How many MORE people can you help and support, if you could reach them online?
In this article, we discuss the limitations of a business that is fuelled by expertise; when it is done on a one-to-one or face-to-face basis, and we’ll look at the possibility of shifting to an online offering for scalability and higher profits; in order that you can work out whether it’s the right move for you.
With a year of real uncertainty, lessening demand, and higher competition, it’s been a rough time in business for experts; those that spend their time sharing or using their knowledge and expertise to bring revenue into the business.
You see, when it comes to your service and expertise, whether you are
- a professional business (HR, Marketing, Accountancy, Law etc)
- a coaching business (Business, Mindset, etc)
- a training/teaching business (Business, Kids, Adults)
- a wellness business (Yoga, PT, Chiro)
- a lifestyle business (Art, Fashion, Hobbies etc)
…. it’s pretty tough for some right now… especially is your normal way of working is face-to-face, or one-to-one.
And whether in a pandemic of not, it’s really difficult to scale a business when you are limited by the number of hours there are in a day.
That’s why having an Online version of your business is certainly an idea to be explored – whether a total move, or an additional income stream.
At All Star Marketing Club, we have had an Online Offering since the start, and over the course of this year, we have simply scaled this in order to fight off the issues that have been caused by COVID-19 – and now? We clearly see this as the future.
So first off, let’s talk about the benefits of an Online Business
From experience, This is what is true of an online business.
1) It’s a one-to-many model
Yep, that means you don’t ever have to give your time for money. In fact, you will save so much time, that you can enjoy scaling your online business, and spending the profits.
Having an online programme or membership means you are able to offer one thing to many people, taking away or reducing the need to see people on a one-to-one basis.
Example: Consultancy to Online Membership Programme:
One of our clients has an HR business, and recently developed this into an online programme that helps the smaller end of the market to access the training, tools, templates they need to keep their business risk free. This has opened up a completely new market.
2) You can charge less, but earn way more
Your one-to-one time, or your current offering is probably charged at a premium if you currently have a service offering. When you move to an online model, it’s all about scale. You may charge less, but you stack it high – full of paying customers.
Example: Art Educator to Online Art Club:
One of our clients is an Artist who also teaches art face-to-face in a University setting. She now has an Online Art Club Membership for adults that want to explore their creative side. By selling this in volume, she is over the moon that her small price tag actually will give her tens of thousands in income; albeit it’s not her full time job. #winning #side-hustle
3) The gift that keeps giving
Most memberships get built ONCE, and then sold over and over again. So once you have built your online content, and have it all set up, you just need to run the programme. Or perhaps develop another one, for even more income?
Example: Financial Adviser to Online Financial Mentor Programme
A client of ours is a Financial Adviser, who has put a Business Owners Financial Membership together. It’s a 6-month membership that has been built once, and every time it is then launched, efforts go into bringing more people on to the programme. Everything else is built, up and running, and doing its job.
4) Your reach becomes so much wider
In fact, there is no limit. You can move from a local business, to a nationwide business. Hey, why stop there, what about international?
Example: Local Hampshire-based business to Nationwide (and a bit International!)
Within our business, we started as a local Hampshire-based business, and now have a National reach… with a few dotted overseas too! That’s simply because you no longer have to be a stone’s throw away from your clients. You simple care for them online.
So there’s 4 key reasons why an Online Business with your expertise or passion at the heart is worth exploring.
You become the ‘Go To’: People want to head straight to a source of authority when it comes to finding out about your area of expertise; and that authority figure will become you.
You get a loyal following: An online programme helps you build a relationship with your members. This ongoing relationship builds loyalty, and you can expect your members to stick around and give you that passive income for many many months or years to come.
So what can you expect to earn?
Using very conservative numbers, let’s say, for example, that an average membership cost is £35 per month; and each quarter, you welcome an average of 30 new members….
At the end of year 1, your monthly turnover from your Online Business would be £4,200 per month. That’s tracking a £50k business.
That’s MORE than do-able.
But if you are in a business that helps people to make money, then you expect this to be a lot higher. Let’s use £99 a month and the same membership numbers.
That’s £11,880 per month at the end of year 1.
And as you get better at this, you will scale even more. Can you Imagine what year 2 will be like?
(What’s the maths here? In month 12, you would have 120 members if your average was 30 a quarter. Just times that by your price).
In reality, you can scale WELL BEYOND THIS! If you put the right system and processes in place to design, launch and scale.
So who should consider an online business?
Well, the possibilities are endless for sooooooooo many!
In essence, if you are an expert and your skill is sought after, then you are likely to have the perfect membership or online programme in you, SCREAMING to get out!
What I am really talking about here, is having something that you can charge a fee for, for them to access on a monthly basis (in whatever guise that is), which gives you an ongoing continuity income.
If you can say yes to a few of these, then you are very likely to be a good business for an online membership or programme what gives you scalability.
- You are an expert at what you do
- You are a service-based business
- You have a passion and you want to turn it into an online offering
- You would like a passive or continuity income
- You would like your business to be more scalable
- You are selling time for money and want to move away from that
- If you would like an Online Business Design Call: 15 minutes with us – to work out if this is a route for you to take, then please email [email protected]m
Alternatively, check out this page to find out how we can help you.