Katie Zaccardi & I discuss the what money-making offer we’ve made over the years, the pros and cons and what is involved in both launching them and running them. This will be enlightening for you if you’ve been considering adding a new stream of income to your business around teaching or coaching as a musician.
Take the Quiz: http://profitablemusician.com/quiz
On this episode, we are talking about what money-making offers you can offer to expand your business as a musician, music coach or music teacher. We are talking about 4 different possible offers to add to your business and describing them at length to let you know which is right for you. To help you find out what money-making offer is, what is right for you and next steps, take the quiz at www.profitablemusician.com/quiz.
If you feel that your income streams has been unstable lately, adding another stream of income will make you feel stabilized and strong in your business. In 2020, the big word everyone was saying is pivot. Everyone was pushing memberships last year. Now, we’re out of the initial need for change. While there’s still the movement of things online, there are still a lot of ways you can navigate this. You can opt not to be reactive and be proactive. Analyze what works best for you — your interests, your personality, where you’re at in business, your goals. What works for another may not be the right thing for you. The quiz gives you a headstart to help you analyze how you work. Between Katie and I, my membership thrives while she is better at selling high-ticket courses. You can take the quiz at katiezaccardi.com/quiz or profitablemusician.com/quiz.
Different money-making offers:
1. MEMBERSHIP OFFERINGS is a way to bring a lot of people together even if they are in different stages of their journey. I love teaching people things that I’m learning. I’ve done deep dives on totally different subjects which all relate to what my musician members’ common goal is. It also allows them to collaborate and help each other. In memberships, you want to bring all the people together so they can all have a support system. People can pay monthly and the price is not extremely high.
With a membership, you can pay at least $20/month to $300/month. Because the price is low, you as a coach is not making that much from each student. You have to know you have enough people to make it worth your time. You have to have enough of an audience and they have to have that sense of trust before you launch a membership.
The pros are you can scale it. It takes a while to scale but when it gets to that point, you can have enough money to pay other people to help you. If you’re looking for big bucks, membership is not the way to go. It takes time to grow.
2. COURSE OFFERINGS is similar to a membership but also has differences. You can have low price courses especially with bundles. The result of my first course was not immediate enough and that’s where the membership came up. If you offer courses, they have to get results. Unlike courses, you don’t really have to have your hands in everything. To start with courses, gather the questions you answer over and over then you can build the framework. Memberships give you recurring income. With courses, you can have a pay in full or a payment plan. That way, you can still have income coming in monthly. You don’t have to lower your prices too much just to make your audience join your offers. If you are not willing to trade time for income, then you can offer a course rather than a one-on-one coaching. This also applies to those audience who cannot afford a one-on-one. Courses are lower in cost so you can offer that. You can choose how you want to be involved in the people taking your courses. For example, in my flagship program I knew I can afford a group call once a month.
3. GROUP PROGRAMS is like a one-on-one made group. This has a lower cost than one-on-ones and this allows you to have more time in your day since you’ll not be trading time for money like on one-on-ones. Everyone in the group can ask questions and learn from other people in the group. People also learn things that they may not need at the moment but can be useful for them in the future. It’s a combination of teaching and coaching. You can have your clients watch videos in advance then you can discuss that during the group meetings. It will depend on what your clients need. A group program is more high-priced than a membership or a course. For group programs, you have to be someone that likes to work with people. The good thing is you have everyone in the group supporting and motivating each other. On the other hand, you have to filter the people you accept in the group. You have to make sure they can influence each other positively and there is no bad egg. It’s not that important to be in the exact similar stages in career as long as they have the same goal.
4. ONE-ON-ONE PROGRAMS is a good choice whether you’re just starting out or you want to scale your business. When you’re starting out, one-on-one is a good choice because it is a high ticket offer. You don’t need to have a big audience. It is a great way to test the waters.
When it comes to scaling your business, one-on-one is great because it becomes your highest ticket offer. Now you got courses, membership or group programs but one-on-one is for those who want VIP access to everything you want to offer. The other good thing about one-on-ones is the built-in accountability. Either people get results or they are going to bail because they are not doing the work.
Let us know which result you got and what money-making offer you’re thinking about introducing in your business.