From 1-1 to 1-Many: How to Transition to a Leveraged Business
So you dream of having a leveraged multiple 6-figure business while you work part-time and help hundreds more clients… But the question is…HOW are you going to get there? If you’re busy working with private clients or in a full-time job, your time and energy are extremely limited. You’re probably feeling overwhelmed just thinking about all the steps needed to build a new business model.
I want to share some practical tips to help you start making this transition. I’ve been through it, and I know how challenging (and sometimes nerve-racking) it can seem when you’re planning to leave your familiar and seemingly “safe” career. I made the first part of my leap back in 2007 when I decided to start my copywriting coaching business and end my career as an investigative journalist.
It took getting physically burned out, with a major health wake-up call, to realize that working as a journalist wasn’t the right path for me. But I still needed to support myself financially, I didn’t have any safety nets to provide for me, and I knew my business wasn’t going to manifest a great income overnight.
So I made the first major step towards becoming an entrepreneurial leader – I dramatically increased the value of my time.
This happened because I had committed to making my vision real. I invested in my first business mentor. There was no going back for me. I reflected on all the skills, experience and wisdom I brought.
I realized how valuable (and preciously limited) my time is – I needed to get way more money for it than I had been accepting in the past. At the time, I had taken a medical leave from my job to rest, heal and figure out my transition. When my boss invited me to lunch and asked me to come back to write for the newspaper…I had the courage to ask for my same full-time salary working half the hours (while keeping my medical benefits).
He quickly agreed! So I went back for a year and gradually built my business part-time. Within a year, I was generating a modest income that was the same amount as my paycheck. I knew I needed more energy and focus to grow bigger. I knew I had to release the job entirely. So I cut the cord and committed 100% of my working energy to my business.
It was scary but losing my job security put the fire under my butt to step outside my comfort zone in a much bigger way.
Then my business really took off. I grew to 6-figures the next year. After that I kept pushing the edges of my comfort zone. I continued investing to make my vision real and skyrocketed my business to 7-figures just a couple of years later.
Now I have the BEST security ever. I’m my own boss and I can pay myself whatever I want. No one can fire me.
Through it all, these 3 principles kept me moving forward…
1. Commit to making your vision real. No one else can do this for you. There’s no proof or guarantee you can depend on. You need to have faith in yourself and go for it 100%.
2. Have the courage to dramatically increase the value of your time, no matter what people think. You will risk rejection but remember, this is part of being an entrepreneurial leader. You have to give YOURSELF a raise – it’s up to you.
3. Step outside your comfort zone to grow. Let go of jobs, clients or relationships that are holding you back. Invest highly in mentors who can show you the way. Don’t waste time trying to guess on your own. Notice the common theme here?
Believe in yourself and take committed action.
That’s what it takes!
So let’s say you’re willing to do that…what next? Here are some simple strategies to start making your move.
1. Free up 10-20 hours per week to build your business. You need to make this a consistent commitment. If you need to reduce your work hours or let go of some clients to make room, do it. You’re not trapped or obligated. You ALWAYS have the freedom to change your life. This is a critical step towards becoming the entrepreneurial leader who makes great money working less.
2. Get more dollars for your hours – ask for a raise at work or get a higher paying part-time job. Raise your rates with 1-1 clients. If you can cover your financial base with part-time work or clients, you’ll be in a great position to build your business on top of that.
3. As you begin to grow your leveraged business, a strategic stepping stone is to offer a private program. This may seem counterintuitive because you’re still selling your time…but this is going to set you up to grow more lucrative, leveraged programs. A private program is primarily delivered through 1-1 sessions; however, it has a structure. You include curriculum or training resources. You guide clients through a process to get their desired outcome. You can gradually integrate benefits that will become elements of your group program as you grow.
Here’s what it can look like… Start a premium membership where clients get: - 2 private sessions with you per month (50 minutes each is a good length). Each session moves clients through your system and you can assign homework in between.
- Access to your “open office hour” once per week where any of your members can pop in on your zoom room for quick Q&A or 10-15 minutes of coaching.. Just hang out on your open zoom room for this one hour each week and be ready to help clients. Multiple clients can be there at the same time – they get value from hearing you answer other people’s questions!
- A training video once or twice a month. Start building your course curriculum gradually this way. A private membership like this gives you the flexibility to generate steady cash flow from your new business without having to execute a big launch to fill a group program. Plus, you’re laying the foundation for a more leveraged business model. I recommend charging $497 per month for this membership, and have clients sign a contract committing to at least 6 months.
It’s an ongoing membership program so you can enroll clients whenever you want as long as you have the space. If you work with clients in a money-making niche where higher price points are common and your credibility lines up, consider charging $997 per month for these benefits.
Soon, you’ll have the income to let go of your job or old business model. You can do this! Life is too short to spend it feeling stuck, frustrated or unfulfilled. Take charge now to create the freedom you deserve. I believe in YOU.
