— January 24, 2018
I am a business coach who has been helping small business owners with their online marketing and sales for years. I’ve also done marketing consulting work for financial companies looking to market to Latinos. While this is a great start, I realized I needed to scale in the form of a group coaching offering.
Now that I’ve been running my group coaching program for a few months, I can honestly say I prefer it to private coaching. I can also say that there are certain advantages that would persuade every consultant to create a group coaching program.
There is just one caveat to this. In order to create a group coaching program, business owners must have first worked with people or businesses one on one. This way you know which issues come up consecutively should be addressed in a group coaching program.
With that being said, here are a few reasons why consultants should create a group coaching program.
It’s less draining.
I personally feel less drained by a group coaching program. There’s less work involved on my part and the students all support each other along the way.
Granted, this could be a temperament thing. As an extrovert, one-on-one business situations tend to suck the energy right out of me if I’m not careful. Meanwhile, being in a group of people energizes me.
I say this because you may have the exact opposite experience. You may find that you like private coaching more. But, for those of you who feel drained by one-on-one, definitely consider creating a group coaching program.
From a business perspective, creating a group coaching is more scalable because it is a one to many model. You can even make it even more scalable depending on how you structure it.
For example, my group coaching program is a hybrid of on-demand with some live support from me once a quarter. I dedicate a few hours to it each quarter, but the course material is on-demand and students have lifetime access to it. Less time, less energy expended, and more money.
Just a word of caution here, the first time I did my group coaching program it was exhausting. That’s because I was creating all the course material as I went along. This second time around I don’t have to do that. All I have to do is show up to the office hours.
You can make more money.
I regularly track the income from all of my different revenue streams in my accounting software. In 2017, I paid close attention to group coaching versus private coaching. What I realized was that group coaching was making me more money – for less work!
The reason is that the group coaching program is easier to sell. People may think they are ready for private coaching, but the price tag is steep. Meanwhile, group coaching is more affordable for them.
If you’re at a stage in your business when you’re done working with people one-on-one then you might want to consider creating a group coaching program. It’s less draining, it’s scalable and you can earn more money.