How to build a multiple 6 or 7 figure coaching or or education business in 2024- What works now.
Even in a saturated market, if you’re starting over, or if you’re starting from scratch. This week’s Tuesday trailblazer is all about being out with the old and in with the new. I’m walking you through what’s working and what’s not working for some of the most experienced and/or brand new thought leader brands in 2024.
Are you afraid of starting or pivoting now because you think it’s too late?
The Great Boom of the 2018- early 2020’s in online coaching and courses might make you feel like you’ve missed the boat, or it’s too late to make money selling what you know… Or worse, your news feed was flooded with the MRR (master resell scam) Yes, that was and very much still is an actual pyramid scheme and I’ll die on that hill. (with love, because I don’t blame anyone that hopped into it hoping it would be great)
Are people still buying online education? Is high ticket consulting dead?
A lot of people, unfortunately, have been burned by either awful coaching, bad fits in coaching, over-purchasing courses, or spending too much money on courses that were just full of fluff or didn’t do a good job of teaching in a way that’s easily actionable or digestible.
High ticket, wrong customer position is totally dead. No selling without prequalifying. 2024 is about selling high ticket to the right person, and low ticket to the masses. I promise…large companies, b2b, and premium health and wellness coaching is still very much booming.
The online education, coaching, and consulting space is still a baby and will continue to grow significantly. E-Learning Market to Gain $840.11 Billion by 2030 at a CAGR of 17.5%: Report by Allied Market Research
Now, you might be afraid to pivot, relaunch, or start your online coaching business because…
It seems like a massive uphill climb
You’re busy working your 9-5 to pay the bills and adding more work seems overwhelming
You aren’t sure what to sell, or what you’re an expert at?
You are an expert at too many things and don’t know which direction to take
In 2020, I dropped high ticket and it was scary. I had a large team and I wasn’t sure how I would keep them on board, but ultimately… I wanted to run lean. I wanted a passive income business so I could be with my babies during the most unexpected of times. If pivoting or starting your online business feels like you’re shoveling an avalanche with a spoon, it’s probably because you haven’t found your most profitable offer. OR, you are in an existential brand crisis like I was… More on that later.
Here's what to do, in 2024, step by step:
Step 1: First, you have to find your UVP
This is the most important part that people miss. Your UVP is where your knowledge and skills meet innovation, and what the customer needs. What is your competition missing, that you do better? What does your audience want, and at what price are they willing to spend to solve that problem? What is your colonel sanders secret recipe? Ok, I’m from Kentucky and I’m not afraid of a corny KFC joke.
To figure this out we need to talk to people. Market research is the fastest way to get a product to market, and arguably the most important aspect of product or service development.
Your customers, friends, and future potential customers are going to give you gold, if you’re brave enough to ask them. Where a lot of people go wrong is developing an offer or a product based on what they think their customer needs, versus actually asking. Here are some questions to poll the people that follow you, or your current circle.
Next, we have to talk to people. I get it, peopling is weird, awkward, and hard… I promise, it’s worth it. Go ask these questions to someone who knows you well, is in your field, or is in your audience.
Step 2: Now it’s time to position… You might have found a problem you can solve by offering a coaching service or selling a course, but what kind of problem is it?
Now, a lot of people are solving champagne problems, aka problems that are luxury, and putting those offers in front of Miller High Life Clients. No shade to either, I love both beer and champagne. But I’m not going to bring a bottle of Dom to the lake with my college friends.
Example, you have a white glove marketing agency. You offer solutions and consulting, but your content is attracting leads with free downloads for how to create a months worth of content in 30 minutes. This attracts people that want something for nothing, or want to do it themselves. You likely aren’t positioning your offer in front of the right buyer.
Example 2- You have a $14 bundle, but that offer promises them that they will grow a 7 figure business. People trying to grow a 7 figure business are likely already making 6 figures and what to just hop on the phone or Voxer with someone to get their questions answered, or they want to plug into better systems, tools and operations.
Neither of these are to say that you won’t or can’t attract dream customers if your position is off, but if your ideal customer is living paycheck to paycheck. I wouldn’t be trying to sell them a $10,000 coaching package.
Likewise, if your ideal customer is busy, I wouldn’t try to sell them a $197 course. I would sell them a premium service. Save them time.
Step 3: Figure out what value you are giving
Products and services ultimately only have a desired outcome of reducing the following
Loss of Time
Reduce effort, struggle or risk of failure
Loss of Money
Or help them gain more
Get back more Time
Increase certainty, add shortcuts to their dreams
Earn more Money
Hormozi summed this up best.
Source: Alex Hormozi 100M Offers
It’s not too late, you’re not too old, the market isn’t too saturated.
In conclusion… You can charge a lot of money to solve rich people's problems and serve a few people. There is nothing wrong with you, you just haven’t found your perfect offer yet.
Or
You can serve the masses, build a large list, and price yourself to move product.
Courses under $1k are slaying in 2024. So our low ticket massively high value bundles, templates, and short cuts.
The middle class offers a price point, much like in the real world. It will only be easy to sell if it is super specific, or if the person selling it has a lot of brand loyalty.
There is no such thing as impossible, but we have cut out the middle of our product suite for a reason.
#1- we want to be of massive service to those who can’t afford to hire me or my team.
#2- we have a white glove high touch experience, that has attracted literal dream customers, and has insane results, because the offer is specific.
Until next week Trailblazers- here’s how we can help.👇🏻
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