Scaling your business to a one-to-many model

Your Dream Business

English - April 05, 2021 00:00 - 36 minutes - 49.9 MB - ★★★★★ - 34 ratings
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Previous Episode: (Small Business Superstar) Using TikTok to create a name for yourself in your industry

Next Episode: How to sell with confidence with Dr Nadia Brown

In today’s episode of the podcast we are talking all about the online business space and how to move your business from a one-to-one model to one-to-many model.

KEY TAKEAWAYS COVERED IN THE PODCAST

A one-to-one business model is where you sell you and your team’s time for money.There is only so much you can get your team members to do – there will always be a limit.When you have a one-to-one business model, the only way you can increase your income is by increasing your prices.You only have a set amount of hours in your day.You need to think about why you chose to start your business – was it to earn lots of money or was it to have more time freedom?If you want to have time freedom – you may not want to work 24/7 to be able to earn that amount of money.A one-to-many business model is about doing what you do, but to more people for a lesser amount.What you charge one-to-one has to be your premium, then your one-to-many option is usually more cost effective for people.A one-to-many business model could be that you offer a workshop, a course, a membership, a coaching programme – there are so many options!One-to-many businesses are not ‘get rich quick’ options.You can earn more money from a one-to-many model because it is scalable.It is not easy to grow your one-to-many membership.If you are not well known for your ‘thing’ or have an existing audience, you are going to find it difficult to have a successful launch.There are lots of courses and memberships out there that will claim to teach you how to be “Insta-famous” but the reality is, just because it has worked for them and their business does not mean it will work for everyone.You have to build a business that suits you and your life.Anyone can have an online business but it takes work and it is not easy.Don’t get frustrated by the numbers – it is not all about the amount of money you make and the amount of people who buy.Just because people enjoy your content doesn’t necessarily mean they will buy.A normal launch gets between 7-10% conversion.Once you have launched, it is important to review and do it again.

THE ONE THING YOU NEED TO REMEMBER ABOVE ALL ELSE…

You do not have to have a six-figure launch to be successful. Success should be defined by the love you have for what you do and the impact you get to make on others.

HIGHLIGHTS YOU SIMPLY CAN’T MISS

What is a one-to-one business and a one-to-many business? 02:56Myths about one-to-many businesses 11:50Measuring success 30:46

LINKS TO RESOURCES MENTIONED IN TODAY’S EPISODE

How to get started building your list

Join my academy waitlist!

My 90 day program

Transcript below

Hello and welcome to this week's solo episode of the podcast. It feels like a long time since I've done a solo episode, because normally I batch and I haven't been batching as well as I would like at the moment.

So I'm recording this fairly close to when it's going out, trying to get a wee bit ahead for my team. Because bless them they are very tolerant of me when I fall behind. But anyway, trying to get back ahead now. And now we are not doing small business superstar podcast anymore. We can hopefully get back ahead.

Cause you know, me, I do like to batch content and batch activities in general. Because there's a science proof of this....

In today’s episode of the podcast we are talking all about the online business space and how to move your business from a one-to-one model to one-to-many model.

KEY TAKEAWAYS COVERED IN THE PODCAST

THE ONE THING YOU NEED TO REMEMBER ABOVE ALL ELSE…

You do not have to have a six-figure launch to be successful. Success should be defined by the love you have for what you do and the impact you get to make on others.

HIGHLIGHTS YOU SIMPLY CAN’T MISS

What is a one-to-one business and a one-to-many business? 02:56Myths about one-to-many businesses 11:50Measuring success 30:46

LINKS TO RESOURCES MENTIONED IN TODAY’S EPISODE

How to get started building your list

Join my academy waitlist!

My 90 day program

Transcript below

Cause you know, me, I do like to batch content and batch activities in general. Because there's a science proof of this. And one day I will actually find the proof and share it, but our brain doesn't like jumping from one activity to the other. So going from like recording a podcast episode to then writing an email to then doing a live, those things are very different activities.

So your brain struggles to get or transition quickly, one into the other. I'm multitasking as a method. I've set this for a while. So anyway, batching is good, really, really good and things get done a lot quiker when you do it that way. So if you've not done it, maybe give it a try. Fairly sure I did an episode on batching.

Maybe I should do another one. I can't remember. Anyway. So what are we talking about today? Now, today I'm going to be talking about the online business space and moving your business from a one-to-one to a more one to many. Now I've talked about this before. I think this time I'm going to be really honest about some stuff. Might get a little bit ranty.

I apologize in advance if I do, because there are some parts of this world and this space that really winds me up. So I apologize if that comes out during this episode, I promise it will be a helpful episode. Because I want to talk about why you maybe want to look at going from a one-to-one to one-to-many.

I think lots of you have considered this already. I think lots of you are debating the options of it. Some of you might have already tried. Some of you might have tried and failed and therefore you might be in a position that things, this doesn't work and I want to, you know, help you out with that, that thought. But let's start right at the beginning, okay.

So. What do I mean one-to-one and a one-to-many business. So I had an agency that sold out my time and my team's time. So we did things like we manage people's social media. We, I was doing consultancy. I was doing training. I did things like Facebook ads. And all of that is trading my time for money because other than bringing on more team members, which, you know, we can discuss that. And in fact, I probably should do an episode about bringing on a team and growing your business. I have done stuff before, but, but maybe talking specifically about this. Other than bringing on more people to do your thing for you and bearing in mind, there's only so much you can get them to do.

So let's say you are a coach or a counselor or a therapist or a personal trainer or you teach painting or whatever those things are. There's obviously so many things where you are the thing, and if you're doing it, one-to-one, you literally can only ever increase your income by increasing your amount.

Now, obviously that's natural that comes the more experienced you get, the more well-known you get, the more confident you get, you can increase your prices. And I certainly did that. I started, when I look at where I started, it was kind of you know, laughable from a, uh, it came back to my confidence.

I didn't have the confidence to actually put myself out there at a price I deserved. So anyway, it wasn't laughable from a, you know, that's a ridiculous amount to charge because everyone starts somewhere. And so did I, but now I look at it and think I should have been brave. It's charged a bit more because you know, my experience, my level of education, my quality of my work, I should charge more. Anyway.

Uh, side note. So the only way you can increase that income is by going up with your prices because you only have a set number of hours in your day. Now there are absolutely things that you can do to help yourself get more organized. You can bring in team members, even if you are the one that has to deliver the thing. Because they can come in and they can do your admin.

They can do your financing, they can do your financing. I didn't, I meant to say that the financing, they can do your invoicing, they can do your appointment booking. You can get systems that will send your emails for you. That's an automated thing. So when someone books in for a training, maybe it automatically sends out the email that tells them what they need to do to prep for it.

So there are lots of things that you can do that can help you become more organized and stop you from doing the things that you've got to do. So as that salary increases or as the amount you're charging increases and the more you're getting booked, then you can get rid of some of that other stuff off your plate.

You can get rid of some of the marketing off your plate. You could get someone to do your social medias or send your emails. Um, But, like I said, that comes as you start to increase your, your cost that case. That's one option. But again, you're going to hit a ceiling. There is only so much someone will pay someone to do something.

So, you know, if you're charging, I don't know, let's say your a coach and you're charging a hundred pounds an hour at the moment. And you want to charge, you know, 10 times that. Well, you've gotta be really realistic about, well, how many people are gonna buy it that that amount. Okay. So, like I said, there's a ceiling that you'll hit because we only have so much time in a day.

And also let's be really honest here about like, why did you come into business? Did you come into business because you wanted to earn loads of money? Well, if that's the case, then cool, you're going to work really hard and you're gonna put your prices up and you're gonna be really busy and you can earn that money.

Or did you come into business to live a free life to work less, to spend more time with the family, to have control over your time. And if that's the case, you might not want to work 24/7 just to bring in that income. So that's where everybody's been for a long while. And obviously I've been in this game, no, the marketing game for ages. But that was pretty much it, like if you were a coach or if you were, you know, if you taught people to bake or music or paint or, you know, whatever the thing might be, it tended to be a very one-to-one or a one to a small group. And that tended to be kind of, you know, you might run a class and five people might come to the class or, you know, that's the thing.

So there, there are options, but that was it. That was our options. And then. The internet came and all these other amazing things that we have now. And then COVID really accelerated this. I've been in the online space for a long while, and I have done online training with courses and memberships and coaching programs for years for like literally, probably eight, yeah, seven, eight years now. And I've watched this space and I've been in this space for ages, but I think. When COVID came, it really accelerated that as options to people because suddenly they couldn't sit in front of people. Suddenly they couldn't run a small classes to people. So then it started to open up the option of the technology for starters, and then maybe the concept of, okay, well, I can either charge one person this, you know, a hundred pounds an hour, or I can do something in a group program that I can take 10 people and charge them 30 pounds an hour and therefore earn more money in that hour than I could have done. That's basically a simple and the crux of it. That's it. Okay. It's about doing what you do, but to more people for lesser amount. Now, when you look at the one-to-one to one-to-many, you've got to understand that obviously what you charge one-to-one is always going to be your premium.

Having used that inference of me. Teach me the thing I'm going to expect to pay the most that I'll ever pay for that. So your one-to-many option is normally a much more cost-effective space or much more cost effective option for people. So my one-to-many option is my Academy. You join the Academy. You still get a chunk of me. Now, it's not me sitting down with you for an hour going through your business, but it is me in a Facebook group on coaching calls, doing lives.

It is me motivating you and keeping you accountable. There are elements where you get parts of me in that membership. But because of that, because it's only parts of me and it's not working one-to-one when I'm on a coaching call. You know, my, my members asked me direct questions about their business. And I know their businesses because I love what I do and I can't help, but, you know, get totally involved.

And, and I do all my research and I look at who's in there and what their businesses are. And, and one of the beauties, I think of all the stuff that I've done is that I've worked with so many different sectors and so many different industries. And my experience isn't just based on the experience of my own business. Oh that I'd need to come back to that point, because that is something interesting when people go from one-to-one to one-to-many.

Yeah, it's my experience is based on the fact that I've done marketing for more industries than you can probably think about and strange, weird products and services that who knew they even existed. And I've had to work at how to market them. So for me, I love doing that in the Academy. I love doing that on the coaching call.

Anyway, I digress. So obviously because of that, the Academy is currently priced at $59 because obviously you don't get me one-to-one. If you want me one-to-one then the 90 day program is now priced at 4,997 or something that. Off the top of my head. But that's one-to-one you get me uh, and I only take a very small handful of these people because this is not something I can do a whole lot because of my time.

But you get me, one-to-one you get me on a call every other week for an hour, and we talk about your business and we move you forward. So that's one thing I wanted to kind of stress in terms of, can you see the difference in terms of what am I charging for one-to-one and then what would I charge for a one-to-many scenario.

So a one-to-many can be a course. It can be a workshop. It can be a membership. It can be a coaching program, a group coaching program. There are so many options. So basically you take the thing you do, and you just look at how you can do that at scale. But there's a few things I wanted like, be totally honest about.

And you'll see on social media, I'm talking about this as well and sharing a few of my thoughts. The first thought is this is absolutely not get rich quick. There are so many stories out there from big amazing entrepreneurs about their students and what they've done. In fact, I was scrolling through Instagram this morning and I saw someone I follow posting how someone did 160,000 K on their first launch. Now I'm not saying that that isn't true. I'm confident that they are telling the truth. What I'm saying is that is not typical. That is not typically what happens. Now I have been involved in lots of launches over the time, lots of my own lots of other peoples.

And I've seen some amazing successes. I've done a launch where in fact, I've done two launches with, with people where they've bought in. I think one was 250 and one was 300 members straight off the bat, their very first launch. But one thing you have to remember in that scenario is the two people or the two businesses I'm talking about in particular, they were both really well-established in their industry.

They had been around building their audience, showing their expertise out there on social media for a long time before they offered this product. So that's, so those kind of two methods come into the same one. So myth one is that it's a get rich quick. It absolutely isn't necessarily a get rich quick. Now, is it that you can earn more money doing that? Then yes, absolutely. Because whether I've got 10 members in my membership or a thousand members in my membership, Oh, I wish I'd have a thousand in my membership. Let's be totally honest here. Like that would be amazing. Could you imagine the maths on that? And this is what I do all the time. I do the math. So I've got my calculator in front of me two seconds.

Right. So let's say, and obviously not everyone in my membership pays $59. So. But let's say they do. Uh, they didn't, they don't pay $59 because obviously when I first started it, the price is cheaper and it's gone up as we've got more value as I've tweaked and improved and changed things. So $59 times that 10. And I really going to times up by 10?

Am I really gonna just do that? A calculator? I probably could have just done that in my head. I feel so stupid now. Anyway. Uh, so if you've got 10 members, that's $590 a month. That's cool. Great. You've just done $590 a month. But I do the same work for that many people as I would for a thousand. And obviously if I have a thousand people in there instead of $590, I've got $59,000.

So the scalability of this thing, that's where the money can be earned. But the truth is that is not an easy thing to do. That is not. You know, a press, a button, tell the world have done it. And suddenly these people are going to come flocking. It takes work. I'm not saying it's not cheap. Well, it totally is.

I have good friends in the membership space and one of them has 4,000 members in there membership, which is crazy amazing. But like I said, this is not a easy task. Okay. So that was the first myth that really irritates me. The second myth is, or the second annoyance slight rant is when people, like I said, launch, having not been in that space.

And they wonder why it's not work. So, as I mentioned earlier, I've done two launches that were super successful, but they were both really well known in there space. So what happens and what tends to happen is people think, "Oh yeah, I want this online business. I'm going to do a membership. I'm going to do a course."

What can I do a course on or membership on or what kind of workshop on. And maybe it's not what you normally offer. Maybe it's not a thing that you've been talking about for years and therefore no one knows you are good at this thing. No one knows that you are worth listening to and paying money for.

And that is a big thing. Like the credibility. Now I'm going to be totally, totally honest about my stuff. Because I do think there is way too much. I dunno, not BS. Cause I don't think all of it's BS, like just showing you the best bits. So when I opened my membership bearing in mind at that point I had, I think I have my podcast.

Yeah. I must've done how old the podcast is and how the membership is. So I had my podcast, I was very well known. Uh, I'd built up an okay audience. I probably had like, I dunno, 1,500 people on my list. I had spoken on lots of stages. I had done lots of things. And when I opened my membership, I closed the doors on 30 people. So 30 people join my membership. Right. And it's funny because at the time I remember doing it and I was all over the place being seen in lots of places. And I remember people going like, "Oh my God, you're so successful. Oh, this is amazing. Look at your Instagram. You're here, there, and everywhere you're doing this stuff."

And I would really honestly say to them, "Do you want to check my bank balance because I can assure you that does not match what you're seeing on Instagram." And that's the truth. That is the absolute, God's honest truth. That when I opened my membership, I had 30 people in it. So, uh, and also, Oh, actually I'll come to that a sec. Was just hell I'm literally just like talking...