The Simple Formula I Used to Make 5-Figures in a Month
In part 1 I shared how I started my coaching business with just 6 email subscribers but finally figured out the formula to make 5 figures in a month.
If you didn’t get a chance to read that, then you should start there with How I Sold My First High-Ticket Coaching Package.
Most coaches think it takes a lot of clients to generate 5-figures in a month.
When I was selling an $800 coaching package, I certainly did the math and discovered that I would need 12 clients each month.
(Technically it was 12 and a half clients.)
I knew there had to be a better way to reach my income goals. Especially since I wanted to keep getting great results for my clients. I only wanted a few clients at a time.
That’s when I searched how to create a high-ticket coaching package. I found a lot of information.
But I was confident that I would get more personalized help by working with a coach. So I spoke to my business coach and she suggested that I simply change the price of my current coaching offer.
Just like that?
At first I was nervous to do it, but I did pay her a high-ticket fee to coach me, so I figured I better listen to what she has to say.
I once thought selling high-ticket coaching offers was out of reach for me.
Then I pitched and closed my first high-ticket coaching client at $2,000.
The next few I pitched and closed at $3,333.
That was the month I made five-figures for the very first time and I only needed 3 clients to make it happen!
The rest came from residual client payments.
Suddenly booking high-ticket coaching clients became easy, and fun!
Over the next few months, I started to test out different price points for my coaching and I still remember the first day I sold a $7,500 coaching package.
Since then, I continued selling my group coaching and 1:1 offers for thousands.
I started to feel different.
I stopped settling for less.
I stopped settling for less. And I started asking for (and receiving!) more in all areas of my life.
The high-ticket coaching clients were different too.
They showed up ready to work and they got amazing results.
Most coaches think it takes a lot of clients to generate 5 figures in a month.
Actually, with a high ticket coaching offer you can spend less time searching for clients and more time getting amazing results for the clients you have.
What do I mean?
Your high-ticket rate will attract clients who will get resourceful so they can invest.
Then they show up committed and ready to put in the work. That means better results for them.
But for this to work you must be confident in the value you provide and price your services accordingly.
I've mentioned the simple formula used to attract these high-ticket coaching clients and now I want to share it with you.
In short I took 3 steps: increased my prices, upgraded my mindset to match the new prices, and created a repeatable process to get coaching clients online.
Step 1: Learn how to think like an entrepreneur versus an employee
An employee is paid based on the number of hours worked. Even as a salaried worker, you must work the hours to get the benefits of the job. I was quickly reminded of this when I took off extra vacation days at my last salaried job. After I quit, the Human Resources department sent me a nice letter with a bill for the unearned days I took off.
40 hours = $ per hour
However, as a transformational coach, the results you are able to provide determines the value of your services. This includes results that do not have a clear dollar amount like number of pounds lost or increased happiness in a relationship.
Every result has a quantifiable value. It is up to you to be able to clearly communicate that value.
Impact = your rate
The truth is, you’re never charging exactly what your service is worth.
Even when you are charging thousands with a high-ticket offer, when you can make a big difference in someone's life, you are actually charging way less that what your service is worth.
If you can help someone improve their finances, health, relationships, what is that worth? When you can answer that question, you will be able to easily increase your prices.
Step 2: Admit what you want, get specific, and get into alignment
Often when working with a new client, our first step is to get clear on their goals. The first step to getting what you want is to actually name it and admit what you want. Them you must get into alignment. What does that mean?
It means your decisions and actions must match what you said you want. For example, if you say you want new shoes but you never go to a shoe store, your actions are not in alignment with your desires. That is a simple example that carries over into your life and business as well.
I realize that this can be a challenging exercise if you have not been specific in the past. These are the questions I ask to help myself and my clients get specific and into alignment.
This is exactly what I helped my client Kelly to do.
Kelly James is an expert sales coach with 18 years of sales experience working extensively with Fortune 500 companies.
He’s also a TedX Speaker and introvert turned influencer.
Kelly was live streaming on a regular basis to get calls booked, and that was working, but it was also burning him out.
He decided to work with me because he was clear on he wanted. He wanted a system he could count on to bring in qualified leads.
After evaluating the results he helps his clients achieve, his offerings, and their price points we decided to double his rates.
At first he was concerned that he would price himself out with his existing audience but at my encouragement, he kept the new increased rates.
Then we crafted a presentation that spoke to that high-ticket client, established his value, and highlighted the return on investment he has helped clients achieve.
He chose to invite his existing audience to the presentation instead of driving traffic via ads.
He began booking calls with high quality leads and booked 5 new clients at his new doubled rates.
It’s possible to do when you get specific on what you want and get into alignment with what you want.
Step 3: Create a repeatable process to get coaching clients
The final step I took was to create a repeatable process to get coaching clients online. I gave this process to my client and she gained 7 high-ticket coaching clients in less than 14 days.
I'd like to cover this process in depth so I’ll share it in part 3.
Continue... 3 proven triggers to gain 7 high-ticket clients in less than 14 days