#4: 4 Shifts You Need to Make to Hit $20k MonthsMarch 11, 2020 / Business, Podcast

In this episode, we’ll be delving into the mindset shifts you need to make in order to scale to $20k months. The things that get you to $10k months, won’t necessarily get you to the next level too. So, what’s the secret? Well, there isn’t just one… there’s 4! 

I moved through these stages pretty quickly, hitting 7-figures in the first year of coaching. What I noticed is that each level requires a different shift. This is about scaling – because I’m guessing you’re probably capped out right now…

(03:00) The shift from $10k months, to $20k months

This shift is about scaling and it’s about support – working smarter not harder!

“We’re not here to go for ONE BIG MONTH. We’re not one-hit-wonders…” (03:29)

(04:01) 1. Have a high-ticket offer and be able to sell it out!

For most of you, that’s going to be a private coaching package.  If you have a 6 month coaching package, but you’re not making your goal income, we need to be charging 4 or 5 figures for that program. If two people pay in full, you might have a $20k month… but that’s not going to help you next month. (04:48) People stress about “how am I going to get people to pay me that much?”, but the real question is, how can you invest $10k+ of value in that person.

With business investments, people are looking for a return, an ROI. 

Ask yourself… is this person going to get 10x the ROI on this? That’s how to get comfortable with your pricing. (05:23)

Transformation. Process. Structure.

This applies to low ticket offers too – but let’s focus on high-ticket offers. What’s the highest level of transformation you can offer your clients? Start there! For me, that’s helping women scale to 7-figures. Then process… what is the process the client needs to go through in order to get to that transformation? Finally, structure. Now you can create a structure that houses this process of transformation. (07:37)

If you have a great high-ticket offer, you won’t need to worry about selling it, because your client transformations will sell it for you…(08:32)

(09:40) Finally, with high-ticket sales, we need to make sure we’re speaking to our ideal client specifically. You have a different ideal client for every offer. If you’re selling a high-ticket offer, you’re probably not going to be using language like, “get started now!” or “everything could change for you if you take the first step”! These types of people have invested before. They just want to know about the transformation. (11:03)

(12:30) Stop thinking about sales calls as being icky too. To sell a high-ticket offer, you need to make sales calls. Not just to see if you’re a good fit for the client, but to see if they’re a good fit for you. (12:38) Figure out their pain points, take control of that sales call!

(13:30) Ok, now let’s say you don’t want to take any more private coaching clients… what next? You wanna scale to $20k months?…

(13:40) 2. Scale and diversify 

Now we move into mid-level or low-level offers. However, we stay with the same structure – transformation, process, structure. (14:07) Here, we’re going for volume – not 5 people into a $10k offer… but 40 people into a $3k offer. Now you;’re not so dependent on one or two people to support your income, because if one of them defaults on a payment, you’re going to lose a huge chunk of money. 

(15:04) If you want to pull yourself out of the business a little bit, you can! By diversifying your product suite, you can take control of your business. (16:47) I have so many different levels of program that I am completely supported – there’s always money coming in from one revenue stream or another. At a minimum you need a high-level offer, a mid-level offer and a low-level offer, if you want to scale to $20k months and help more people.

(18:20) 3. Find a way to follow-up with payment plans 

I used to really stress about payment plans back in the day, always scared that someone was going to default. (18:48) We’ve now outsourced our failed payment recovery to a team – taking our failed payment rate from 3-4% to pretty much 0. 

My guess is, if you’re hating payment plans, you’ve probably had a bad experience… But we can’t let that ruin what’s potentially possible for us.

(19:30) Payment plans create monthly recurring revenue and I love payment plans. In fact, I prefer them over pay in full! Payment plans eliminate that feast and famine cycle and create stability in your business. 

(21:21) So, what should the payment plan be?

• For high-ticket offers, I like to have a deposit that’s 15-20% of the program. After that, a monthly payment for 10-12 months.
• For low or mid-ticket offers, I’d do a monthly payment plan. You might see me launching a 6 week program, but the payment plan is 6 months… that’s intentional. The lower price incentivizes people and I get recurring income for months to come.

(24:14) 4. Hire support 

You cannot do this alone. For me, my team is essential to my success. I just couldn’t put out the amount of content that I do, serve as many people as I do, keep up with the amount of tech etc., if it wasn’t for them. We probably spend 300 hours+ a week on the business, between us. 

(25:20) 

I’m going to stay in my zone of genius and hire the rest.(25:55) 

There’s two types of people you can hire in your business. A generalist or a specialist. A generalist is someone like a VA, they can do a bit of everything – that’s probably your first hire.

Then there’s a specialist. They might be someone like a copywriter, a graphic designer or an ads specialist. Sure, you could learn to do these things… but you could also save the time and hire someone who’s working in their zone of genius. 

So, let’s recap:

Shift 1: Having a high ticket offer and being able to sell it out!

Shift 2: Being able to scale into multiple different streams of income.

Shift 3: Learning to fall in love with payment plans!

Shift 4: Hiring support to help you scale to $20k months!