A question I frequently get is around how I managed to create the business I have, over $500,000 in revenue, from hosting small live retreats.
I was a coach working with both corporate employees who weren’t clearly loving their work, and entrepreneurs who were still finding their groove. I had a handful of clients – 6 to be exact. I wanted to model some of what I saw out there by creating a mastermind group with live retreats and private clients alike. I had an idea that I would be good at leading retreats based on past things I had dabbled in in my career, but I had no experience. I’d led a total of ONE half day workshop to date. With the mastermind I’d envisioned, I knew I wanted to raise my rates and lengthen my coaching commitment (I was doing 3-month agreements at the time).
Now, the little fear voice in me said, “you can’t raise your rates unless you have somewhere to put people who don’t want to invest at that level.” So I created my first group program. OK, it was my second group program technically because the first one I’d created before I had 1-on-1 clients was an epic flop. Seriously. Crickets. I launched a 3-month group coaching program for $997 and put 12 people in it. (In truth I offered it to some of the people for half that). And that was enough to let me feel good about the new plan. Now, I want to add that when I say I “launched” it I mean I sent emails and did a teleclass and all of that, but the people actually came from me going out and meeting people and talking with them and asking them to buy. This is important.
So between my current 6 private clients and the 12 people in the group, I knew I had a critical mass to pull from to fill my retreat. I offered the retreat for free to my private clients, and a very reduced rate ($147) to my group program clients, and for a whopping $247 to everyone else I called. Combined I put sixteen people in the room, and from that 16 I launched my first 6-month mastermind program that included the retreat. Six people bought in the room, and a few more people joined from my follow up phone calls. Within a very short period of time I went from 6 clients who may or may not continue to renew, paying a fairly low rate, to a group full of private clients all paying at least $1000 / month. This meant what? Yes… recurring revenue. My business literally transformed over night by making that one decision (which was actually a series of decisions).
Now, I had people telling me I wasn’t ready to have a retreat yet. I’ve talked with some of you who have gotten similar advice. Here is the question to ask yourself – do you know that this is what you’re meant to do with your life, and that it perfectly aligns with your skillset? Or maybe, do you at least have an inkling that you might be great at it? Then go for it!
Now, luckily I had learned a lot along the way about the HOW behind it. And in case you missed it, that’s what I’m offering in my new private coaching program. I’m opening 1-2 slots to work with people at a high level to help them build from 6-clients to 6-figures in a short period of time.
Here’s the link again to apply should this program speak to you.