One of the first questions a new business owner should be asking herself is, what’s the quickest way I can earn money in this business? Luckily, the quickest way to your first paying client is also the best for your business, and in this video, I’ll show you why.
I always coach my clients to start with their one-on-one offerings when starting a new business instead of spending time creating ebooks, courses, or other products — even if that’s the way they eventually hope to go.
The benefits of working 1:1
1. You can start earning now. Working one-on-one requires the least amount of preparation time before you can take paying clients. Hopefully you’re already an expert at the skill you’re selling, be it coaching, copywriting, design, or anything else. When you take a one-on-one client, you can get started on the work right away, whereas when you put together a product or even a group program, you have to spend time putting together materials and collateral — and that’s time you’re not necessarily getting paid for.
2. You build your own knowledge from real interaction. Another great reason to start with your one-on-one offerings is that you get to learn from your clients as much as they learn from you. You’ll get invaluable information about what works in the “real world” from working with one-on-one clients.
And I think you’ll be surprised when you find out what clients actually want from you compare to what you were expecting.
3. Your income potential. Finally — and maybe most importantly to the new business owner — one-on-one offerings tend to be the most expensive thing you offer. People expect to pay more to work individually with an expert and have you putting all your focus and expertise on solving their problems. Plus, before, during, or after your one-on-one work with a client, you can upsell them up to 30 percent on additional services — something that’s much harder to do with a bundled product or group program.
Think about it this way: If you can charge four figures for work with a single one-on-one customer, you might only need two to five customers per month. If you’re selling a course or ebook that only costs a few hundred dollars (or less), you’ll need to sell dozens more to earn the same amount each month. It’s really just simple maths. Your life will be MUCH simpler if you only need a few higher priced customers rather than a lot of lower priced ones.
So.. it’s pretty much better all round?
In short, working one-on-one when you’re just starting out means that you can start working — and earning — more quickly, you’ll learn about what your customers really want and need from you, you’ll get valuable feedback and testimonials, and finally, you’ll be able to earn more money with fewer customers and leads.
I started out working one-on-one long before I ever tried to put together a group program, and it’s definitely been incredibly beneficial for my business. It’s what I council almost all of my clients to do with their businesses, too.
What do you think?
What do you think is the best way to start earning money in a new business?
Have you already got a business and started out doing 1:1?
If you’re curious to find out more about how you can start your business check out my new free training below: