In a previous post, titled Wealth Attraction Tip for Entrepreneurs – Offer Programs Instead of Services, I gave a brief outline of how you can put together programs instead of hourly services.
As part of the Wealth Attraction Tips Series, I’d like to present you with a step-by-step process for creating your programs; a structure that is virtually foolproof, if you follow through and complete it in a timely fashion.
Step 1) On a series of 3×5 cards, list each component of your most basic, most elementary coaching program (Copper). How many hours would be needed to complete this basic coaching (e.g., 3-4 hrs.)? Take your time developing the list and time requirements, but not more than 2 days.
Step 2) On a series of 3×5 cards, list each component of your next level coaching program (Silver). How many hours would be needed to complete this next-level coaching (e.g., 5-6 hrs.)?? Take your time developing the list and time requirements, but not more than 3 days.
Step 3) On a series of 3×5 cards, list each component of your most advanced coaching program (Gold). How many hours would be needed to complete this advanced coaching (e.g., 12 hrs.)?? Take your time developing the list and time requirements, but not more than 4 days.
Step 4) You’ve now invested ONE WEEK (maximum) in developing 3 New Coaching Programs, Copper, Silver, Gold, for potential clients to choose from! Now it’s time to add the fourth – your Platinum Coaching Program – the very top of the line you can offer!
Combine the three lists, aligning them progressively from entry-level to advanced, and look for voids in the programs; areas where you would like to be able to enhance your offerings. The goal here is to develop a “Platinum Program” that will encompass all that you believe a client might need from you to complete their transformation to health, wealth, and happiness.
Take your time developing the list and time requirements, but not more than 7 days.
Step 5) You’ve now invested TWO WEEKS (maximum) in developing 4 New – Comprehensive Coaching Programs for potential clients to choose from.
Add the number of hours required to complete your Platinum Program and set your Program Price accordingly. Add a buffer of 10% or so to cover anything you may not have anticipated. (e.g., 20 + 10% = 22 hrs.)
Step 6) How long will it take you to complete your Platinum Coaching Program (e.g., 6 mos., 9mos., 12 mos.?). Now, work backward to determine the time requirements for your lower-level programs, using 1-2 hour per week or month projections. You now have something that might look like this to offer your clients:
Copper Program: 3-4 hrs. in 4 weeks
Silver Program: 5-6 hrs. in 2-3 months
Gold Program: 12 hrs. in 6 months
Platinum Program: 22 hrs. in 10-12 months
Step 7) Price your programs based on the number of hours and other resources (pamphlets and handouts, books and eBooks, as well as any other support materials you will be using) that you will be investing in your clients’ future health, wealth, and happiness.
**BONUS TIP: Offer Group Coaching. In a perfect world, every potential client who approaches you would purchase your Platinum Coaching Program. However, we do not live in a perfect world (which is why people need coaching, right?). Also, there will be plenty of people who would like to engage you for coaching but cannot afford 1-on-1 coaching.
By offering Group Coaching, you can work with multiple clients at once while offering them a significant discount, say up to 40% savings. Think of the possibilities – working with a group of 6 people who are paying you $600 each ($3600), rather than one or two people paying you $1000 each!
Remember, when you sell your services on an hourly basis, your clients will generally expect measurable results either during or after each session. Marketing yourself like this actually makes it more difficult for them to commit to you for the long haul. They tend to believe that they can “back out” at any time; or, when the going gets tough, they can get going.
On the other hand, by asking them to commit to a program, their expectation of success is determined by the length of the program, not by marginal, instant results.
Let me know how this helps your business. Or, if you have questions, click here to Contact Me and feel free to ask. I’d love to hear from you!