 1: value for money and focus on building your craft and
00:09:45
Speaker 1: analyzing your business at every single level. I hope you
00:09:48
Speaker 1: found this podcast useful. Please subscribe to me on Apple
00:09:51
Speaker 1: and Spotify for more episodes like this and really wish
00:09:55
Speaker 1: you all the best on becoming a profitable business in
00:09:58
Speaker 1: the coaching world for the best.