Time is finite.
Which basically means there's a limited number of hours a day that you can work. Even if you work 24 hours a day, you know you’ll crash if you do that. And if you are a coach or a consultant, doing some sort of work that requires your time, there's a glass ceiling. There's a limit to how much you’re going to be able to actually produce during the day, because you only have so many hours of work that you can actually work.
Besides that, you may also have admin tasks, house tasks, and taking care of family and/or your pets. Even your hobbies take time. Life is chaotic and very much finite in the time department.
So, how can you scale knowing you’re limited by all these factors?
Another Stream of Income
The key to scale is to create a stream of income that excludes you from doing the work. Especially if you are a coach or a consultant. In your business, the product you sell is you. And you, as I mentioned, have a limited number of hours in your day. You can’t scale your business when you are the product.
Instead, you need to focus on selling a product that doesn’t require you giving up time to provide the fulfillment of the said product. It’s actually passive. It works, once it's set up properly, on its own. And more importantly, it needs to be evergreen.
What is evergreen?
Ever-lasting. Always in demand. Sales are constant year around.
A fully evergreen product should be a guide, a course, or a template that you can sell, over and over again. And they should be centered around frequently asked questions, frequent DM conversations on your social media, or things that come up often in sales calls.
For example, in my niche (automation and business systems), people are constantly asking me how to set up their scheduling. Or what is a good process to onboard a client. Or what is a comparable list of project management software. To me, these questions drive fantastic potential for an evergreen product. Because they allow me to answer these common questions without me having to be there and I get paid a fee for the sale of the product. It’s a win-win for both the prospect and myself.
There are also Semi-Evergreen Products
Another kind of idea is to do a semi-automated semi-involvement. And group coaching is a terrific way to make your services semi-evergreen.
For example, let’s say you offer two sessions a month. One with your involvement and one with the group meeting on their own. When they meet on their own, they talk, ask and answer each others’ questions. They can also work on an assignment you have for the group.
Essentially, you've built a community.
You don't have to be there every time. You just have to make sure that you make someone the team leader for that group session, and give them benchmarks and guideposts for them to lead the way on.
What is an evergreen product?
How to Price an Evergreen Product
Your pricing needs to be obviously according to the value that you are giving, but you have to understand that once you sell this, if you're selling 10 of these at $20, you're making $200 and that's it. You've already done all the work. And, it usually pays itself back really quickly. Especially if you're using a product like ThriveCart to sell, because it requires a one-time payment and you're not paying a monthly fee. ThriveCart is a SaaS product (software subscription) that helps you to promote and accept payments for physical products, digital products, subscriptions and services to your customers.
Personally, I highly recommend ThriveCart to anyone who is looking to launch an evergreen product. It allows you to create gorgeous cart pages for a one-time fee (which is unheard of in this industry).
It costs $500 to set up your life-time access. Once you pay for it, that’s it. Unlike many, many other similar SaaS products like this, who charge you per sale ad infinitum or an exaggerated monthly fee you will have to pay forever!
You’ll be making your money back in no time and profiting soon thereafter.
Let’s say you're selling a monthly coaching call and you open it up to 10 people and each person pays $25. That's $250 that you've made in that one hour. And that’s one hour that you usually charge, let's say $150. You’ve just upped your income by $100/hour. (Adjust these example prices for your own, obviously).
What you have to see here, is that when you define this time as a group call, you give it for less money per person, and you're still giving value, PLUS you are earning more per hour. In other words, it costs your customers less to buy, and yet they are still getting a ton of value for the product, and you create another revenue stream for yourself. It’s a win-win for everyone.
Winning back your time and scaling
The whole idea behind evergreen products is to get your time back and scale your business at the same time. As a coach, 1:1 sessions alone will never allow you to scale - ever. Sure, you can raise your prices, but there is a ceiling to that as well.
With evergreen products, you are only limited to the size of the traffic you can drive to the offer and convert. And once you convert, you’ve created a source of passive income. Most especially, if you use ThriveCart in which after paying off the initial sign up fee, all the profits are yours entirely.
If you have any questions about evergreen products, email me: email@example.com