We talked about building a product catalog that consists of sequential products and services matched with products and services and benefits that add value that you promote via autoresponder series. Taking the time to build out your product funnel considering how each solution fits with the next will ensure that you’re seen as an expert in your niche. Eventually, it’ll open you up to branching out into memberships and coaching.
You can offer group coaching, one-on-one coaching, run workshops, manage a membership site, and more. The best way to start with coaching is first to start a membership website. A membership website is a website that you install technology that makes it gated.
You can gate it by expecting payment, or you can simply gate it and require an email address to sign up. The thing that makes it a membership site is that only the people who can sign up who are now members can view and use most of the content and information on the website.
Once you have a sound library of products and services, it’s a great time to consider adding a membership site. Even if you sell the products individually outside of the membership site, you can now offer the same products inside the membership area of the membership site for the price of membership. You can let that marinate to see how it goes then eventually add different types of coaching as an offer to the members. To start a membership site, look into using software that helps like Amember.com as an option to help you run your membership site.
When you price your membership site, think about the value that your audience is getting from the information you provide as well as the time you spend in the membership motivating, encouraging, and coaching your members. A good rule of thumb is that the more one-on-one time or, the more of your personal time it takes to provide the solution, the higher the price should be.
With a membership site, like a group coaching program, you can often charge slightly less than you would if you were serving someone one-on-one. Your members gain value from the combining of their membership fee, and you get value for the same reason. To price your membership, you’ll need to consider your typical response rate, how many members you’ll have on average, and your time investment.
For example, let’s say you’ve determined that you can probably, based on math, keep about 200 members on average in your membership site. When you know that number, plus the cost of the content you include, and your time, you can now come up with a per-member fee that ensures you earn the amount of money you need to make it worth running a membership site.
If you want to make 100K a year (before expenses) with 200 members, you’d only have to charge them each $50 a month. Note: If you charged a one-time fee of $500 instead of the monthly payment, you’d make much more than 100K because statistically, most people spend only three months in a membership.
Then, based on the cost of all your products, your membership site, and your time, you can now come up with packages for coaching that you price accordingly. Use content you already have, plus private label content to create short coaching programs that last from a week up to three months (or even all year long). Charge more for one-on-one coaching than you do for group coaching, but always do the math first so that you ensure that it’s really worth your time and effort while also providing extraordinary value to your customers.
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