How to earn more money as a coach - Rethink Central

How to earn more money as a coach

by | Jan 16, 2017 | Masterminds, Top 6 - long, Top 9 Post NEW

Run Mastermind groups and bring in an extra $3000 a month

We all want to earn a little more money each month. And if you’re not working with clients in small groups, you’re missing an easy way to boost revenue and offer something fresh for your clients.

If you already give advice to your clients as part of your current business – and let’s face it, that’s most of consulting, coaching and service work – then Mastermind Groups are a reliable way to add extra income while providing ace service for your clients.

How to earn more money as a coach

by | Jan 16, 2017 | Masterminds, Top 6 - long, Top 9 Post NEW

Run Mastermind groups and bring in an extra $3000 a month

We all want to earn a little more money each month. And if you’re not working with clients in small groups, you’re missing an easy way to boost revenue and offer something fresh for your clients.

If you already give advice to your clients as part of your current business – and let’s face it, that’s most of consulting, coaching and service work – then Mastermind Groups are a reliable way to add extra income while providing ace service for your clients.

What on earth is a Mastermind Group?

 

Glad you asked! The principle is very simple: at their core Masterminds are just small teams that meet regularly, share their wisdom with each other and set goals for each person to be done by the next meeting. Really successful groups are usually run by a coach who facilitates and coaches to ensure great results.

So a Mastermind is just a meeting?

Well yes, but in the same way that one-to-one coaching is just a conversation. There’s deep power in having a group hold you accountable, give support and meet over a long period. That longevity of support puts them in a different league to most coaching or training. When led effectively by a skilled facilitator and coach, they’re utterly transformative.

I’ve found Masterminds I’m in give me the fast track to business growth, deep friendships and more support than I ever thought possible. Running Masterminds, I see the same thing over and over with clients. Plus I earn tens of thousands of dollars a month through my Mastermind program. Even someone brand new to Mastermind can put together a small group of just 6 people can bring in an additional $3000 a month quickly.

What on earth is a Mastermind Group?

 

Glad you asked! The principle is very simple: at their core Masterminds are just small teams that meet regularly, share their wisdom with each other and set goals for each person to be done by the next meeting. Really successful groups are usually run by a coach who facilitates and coaches to ensure great results.

So a Mastermind is just a meeting?

Well yes, but in the same way that one-to-one coaching is just a conversation. There’s deep power in having a group hold you accountable, give support and meet over a long period. That longevity of support puts them in a different league to most coaching or training. When led effectively by a skilled facilitator and coach, they’re utterly transformative.

I’ve found Masterminds I’m in give me the fast track to business growth, deep friendships and more support than I ever thought possible. Running Masterminds, I see the same thing over and over with clients. Plus I earn tens of thousands of dollars a month through my Mastermind program. Even someone brand new to Mastermind can put together a small group of just 6 people can bring in an additional $3000 a month quickly.

10 Reasons You Need a Mastermind

Download a handy e-book version of this post:

10 Reasons You Need a Mastermind

Download a handy e-book version of this post:

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1

RESULTS for your clients: so you both look good
Your clients will love them and so will you. A well run Mastermind group massively improves client results. And the longer they stay with you, the better the results they get.  One of my long term clients has gone from struggling with overwhelm at student admissions to opening her own fully fledged coaching school that’s constantly booked out. Another regularly now sells out her entire retreat schedule for the season with one email.  A third has just had her first $46,000 launch.

All this success reflects well on you, their coach. Plus when a group starts performing well, everyone in the group does better (all three of the clients mentioned are in the same group.. that’s not a coincidence).

2

REPEAT CLIENTS: create loyal  and raving fans
If they’re well run, Mastermind groups can’t help but create deep community and happy clients (badly run ones on the other hand, can destroy a reputation quickly – so don’t do that!).  My Mastermind clients take my courses, refer me to their pals  and happily shout out on social media. They’re my biggest fans and most ardent supporters. I’ve recently been described by one client as her ‘rock’, anothers ‘secret weapon’ and third said I was  ‘f**king amazing’ – all in the same week, all directly after Mastermind sessions.

Happy clients stay  – mine renew year after year, even though the price go up, because they get results.

3

NO MORE HEARTBREAK: clients finish your courses 
The clients in a Mastermind get work done. From years of observation, I’d say 80% of people complete courses supported with a Mastermind, compared with a dismal 20% without. You’ve poured your heart and soul into your online course – isn’t it heartbreaking when people buy and then don’t even open them, let alone get the results you know they’d achieve if they just did the work?

In a Mastermind group they’ve got each other cheering each other on so they’ll get through the course and get results.

4

SAVE TIME: work efficiently
Working with groups rather than individually frees up your time.  You’ve heard this before, so let’s just do the math. Imagine you have 6 x 1-2-1 clients for 6 months and you see them every other week = 72 hours.

6 months of Masterminding will only take 24 hours of client contact time, so plenty of time to add an extra 1-2-1 coaching session each and still only clock in at 36 hours. That’s half the time individual coaching takes. And less tiring, as once you have a proper framework you can breeze through a Mastermind with no prep.

5

EARN MORE: Masterminds make great upsells
Want to flesh out a launch? Add extra to your courses? Add a bonus to your retreat? Or pull any of those elements together into a deep-dive immersion program with brilliant results? Add a Mastermind to your existing programs and your clients are supported for the long haul. Disparate elements become a full program – a program that becomes your premium high-end offering. And you’ve only added one new thing – the Mastermind – to do that.

1

RESULTS for your clients: so you both look good
Your clients will love them and so will you. A well run Mastermind group massively improves client results. And the longer they stay with you, the better the results they get.  One of my long term clients has gone from struggling with overwhelm at student admissions to opening her own fully fledged coaching school that’s constantly booked out. Another regularly now sells out her entire retreat schedule for the season with one email.  A third has just had her first $46,000 launch.  All this success reflects well on you, their coach. Plus when a group starts performing well, everyone in the group does better (all three of the clients mentioned are in the same group.. that’s not a coincidence).

2

REPEAT CLIENTS: create loyal  and raving fans
If they’re well run, Mastermind groups can’t help but create deep community and happy clients (badly run ones on the other hand, can destroy a reputation quickly – so don’t do that!).  My Mastermind clients take my courses, refer me to their pals  and happily shout out on social media. They’re my biggest fans and most ardent supporters. I’ve recently been described by one client as her ‘rock’, anothers ‘secret weapon’ and third said I was  ‘f**king amazing’ – all in the same week, all directly after Mastermind sessions. Happy clients stay  – mine renew year after year, even though the price go up, because they get results.

3

NO MORE HEARTBREAK: clients finish your courses 
The clients in a Mastermind get work done. From years of observation, I’d say 80% of people complete courses supported with a Mastermind, compared with a dismal 20% without. You’ve poured your heart and soul into your online course – isn’t it heartbreaking when people buy and then don’t even open them, let alone get the results you know they’d achieve if they just did the work? In a Mastermind group they’ve got each other cheering each other on so they’ll get through the course and get results.

4

SAVE TIME: work efficiently
Working with groups rather than individually frees up your time.  You’ve heard this before, so let’s just do the math. Imagine you have 6 x 1-2-1 clients for 6 months and you see them every other week = 72 hours.  6 months of Masterminding will only take 24 hours of client contact time, so plenty of time to add an extra 1-2-1 coaching session each and still only clock in at 36 hours. That’s half the time individual coaching takes. And less tiring, as once you have a proper framework you can breeze through a Mastermind with no prep.

5

EARN MORE: Masterminds make great upsells
Want to flesh out a launch? Add extra to your courses? Add a bonus to your retreat? Or pull any of those elements together into a deep-dive immersion program with brilliant results? Add a Mastermind to your existing programs and your clients are supported for the long haul. Disparate elements become a full program – a program that becomes your premium high-end offering. And you’ve only added one new thing – the Mastermind – to do that.

Want to read this offline? Get the e-book of this post:

6

LIKE HAVING A TEAM: your clients also share knowledge
I learn from my clients all the time. Remember a Mastermind is many minds together, not just you. You’re not simply dispensing wisdom, you’re facilitating others sharing. If you want to you can avoid coaching completely and ‘just’ facilitate (though that is a separate art in itself – I teach both on my Mastering Mastermind training course). Working with clients in Masterminds is like having a team of other coaches in your business.

7

YOU LEARN TOO: your clients teach you
The reason I have such a wide base of knowledge isn’t just business school or running a business for 20 years or training in coaching and strategy like a thing possessed: it’s from years of sitting in Mastermind sessions absorbing knowledge from my genius clients. They KNOW things and you’ll learn a heap from them.

Plus as you always speak last in the sessions (I have a whole framework for this, don’t worry, I’ll share it in my training), you have time to think of what to say, fill in any gaps or just reflect the group wisdom. The trainee coaches in my 6-month International Mastermind Certificate regularly tell me how much they’ve learned running their groups – and it’s not just them, I hear it from my high end Concierge clients too.

8

MASTERMINDS ARE THE NEXT BIG THING
There’s a reason every big name coach not only runs a Mastermind group, but is in one too: they work. Clients are getting burned out seeing the same old offerings – they want community and support and lots of access to their coaches. You want to add value without compromising your time. The answer to this conundrum is high-end Mastermind groups.

Clients all have a hard disk full of courses that haven’t worked – they’re ready for something effective. A Mastermind group’ll give you the framework to deliver.

9

WORK FROM ANYWHERE: wearing whatever you like
Well anywhere with good internet… in the last year I’ve run them in a beach shack in Costa Rica, a 16th Century Canal house in Amsterdam, crouched by the bed with my laptop balanced on the laundry basket in my pals spare room in Toronto and cosy from my homes in London and New York.

All you need is strong wifi and you can run them from wherever in the world. You can be as comfy dressed as you like (from the waist down!) I even run them in my pjs sometimes… shhh, don’t tell my clients.

10

NO PREP: you’ve got a framework
I learn, earn and giggle through all my groups. I often can’t believe I get paid to do this (particularly when I’m in pjs doing it). It’s like hanging out with friends helping them get amazing results. Mostly because that’s exactly what you’re doing.

Once you learn how to do this, it’s easy – there’s no prep for each session, you just turn up and get going. You actually can’t prep as you don’t know what each person is going to need that week. You just bring your finest coaching skills rather than waste hours on prep.

6

LIKE HAVING A TEAM: your clients also share knowledge
I learn from my clients all the time. Remember a Mastermind is many minds together, not just you. You’re not simply dispensing wisdom, you’re facilitating others sharing. If you want to you can avoid coaching completely and ‘just’ facilitate (though that is a separate art in itself – I teach both on my Mastering Mastermind training course). Working with clients in Masterminds is like having a team of other coaches in your business.

7

YOU LEARN TOO: your clients teach you
The reason I have such a wide base of knowledge isn’t just business school or running a business for 20 years or training in coaching and strategy like a thing possessed: it’s from years of sitting in Mastermind sessions absorbing knowledge from my genius clients. They KNOW things and you’ll learn a heap from them. Plus as you always speak last in the sessions (I have a whole framework for this, don’t worry, I’ll share it in my training), you have time to think of what to say, fill in any gaps or just reflect the group wisdom. The trainee coaches in my 6-month International Mastermind Certificate regularly tell me how much they’ve learned running their groups – and it’s not just them, I hear it from my high end Concierge clients too.

8

MASTERMINDS ARE THE NEXT BIG THING
There’s a reason every big name coach not only runs a Mastermind group, but is in one too: they work. Clients are getting burned out seeing the same old offerings – they want community and support and lots of access to their coaches. You want to add value without compromising your time. The answer to this conundrum is high-end Mastermind groups. Clients all have a hard disk full of courses that haven’t worked – they’re ready for something effective. A Mastermind group’ll give you the framework to deliver.

9

WORK FROM ANYWHERE: wearing whatever you like
Well anywhere with good internet… in the last year I’ve run them in a beach shack in Costa Rica, a 16th Century Canal house in Amsterdam, crouched by the bed with my laptop balanced on the laundry basket in my pals spare room in Toronto and cosy from my homes in London and New York. All you need is strong wifi and you can run them from wherever in the world. You can be as comfy dressed as you like (from the waist down!) I even run them in my pjs sometimes… shhh, don’t tell my clients.

10

NO PREP: you’ve got a framework
I learn, earn and giggle through all my groups. I often can’t believe I get paid to do this (particularly when I’m in pjs doing it). It’s like hanging out with friends helping them get amazing results. Mostly because that’s exactly what you’re doing. Once you learn how to do this, it’s easy – there’s no prep for each session, you just turn up and get going. You actually can’t prep as you don’t know what each person is going to need that week. You just bring your finest coaching skills rather than waste hours on prep.

Download a handy e-book version of this post:

More?

Obviously I’m only scratching the surface here on how adding Masterminds will add value to your business. I’ve got a heap more information I’d like to share – so follow the link below and join me on my next FREE webinar explaining the basics of running Masterminds in an hour of deep training.

It’s easy to learn why you need a Mastermind, how to actually run them is much trickier. Join me on the call and I’ll run you through the basic framework so you can get this woven into your business quickly and start earning money fast.

More FREE training10 biggest mistakes running a Mastermind

Why only $3000 a month?

 

Why not the $20,000 and up that you earn Liz?

I say $3000 a month, as I’m not interested in dazzling you with get rich quick schemes – there’s enough of that already on the internet. I want to give you some certainty, I want you to have sensible achievable numbers and a template to walk you through getting there: not as a fantasy marketing scam, but an easily doable thing.

Once you’re fully trained to run a Mastermind, just one group of 6 people, paying $500 a month (which is the minimum I suggest for any group), just that and you’ll be making an extra $3000 a month. Reliably.

Now how about running two groups, or even three? Two groups is only 14 hours work a month and would bring in a handy $72,000 a month. That’d be a lovely bump to the bottom line, eh? Most people in the graduating class of my 6-month International Mastermind Certificate are running – or about to run – at least two groups, many plan three ($96,000!).

And if you only fancy having 4 people in a group – because that suits your style of coaching better, that’s still a tasty $2000 a month. That’ll cover your mortgage each and every month – for just 7 hours work. Or you can add that $24,000 to your marketing budget for facebook ads and grow faster.

More?

It’s easy to learn why you need a Mastermind, how to actually run them is much trickier. On the call I’ll run you through the basic framework so you can get this woven into your business quickly and start earning money fast.

More FREE training10 biggest mistakes running a Mastermind

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