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