Podcast Summary: The $100 MBA Show – MBA2237 How to Make $10K a Month with Live Courses + Free Ride Friday
Podcast Information:
- Title: The $100 MBA Show
- Host/Author: Omar Zenhom
- Episode: MBA2237 - How to Make $10K a Month with Live Courses + Free Ride Friday
- Release Date: February 3, 2023
- Description: Awarded Best of Apple Podcasts, The $100 MBA Show delivers practical business lessons for the real world. These no-fluff episodes are packed with pure business-building training.
Introduction to Live Courses
Omar Zenhom begins the episode by highlighting his enthusiasm for live courses, emphasizing their immense value and potential for generating substantial revenue. He positions live courses as an optimal method for entrepreneurs to package and deliver their knowledge effectively to a premium audience.
Key Points:
- Live Courses vs. Recorded Courses: Live courses offer higher engagement and accountability, allowing instructors to interact with students in real-time, provide immediate feedback, and ensure better learning outcomes.
- Value Proposition: The interactive nature of live courses allows for more compelling outcomes, justifying higher price points compared to recorded courses.
Notable Quote:
“With live courses, you have a very high likelihood of them hitting some pretty amazing outcomes in a short period of time.” – Omar Zenhom [02:15]
Benefits of Live Courses
Omar delves deeper into why live courses are superior, using a relatable analogy to illustrate their effectiveness.
Analogy:
- Skiing Lesson Example: Comparing a one-day, in-person live skiing lesson to an on-demand video course, Omar explains that the live interaction ensures better skill acquisition and a more enjoyable learning experience.
Key Benefits:
- Higher Perceived Value: Live courses can command higher prices due to their interactive and personalized nature.
- Reduced Pre-Production Work: Unlike recorded courses, live courses require minimal preparation—primarily the course curriculum and presentation slides.
- Iterative Improvement: Immediate feedback from live sessions allows for continuous course enhancement without the need for extensive re-recording and editing.
Notable Quote:
“The belief in reaching the outcome is much higher when it's live.” – Omar Zenhom [04:30]
Three-Step Process to Achieve $10K a Month
Omar outlines a clear, actionable framework to help entrepreneurs generate $10,000 monthly through live courses. This framework is broken down into three essential stages: Create, Sell, and Deliver.
1. Create
Objective: Develop a high-value live course that promises a specific and significant outcome.
Steps:
- Define the Outcome: Focus on a clear, specific result rather than vague instructional content.
- Example: Instead of a generic piano course, offer “How to Learn Four Popular Songs from the 70s to 2000s in Two Weeks.”
- Prescribe Value: Understand and articulate the tangible benefits students will gain, such as skill proficiency, social recognition, and foundational knowledge for further learning.
- Pricing Strategy: Set a premium price (e.g., $2,000) based on the substantial value and specific outcomes provided, ensuring it aligns with clients' willingness to invest in meaningful transformation.
Notable Quote:
“Don't change the price, change the outcome.” – Omar Zenhom [12:40]
2. Sell
Objective: Effectively market the course to attract and convert the ideal audience.
Steps:
- Create a Compelling Sales Page: Clearly communicate the course's value and outcomes to appeal to potential buyers.
- Identify Perfect Leads: Target individuals who are genuinely interested in achieving the promised outcome.
- Sales Process: Develop a streamlined process to convert leads into paying customers, focusing on urgency and exclusivity to drive enrollment.
- Manage Enrollment: Limit course sizes to create scarcity, encouraging quicker decision-making and higher commitment rates.
Key Insight:
- Revenue Efficiency: Selling fewer high-ticket courses (e.g., five students at $2,000 each) is more feasible and lucrative compared to selling a large volume of low-priced courses.
Notable Quote:
“You can have four or five students every single month to hit your 10K.” – Omar Zenhom [10:00]
3. Deliver
Objective: Execute the live course effectively to ensure student satisfaction and outcome achievement.
Steps:
- Engaging Delivery: Make the course interactive and enjoyable to enhance learning and retention.
- Provide Support: Actively coach and guide students, addressing their questions and challenges in real-time.
- Gather Feedback: Collect testimonials and feedback to refine the course and bolster future marketing efforts.
- Leverage Recordings: Use recorded sessions for additional revenue streams or as part of a course library.
Key Benefit:
- Transformational Impact: Live courses facilitate significant personal and professional growth for students, fostering long-term satisfaction and word-of-mouth referrals.
Notable Quote:
“You make real transformations with these people because you're working with them in a live fashion.” – Omar Zenhom [13:50]
Free Ride Friday Giveaway
As part of the episode, Omar introduces "Free Ride Friday," a weekly giveaway where listeners can win lifetime access to one of The $100 MBA's programs.
How to Enter:
- Leave an Apple Podcast Rating and Review: Participants automatically enter the weekly draw by submitting a rating and review on Apple Podcasts.
Recent Winner:
- Zoe and Marlon: Praised the podcast with a five-star review and won lifetime membership to the $100 MBA Show.
Notable Quote:
“If you want to win a free ride to the $100 MBA, just leave us an Apple podcast rating and review.” – Omar Zenhom [15:20]
Conclusion and Final Insights
Omar wraps up the episode by reiterating the benefits of live courses and the potential for substantial business growth.
Final Takeaways:
- Maintain High Value: Ensure the course's price reflects its value and the significant outcomes it delivers.
- Customer Insights: Use live interactions to gain valuable insights into customer needs and preferences, fostering continuous business improvement.
- Scaling Potential: Consistently delivering high-value live courses can lead to increasing monthly revenues as course popularity grows.
Closing Quote:
“Every interaction with your students, your customers, makes it easier to improve your business.” – Omar Zenhom [16:50]
Additional Resources:
- Free Workshop: Omar invites listeners to join a free workshop at webinarninja.com/workshop to learn more about building a successful live course business.
This episode of The $100 MBA Show provides a comprehensive guide for entrepreneurs looking to leverage live courses to generate significant monthly revenue. Omar Zenhom's practical insights, coupled with real-world examples and a clear three-step framework, offer actionable strategies for building a high-value, sustainable business.