Are you ready to offer group coaching? A mastermind?
Or are you better served focusing your energy on attracting one-on-one clients?
There’s a super simple way to know if group programs should be next on your list. And, this one question test – yes, it’s seriously that simple AND I’ll share it with you in a second – isn’t based on the fact that group coaching programs can be fun. (Sorry, Charlie.)
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. (They can get there, yes, but often not right out of the gates.)
So, let me explain.
I understand why you’re drawn to the idea of a group program.
Group programs are appealing for a lot (a lot, a lot!) of reasons. Some of them include:
Ideally you can serve more people at a lower price point per person. You’re able to leverage time and potentially bring in more money per hour.
It feels “better” because you aren’t charging a “lot” of money per person (we could go into the money mindset conversation here but I’ll save that for another day).
You (usually) need a large group to market this program to (on average, 3% of the peeps who see your offer will actually purchase).
The first time you put it together, it may require a big technology learning curve.
Your clients will likely show up “less” because she/he didn’t invest as much money (a form of energy) in their results and the program.
The fastest path to cash is working one-on-one with clients.
When you’re ramping up your business (and confidence!) or are just getting started, there’s 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 to answer the simplest of questions?
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!)
offering a group coaching program or mastermind may be a great next step for you.
If the answer is money, then focusing your energy on attracting a few high paying ideal clients is a better investment of your time.
Let’s break it down.
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 investment level for working with you in a group program is, let’s say, $500.
By doing some basic math, you quickly see that to reach your income goal, you’ll need to work with 20 one-on-one clients or have 200 participants in your group offering.
One more thing.
Now, let’s dig a little deeper and look at one more thing.
Let’s say 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 what you’re craving, then we can talk about building your group coaching program or mastermind.
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, are you best served by focusing your energy on working with clients one-on-one or creating a group program?