I specialize in helping coaches/consultants reach $500K per year. One of the most common questions I get is, “How is that possible?”
In this post I’m going to give you the exact blueprint to take your coaching/consulting practice to $500K. The great thing is once you reach that level you have the option to take your practice to 7 figures and beyond.
I’m assuming you deliver a result or transformation worthy of the price points I’m using which are $25K, $10K and $3K.
If you don’t charge this much, invest time and brainstorm ways you can improve your offer so you can.
To keep things simple each of the price points reflects a one time sale and a particular level of service. So this model isn’t going to cover recurring revenue.
I am also going to base this on 50 weeks instead of 52. I figured I’d let you have 2 weeks of vacation. Pretty nice of me, right? 🙂
With the pricing structure outlined above you need the following to reach $500K per year.
That’s a total of $500K for the year. We got there with 79 sales for the year.
At this point you might be wondering the 79 sales come from. Let me break it down for you.
Most coaches/consultants use strategy sessions to sell their services. You might have a different name for it (and you should).
If you enroll 1 out of every 5 strategy sessions you hold then you need 395 strategy sessions for the year or 33 a month. That works out to 8 strategy sessions a week. (technically 7.9 but who’s counting).
Oh yeah we are. 😉
Depending on the show up rate to your strategy sessions you need somewhere between 10 and 27 leads a week. (Assuming you have between an 80% showup rate and a 30% closing rate)
With practice and fine tuning you will be able to improve both your closing rate and your show up rate. Which means you’ll need fewer leads and strategy sessions to hit your goal.
For right now though let’s work with enrolling 1 in 5 and a 50% show up rate. That means you only need 16 leads a week.
Think about it.
With the right processes and packages in place you’re 16 leads a week away from $500K, or more, per year.
How would that change your life?
How would it change your business?
What would you do differently?
It’s fun to think about isn’t it?
What if you did something more than think about it?
What I’ve given you is the exact blueprint to hit $500K per year with your coaching or consulting business. And like everything in life there are many moving parts to building a $500K per year practice.
If you’d like to learn more about how I help coaches and consultants reach $500K per year book a time on my calendar.https://meetme.so/MikeMcMahon
After you select your date and time you will be directed to a questionnaire. The questionnaire helps me be prepared so you get the most out of our call.
Go ahead and book a call now while you’re thinking about it. https://meetme.so/MikeMcMahon
Mike McMahon has personally closed more than 12,000 sales. But, after mastering, teaching and using every closing trick in the book, he’s taken high-performance selling to a new level in perfect pitch for the unique challenges of selling in the digital age. In Sales Mastery for Coaches, Mike blasts what was once his bread and butter as “Battlefield Selling” a brutal high-stress (for both coach and client) and primitive system, and prescribes a new, fun, and civilized way forward that gets big results! Insightful author, high-content speaker, and can-do coach, Mike McMahon has a stellar track record of helping coaches breakthrough their sales roadblocks so they can have a blast enrolling more clients while making a bigger impact. He is the creator of Sales Mastery For Coaches, the cure for what coaches hate about sales.