Are you ready to offer group coaching?
There’s a super simple way to know if group programs should be next on your priority list. And, this one question test – yes, I’ll share it with you in a second – isn’t based on the fact that group coaching programs can be fun. (Sorry about that.)
I’ll give you a hint: group coaching programs usually aren’t the best way for my clients to ramp up their income when we first start working together.
Let me explain.
I understand why you are drawn to the idea of a group program.
Group programs are appealing for a lot of reasons. Some of them are that..
You’re able to leverage time and actually make more money per hour when you serve clients this way.
It feels “better” because you aren’t charging a lot of money (lots of fun money mindset conversations we could have if you recognize yourself here).
There are also a few less-than-sexy considerations that I want you to think through when you’re planning a group coaching program:
The first time you put it together, it may require a big technology learning curve.
Your client will likely show up “less” because she didn’t invest much money (a form of energy) in the program.
I teach my clients that the fastest path to cash is working one-on-one with clients.
When you’re first starting out or want to ramp up your income (and confidence!) quickly, there is no faster way to make it happen. Period.
So that leads us right to the one question test that I’ve been teasing you with. Ready?
If I waved my magic wand and granted you either more time or money in your business, which one would you want?
If the answer is time, then (ding-ding-ding!) putting together a group coaching program may be a great next step for you.
If the answer is money, then focusing your effort on working with fewer high paying clients is a better investment of your time.
Let’s look at an example (and play with some numbers).
To make it simple, let’s assume that your income goal for the next 12 months is $100k. Let’s also assume that the investment level for working with you one-on-one for 6 months is $5000. We’ll also assume that the proposed pricing for working with you in a group program is, let’s say, $500.
Doing some basic math you can quickly see that in order to reach your income goal, you’ll need to work with 20 one-on-one clients or have 200 participants in your group offering.
Now, let’s dig a little deeper and look at something else. Imagine that you close about 50% of your sales conversations. So, to reach your income goal of $100,000, you’ll need to have one-on-one sales conversations with at least 400 interested people (sorry, your husband doesn’t count) to fill your group programs. You’ll need to speak with at least 40 interested peeps each year to fill your one-on-one programs.
Either way, the outcome (reaching your income goal) is achieved.
Don’t let the numbers overwhelm you. Look at them for what they illustrate (and then run your own numbers): if money is more important to you right now, then focus on working with more one-on-one clients. If time is more important to you, then we can talk about building your group coaching program.
Creating a group coaching program before you’re ready can be a real confidence and energy killer. It’s also a way to “hide” and not stand in your power because you can feasibly price your services – and the value you deliver – at a much lower level.
So, it’s decision time: Based on your business goals and client load, are you best served with focusing your energy on working with clients one-on-one or creating a group program?