← People Magic: How to Build a $1M Community
People Magic: How to Build a $1M Community
Online Business Burning You Out? Try This Instead...
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Where do you get the most energy? I've observed especially recently, that folks who are already trying to do all of these different platforms and have a following and build an email list and do high ticket one on one coaching, they're tired. And I think there's a better way. As you are comparing coaching to community to small group coaching, one on one high ticket coaching. I would just say the pros of one on one high ticket coaching are that you just don't need very many people to do it. The flip side is if you are already feeling pretty spent, it's hard to get super excited about that kind of intensity of that one on one coaching. Here's the thing that I would encourage you to think about next. Number one, create a small group cohort. So a cohort that has a beginning, a middle and an end, let's call it four to six weeks. Do something that is finite, that is about scale before just assuming you should do one on one coaching and do one on one coaching plus all your social media stuff, plus your email list, plus your community and instead say okay, can I put social on autopilot for a while? Can I utilize my subscribers for my newsletter into a sales engine for this? Let's call it a four week cohort. And then can you charge a significant amount of money for that four week cohort? Whether it is $59, whether it's $1,000, it depends on what is that transition that you are tapping into. So what you might want to start to play with is how can you do this in a scalable way. Now if you want to have one on one coaching, you could do that, but I wouldn't start there. I think that's the kind of thing that you can decide after you've got this engine running whether or not you want to layer it on top of it versus starting with one on one coaching and then trying to add the community after. I think at that point you'll just be really, really tired. Start with something that has a beginning, a middle and an end. Use that beginning, middle and end to then launch into a community where you are connecting people to each other so that they're actually the ones who are coming back for each other, not you and not your content and not your one on one coaching. Do that for 90 days and then think about whether or not you want to layer on top of it one on one coaching. I'd also add what could you do to focus on one, not 10 or even five social media channels at one time that could save you a tremendous amount of energy that I would funnel into how can I create this cohort where I'm going to actually help people make friends? And I've actually done this. I helped a friend of mine start a very successful professional mastermind of 8 to 12 people and scaled it to 30,000 of these groups around the world. And when you can do that in a self service way such that they are finding value from each other, the quest that you set up for them, the monthly themes, weekly calendar, daily actions, that scales so much faster. So hopefully that's helpful. The only thing I will say that I would not do is don't do a freemium community. Whatever you do. It's just you are, you are literally going to burn out as a creator if you try to scale a freemium community. Whether your freemium is on a, you know, a Facebook group or you know, something else. And then you have these programs and then you have, you know, one on one coaching. I personally think you can always add one on one coaching later after you understand or validate of your social media following. Can you get enough of them at a high enough ticket price to act and then they're taking care of each other. It's actually much less work to run a community than it is to do one on one coaching. And then you can always add one on one coaching later. The feast or famine is one of the most challenging dynamics. So I just want to acknowledge that. So there's the flavor of feast or famine where it's just like, where are my next clients coming from? Especially if you're doing project work or in the economy where people are like, oh, I can't afford you as a consultant anymore, you're constantly selling. Let's tackle that in this episode. But I also want to acknowledge a different feast or famine dynamic, which is if you're selling a course, a one time course, or a cohort where you're always doing what's called open or closed cart, you're building towards a launch and the launch happens on X date. And then whatever happened during that launch, you have like six months or six weeks or some set period of time or even just a one time course fee that becomes your entire business. So if you had a great launch, you're golden, you're feasting. And if you had a bad launch, you don't have another opportunity to create a feast for quite some time. So this is a dynamic I'm going to focus on. The I'm constantly selling as a consultant. So there are a lot of amazing things about being a Consultant, you get to work on really interesting projects. You're not beholden to any one company or any one boss. It's nice you get to apply your expertise and your knowledge to new challenges and new interesting situations. But it also means that in this moment, especially where it's so dynamic, companies are coming, companies are going, opportunities are coming, and opportunities are going that even if you have built a consulting business where you have a couple of anchor clients, those anchor clients can go away. That sucks. And so not only are you constantly selling, you're doing everything you can to have a longer sales cycle as well. So the benefit of thinking about just taking a beat with a consulting business and saying, okay, I am going to stop selling and networking and doing all the things to get proposals out and make sure that. That I'm able to sell. And instead, what if you took a weekend and thought about how you could translate your expertise and you don't really even need expertise, but into a course or a membership? So let's talk about what that could look like. Like, if you were my friend and you're like, gina, I'm coming and I'm staying with you at your house because we're going to be up and running with a new idea after this weekend, what would I do? The first thing I'm going to do is I'm going to listen for what in your consulting business could be translated into helping a group of people through a transition. So people pay attention to what they pay for. The most motivated people in the entire world are people who are going through a transition, whether that is that they just graduated from college and they're starting their first job, or they're becoming a manager for the first time, or they are getting married, they're getting divorced, they are tackling a new hobby or a new skill or the next level of that hobby or skill. So I'm going to be listening for what could your expertise translate into as a transition that you can help people through? The single most important thing that you can do to get out of Feast or famine is to start with a really compelling transition and then understand how to articulate and paint a picture for people of their best year ever. What does it look like when they have made it through that transition, that they're on the other side and they have achieved results or a transformative experience that they would never have gotten on their own without you and the other members of the community or the membership or cohort that you've brought together. That is what you are listening for. Then we'll probably stop, have some cocktails, maybe even a pizza and we'll get into what should we call it, what should we map out as what we call the community design plan. So that's what are the monthly themes, what's a weekly calendar and then daily actions. And then we'll work on your offer as we pick a price, then we'll lay out the launch plan. And then you're going to sit there and instead of going through your network to think about how you're going to sell consulting projects, you're going to open your contacts and we are going to together craft your big purpose, which is you take I or we bring together and then who you're bringing together in which transition so that we can have our best year ever. And what that looks like and what that means to have your best year ever. That's the promise, that's what you're building. And then we're going to launch it. You're going to do it first as like a one time challenge or a one time cohort. And what are you going to get out of all of this that is different from your business today? Number one, you're going to have revenue diversification. You're going to be creating a framework for people to go and do together in their lives. And the whole goal is that you are hosting this membership so that people are able to, to meet and build relationships with each other, to help each other build practices or change their habits in ways that only happens with them taking action, not consuming your videos, not consuming your content, but taking action. You're gonna have a stronger foundation because you have this revenue diversification. And number two, you might also find yourself in a situation where, where you're going to learn so much more about how to provide value to people that you can now grow that revenue stream of a membership that essentially grows itself. And it's going to give you insights into how do you create a more durable and sustainable consulting business as well. So that is the best way to think about feast or famine. And I would say that what's really essential when you're running a membership and really looking for that ongoing revenue stream, the key thing to just remember is you're creating a party where you want your members to be inviting other members in versus a funnel that's like I have to always be the person pouring people into and paying for people to get into the top of the funnel and that I squeeze them out at the bottom and, and no one else is expected to do anything that's going to continue to be a tougher road. So with that, hopefully that's helpful. I'm Gina Bianchini. This is People Magic. If you want to know exactly how to build a $1 million community, click the link in the description to get access to our full free course. Sam.