Building an Online Coaching Business: January Update
In the ever-evolving landscape of online entrepreneurship, documenting the journey of building a successful coaching business can provide valuable insights for aspiring entrepreneurs. In this article, we’ll dive into the January update from one entrepreneur who shares their vision, progress, and strategic decisions as they work to scale their business.
The Business Overview
The entrepreneur operates two businesses, with the first one on track to finish January with total cash sales ranging from approximately $770,000 to $1.1 million. After accounting for advertising expenses, the goal is to net around 45% in profit, which is planned for reinvestment into the business for advertising and team growth.
With the objective of creating a business that grows sustainably, the entrepreneur emphasizes the importance of building foundational elements before diving deeply into the advertising and marketing phases. They express a wish for similar transparency and guidance when they were beginning their journey, particularly when transitioning from a lower revenue mark to higher monthly sales.
Crossing the three-month mark, the entrepreneur reflects on their experiences, noting a shift in strategy approaching the holiday season. In December, advertising was limited after the first five days due to low engagement from their target market, which was influenced by the holiday season mindset. However, as they entered January, they began to see a significant return on their investment, boasting a 3X return in the first days of the month and anticipating even greater returns as payments flowed in over the next few months.
Central to their success is the use of a Video Sales Letter (VSL) funnel. This automated system allows prospective clients to engage with educational content before booking sales calls, significantly optimizing the sales process. The entrepreneur reports a show-up rate of about 60%-65%, with a close rate of approximately 30%. This automation has alleviated the burden of constant content creation, allowing for revenue generation even during slower, less productive days.
Their target for Q1 is ambitious — aiming to achieve monthly revenues between $200,000 and $300,000. Currently, there is one full-time sales representative handling calls, with the plan to increase their team as recruiting efforts ramp up in February.
The entrepreneur details their advertising strategies, revealing insights into their Facebook ads campaign. On average, they set a daily advertising budget across multiple ad sets designed to target specific audiences. They’ve experienced fluctuations in costs but stay optimistic about refining their approach for better outcomes.
They’ve noted that their best-performing ad sets often run at higher daily budgets, which allows the ads to gain traction and optimize quickly, further enhancing their chances for conversion.
Building a cohesive and motivated team is critical for the entrepreneur’s business model. They favor a philosophy that encourages flexibility, allowing team members to determine their commitment levels while fostering a culture of high performance. This approach is expected to yield greater productivity without the downsides of micromanagement.
In addition to solidifying their current team structure, plans for expanding to three sales representatives are underway. They are strategic about cultivating a productive sales environment — one that prioritizes quality over quantity and focuses on client satisfaction and results.
With the goal to establish a coaching business capable of generating $1 million in liquid profit, the entrepreneur emphasizes intentionality in growth and impact. They're excited about the potential of showcasing their journey to inspire other aspiring coaches and entrepreneurs, while also focusing on their responsibilities to improve their offerings and client experiences.
Conclusion
The update from January showcases the entrepreneur's dedication to transparency, strategic growth, and a commitment to building a coaching business that prioritizes both profitability and client success. As they prepare to push their advertising efforts forward and expand their team, the goals set for Q1 reflect a promising trajectory.
This journey is one filled with learning and adaptation, serving as a testament to the entrepreneurial spirit and the constant pursuit of improvement and innovation. Future updates are anticipated as this business continues to evolve, offering insights and inspiration for anyone interested in the coaching industry.
Part 1/8:
Building an Online Coaching Business: January Update
In the ever-evolving landscape of online entrepreneurship, documenting the journey of building a successful coaching business can provide valuable insights for aspiring entrepreneurs. In this article, we’ll dive into the January update from one entrepreneur who shares their vision, progress, and strategic decisions as they work to scale their business.
The Business Overview
The entrepreneur operates two businesses, with the first one on track to finish January with total cash sales ranging from approximately $770,000 to $1.1 million. After accounting for advertising expenses, the goal is to net around 45% in profit, which is planned for reinvestment into the business for advertising and team growth.
Part 2/8:
With the objective of creating a business that grows sustainably, the entrepreneur emphasizes the importance of building foundational elements before diving deeply into the advertising and marketing phases. They express a wish for similar transparency and guidance when they were beginning their journey, particularly when transitioning from a lower revenue mark to higher monthly sales.
Progress Over Three Months
Part 3/8:
Crossing the three-month mark, the entrepreneur reflects on their experiences, noting a shift in strategy approaching the holiday season. In December, advertising was limited after the first five days due to low engagement from their target market, which was influenced by the holiday season mindset. However, as they entered January, they began to see a significant return on their investment, boasting a 3X return in the first days of the month and anticipating even greater returns as payments flowed in over the next few months.
The Sales Process
Part 4/8:
Central to their success is the use of a Video Sales Letter (VSL) funnel. This automated system allows prospective clients to engage with educational content before booking sales calls, significantly optimizing the sales process. The entrepreneur reports a show-up rate of about 60%-65%, with a close rate of approximately 30%. This automation has alleviated the burden of constant content creation, allowing for revenue generation even during slower, less productive days.
Their target for Q1 is ambitious — aiming to achieve monthly revenues between $200,000 and $300,000. Currently, there is one full-time sales representative handling calls, with the plan to increase their team as recruiting efforts ramp up in February.
Marketing Strategies and Advertising Spend
Part 5/8:
The entrepreneur details their advertising strategies, revealing insights into their Facebook ads campaign. On average, they set a daily advertising budget across multiple ad sets designed to target specific audiences. They’ve experienced fluctuations in costs but stay optimistic about refining their approach for better outcomes.
They’ve noted that their best-performing ad sets often run at higher daily budgets, which allows the ads to gain traction and optimize quickly, further enhancing their chances for conversion.
Team Dynamics and Growth Plans
Part 6/8:
Building a cohesive and motivated team is critical for the entrepreneur’s business model. They favor a philosophy that encourages flexibility, allowing team members to determine their commitment levels while fostering a culture of high performance. This approach is expected to yield greater productivity without the downsides of micromanagement.
In addition to solidifying their current team structure, plans for expanding to three sales representatives are underway. They are strategic about cultivating a productive sales environment — one that prioritizes quality over quantity and focuses on client satisfaction and results.
Future Aspirations
Part 7/8:
With the goal to establish a coaching business capable of generating $1 million in liquid profit, the entrepreneur emphasizes intentionality in growth and impact. They're excited about the potential of showcasing their journey to inspire other aspiring coaches and entrepreneurs, while also focusing on their responsibilities to improve their offerings and client experiences.
Conclusion
The update from January showcases the entrepreneur's dedication to transparency, strategic growth, and a commitment to building a coaching business that prioritizes both profitability and client success. As they prepare to push their advertising efforts forward and expand their team, the goals set for Q1 reflect a promising trajectory.
Part 8/8:
This journey is one filled with learning and adaptation, serving as a testament to the entrepreneurial spirit and the constant pursuit of improvement and innovation. Future updates are anticipated as this business continues to evolve, offering insights and inspiration for anyone interested in the coaching industry.