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July 30, 2018
Using an information product to create a group coaching program is a great way to grow your business and serve your community. But you don’t want to blindly making a coaching offer. You want to spend some time designing the program first to make sure it’s the best that it can be. Here are four questions you should ask before you announce your new program…
What Product Will You Use?
Since you’ll be basing your group around a product, you’ll need to choose one to focus on. Look through your projects and consider if any of them would be easy to transform into a program.
If you haven’t created any products yet, then don’t worry.
Remember PLR? You can buy brandable coaching programs.
Many coaches and digital business owners use PLR to create and launch programs. It’s not only easy but it can also save you a lot of time. You can use this extra time to devote to getting the word out about your new offer.
What’s the Duration of the Offer?
Depending on what you’re teaching, you may have a natural expiration date for your group. For example, if you’re teaching your community how to create their own websites with WordPress, then they may only need coaching for three to six months.
But if your topic is more in-depth, like showing your community how to make five figures each month, then they may need your support for a year or longer.
There’s no right or wrong time frame here. Your coaching offer can be as short or as long as it takes. It comes down to what your community needs and how you prefer to structure your programs.
How Many Can You Take On?
The next thing to consider when designing your coaching program is how many people you can comfortably take on. Some coaches like to limit their programs to a dozen or so members. This gives you time to create tight-knit bonds and interact with every member of your group. It’s perfect if you’re diving deep into a topic for an extended period of time.
But you can also take on dozens of clients if you prefer. If your program is short-term, then this can be a good option. Do keep in mind that more clients means you may need to spend more time answering questions and giving feedback.
How Much Do You Want to Earn?
Start by first considering the minimum you need to make each month in order to keep the lights on and pay your other business expenses. This is your minimum viable number and it’s going to differ depending on how you’ve built your business and the lifestyle you’re accustomed to.
Next, take your minimum and multiply it by 15%. This is your profit point. You may earn much more than 15% depending on the size of your platform, your affiliate promotions, and more. But for now, you have a basic gauge so you can tell if your program has been successful.
Once you’ve worked through these questions, your coaching program will probably begin taking shape in your mind. Use the energy and enthusiasm you’re feeling to propel you toward your big launch!
Have you determined what your offer will be? Come share in the Challenge group!
Tomorrow we start tackling the tiny details...See you then!
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