DISCOVER HOW TO EFFECTIVELY GROW YOUR ONLINE AND OFFLINE PERSONAL TRAINING BUSINESS USING THE VIRTUAL COACH

DISCOVER HOW TO EFFECTIVELY GROW YOUR ONLINE AND OFFLINE PERSONAL TRAINING BUSINESS USING THE VIRTUAL COACH

Get instant FREE access to over 500 hours’ worth of trainings on lead generation, charging what your worth, how to close new clients and building an online business

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The Power Of Subscription Within Your Business

Success Vaults | 19th February 2017 | Written By Joe Kensett

see-the-lead-magnet-strategy-we-designed-to-get-derek-over-3000-emails

WhatsApp ,Dollar Beard Club, Dollarshave Club, The Honest Co.

All worth millions…if not billions. The point…subscription works.

I’m obsessed with it! For me it plays a integral part in every business I own.

But, it didn't start like that…

For the sake of this blog. I’m going to give you a fictitious character. So lets pretend your name is Joe. You have a service business that strictly does high ticket at 1k plus. You only sell packages and take the money up front wherever you can for 8 week or 12 week packages. After the time period you then attempt to re-sell them onto the same programme.

Ok ok, maybe that was me few years back before I changed my service business to ALL subscription and never looked back.

Firstly, let me tell you why the above is an ok scenario but NOT the best. I was living every single month on NEW sales. I got into the mentality that I had to hit “X amount” PCM in sales (not cash) every month or I failed. I grafted like FUCK every month to hit my target by the last day of the month.

If I did, i’d be ecstatic…if i didn't I’d be pissed off. Although the ecstatic feeling only lasted for a couple of days before I had to do the same task over and over again, month after month.

Anxiety, stress, not seeing friends/family, forever “hustling”, not having time off in case I missed a sale, worse when I did have time off I’d just count the amount of money you’re losing by not delivering a session, worrying more about numbers than my customers, comparing my happiness to a % of close rate, worrying about lead gen the whole time, knowing I had to replenish clients fast as they had a sell by date and worst having to play “catch up” after a holiday leaving me more exhausted than before I went away!

Basically…shit…lol.

That description above was me 4 years ago down to a t! Now, I’m certainly NOT going to go all guru on you and tell you that life is now easy with no stress, no anxiety and it’s plain sailing. That would be a lie, BUT a lot has gone due to now building EVERY business I have with a level (if not all) of subscription within it…

…subscription plus maturity (yes growing up) has been a game changer for me.

It’s allowed me to take time off and get paid, spend time with loved ones, not have to live at 100 miles a hour, not have as much guilt (note I say “as much”), predict my earnings, helped me obtain a mortgage and more importantly helped me grow a business (or a few) without “busy person” syndrome.

**“busy person syndrome” you know, where you pretend you have a business but really you’re just busting your gut and if you had a week off you’d earn a big fat £0.

Pros And Cons Of Subscription

Heres some golden nuggets of why subscription is the bomb and why you should have it

> Your business is worth more money - seriously a business built with subscription VS a business built with sales will sell for 2 x PLUS as much.

> More predictable income. Know each month whats coming in and hitting your bank account.

> Build a business NOT be a busy person. Now this one is up for debate. BUT I’ve always found the subscription model easier to scale

> Consistent Income - say bye bye to sporadic income that jumps up and down month to month

> Reduced Stress - Genuinely, knowing your bills are covered each month is a blessing

> Be paid whilst on holiday and away from “work”. Yes really you can work it a way to get the same money each month even if you have time off.

There are so many more…these are just the few that for me personally, have not just been a game changer - but actually improved the quality of my life.

The Cons

I’ll be honest - there is a downfall to the subscription method you should be aware of.

> No cash injection - need cash? Then you’re going to have to sell a cash ticket first and move them into subscription later. We even run this model when we “launch” selling a product then upsetting to a subscription plan…it works 😉

> Subscription takes longer to build.

> Not understanding your churn rate will cripple you. Don't know what I mean? But the book below.

Let’s get to the good stuff….

How do you do this?

It’s actually not as difficult as you might tell yourself it is. If you’re anything like the old me then you’’ be thinking “but I sell a service not a product, people wont pay for it monthly”.

Firstly yes you can. High ticket, low end…either way you can still change it.

Don't believe me? I dare you to watch this as I prove you wrong (WATCH HERE)

Secondly, buy this book (CLICK ME). Before you buy it you must know, I’m not one of those guys that goes round telling people to buy certain books that will change your life…I’m just not that type of bali aligned/centred to my core type of person (if you are I'm just joking don't take it to heart!). In fact I rarely read that many books…well against the “entrepreneur” life code I know…sue me.

This book tho was responsible for opening my eyes to a new world of running a business. To which at the time was a dream for me to have and has since become my reality. 

If you want your eyes opened into a new world of running your business with less stress I highly recommend you read it.

see-the-lead-magnet-strategy-we-designed-to-get-derek-over-3000-emails

The First Three Steps To Subscription

Now you have the resources to start actioning subscription into your business it’s time to actually do the work. Something we talk about all the time.

It’s all well and good have the most amazing plan to improve your life, but actually executing it is a whole other level.

So when we first to add subscription into ANY business thats currently living off sales here’s how we do it.

We work on a sliding scale > want to know more about the sliding scale method for moving from offline to online? Then check back to our blog section in the next couple of weeks.

Step 1.

Decide where subscription can fit in your business.

You have multiple options here. Change what you’re doing into subscription (much like the video above). This is my preferred method as its the fastest. OR you can add in a lower subscription into your business for people who cant afford the “high ticket”. Both work…just decide, there’s not a magic approach. We go from £50 all the way up to £15000 in terms of services we offer on a subscription basis.

Step 2.

Look at your current personal expenses.

I’m going to pick out a example from thin air. Lets say your mortgage/rent, expenses come to 3k per calendar month. The first thing we will look to do is get your “bread and butter” taken care of. The outcome > your bills covered everything month. So if your business relying on sales breaks down or you take time off…you can survive.

Step 3.

Scale like a mother fucker

You’ve decided what model you’re running. You’ve covered your expenses. So now scale the model until you have as much as possible in subscription…in my perfect scenario ALL.

now-you-need-to-sell-those-leads

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Joe Kensett

Co-Founder Of SV. Joe made his way onto the self employed scene starting off with mowing bowling greens. Now Joe and Neil own/invest in a handful of business' where together they steer to success. Their success still baffles them as much as it does you 😉

WHAT'S YOUR BIGGEST STRUGGLE IN YOUR BUSINESS?

DISCOVER HOW TO EFFECTIVELY GROW YOUR ONLINE AND OFFLINE PERSONAL TRAINING BUSINESS USING THE VIRTUAL COACH

DISCOVER HOW TO EFFECTIVELY GROW YOUR ONLINE AND OFFLINE PERSONAL TRAINING BUSINESS USING THE VIRTUAL COACH

Get instant FREE access to over 500 hours’ worth of trainings on lead generation, charging what your worth, how to close new clients and building an online business

Get instant FREE access to over 500 hours’ worth of trainings on lead generation, charging what your worth, how to close new clients and building an online business

GO TO THE VIRTUAL COACH
GO TO THE VIRTUAL COACH

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