When you started your business, you probably had this dream of making your own hours, having the freedom to sleep in, work from your couch, travel, spend more time with your family.
Freedom and flexibility are two of the biggest advantages of working for yourself.
So, WHY do most experts NOT have the level of freedom that they want?
One of the reasons is that they haven’t figured out how to create leverage by decoupling their time from their income.
And the first step to doing that is by choosing how you’re going to package your expertise in a leveraged way.
In other words, what OFFER and business model are you going to choose?
Before you can get leverage in your client attraction and enrollment process, you need to have leverage with your delivery.
That means shifting from being a service provider, or working with clients one-on-one, to a one-to-MANY model.
Let’s explore some of these business models, the pros and cons, and the advantages of the Hybrid Expert™ Method.
“I Think I Need an Online Course”
Many people will recommend creating a digital course as a way to package your expertise. And while it has the advantage of being a mostly hands-off revenue stream, there’s one big downside: because online courses are usually self-guided, the completion rates are VERY low – the average is in the single-digit percentages. That means your students aren’t getting the support and accountability they need to actually DO the work and complete your course.
And if you’re anything like the entrepreneurs we work with, it’s important to you that your customers get results from your programs and your expertise. You don’t want to sell them something and leave them out in the cold. Which is why many people will consider the membership route.
“I Could Create a Membership…”
The membership model is popular because of the concept of “recurring revenue,” or having consistent, predictable monthly income based on the number of people in your membership. Having a membership allows you to provide support for your community when they ask questions, and keep them engaged with new content.
The downside? The membership model relies on volume to be truly profitable, especially if you are charging less than $100/month. Which means you need to have a large audience to make it work. You’ll also need to take into account the “churn rate” of how many people will leave each month, and you’ll constantly need to be growing that membership.
Many business owners with memberships also feel stuck on a “content hamster wheel” where they constantly need to produce new content and training for their membership. There are certainly ways to make it work, but a pure membership model isn’t what we’d recommend for most as the best way to get leverage.
“Should I Start a Mastermind?”
So, what about masterminds? A mastermind is a high-ticket and high-touch program that usually relies on the person leading the group. This means it can be a step in the right direction towards more leverage, but because the allure of a mastermind is generally the small group dynamic and access to the founder, the level to which you can scale a mastermind is limited.
When we created our NLM ELITE mastermind in 2015, we were able to accommodate about 50 people total in that group. That’s why we eventually retired it and introduced the ASK Business Coaching program, where we are able to help many more people at once.
“So What’s the Right Answer?”
For many coaches, consultants, and creators, the answer lies within the Hybrid Expert™ Method.
The Hybrid Expert™ Method is a new way for multi-talented business owners to increase leverage, attract more leads, and create a more sustainable business model. It can be customized to fit YOUR life, your expertise, and your personal style.
It’s the best way we know of to get leverage in your business while still providing a high-quality, transformational experience for your clients.
Now, as you make the transition to the Hybrid Expert™ Method, you might choose to KEEP some of these other types of programs in your business – and that’s perfectly okay! The advantage of this strategy is that you do what works for you; it’s not all or nothing.
Whether it’s one-on-one calls with clients, a self-study online course, a group coaching program, or a hybrid approach, where you mix a number of different things, this method is about finding the most effective and efficient solutions for you.
The “mix” of your delivery determines how much leverage you have. How, where, and who delivers your expertise.
Join us for an upcoming free training for coaches, consultants, and “Hybrid Experts” all about How to Get More Clients Faster Using this Unique AI-Powered Client-Getting Strategy.