How to Build a Scalable Online Business

Sigrun Online business coach

I made lot of mistakes in my first year and then with, business coaching, I started to understand how to build an, online coaching business, a scalable business, and a sustainable business. My, online business, took off to seven figures.

My guest today is Sigrun, business coach and mentor. Online businesses, are booming, the pandemic has forced everyone online; so even if you didn’t have an, online business, before 2020, hopefully you have one now, because having an, online business, is the global trend.

I understand that 20% of the people who went online because of the, pandemic, will stay online because they just find shopping online more accommodating and useful.

Sigrun,  is going to give us some information on how to be successful in your, online business.

Listen to the full interview here 

Introduction to building a scalable online business

Sigrun Bio

Sigrun, started her, online business, and quickly built a multiple seven figure, online coaching business, with membership, coaching programs and masterminds. She has helped women from all over the world start and build their, online business, to six and seven figures.

In 2020 she founded a real estate company around two properties and started her first fund.  Her next brick project is an International conference in Iceland called the, self-made summit.

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Transform Your Mind Podcast Player FM

Helping Women succeed in their Online Business.

Myrna – is your coaching specifically for women or everybody?

Sigrun – I would say it’s specifically for women, even though I have a few male clients. I don’t turn men away; but my mission is to accelerate gender equality. I’m doing that through, female entrepreneurship.

Myrna – Very interesting story, it says that you started your, online coaching business, because you lost your job twice in two years and then you became sick for seven months which made you become an, entrepreneur.

A lot of people during this, pandemic, are suffering a similar fate, because they lost their jobs or they were sick with, COVID-19, or something like that. What happened to you in 2014 is happening to a lot of people right now.

Can you share your story and hopefully inspire someone who has lost their job.

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Sigrun – I got sick in 2010, so that’s over 10 years ago.  I had been a CEO for a number of years and then I moved from Iceland to Switzerland. I got a job in a small company where I didn’t have to do many meetings, I just sat on my desk for nine hours a day. I developed something called RSI which is repetitive strain injury.

After I got this injury under control, I started to ask myself. Do I really want to go back to work nine to six, nine to seven, you know work nine or ten hours at the desk?

I could be working from home and that’s when I started to taste the freedom and flexibility of potentially an, online business. Many people will just not have a business idea, and I struggled with that piece. I spent several months trying to figure what my, online business, should be.

I ignored the obvious choice which was a, business coach, because I had been a CEO for 10 years with a master’s degrees including an MBA from a business school and still the idea of being a, business coach, was somehow too horrible.

Don’t think too much about your online business idea, just do it.

Overthinking and not moving forward is the most dangerous place you can be.

Myrna – A lot of people do that, people always think that they can only start something when the time is or they have the funds etc.

But it’s a fear of failure that prevents them from moving forward.

It’s better to take the first step even if it might be wrong step. It’s better to take some step than no step.

Sigrun – Finally after 18 months of being inside my head and overthinking, I started my, online coaching business,  January 2014.

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Hire a Business Coach to Help you with your Online Business

The next challenge came when I thought I could figure this out on my own.  I had decided to be a, business coach, but I didn’t know how to coach myself.

Myrna – The problem with that scenario is a lot of times most,  entrepreneurs, do it all in the beginning, because they don’t have the money to hire a, business coach.

Sigrun – How we get past that financial situation in the beginning is  there are lots of programs that cost nothing and still give you enough steps to move forward. As you grow your own funds, you can invest in more expensive programs.

My lowest price, coaching program, is $3000 and I know that it’s possibly out of reach for some people, but at the same time I offer a lot of free content.

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Look for Free Programs to Help you With Your Online Business

I have a podcast where I offer, business coaching. I also have free trainings every three months or so that people can join. So you can get to a certain point with free stuff.

After nine months of thinking I could do it on my own in 2014, I pulled out my credit card and invested $5000 in a, business coach.

It was like what I call a rocket up my butt.

My, online business, took off. After nine months of what I call throwing spaghetti at the wall, the puzzle started to work out for me.

I made lot of mistakes in my first year and then with, business coaching, I started to understand how to build an, online coaching business, a scalable business, and a sustainable business.

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How to create a scalable online business

I went into business with the aim of making it, scalable, sustainable and profitable. I had run multiple businesses before and one thing that I didn’t like was when revenue was tied to the number of employees.

That’s the beauty of an, online business, of offering courses and, scalable, programs, memberships and masterminds, that is not so people dependent.

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How to Scale your online Coaching Business

It was about mid-second year that I started my first, group coaching, program and immediately sold out. I had two groups of six people. I started with six people, because I saw some other coaches do it.

Then I tried eight people and then ten people and twelve people and it took me a year to finally then offer a group of 18 people. My first 18 people group stayed with me for two more rounds.  Every, group coaching, program ran about 10 to 12 months.

Then I started to ask myself if 18 people was the limit?  I can run maybe five groups at the same time, but that is a limit again. How can I scale from there?

So in 2018, after doing 18 people, coaching groups, for a while and getting to the limit of how many groups I can run, I decided I was going to have a more, scalable, program. I get other coaches to come in with me and coach separate groups. This was a huge step for me.

Myrna – Tony Robbins is making millions doing that. He trains coaches to do his, coaching program.

Sigrun – Absolutely, now I have six coaches plus myself in this, coaching program, with 500 members, so totally doable to scale to that size.

 

How to start on online business

I can literally take an absolute beginner on a 10-week journey and they will:

  • Build an email list.
  • They will create their first or next, online course, that is four weeks.
  • They will sell another, coaching program, that they also come up with in the program.

 

So, after 10 weeks they have an email list with excited buyers, they have created an, online course, that is four weeks and they start the process of creating a second program that is longer than four weeks.

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The seven stages of a profitable online business

  • Stage one: one-on-one coaching. I do believe people benefit from doing,  one-on-one coaching, you start the seven stages with stage zero which is sometimes confusing. Stage zero you’re not making any money, that’s the research stage. That’s where you can for instance, create a course that is for free.
  • Stage two- Offer your first online course for free. A free four-week, online course, so you create something with your clients and then you know that people will like it, and then you can more easily sell it. So, in the research stage, you’re not earning money, but you are talking to your ideal client, you’re figuring out what you like, what they like.
  • Stage three – you start with, group programs. In stage three you have your four-week, online course. I highly suggest that people have a four-week, online course, as the first, online course, they create. You circle to the free 4-week, online course, you gave away for free in stage one. Now you can add testimonials and charge.
  • Stage four – once you have created a small, online course, this gives you the confidence to create your signature, online course. A signature, online course, is typically 8, 10 or 12 weeks. This is where you can start to really scale your, online business. The year I created my signature, online course, was the year that my revenues increased from $340,000 to $1,000,000.
  • Stage five – You want to finish your ascension model. Your  ascension model is literally the journey you want to take your client on. It’s 27 times more expensive to always get new clients, so you need to create a pathway for your clients to move up when they finish one, online course.
  • Stage six – Then there’s another problem I needed to tackle. Now I’ve created my, online course, how do I sell it? How do I launch my, online business?
  • Stage seven – Then I have a final program at the top where I take clients to a million dollars in revenue. I only work with 10 or 12 women at this level.

Your Ascension Model

  • I have an, online course, called Momentum. This is where they stay with me for 12 months.  They learn how to launch their, online business, again and again.
  • Learn how to get new clients.
  • Learn how to do Facebook ads.
  • Hopefully reached $200,000 in revenue

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It is important to know the numbers. If you have 100 people interested in your, online business, typically only three will buy.

In an, online business, we don’t talk to everyone, we do a webinar or we do a podcast.  We do different things, this is the marketing attraction model.

If you can envision a pyramid. At the bottom is the entry level program. In my case it’s a $3000 program, but for a lot of businesses this could be something like a four week, online course, for $197 or $297.

That’s the first taste of working with you and if people like it, they’ll move to the next stage. In my case I have kickstart, online course. Then they just keep moving up the pyramid.

Conclusion Online Coaching Business

Tell us about your, self-made conference, coming up for a thousand, female entrepreneurs.

The, self-made summit, was supposed to happen in 2020 we all know what happened, now it’s been moved to 2022. It is for, female entrepreneurs, so all the speakers are seven figure women who have built an, online business, in different industries.

 

These women built million dollar businesses and now they want to share their journey and their steps for others who want to follow or just be inspired to take action.

I’m all about action and implementation, so it will not just be inspiration, people will walk away with real action steps that they can take in their, online business.

I have one young speaker, Haley Thomas, she has worked with Michelle Obama.  She is a super inspiring young black woman who has built a non-profit helping children eat healthier.

How they our readers connect with you and buy tickets to the, self-made summit?

sigrum.com is where people can find everything about me and the conference of course and it’s sigrum.com/selfmade summit

 

I want to thank you guys all for tuning in to the Transform your mind radio podcast and TV show. Hopefully your mind was transformed

today on possibility of a successful, online business.

I want to invite you guys to join my Facebook group called Life coach where you’ll be inspired daily by dozens of coaches that we have on the platform including myself so thanks again.  Please subscribe to the podcast and leave us a review.

Additional Resources

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15 Benefits of Hiring an Executive Coach

 

How Women Entrepreneurs can Succeed Using a Growth Mindset

Kris Jenner growth mindset

Women entrepreneurs, who feels called to have more wealth and need a, growth mindset,  so that she can have more impact and influence and create generational wealth for her family. 

My guest today is Lola Tomorrow. faith-driven Chicago-based entrepreneur, philanthropist, and highly sought-after business mentor for high-performing women of faith who are striving for financial freedom.

Listen to the Full interview Here:

Introduction Business Mentoring

Highlights from her background include  ● National Advance Associate for former First Lady Michelle Obama. ● Successfully managed and curated more than 300 profitable events. ● Organizer and Creator of TEDxWillowCreek, ● Single-handedly raised more than $500,000 for numerous not-for-profit initiatives and star-studded community events. ● Founder and Executive Director of iGlow (Inspiring Girls to Lead Our World) Mentoring which serves 3,000+ girls in the Chicago metro area.

As we face this global economic shift, Lola feels called to equip women to retool their business strategies, reinvent themselves, and inspire them to lead the way in our ever-changing economy. TMRWLive! A Virtual Experience was born out of her desire to empower women to trailblaze their own path to success.

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Myrna – Can you give us a short intro into your journey into becoming a, business mentor. 

Lola – I became an, woman entrepreneur, by accident.  I never desired to work for myself, I was not really exposed to the world of the, entrepreneur. I just had a passion to do more than what I was doing in my nine to five job.  Little did I know that passion to do more would create additional streams of income that would surpass my 9 to 5 income. 

I started taking the role of a, business mentor, and having the ability to influence others seriously.   I’m generally the type of leader who is bold enough to have the conversations most people might be ashamed of.  I’m bold enough to tell you that I was bankrupt.  I’m bold enough to tell you that I was sleeping in the back seat of my car for months.  I am bold enough to give you the level of transparency, not just so you know my business; but so that you can take the wisdom from my mistakes and stand on my shoulder. What I’ve been able to accomplish by 35, you can accomplish double by 40. That’s the power of a, business mentor.  The real power of, mentorship,  has the ability to cut your success time in half.  What took me five years to do, will take you two and a half years to do. 

Creating a business strategy for woman entrepreneurs

Myrna – One of the reasons that people come into the coaching conversation is because they’re hoping that someone will speed up their journey. 

Tell us how you transitioned from not wanting to be an, entrepreneur, and starting the TMRWlive experience. 

Lola – What I am really on a mission to do is I want to begin to teach and show, women entrepreneurs,  that you can have a level of sacrifice, you can have determination; but you can do it while still prioritizing yourself. 

Still prioritizing your well-being for some, entrepreneurs, you need to be working your business while still working your full-time job.  It’s not time for you to jump out completely and just work your business full-time. 

So I think there’s a, business strategy,  as we begin to evolve and grow that we can really embrace, entrepreneurship; but we can embrace it with practical thinking and practical thinking.  

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Mentoring women entrepreneurs to have a growth mindset

One of the first things we work on with the, women entrepreneurs, who come into my, mentorship, program is having a, growth mindset.  A, growth Mindset, says that I will do what is necessary to grow my business. And if that means delegating tasks, then I am willing to do that.  I tell them, your business is not your baby. If I pull a group of moms in a room and I to ask a group of moms if your baby was in the middle of the street and a car coming 60 miles an hour, what are you going to do?  The organic response is I’m going to push my baby out and I’m going to be willing to die for my baby. 

That is the natural response. We have had this thought about our business, we’re willing to give up our marriage for a business. We’re willing to neglect ourselves, neglect our health, neglect our finances etc. We got to put a business in the place that it belongs. Your business is not your baby,  your business is your business you need a, growth mindset, to know the difference. 

Myrna –  I wrote a book that’s called “Minding My Own Business” because I’ve always been of the, mindset, that you can’t become wealthy working

for someone else. 

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What is a Growth Mindset

Let’s understand the, growth mindset. How you teach somebody that feels that their business is their baby to change their, mindset? 

Lola – I’m not a, mindset coach, so the first thing I do is to recognize my level of genius.  I  partner with a, growth mindset, coach. Her name is Sean Strickland and she works with my clients on their, growth mindset. He works with your, mindset, around money, your capacity for growth etc. 

You have to be committed to the journey. Your journey might look different from another person’s journey; but if you stay committed to your journey you will achieve success. 

One of my, growth mindset, tools is prayer. I’m a woman of faith,  it’s ingrained in everything I do and everything that I think.  Partnering with God has been the biggest superpower in my entire career. 

 

How to Pray as a Woman Entrepreneur

Myrna – You mentioned that you are a faith-based leader.  How should we pray as a, woman entrepreneur? You said that you teach women to shift the way they pray.  How should, women entrepreneurs, shift they way they pray for their businesses? 

Lola – A mentor of mine, her name is Dr Tiffany Jordan she is a, prayer strategist. Before meeting her I had never been exposed to this concept of a, prayer strategy. A, prayer strategy, is a way that you pray for different things you want in life. There is a way, woman entrepreneurs, should be praying as it pertains to their business. I had never been exposed to the concept of a, prayer strategy, before.  

I said the same prayers like, Lord bless me and bless my business and I thought that was good enough; but there is a way that you can activate the word of God as it pertains to your business. I had never been exposed a, prayer strategy, before I met Dr Tiffany Jordan. Check out her “book of prayers”. 

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Resources for Women Entrepreneurs

  Myrna – What are some resources, women entrepreneurs, can use to scale their business and have a, growth mindset? 

  • The first one is partnering with God. 
  • The second thing is learning not to get validation from Instagram and other social media sites. I tell people don’t get lost in the social media celebrity world.  
  • Third –  Find the, language for your purpose.  

 

Language for your purpose, means speaking life into your, purpose and destiny. 

I started going through levels of, inner healing.  I didn’t even know I needed, inner healing.  These where things from your childhood like self-sabotage and rejection.  All these things that started coming up as I started to get to the next level in my business. 

I had, limiting beliefs,  about money and she helped me break through that.  I learned a, prayer strategy, to remove my, limiting beliefs, about money and other childhood trauma. 

The prophetic  word for women entrepreneurs

The final resource for, women entrepreneurs is the, prophetic word. Prophet Katara Ho literally changed my life and changed my entire business, because she has exposed me to the world of the, prophetic.  The, prophetic, energy can really propel you to your next level in business. 

Myrna – language for your purpose,  I love that phrase. It’s a way of saying that you should speak it into the atmosphere!  You’ve gotta be be careful

that you’re not saying that, it’s not possible or you can’t do it or it’s too hard etc. 

The, inner healing, part is also big because most, women entrepreneurs,  have some kind of hurt in the past that prevents us from reaching the top of our lids. 

Whether it’s childhood trauma, whether it’s betrayal by men,  whether it’s where we were born on what side of the tracks. 

Specifically as, black women,  we’ve got some things that we’ve got to overcome So, the inner healing,  is so important. 

Business Strategy with Kris Jenner

Tell us about your collaboration with, Kris Jenner, and your two-day event TMRWlive virtual event.  

Lola – I put together this conference for, women entrepreneurs, of faith.  It was life-changing and it was amazing.  The first TMRWlive was a success and 

two weeks after that first conference, I was already thinking and planning for the next one. 

One day I woke up and, Kris Jenner, came to me.  I am not a Kardashian fan.  I don’t  dislike them, I just don’t watch TV.  So it was not natural for me to to think of, Kris Jenner.  I could not shake the thought for weeks,  so talked to one of my spiritual mentors and and she gave me a, prophetic, word. She told me, you’re going to work with her; but not now it’s going to be later. 

It was clear that God wanted this woman to be the main speaker of the next TMRWlive experience. I needed to teach women of faith they could learn, business strategy, from, Kris Jenner.  I knew that, Kris Jenner, had the goods to teach and to get, women entrepreneurs, to the next level as it pertains to,  business strategy. 

Like her or not you can’t deny what she’s done for the Kardashians family.  Most of us can’t create generational wealth to pay for a funeral when

somebody transitions without doing a GoFundMe. 

 

Faith based leadership for women entrepreneurs

Pastor Sarah Jakes Roberts is also one of the speakers. 

This conference is not for every woman, this is for the woman that literally feels called to have more wealth and need a, growth mindset,  so that she

can have more impact and influence.  This is not for the, woman entrepreneur, who just wants more money for nice cars and purses. 

This is the time when God is raising up kingdom-minded millionaires and billionaires, so that we can have more impact here on earth. 

This conference is not just something inspires you,  it’s meant to give, women entrepreneurs,  the, business strategy, to do the work. We’re going to pray and worship and love God; but after all of that you’re going to wipe the tears away  and you’re going to get in this workshop. You’re going to create a, business plan,  you get  to create the, social media strategy and you’ve got to get your, business formations, in order. 

 

Conclusion the TMRWlive virtual event

Our event is March 24th and 25th and it is the online virtual conference. More information can be found tmrwlive.com. Kris Jenner,  and, Pastor Sarah Jakes Roberts, are headlining the event; but we then have over 20 other amazing speakers that will be teaching on different topics of business and faith. 

Today we talked about, transforming your life,  as a, woman entrepreneur. 

If you were inspired by this podcast, please subscribe, rate and review. 

Thank you 

Additional Resources

 

Can you Guess your StartUP IQ?

Transform your Business Life: Dress for Success