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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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.

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How to Adapt to New Abnormal after Coronavirus Pandemic

Coronavirus pandemic

The, coronavirus pandemic, has changed the world forever.  We would never return to the way we used to be, so we now have to adapt to the, new abnormal.

Is really important clearly, we’re making some bad decisions around the, coronavirus pandemic, and how we’ll recover from it. We are heading into a, new abnormal of, cognitive bias.  These are the  dangerous judgment errors that people are making around the, coronavirus,  pandemic, and their false assumptions of what’s going to happen in the, new abnormal, because we’ll never go back to before January 2020.

Dr Gleb Tsipursky, disaster avoidance expert, says that he has no crystal ball; but as a behavioral, economic, and, cognitive neuroscientist, his expertise is in recognizing the blind spots in our nature as well as, cognitive bias, that lead us to miss reality and make disastrous errors in our decision making. Find out how you can avoid disaster when the, coronavirus pandemic, is over.

Listen to the full interview Here:

 

Introduction to Cognitive Bias and the Coronavirus Pandemic

These, cognitive bias,  errors are costing lives and ruining livelihoods.  The information shared today will help you keep you safe and enable you to plan for the future in the, new abnormal, after the, coronavirus pandemic.

Myrna – Tell us what made you write the Book: Resilience Adapt and Plan for the New Abnormal of the COVID – 19 Coronavirus Pandemic.

Dr Gleb – I wrote the book after seeing lots of folks make some bad decisions around the, coronavirus pandemic, and their assumptions of what’s going to happen after the, coronavirus pandemic.

When I was first investigating the, new abnormal, as a behavioral economist, and, cognitive neuroscientist, risk management expert; I’ve been various sorts of future forecasting future proofing.  That we address the threats and maximize the opportunities that come to us in the future.

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What I saw was that people were just dismissing, COVID-19, as a disease in the middle of somewhere in Wuhan China.  I started investigating and found Wuhan is a huge city it’s 11 million people. It produces over 22 billion dollars in revenue.  It’s called the Chicago of China.  Wuhan is a transportation industrial hub with over 200 international flights per day.

It’s very well-developed city modern city and the, medical infrastructure, completely collapsed because of the, coronavirus pandemic. When you look at what was happening in January and February 2020, I could forecast the dangers of the, coronavirus pandemic. We are seeing this happen now in India as their, medical unfractured, has completely collapsed.

The Normalcy Bias and the coronavirus pandemic

Is really important clearly, we’re making some bad decisions around the, coronavirus pandemic, and how we’ll recover from it. We are heading into a, new abnormal. Cognitive biases, the dangerous judgment errors that people are making around the, coronavirus pandemic, and their false assumptions of what’s going to happen afterward because we’ll never go back to January 2020.

One of the biggest, cognitive biases, that causes us to make bad decisions not simply around the, coronavirus pandemic; but any sort of situation that might result in a major disaster is called the, normalcy bias.   The, normalcy bias, refers to us perceiving that the future will be much like the past.

We’re unable to really make good predictions and trend lines, for example, the fiscal crisis of 2008-2009. It was pretty clear that the rising housing prices was going to be unsustainable for houses.  It was it was clear; but people kept buying and then everything crashed.

Because I have this feeling this gut reaction this, normalcy bias, the natural implication or conclusion is that infrastructure without interventions will also be as badly affected as Wuhan and Northern Italy and, medical infrastructure, collapse.

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Myrna – so the, cognitive bias, is what you’re saying that people look at the past and normalize the future.

What is Anchoring in the coronavirus pandemic

Dr Gleb – An example of a, cognitive bias, is called, anchoring. Anchoring, refers to looking at what we know about a topic and using that as a filter for all future subsequent information about a topic. The, coronavirus pandemic, started in China in November 2019 and nobody expected it to come this way because, Sars and all the other, coronaviruses, stayed isolated in the African countries.

They did not realize that this, coronavirus pandemic, would cause the collapse of a major modern medical infrastructure and none of these, coronaviruses, were not nearly as infectious as, COVID-19, coronavirus.

So, people were using their past information to judge all future events and this is a, cognitive bias.

Anchoring, causes us to make really bad decisions in a number of areas including the, coronavirus pandemic.  The, normalcy bias, and, anchoring, are all applying to the world after, COVID-19. We anchored we look at the past, coronaviruses, we look at the flu because a lot of people were comparing the, coronavirus pandemic, it to the flu and we made some bad decisions.

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What is the cognitive bias that we need to remove in the New Abnormal?

In order to move forward, we know now that we underestimated, COVID-19, and now there’s another strain.  This is a very intelligent virus; it keeps changing a lot.

The first, cognitive bias, we need to remove in the, new abnormal, is called, hyperbolic discounting.  What we tend to do as human beings our intuition, our feelings causes us to be very oriented toward the short term. Toward what’s going to happen in the next few moments and discount the importance of the long-term future.

This new strain has collapsed the medical infrastructure in South Africa, Brazil and the United Kingdom.  The latest information is they’re more deadly than the current, coronavirus, strains.

The, coronavirus vaccine, are somewhat less effective on these new stains. The effectiveness of the Pfizer, coronavirus vaccine, goes from 90 percent to 70 percent effective. That means this new strain of, coronavirus, will become dominant in the USA sometime by March or April of 2021.

 

How to Prepare for the new dominant strain of coronavirus

  • Get into strict lockdown, because if you get sick with, COVID-19, you will be facing no prospect of getting into a hospital because the hospitals will be full.  Also don’t do anything that might be considered dangerous.  Don’t go skiing, don’t travel, don’t use power tools around the house etc.
  • You need to get supplies because there will be supply disruptions of various sorts. People will get into panic buying again. So you want to protect yourself now by securing supplies for yourself and your family.
  • You want to talk to your boss about working from home because this will be a bad time. If you cannot work from home, you should consider looking for another job.

 

Are we immune from the new strain of COVID-19 if we had the first strain?

If you caught the, COVID-19, then you are immune for at least three months.

But you can still catch this new strain of, COVID-19.  There are some cases where people do get re-infected and that depends on their physiology.

How do we adapt to the new normal of, working from home, social distancing, finding love on the internet because all the bars are closed?

What kind of, cognitive bias, do we have to remove?

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Cognitive Bias, the planning fallacy

Dr Gleb – One the, cognitive bias, that I think is really important is called the, planning fallacy.  The, planning fallacy, refers to making plans and expecting the world will go according to our plans.  You’ve probably heard the phrase failing to plan is planning to fail.

Unfortunately, the, planning fallacy, is the idea that our plans will often not go according to plan; but because of the, planning fallacy, we don’t put in enough resources to adapt to a new situation or contingencies risks and problems. We don’t pivot our plans nearly as quickly as we should.

So, you want to be aware that your plans for a life after, COVID-19, and getting back to January 2020 is very unlikely to come true because the, coronavirus pandemic, has already impacted our habits our values.  What we care about, and our norms.

We need to get ready for a world that after, COVID-19, will be a bit more virtual, crowds may be uncomfortable, meeting strangers at a bar will be uncomfortable. You will feel anxious around other people.

 

Business will do business different after COVID-19 pandemic

The world will stay virtual for example. Your meeting with your insurance agent will be virtual.

  • Real estate showings will remain virtual,
  • coaching will be virtual.
  • Many service professionals and sales people who are providing therapy or coaching services will remain virtual.

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Tell us about your book Resilience: Adapt and Plan for the New Abnormal of the COVID-19, Coronavirus Pandemic.

My book talks about how businesses, and individuals can adapt to this new abnormal during the last stage of, COVID-19 pandemic. The post recovery, how do you effectively collaborate virtually, for example.

How many people have taken the time to do a course in professional development on how to have effective virtual communication? After, COVID-19, if you are a more effective virtual communicator than other folks you can compete more effectively.

In the book that I talk about how to effectively survive and thrive in the last stage of, COVID-19, and the post recovery in a more virtual world, in a world characterized by more anxiety around interactions, in a world with supply chains disruptions.

How are you going to make sure that your business supply chains are protected?  You need to make a strategic plan for yourself. My book goes for the specific steps on the ways that you go about making a strategic

Plan for yourself as an individual and if you are a business leader within a business or if you’re a team leader with a team.

How do listeners get a copy of your book and connect to you?

My book is available in bookstores everywhere.  Readers or listeners can

get in touch with me from my blogs, videos podcasts, articles on my website www.disasteravoidanceexperts.com You can go to disaster avoidanceexperts.com/subscribe for a free eight video based course on making the wisest decisions and managing risks.

For those of you watching on YouTube would love you to subscribe to the channel.

If you’re listening on iTunes please subscribe and rate and review the podcast so that we’ll be able to reach a wider audience.

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we have inspiration messages daily from numerous coaches.

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Coronavirus: How to Protect Yourself