Are you wondering how it’s possible to start and build an online business that can replace your salary?
The key to building a business that can consistently replace your income is to make sure you have the right online coaching business model. Basically, how your business is going to make money.
Want to know what that model is so you can finally quit your job?
Watch this short video to learn how…
Here are the 3 elements that ensure you are building a business that replaces your salary / income
So how DO you replace your salary?
These are the 3 elements I used to replace my 6-figure salary.
First up: Your product.
Element #1: The right product (so you actually make sales)
The first element of your online coaching business model is the right PRODUCT. Even though in a coaching or service-based business, you’re not technically selling a physical product, make no mistake. You ARE still selling a product.
The key for this element is understanding what your product really is.
Most new coaches get this wrong, because they think that their product is coaching. When in reality, what you’re really selling in a successful coaching or service-based based online business is the result that someone will get from hiring you.
People don’t want or need more information or more coaching or more work. They want the result they’ll get from your coaching.
In other words, they’re paying for your guidance, the “shortcut” they’ll get from you sharing exactly what they need to do, and the accountability they’ll get from having a coach.
Here’s what it comes down to:
Your product is their TRANSFORMATION (not INFORMATION).
The right product isn’t enough though. You also need…
Element #2 The right audience (so you actually have customers)
The second element is the right people who want to buy your product.
Have you heard the saying, “They could sell ice to an eskimo?” (Where “they” is usually referring to someone who is great at sales.)
That sounds great, BUT:
Do you really want to have to sell ice to an eskimo? After all, it’s not really something they want or need.
What if you could take that same ice and sell it to someone through the desert? It would be more valuable than gold to them!
That’s why it’s so important to have the right audience.
What’s more, ask yourself:
Whatever your product is, are you selling it to an audience that not only wants what you’re offering, but who also has the ability to pay for it?
Going back to our example of someone trekking through the desert, you can get even more specific than that.
Instead of trying to sell ice to just anybody trekking through the desert, focus on selling ice to well-to-do people on a desert adventure. They will definitely have both the willingness and the ability to pay.
So I had a bit of fun with that example, but I hope it got the point across!
Because only when you have the right product and the right audience, can you implement the final element…
Element #3 – The right price (so you can replace your income without going crazy)
The final element of your online coaching business model is the right price.
From a business point of view, what you’re charging needs to allow you to replace your salary while handling a reasonable number of clients.
Otherwise, can you imagine?
You’d go crazy before you quit your job!
If you’re wondering what a “reasonable number of clients” is…
For most of my students, the max number of clients they can handle at one time is about 10-15 private coaching clients.
Knowing this, you can back into what price you need to charge to be able to successfully replace your income.
That’s not the only consideration though.
You of course have to provide a value to your clients that matches and exceeds the price that you are charging.
(If you want help figuring out what price to charge, I walk you through how to do that in this tutorial.)
Once you understand the value you bring to your customer through the perfect combination of product, audience, and price, you are off to the races!
Are you ready to replace your income and quit your job?
As you can see, your online coaching business model is all about focusing on just a few things:
Offering a valuable service, working with a handful of quality clients, and creating a win-win situation where you’re helping them achieve a result they want
You get the end result YOU want…being able to replace your salary and leave your 9-5.
Now, I’d love to hear from you.
Which element are you working on right now? Let me know in the comments below!