The 7 Premium Business Models You Need NOW – Successful Coaching & Consulting Secrets Ep.9

– Income, or how to go
from a 100,000 dollars, to making a million dollars a year, as a coach and consultant. Enjoy. Let’s talk about the seven business models for coaches and consultants. And I’m gonna go through the
seven business models now. As I go through these business models for coaches and consultants,
what I want you to do, is to look at your current business model, and look at it as, “Oh,
I am doing it already,” or, “Hmmm, I never thought
about that business model. “Maybe I can incorporate
that into what I do.” Or you may be thinking, “Hmmm,
I’m doing a few of these, “but maybe I can do them
a little bit better,” or you kind of may combine them together. Okay? So that’s my goal, for this, what I’m gonna share with
us on business models. Okay? – [Narrator] The king
of high-ticket sales. World’s highest paid consultant. Media celebrity. Multi-millionaire entrepreneur. Acclaimed Ted-X speaker. International best selling author. Dan Lok. (exciting music) – So what kind of business
do you want to build? So we talk about who you wanna
sell, who you wanna serve, what target market you
wanna go, you wanna pursue. So let’s talk about, very fundamentally, what kind of business do you wanna build. So, coaching business
model, that’s the concept virtually no one talks about when starting a coaching business. Simply put, a coaching business model is where the money comes from. How you gonna make money,
with your expertise? How you gonna make money
with your expertise? In other words, it’s
your source of revenue. Your source of what? – [Crowd] Revenue. – Yeah, how you gonna make money. Ideally, it’s where you
also have the most fun. If you structure it properly. I’ve met so many coaches and consultants who spent years building a full practice, only to discover that they dread working with clients one-on-one. They spent years building the practice, make sure they fill the appointment book, 10 years later, they found
out they actually hate working with people one-on-one. On the other hand, I’ve
met coaches consultants, who now they’re traveling
around the world, they’re on the road
speaking and facilitating, and after so many years of doing that, that’s actually not what they wanna do. They wanna stay home and
homeschool their children. I’ve seen that happen too. In fact, a very good friend of mine, a very successful sales trainer, international sales trainer,
after 20 years in the business, we have a conversation,
he’s looking and he says, “Dan, I hate what I do,
I’ve wasted 20 years “of my fucking life. I do not
like it. I’ve made a living, “very good living doing
it, but that’s 20 years “of my life I could not
get back. I hated that.” I said, “Well, it would be
good to find out in year two, “instead of waiting for 20 years.” So, that goes back to what
Kayvon was talking about, “Know yourself.” Knowing what your strengths
are, what you’re good at. Sometimes we’re so close
to it, we don’t know. It’s helpful to have a
mentor to point it out. “Oh, you’re actually good at this.” “Oh, yeah, I am good at that.” So it’s a little like kind
of taking a blinder off, now you can see more clearly. So, part of a consulting coach, what you’re providing is also clarity. What are you providing? – [Crowd] Clarity. – Clarity. Clarity. Now, in order to provide clarity
you gotta be crystal clear, about your stuff. You can not provide clarity for others if you don’t have clarity. Right? Your own stuff, you know what I mean? Your own stuff. So, let’s talk about model number one. One-on-one coaching/consulting. This is the most common model, also considered traditional coaching. Most people think of
coaching/consulting, yeah one-on-one. Most new consultants
start out with this model, adding more leverage to
their business later. So basically, it’s a one-on-one model, you’re selling, you’re
trading, hours for dollars. Sometimes it could be an hourly rate, could sometimes be a package
where they buy blocks of hours, or five hours, 10 hours,
that kind of model. It’s simple, it’s true,
a tried, proven model. Very easy to do, very easy to get in. How many of you are actually
using this model right now? Like, you’re charging per hour. Right, charge people x amount per hour. Okay. And it’s okay, and a lot
of people start that way, but you don’t want this
to be your only model. What’s the problem with this model? – [Man] Hard to scale. – Hard to scale, yes. – [Woman] It’s hard to
make money in your sleep. – You won’t make money while you sleep. It would be nice to have a
call, pay me, but let me sleep. (laughter) That would be very nice. – [Man] There are only 24 hours in a day. – There are only 24 hours in a day, yes. – [Man] You have to be there to run it. – Huh? – [Man] You have to be there to run it. – You have to be physically
there, right, to run it, yes. Cause you’re selling
your hours for dollars. Now, there’s a time and place for that. Example, myself, on my Clarity profile, that I do my hourly, I’ve
done about 60 or 70 of these. Now I don’t like this myself, but because, I’m taking you
behind the scenes a bit, that with my social media presence, I have so many people requesting my help, that they might not
fit into my other types of consulting services that I offer. They just need that
10, 15, 20 minute call, to solve a very specific problem. So, then, with this, I can point them, “Hey, just book a call.
10, 20, 30 minute call, “then we solve your
problem and that’s that.” So this is quite transactional. It’s a very transactional thing. But because I’m getting so many lead flow, that’s why I set this up myself, right. But it’s not my main model. You’ll see that most of these models, I do in one way or the other. That’s what I wanna show you. What I do, why I do it. Then you can think about it for yourself, “Oh, do I wanna do that,
or maybe I wanna tweak “a little bit of what I do?” Got it? Okay. So, another one-on-one model, this is what I prefer, it’s
a long-term relationship. It’s a one-on-one agreement, 12 months, 100K plus revenue share,
a 12 month commitment. That kind of business model, I call that the equity
income partner model, that I pioneered. I prefer that kind of model, where participating on the upside. Still one-on-one, but I don’t
just wanna give people hours, I wanna participate in a long-term growth. So, that’s my model as well. So you can do it per hour, one-on-one, or it can have a
long-term commitment where “Hey, if you wanna go
long-term, if your company’s “doing this, but I can
help you get to that, “I want to share some of the growth.” Okay. I prefer that much more. Model number two, group
telecoaching program. In group telecoaching,
you’re walking a group through a process. Through a what? – Process.
– A process. So it can be phone, could
be webinar, could be email. Typically anywhere from 10 and 50 people. Could be a little bit
more, 10 to 50 people. And you can charge anywhere
from $995, a thousand bucks, to like even up to $10,000. And it could be four week,
it could be eight week, it could be 12 weeks,
it could be six months, it could even be a one year program. Typically, a group
telecoaching program focus on one specific outcome
and one transformation. They join your program because they wanna get this particular result. Just one thing. Usually, that’s how it works. Usually, people don’t
join a program like that because they wanna learn a bunch of stuff. They wanna solve one particular problem. So example, you’ll see
sometimes these groups where they will teach you
how to say in four weeks, $2,000, telecoaching, they take 50 people, they’re gonna teach you
how to do Instagram. Just poof, very precise. Or they’re gonna teach you
how to do YouTube marketing. Boom, right? Very precise, just one thing. Not like a bunch of things. And the more niche you go, typically, the more money you can charge. The more niche you go, the
more specialized you focus on, the more money you can charge, typically. So, example would be, one
of my mentees, Matt Assafan, he’s been my mentee for three years, social media director,
certification program, which is a program that teaches people how to be a social media director. And Matt has helped hundreds
and hundreds of people, make a full-time living as
a social media director. So that’s an example,
it’s a five week program, $2,500, they take it
online, script coaching, they get some videos, they get some Q&A, that’s kinda how it works. That’s an example of that. And now example, Kayvon
and I, we’ve got a program, which is a High-Ticket
Closer certification program. That’s gonna be a seven
week kind of program. It’s the same idea,
it’s a group of people, we take them through a
process, it’s the same idea. Right? So, I’ll walk you through it. So, we transformed serious
go-getters from sales wimps, to High-Ticket Closers that can
make a 100K a year, or more. So, we have seven modules
taught over seven weeks. I’ll personally, Kayvon
and I mentor them during that seven week period of time. So, telegroup coaching. Calls featuring training,
Q&A, and role plays. And also at the end, the best graduates, have the opportunity to join
my High Ticket Sales Team upon graduation, where
we’re gonna get contracts and send them clients. So that’s a 5000 more per person program. So it’s the same idea, telecoaching, a period of time, very clear outcome. You charge a fee, but it only
lasts, could be four weeks, could be seven weeks,
could be eight weeks, could be 10 weeks. Follow me so far? Yeah. So that’s just another model. Model number three, live group coaching. This is a little bit different. Live group coaching. So this now includes some
kind of in-person meetings. And the length could range anywhere from a few weeks to even several months. Again, often moving a group
through a process together, or studying a curriculum together. Group leverages time and
creates dynamic experiences because it’s in person, right. You try to solve a problem together. And you can choose the
optimal environment. You can do it in a setting like this, you can do it in some kind
of a different environment, could be a business environment, or it could be more of
a relaxed environment. That’s okay too. Might limit to local market, unless you have an
international brand name. Unless you’re an international brand name. So let me give you some examples. Strategic Coach, how many
have heard of Strategic Coach? Yeah, Dan Sullivan. So, Strategic Coach, which this
is their Signature Program, where they meet once every
quarter, once every quarter. You get together as a
group, you brainstorm, you set goals, you think
about your business, you block out a little bit of time, so that’s a strategic coach. And they serve different sectors, they serve financial planners, but also entrepreneurs who
make a 100K or more a year. That’s kinda the minimum to join. So Strategic Coach, that’s
one form of kind of a live, in-person coaching. Now, what’s the pros and cons of doing it, let’s say for six weeks
through a telephone, versus in-person? Give me some pros and cons. Yes. – [Man] Could waste
your time if that person doesn’t show up. – So you could waste your time as a coach if that person doesn’t show up? – [Man] Yeah. – If you’re doing it through telephone? – [Man] Either through
telephone or if you meet them in person, “Hey let’s
go meet at this cafe, “I’ll do some coaching.” – Oh, if they don’t show
up, okay yep, that’s okay. – [Man] It’s a waste of time.
– Okay good, yes? – [Man] With something
like Dan Sullivan’s, you have to travel to them,
so there’s travel cost. – Yeah, so every quarter
you’ve gotta go somewhere, right, you gotta fly to some place. Unless it’s local, right? Okay, yes? Pros and cons, what are
the good things about them? – [Man] You get to meet in person, right, have relationships. – Relationship, get to
meet them personally. And isn’t it true, also
sometimes, you wanna do something, and you have the best intention
to get something done, but you never get around to it? But when you lock yourself into
a room for a couple of days, that shit gets done, right? Right, so it’s kinda like
a force implementation. Also the environment might
help you to be more productive. That’s another advantage of it. Give me a couple more. – [Man] Potentially some
joint ventures might come out of it. – Maybe some relationship,
some joint ventures, among the students, yeah, possible. Perhaps yes. Go on. – [Man] In a way, social
proof of other people, seeing other people, being mentored by you or coached by you. – That’s also helpful, cause
you may do telecoaching, you don’t know like am I the
only person that’s buying in this program, or like are
there 20 others, I don’t know. But in this case, you see
30 people in the room, awesome, that’s social proof. Maybe that, yes. Give me one more, give me one more. This is where we’re going. What about, think about, in
terms of creating results. Is it better to do it through
like a seven week thing, where you help them every week, or is it better to do
it maybe in a two day, in a live setting? Which one do you think would
produce better results? – [Woman] I think live
creates more accountability. – Live creates more
accountability, interesting. Yes. – [Man] You can do way more
with transformation, live. – You can do more transformation live? – [Man] They’re on a personal journey, they’re there for three or four days, they’re sleeping there, they’re eating, the whole experience
of the transformation. – Yes, I like that. Also the people around them, right? But also, not so much depending
on the business model, but also it depends on
the coach or consultant. Because if you do it
through a telecoaching, the requirement of your skills are lower. Because you do it through the telephone, you can kind coach through the curriculum, you’re looking at your notes, maybe you have some kind of PowerPoint, you walk them through stuff. They have some questions, you answer, Q&A. That’s cool. But, doing it live two
days, requires more skill. Right? So, you have to ask yourself, “Am I comfortable facilitating
a group of people, “for two days, that I can
answer their questions “on the spot?” Most people are not, right. Can you do that? Do you have that skill set? If you say, I love, I thrive being live. I love to jump off the
plane without a net. I love that feeling of working with people through the process, awesome, this model, perfect for you. I love that stuff. So this is good. But for some people, they’re
not comfortable with that. A lot of speakers, speakers, you notice, they are great speakers, but they are not
comfortable doing like Q&A, live interaction. They can tell great stories, but suddenly, someone asks them something,
and it throws you off like the script, right. So you’ve got to be
very comfortable up here and know your stuff in order to do that. Steven, yes? – [Steven] To me, the biggest thing when you’re doing online
coaching, or telecoaching, or anything that’s virtual,
I mean there’s Facebook, there’s email, there’s
distractions, and stuff like that. That could really take away. – Uh huh. – [Steven] I know I’ve started courses and never finished them, but if I actually go to the seminar, or to the
workshop, and you’re kinda… – You’re there, to do the work. – [Steven] You’re there,
you’re kinda immersed in it, you’re gonna get way more done. – Yes. So you have to, consideration
when you pick different business models, is first, does it work with your
personality, your strength. Also, lifestyle consideration. So, if you’re running a
program like Strategic Coach, a trainer has to be there. The facilitator has to be there. You can not automate it. He’s gotta be there,
every quarter, doing his, conducting the training. Right? And if you run multiple groups, then you’ve gotta think about, I’ve gotta do this quite often. So it’s a lifestyle consideration. Does it fit into what I wanna build? Right? So you’ve gotta think about how also, how much money you wanna make. On the other hand, let’s
say a telecoaching model, I can scale it. I’ve done a program where
I had a hundred people in a telecoaching program, but
my work is exactly the same. If I have 10 people in the program versus a hundred people in the program, the amount of time I’m investing
to deliver the program, is exactly the same. It gives me more leverage. So you’ve gotta think that through. I’m not saying one is
better than the other. I’m just giving you the different options and kinda the pros and cons. No one model is perfect. You’ve just gotta ask yourself. Yeah like, some people, “You know what, “I’m doing what I want, but
I would love to do live, “in person kinda coaching,
but I can not speak in public. “I just have this fear.” Okay, well then that
might not work so well, until you’ve developed that skill. With me so far? – [Crowd] Yep. Yeah, so those are the considerations. There’s no right or wrong, I just wanna point out the possibility. Another one, ProCoach, a
friend of mine, Andrew. So, Andrew runs ProCoach. I think, Andre, you still in it? – [Andre] Yeah. – You’re still in it. They meet once every quarter? – [Andre] Yep. Once every quarter, right,
you get together for how long? – [Andre] A day. – A day. – [Andre] Nine to five. – Nine to five, and you
kinda plan your day, set some objectives for
the next quarter, right? Get some clarity in your business, right? So that’s a low co kinda thing, ProCoach. Exactly this kinda model. How many people are typically in the room? – [Andre] About 25. 25 ish, okay so there’s
an example of that. Right? So, that’s another form. Unless you have an
international brand name, very often something like
this limits to local. Cause it’s in person. If you have a big enough
name, an international name, then people are willing to
travel to attend your thing. Which is okay. So, you need to take
that into consideration. Let’s talk about model number four. Which is coaching intensives and retreats. Coaching intensives and retreats. Where if you get energized
by a group of people, and enjoy traveling, consider this model. You will do most of
your coaching on stage, inspiring and motivating your audience. So, a one time event, two to three days. For coaching intensive,
usually, sometimes, I see a model where
everybody kinda takes turns, with a hotseat, in the front of the room. Now, in case you’re not
familiar with the hotseat, basically, someone sits on a seat, and they would share what
they are going through, some of the challenges they might have, and what help they need. And the group will try to
come up with solutions, and help them, that’s a hotseat. Okay. And for retreats,
combinations of curriculum, and process, and coaching. Sometimes the facilitator, or the mentor, would teach them something,
go through the curriculum, then do some hotseat for a few people, and then, they do another curriculum, go through another process, and then do some hotseat,
that kind of thing. That happens too. Okay. So, coaching intensives. With this model, what’s
good about this model is, you do the work, if done properly, you do the work two or three days, but it’s a big payday. It’s a big payday for you. Okay. And some people sometimes,
coaches/consultants, they would use that model, where they deliver massive
value in that two or three days, and then they would upsell them into more long-term programs. That happens too. So, they go the two or
three days, they love it, hey if you want more, I
have an ongoing program with six month or 12 months,
that kinda structure. It happens too. So, an example is Brian Tracy. Brian Tracy speaking, kinda
profession speaker program, where basically you go to, you fly to, Brian Tracy’s office, for three days, with a very small group of people. Like maybe a dozen. And Brian will train you,
take you through a curriculum, of what he’s learned in 30 some odd years as a professional speaker. Plus, you also may be presenting
in front of the group, to get feedback, and to help
you improve as a speaker. Okay. So, this is coaching intensive. So, some of the things that
are included, the pre-work, to prepare for Brian
Tracy before you go there, three fully interactive days
with Brian in his office, downtown San Diego,
including snacks and lunch, then you get a workbook,
you get some books and CD’s to support the learning. You get an endorsement
video from Brian Tracy. You get a video of you
speaking, fully-edited and produced, to use
for your own marketing. You get a certificate after you complete. After the three days,
you also get 12 monthly, follow-up teleseminar recordings. So, he’s combining a
little bit of telecoaching with the coaching intensives,
to build more value. That’s okay too. And then opportunity to network
and meet with other speakers and successful professionals. You’re going there
again, two or three days. You are looking to get a specific result. “I wanna become a better speaker. “Brian Tracy is one of the
top speakers in the world, “I go there, for three days, “I’ll learn a lot of
techniques and strategies.” Great. And boom, that’s what you’re buying. Another example would be from Jay Abraham. How many have heard of Jay Abraham? Okay. Marketing genius, marketing consultant. So for Jay, this is like a
two three days of intensive, that you go there, you
go to I think I believe, in Los Angeles, go to Jay’s
beach house, $25,000 a person, with maybe four people, four
or five people at a time. Two three days just hotseat
and you will brainstorm. Jay will teach you some
teaching, and then, he will answer some questions, kinda work on your business
a bit, two three days. You walk of that with
a plan, a growth plan, to grow your business. So, do the numbers, for Jay. Two three days of work,
four or five people, that’s a $100 to $125 thousand dollars. That you pocket, with
virtually, very little expense. Just basically chatting
at his beach house. Right? You don’t need to do a lot of
these to make a good living. Right. Of course that’s got Jay’s name, brand. I wanna show you the model first, right. Another one, Date with Destiny. How many have heard of Tony Robbins? Okay. So Date with Destiny, again, is a six day coaching intensive. Basically six days, with a lot of people. And the price point with Tony depends. Depends on what package
you buy, how you buy it, let’s say anywhere from 5,000
to 8,000 dollars per person. Five to eight thousand dollars per person, Date with Destiny, at
this point, with Netflix, how many have seen the
movie, “I’m Not Your Guru”? Okay, with that movie
and things like that, four or five thousand people. Five thousand people times five grand. You do the numbers. So six days, that’s how
much money he makes. Right. Well, he’s not rich, but
he could live off of that. I think he gets by. He gets by, okay. So, that’s a very powerful model. Short period of time, a lot
of people, a lot of value. So it could be as little as
a dozen people, five people. It could be four thousand people. Right. Now, the Date with Destiny,
if you know Tony’s work, is very different from
Unleash the Power Within. Cause, Unleash the Power Within is more him presenting ideas,
but Date with Destiny is more you work on your stuff. He does a lot of interventions
throughout all six days. So it’s a little bit different. Again, a little bit of
curriculum, live interventions, takes you through different exercise, and then a little bit of
curriculum, different exercise, but you work on your own stuff. Okay, you work on your own stuff. Anyway, how many have been
through Date with Destiny? Anybody? Nobody? Alright, good, good, good. Steven has been through it
a couple of times, right? – [Steven] Several times. – Yep, like a few times. Very powerful program. So, model number five, VIP Days. This one is good for a lot of you. It’s a one-time event. Clients basically pay
for a full day with you. Just one full day. Easy to sell, quick burst of income. Usually it’s one day,
face-to-face, and it’s easy to run, because clients are usually responsible for their own agenda. So, they come to you with something, a problem that they want to solve, and you help them solve that
in one day or half a day. Half a day consulting,
full day consulting. It can be, it happens in your office, it could happen in your
home, other locations. I do this in my home office. You can do it in any other
locations that you choose. So, coaching, mentoring,
some teaching if appropriate. Maybe sometimes it’s coaching, mentoring, with a little bit of hotseat. That happens too. I like to use, because
for brainstorming myself, in my office, I’ve got when
mentees come to my house, I have a big, massive whiteboard. That’s for me to write
stuff and to brainstorm. Some people, some coaches/consultants, they like to use flip charts,
and other visual things, whatever works for you. I like a whiteboard. I love, I like to think with a whiteboard. Some people use PowerPoint,
that happens too. So, VIP Days. So, here’s an example of a good VIP Day from Speaking Empire, which I’ve got a couple of
friends who’ve gone through that. So if, I believe the price point, I think the price point is $10,000. They’re niche, their specialized. So basically, you are a
platform sales speaker. You’ve got presentation, a
sales presentation of some sort. And maybe it’s working
well, it’s not working well. You go there for one full day, the entire team will help you tweak that. Script it out, walk through it again, and you walk away with a
script and a PowerPoint that you can go and just sell. You can do it through a webinar, you can do it in person,
but that’s what they do. Basically like a speech
presentation make-over. Pay $10,000, you go there,
and they fix the whole thing. Okay. They make it a VIP experience, they pick you up in a
limousine, they provide lunch, you go to the office, whole nine yards. That’s what my friends told me. And I asked them was it worth the 10K? They said, well I think so. I said why couldn’t you just
work on your own script, cause that’s what I do,
work on my own script. But they said no, no,
no, it never gets done. I spend 10K, I fly there, it gets done. And for him, it is well worth the $10,000, no brainer for him, and I said okay great. And, so that’s one form. You go there for one
full day to get again, a very, very specific outcome. Now wouldn’t you say, that’s pretty niche? Right? Not only speaker, but
certain types of speaker, and provide a certain type of service. They’re the best in the world. They’ve done hundreds and
hundreds of these, right. Just that one thing. So when people think of, “I want someone to give me a
speech, a sales presentation “make-over, oh, I can go to these guys.” Very powerful. Again, you don’t need to do a lot. If you do, think about
four, say, one a week, four a month, if you charge
$10,000, that’s $40,000. Right? Myself, to do one day with Dan, they have to come to my office, we lock in my office, we brainstorm. I don’t do a lot of this. I probably do one every
quarter, for somebody. If they send me a request,
one every quarter. Outside of my group. I’ve done them quite often
with people within the IC, inner circle, but outside the IC, maybe one every quarter that I do. Again, come in, whatever
problems, I help them solve them. In one day. So that’s one model. Model number six, continuity
or membership program. Now this, you should
be very familiar with. It’s just simply a monthly
charge on a credit card, usually at a lower ticket amount. People can either enter
or drop out at any time. This is very good for providing sample. What is it? – [Crowd] Sample. – Sample of your work, of your teaching. Good as an entry level, designed to move members
up your ascension ladder. So they buy something for
20, 30, 50, a hundred bucks, automated, membership program
that gets them this stuff. Your work, and if they like it, oh maybe they want to buy a VIP day, maybe join your coaching intensives, or the telecoaching program. So, ease of entry. If you’re providing
specialized information, you can charge more money for that. And can be a cash cow, a decent cash cow, if you are amazing at
driving large amounts of traffic to your site
or have a big list. Have a big list. Dewan, your software kinda
falls into this model, it was $27 a month. – [Dewan] Yep. – And at peak, how many
people did you have, at peak? – [Dewan] We’re doing $30,000 a month. – Is that right, back
then, $30,000 a month. So that’s that kind of model. Every month you bill them
for like 20, 30 bucks, right. You got a bunch of people in that, cool. And through that, maybe
some of them would upgrade to your more maybe one-on-one coaching, or different things that you do. So, that’s a very, very good way. Some people might use the
membership, this particular model, just, they’re not trying to
make money from the program, but they’re trying to
filter and try to get people into this program so then that they know, it kinda covers the marketing cost. It filters the people that are prospects, now they’ve gotta bunch
of actual buyers, right. Subscribers. So, some people use it that way. So an example, Weight Watchers. How many have ever been
on Weight Watchers? Anybody? Couple of people? Nobody? Yes, okay thank you. Yes, so they have different
programs, meetings, plus online. 11 bucks a week, and if just online, it’s like five bucks a week. Right, that’s what they have. Works or not, but regardless,
that’s what they have. A membership program. And here’s like a
program that I belong to, it’s like a martial art membership where I pay 20, 30 bucks a month. And I joined a membership, and get some videos every single week. They automate the whole thing
and that’s what they have. Again it’s a membership program
that’s pretty interesting. So, how many of you
belong right now some kind of membership program? Okay, give me some example. Except porn. (laughs) Give me some of the good examples. – [Man] Key Money Mastery Steps – Okay good, Key Money Mastery. Yes. – [Man] Online drumming lessons. – Online drumming lessons, okay. Yes, give me a couple more. Actually, put up your
hand again if you belong to some kind of membership. Just put up your hand. Look around the room. See how popular that is. It’s interesting that
there’s a lesson here. Right? So, think about people online, now there are a lot of
different sub-groups. Just think about this. That before, when you have
a membership like that, may be difficult to sell. But now with what’s
happening online, Facebook, and you can target,
you can have like some, this is pretty niche. Like this is martial art,
Bruce Lee’s martial art from a specific instructor. Right? That I like, I would subscribe to that. Or, there’s maybe a
fitness training program, that I could subscribe to, specifically for, I don’t
know, bodybuilding whatever. And boom, I get it. Or, sometimes, these dating sites are another kind of membership model. Men’s styling, membership, yes that’s another form of membership. So think about what are
some things that you can do. Don’t put yourself in a box. I have seen it, I’ve seen websites where, like again, the weirdest, craziest thing. I’ll give some examples. I saw a website where you subscribe and all they talk about is
different types of guns. Like for gun lovers. Okay, like I’m a kid and I can’t
have guns, but that’s cool. I’ve seen websites where they
only do extreme workouts. Like people flipping tires
and all that shit, right. Yeah, it’s like an underground fitness, like arghh, type training, right. I’m like, who buys this crap, right. And they’ve got like
thousands and thousands, like literally, thousands
of members, right. Paying them 20, 30 bucks a month. I’ve seen stuff where
like the hardy gardening, but like a very particular
kind of gardening. Which I don’t get cause
I don’t do those things. But it’s like a very
particular type of gardening, that people pay yeah, 20, 30 bucks, too. The craziest thing, the craziest thing. So maybe a model that you could consider. Model number seven, mastermind groups. It could be anywhere from
eight to 50 plus people. Typically an annual program. If you’re doing some
kind of mastermind group, you wanna have some kind
of application process. And each member takes turn in hotseat. And could range anywhere from $8,000, I’ve seen mastermind group for
as much as $100,000 per year. So you have a big range, big range. So for mastermind groups. Now out of all the seven models, mastermind groups are the
most difficult to run. Because, depends on how you
run your mastermind group, the host or the teacher, the mentor, who’s running the mastermind group, requires some tremendous skills. It’s not easy. And that’s also why you
look in North America, you can name probably with one hand, how many like mastermind groups, like a total of mastermind
groups, not many. I can probably name,
off the top of my head, I can think of four or five. Not many of them. Because it requires a lot
as a teacher to do this. Titans Mastermind, which
is a mastermind group I did belong to last
year, which it’s $20,000, we get like three, two
day, live events per year, and hotseats, and you learn
from different speakers. You can attend any of
the three live events, you can attend all three. And also you get to meet with people, so that’s a mastermind group,
20K, for like marketers, direct response marketers. So that’s an example. Of course the IC, that’s another
form of mastermind group, that I’ve been running for a few years. So let me talk about the
pros of mastermind groups. So, for mastermind groups,
the advantages are, you’re able to charge
higher dollar per client. High dollar per client. You get more committed members, because there’s skin in the game. Because it’s high ticket. You focus the group, the focused group that moves toward together,
towards the goal together, because they’re a group of people. Members help and support each other. Members get spectacular results. It gives us a group to support. Retreats in locations of your choice. You can choose location. Like in October, in my group, we’re going to Hawaii together, so that’s, you can choose because I think it was fun to go to Hawaii, so we go to Hawaii. That’s pretty cool. As a facilitator, you learn
from other members as well. So, if you’re a good
facilitator, you pay attention. As you’re facilitating
your mastermind group, you learn from others,
your members as well. You learn from their businesses. The disadvantages of a mastermind
group, time commitment. Because, running a mastermind group takes a tremendous amount of time. Only makes sense if you love
the people that you work with, and enjoy spending time with clients. I have met, quote un-quote, gurus, who run pretty successful
mastermind groups, pretty profitable, they
hate, they hate the clients. (laughter) They can not like, they do their thing, and they can’t wait to get out of there. They, just to them, it’s
a huge profit center, but they actually do not like to spend time with the people. I’ve seen that before. Requires to be a master
of multiple skills. I’m talking about facilitating,
presenting, teaching, hotseat, consulting,
selling from stage, leading. Like it requires a lot of skills. It’s a great model,
but it almost requires, like the way I run it, the mastermind, the IC’s almost a
combination of everything, with the first six models. I do some one-on-one, I do some live, I do some hotseat, I do
in-person in my home office, I do have a curriculum
that I have to teach. So I’m doing a little bit extra. But it requires a lot of skill. Group politics and issues, because you have a group
of people, usually type A, high achiever types, you get some issues. Emotional taxing, sometimes attachment, attach yourself to members,
and then they leave the group, there may be issues with that. Extreme resilience required. Extreme resilience required. The most profitable, but
takes the most amount of skill to run. Does that make sense? – [Crowd] Yes. – Yes. Hello? – [Crowd] Yes. – Good, okay. So the seven business models. So, what have you learned from my talk, and how does it apply to you, and how do you take direct action? Comment below and let me know. If you have any other questions,
you can also comment below. And don’t forget, click
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