The power of leverage, How to scale your business to make 10k per month
Make 10K per month – The power of leverage, how do you take your business to the next level? If you are a personal trainer, educator, trainer, coach or you have a product or service that you provide how can you scale your business to make 10K per month? In this article, I will share with you one of the methods I have used in my own business.
The power of leverage
Traditionally, we are taught to go to school, get good grades, head to university/college then head out into the big world to start a career. This method is great for people who are happy working for a boss, or people who are content with climbing the corporate ladder, but what about those who want more? How do you take the leap of faith and commit to doing your own thing? How do you turn your passion into a profitable business?
Let’s say you are a personal trainer or a coach and you are working hard trying to get new clients so that your business continues to stay afloat. I’ll use 2 examples below of a typical sole business owner’s income based on them providing a service to a client.
Personal Trainer – You have 20 clients, and you charge $50 per hour, typically you will see your clients once a week. 20 clients x $200 per month = $4000 per month so as a personal trainer you are earning around $4000 per month (before tax) and working/training 20 hours per week.
You will notice I haven’t included marketing costs, travel costs, gym memberships etc. The majority of personal trainers tend to work at a gym because it gives “job security”; in this scenario the gym pays you a wage, and you give the gym a percentage of your earnings for any clients you personally train.
Your income is capped based on how many hours you work per week (not ideal if you want to scale to $10k per month)
Coach/Mentor – So you are a coach, you teach your clients some type of specialized information. Whether it’s marketing techniques, website design, mindset coaching whatever it might be, you charge anywhere between $100-$500 per hour, depending specifically on what you are offering.
The earning potential when you are coaching clients 1:1 is dependent on how many clients you have and how many hours you choose to work in a day. Generally, you will check in with your clients once a week and you can have clients for a month or longer depending on how you set up your coaching business.
When you are working this “traditional” method you are still trading time for money, I won’t specify exactly what your earning income potential is because there are so many variables so lets just say you are earning around $4000 per month working 20-25 hours per week, like the personal trainer.
So what can you do to increase your income potential? I’ll show you.
How do you scale your business to make 10k per month?
There are so many different ways you can leverage your time to increase your income, In this article I am going to give you one of the examples that I have used and also taught some of my clients to utilize.
Let’s look at our personal trainer scenario.
Currently earns $4k per month (if he/she – has 20 clients and is working 20 hours per week) this isn’t inclusive of marketing (to actually get clients) or paying tax, travel, gym costs etc.
New Scenario – Make 10K per month.
Personal Trainer/Coach creates an online automated training program. (NOTE: You do not have to be a tech genius!) But it is important that you have the following platforms or systems in place.
Website (optional) You will need a place where your future clients will go to learn more about you and what you provide. Alternatively, you can skip the website and just create a training program on a platform. If you go with this option you will still need to create a landing page so your visitors still receive a “website” experience.
Personally, I have a WordPress website (used by the majority of the top fortune 500 companies) WordPress has top rated SEO (search engine optimization) and WordPress is perfect for blogging and driving organic traffic to your site. I wrote an article on Website creation DIY vs Outsourcing which you might find helpful.
Platform for Training Program I love clickfunnels, it’s really user friendly and they have a free trial so you can test it out before you commit to a monthly payment system. I recommend you plan, and create your training program prior to signing up to save you cash, e.g filming episodes, writing content, etc.
There are a stack of alternative options with competitive pricing too, but depending on where you are in your business and what type of training program you want to create will determine which one I’d recommend you go with.
Mailing List You need a mailing list so you can directly market to potential clients, this is the first step of the sales funnel process (I will write another article on sales funnels). This is where you will build a relationships with your people.
Note: You will get a bunch of your family and friends opting into these lists and depending on which software you use, you can split your “lists” so your not sending your friends and family the same content as potential clients.
Depending on what your budget is and how tech savvy you are will depend who you will go with. I helped a client set up her mailing list and she created a 10 day coaching course delivered via email – she automated it so as soon as somebody purchased, the emails would trigger to send daily and she didn’t have to do anything. She charged $49 and at the time of launch had 36 people who joined, she made $ 1764 in an hour of her launch! We then went on to re-invest her earnings to market the product further and gain more clients.
Popular email marketing software includes Infusionsoft, Mailchimp, Aweber, Constant contact, Active Campaign and much much more. It really depends on what type of website set up you are going with which will determine who you choose. And of course your budget.
Develop a Marketing Plan & Automate your Social Media
Every business needs a strong marketing plan. Determining how you are going to market your products and services is crucial to attracting future clients. Targeted Facebook marketing ads are great, because you can literally target market people by area, age, interests (etc).
You need to know your numbers and set a budget prior to going down this road otherwise you might end up creating a campaign that attracts zero paying customers. The more visible you are on social media will obviously help you market your products. But you need a plan, and you need to be marketing prior to your launch of your training program.
Automating your social media is also smart, you don’t have to but I recommend it. I literally pay $5 per month to automate mine and it saves me SO MUCH TIME, I highly recommend you do this also. Here is an article I wrote on Automating your Social Media.
Personal Trainer / Coaching Ideas – Make 10K per month
I’m going to stick with our current scenarios and show you 2 ideas that can scale your business to make 10k per month.
Create, Develop & Launch a 12 week body transformation program
Price you charge per client = $97 per month / $297 one payment (you can charge more if you want)
Includes video’s of training exercises, meal plans, optional group training, 1 webinar per week to hold clients accountable and answer questions.
Cost to set run website/shopping cart/mailing list etc = $100~ per month.
What is your earning potential this depends on how many clients you can get into the program. Your earning potential is unlimited. Let’s say you get 50 clients, because remember anyone can join your program from anywhere in the world so you are not limited to your time and town you live in.
50 clients x $97 per month = $4,850 x 3 months = $14,550
How much time are you spending per week on this? 1 hour webinar per week (answering clients questions) Emails/Social Media = 2-6 hours and lets say another 4 hours on misc, this is a total of 10 hours per week~ and you are earning the same amount that you would be training clients 1:1 working 20 hours per week. So you could literally do both and double your income monthly.
Create, Develop & Launch a 1 month group coaching program
You provide planning, marketing and launching advice to new business owners wanting to escape their 9-5 jobs.
You charge $997 or $249 per week with the guaranteed outcome your clients will have a website, profitable program or service and all of the tools to work for themselves so they can quit their job once they replace their income.
You have 10 clients, you have a weekly phone call to discuss, plan and execute, a private Facebook group to share ideas, marketing tips, and strategies plus your clients have access to high-level mentoring videos to help them through the process.
In total you spend 10-15 hours per week overseeing and mentoring your clients in this program and your total income is $9,970 for the month, if you are still coaching clients 1:1 you have tripled your income for the month.
This same approach to leveraging your time can be implemented for so many people, whether you are a yoga instructor, writer, consultant, personal trainer, make up artist, or you are somebody who can provide a service or product that is adding value to peoples lives you can definitely implement a strategy like this and make $10k per month.
It really does start with you changing your perception of time, business automation and money. Once you are shown what is possible it can open a world of new possibilities and opportunities.
Please note! This is only ONE potential income stream for a typical online business. If you publish books, run affiliate marketing on your blogs and you run events or workshops, your income quickly escalates.
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If you are somebody who wants to double their income or implement strategies like I have shown you today, head to Designer Mindset – Transform your ideas into reality for a free quote on how we can help you.