Work less and earn more.
This is the dream. To have more time to spend with our families. The entire reason we start our own businesses in the first place.However all too often we get stuck trading dollars for hours and become a slave to our own businesses. This doesn’t have to be the case.If you know how to manage time wisely, you're able to work less and earn more.
When we talk about working less and earning more you need to look at how are my time and earnings being divided between the three types of income.
I call it the Thrive business model. It’s a 3 prong business model, think of it like a tripod. Each leg is a source of income for your business.
This is your dollars for hours type of income. You’re trading your time for money. This is an important part of your business and you don't need to completely remove it.
However if you want to work less you will need to scale back on this side of your business. You need to come down on hours so you can effectively launch the other income sources in your business.
You’re teaching or coaching multiple people at one. You do the same process you would for your one on one coaching but have more than one person go through it at a time.
Some examples are a live workshop, or a group coaching program.
There are some benefits group coaching has over one on one coaching. First of all the community that inevitably gets built is incredible. Everyone gets exponentially better results in group programs. This is because they have the support of not only yourself but everyone else in the program.
This type of income requires an initial investment to set up but you can continue to sell it over and over again.
Things like affiliate promotions. You promote someone else's program, you get a commission for the referral, but don't need to actually deliver on the program.
Writing a book is passive income. You don't have to write the book every time someone buys it.
Courses are more or less a form of passive income. You record everything one time and you can continue to sell it multiple times.
I sold out my coaching practice completely in 2016. I had 15 one on one clients! This is too much for one single person. Especially one single person with no nanny, 2 kids under 2, and having my VA quit on me that month.
Don’t get me wrong, the money was good. I was making $15k a month! But I was spread so thin it was simply not worth it.
During this time I started to see a pattern. I would get on a coaching call and almost all my clients were doing very similar things. I remember one day so vividly.
I must have taught launching 5 different times to 5 different people. All of them had different questions. All of them were wondering how to apply it to their business.
It was a giant waste of time.
I kept thinking, if they saw training on this they would be much further ahead and I could cover just the important parts. I could make sure I didn't leave out any important elements from each individual. Everything would be much more streamlined.
I’m not immune to it. I had Mindset Blocks too. I needed to work through my thoughts so I could properly launch my group coaching program.
I have served all different types of industries. I’ve done work with product based business, coaches, even brick and mortar business. What are the commonalities?
These are the types of questions I asked myself and what you should be asking yourself when considering a group program.
Once I was able to get past these mental blocks, I felt comfortable launching my group program for the first time. I ended up charging way more for it than anything else up until that point, and it felt really in alignment for me.
I also realized that this could replace some of my one on one coaching clients. I wouldn't be as stressed, I wouldn't need to explain the same thing five times to five different people.
Group coaching is an exceptional way to start leveraging your time.
If you are ready to start your own group program but need a little bit of help I have compiled a checklist so you don't miss a single thing when launching your group program. The Ultimate Group Coaching Checklist. Get The Ultimate Group Coaching Checklist FREE