Ready to earn 6-figure or more as a coach this year without the headache of leading a team or having the financial strain of high-cost payroll?
If so, the one-person business model for coaches may be just what you need to achieve your lifestyle and financial goals this year.
This is part one of a multiple-part video series where we’ll deep dive into the power and potential of taking a minimalist approach to your coaching business. We’ll also, be covering how a one-person business model for coaches can be structured, the pros and cons of running a one-person coaching business, and what exactly you need to run a one-person coaching business and earn 6-figures or more without trading all of your time for money.
So, what is the one-person business model for coaches? Simply put, it’s a way to earn a full-time income as a coach without having to hire a team or rely on other people to help you run your business. This model is perfect for coaches who want to keep things simple, focus on their passion, and still make a great income.
Now to be clear there is no one size fits all approach to owning and operating a one-person coaching business, but here’s what I’ve found to work best for me, a busy homeschooling mom of two.
One of the best ways to earn 6-figures or more as a one-person coach is through group coaching. This can be done through live in-person group coaching sessions, online group coaching programs, or a combination of both. Group coaching allows you to reach more clients at once, leverage your time, and create a scalable and sustainable business model.
But how do you price your group coaching program to reach 6-figures or more in a year? There are two main options: low-ticket and high-ticket offers.
Low-ticket offers are typically priced at $500 or less and are designed to be easy for your clients to say yes to. These offers are great for coaches who are just starting out and want to first focus on gaining experience or plan to offer a more broad-stroke solution to their clients.
To reach 6-figures with a low-ticket offer, you’ll need to sell your program to at least 200 clients in a year.
200 people x $500 offer = $100,000.00/year
This may seem like a lot, but with the right marketing and sales strategies, it’s definitely achievable.
High-ticket offers, on the other hand, are priced at $1,000 or more and are designed for coaches who want to work with a smaller group of clients and offer more personal attention and support.
To reach 6-figures with a high-ticket offer, you’ll need to sell your program to just 20-30 clients in a year. This may seem like a smaller number, but it’s important to remember that you’ll be working with fewer clients and will need to charge a higher price to make up for it.
100 people x $1,000 offer = $100,000.00/year
50 people x $2,000 offer = $100,000.00/year
20 people x $5,000 offer = $100,000.00/year
Before making a pricing decision ask yourself these two questions.
Which option is right for you?
Which option is right for your ideal clients?
Both low-ticket and high-ticket offers have their pros and cons, and the best option for you will depend on your target market, your expertise, your desired income level, and how much time you’re willing to put in to make your 6-figure coaching business plan work.
Ultimately, the one-person business model for coaches is a great way to earn a full-time income doing what you love. Whether you choose a low-ticket or high-ticket offer, with the right pricing, marketing, and sales strategies, you can easily reach 6-figures or more in 12 months or less.
But in order to achieve your financial goals as a coach you’ll need to understand client acquisition conversion numbers first. Which we’ll talk about in the next video.