My $100 course turned in a $1,000,000 Coaching Business: Here's How

Summary

The video script details a journey from a $100 course to a multi-million dollar coaching business, emphasizing the importance of perceived value and specificity in scaling. It outlines strategies for transforming a six-figure business to a seven-figure one by focusing on a niche market, defining key transformations, and structuring offers around personal worth and client outcomes. The speaker shares insights on setting up a coaching infrastructure with one-on-one advisors, leveraging technology for efficiency, and creating a customized, accountable client experience.

Takeaways

• 🚀 The journey from a $100 course to a multi-seven figure coaching business was a result of years of dedication and learning from mistakes.
• 💼 The initial $100 product was a Discord community guiding people through getting their first agency client, which later evolved into a more scalable model.
• 🔑 To scale a coaching business, it's crucial to increase perceived value, which involves self-assessment and understanding the customer's perspective.
• 💡 The concept of 'perceived value' is pivotal in transitioning from a six to a seven-figure business, and it's tied to the specificity of the service offered.
• 🕒 A seven-figure coaching business requires a clear understanding of the time spent with clients and the value of the transformation provided.
• 💰 The speaker suggests that to achieve a million dollars per year, one must see themselves as worth $500 per hour and structure their offers accordingly.
• 📉 Decreasing the total addressable market (TAM) increases the specificity and perceived value of the offer, which in turn justifies a higher price.
• 📈 The speaker provides an example of how specifying a time management course for different professions increases its value and price.
• 🛠 Defining a key transformation for clients is essential; it's about guiding them from point A to point B with minimal pain and maximum efficiency.
• 📅 The speaker outlines a model of one-on-one advising with a dedicated time for clients, which can be scaled with more team members or by increasing the client base.
• 📝 A successful coaching business involves a structured approach with tools like calendars, journals, and roadmaps to keep clients engaged and accountable.
• 🔄 Transitioning from a basic community to a personalized one-on-one partnership can significantly increase the value and price of coaching services.

Q & A

What was the initial business model described in the script?

The initial business model was selling a $100 course that included a Discord community to guide people through getting their first marketing agency client. It involved a welcome, content, frequently asked questions, and a LevelUp section where participants could create a ticket for one-on-one assistance.

How much revenue did the business make with the initial model?

The business made $10,000 a month with the initial model, but it was not scalable beyond that point without a significant increase in customers.

What is the main difference between the initial model and the current model of the business?

The main difference is that the current model charges upwards of $10,000 for one-on-one direct coaching with clients, ensuring results, and has transformed from a six-figure to a seven-figure business using the same information and skills.

What is the significance of 'perceived value' in transitioning from a six-figure to a seven-figure coaching business?

Perceived value is crucial because it determines how much clients are willing to pay. The business owner must see themselves as worth $1 million a year and structure their offers and actions accordingly to justify higher prices.

How does the script suggest increasing perceived value for a coaching business?

The script suggests increasing perceived value by decreasing the total addressable market (TAM) to increase specification, which makes the offer seem more personal and valuable, leading to the ability to charge higher prices.

What is the concept of 'Mount Pain' in the context of the script?

'Mount Pain' represents the difficulties and challenges that clients face in their journey. As a coach, the goal is to help clients navigate through these challenges with as little pain as possible, accelerating their progress.

How does the script define a 'key transformation' in a coaching business?

A 'key transformation' is defined as guiding clients from point A to point B, overcoming the challenges (Mount Pain) with minimal harm, and accelerating the process of their progress.

What is the role of a 'one-on-one advisor' in the coaching business described in the script?

A 'one-on-one advisor' dedicates 2 hours every day to clients, with a bandwidth of 20 clients. They provide 2x weekly calls, each scheduled for 30 minutes, to deliver intensive coaching services.

How does the script suggest structuring the time commitment for advisors in a coaching business?

The script suggests that advisors should spend 1 hour per week with each of their 20 clients, resulting in approximately 20 hours of direct client interaction per week.

What is the significance of using a customized roadmap and notebook for clients in the coaching business?

The customized roadmap and notebook serve as a daily tool for clients, providing a more interactive and accountable experience compared to a static info product. It helps clients track their progress and stay engaged with the coaching process.

How does the script describe the transition from a basic community to a specified one-on-one partnership in a coaching business?

The script describes the transition as moving from a basic community, like a Discord group, to a more personalized one-on-one partnership where the coach works directly with clients, holding them accountable for the transformation they aim to achieve.