A Business Model To Earn 80% of Your Income by Showing Up Once
The right business model that creates passive income.
Gary King helps businesses create a business model that generates passive income. He offers mentoring to small and medium sized businesses. He is walking the walk. He’s delivering exactly this business model for his own mentoring business Tendo UK. They are based in Leeds, West Yorkshire.
This is about building the right business. And this is using the right business model. A business model isn’t a business plan. A plan gets you from A to B. A business model is something that helps you create and deliver intrinsic value to your customers.
In an environment where we are all time-poor. This is about creating a business that allows you to serve your customers WITHOUT trading time for money.
Coaching Consulting Mentoring
There are a lot of good coaches, consultant and mentor. The average number of clients they typically have is 10 to 12. Some will have fewer clients and will be barely making ends meet. There is a limit to earnings based on how much they can charge per hour or day. And then by how many hours or days they work per week.
This time for money business model limits earnings.
So how does a coach, consultant and mentor serve their community when they are not working one-to-one with the client?
Passive Income is the Holy Grail for Most Businesses
It does not not matter what your business is currently. Passive income is a business model that can transform your fortunes.
Ask yourself this question. Are you currently paying for a subscription?
This might be Xero accounting software or simply paying your accountant on a monthly subscription. You might have signed up to food business Graze. You can buy all kinds of products and services on subscription like shaving kits, contact lenses or adult acne lotions.
Why the Holy Grail?
This passive income business model is all about earning money when you are not there. When you are asleep. On holiday. Or just with other clients.
It is also predictable income. For most small businesses, income can be hand to mouth. A good month, followed by a poor month. Because they have been in delivery mode or because they aren’t bringing enough nw projects into their businesses.
Showing Up Once
Unless you are one of the half a zone gurus in this world, most of our techniques we deliver are from previously though through concepts.
It does not matter whether you are on a stage, or one-to-one with a client. You may be doing a podcast or webinar or Facebook Live. Gary advises you create your own intellectual property by interpreting the tools, concepts and techniques for your specific areas of interest.
How would you interpret how a particular tool or technique is used for the clients of your business?
You create your own intellectual property. Then, you package that IP for your audience when you are not serving them one-to-one.
An Online Course
For many coaches, consultants and mentors who have targeted their ideal customer correctly, they will be charging a premium for their services.
The fact is, this premium will exclude many businesses. They might like the services, but they cannot afford it. Also, they don’t know or trust you.
The challenge is to help these businesses take a leap of faith with a lower priced entry point. Under £200 with a money back guarantee. It means the business owner can get access to Gary’s IP, but at a low price point.
Turning up once!
The material being used in Gary’s new online course was created some time ago. That’s the concept of turning up once. This is about taking the tools and techniques that Gary has used with his clients over the years and making them available in his online course.
Rather than Gary using flip chart and pens individually with his clients. He is packaging this material together in a two hour course. Condensed and available for people to learn at their own pace.
Where did the drive come to create this business model?
The Eureka moment for Gary was doing his mileage claims at 1am in the morning.
He wasn’t spending the time he wanted in front of clients. He was exhausted from working at 1am in the morning. Gary realised that working this way was not sustainable or desirable for him.
Gary attended a course in London. Surrounded by peers who at that point he considered himself not worthy of being amongst. However, after that day, Gary realised he was just as capable, qualified and experienced as any of them.
It was a confidence thing.
He spoke to the course provider. He counselled Gary that he shouldn’t be having to face the challenges Gary was facing (1am expenses!).
Gary took a leap of faith and signed up with this business mentor and it TRANSFORMED his business in a very short period of time. The mentor addressed the work Gary was doing, that he ought to have ceded to someone else. He was building the wrong business model.
What were the steps he took to transform his business?
Knowing the amount of money he need to earn in order to invest in the team to do the tasks that he didn’t like and wasn’t good at doing.
This would free Gary up to spend more time in front of clients.
This became a self-fulfilling prophecy. By freeing up his time, he spent more time with clients and that provided more money to cover the extra costs of looking after the things he didn’t want to do.
REALISE THIS.
You cannot take a step back to work on your business if you are doing your expenses at one in the morning. At that time he was only spending 2-2.5 days a week in front of clients. Most SMEs are spending 40% of their time with clients and 60% of their time doing other stuff.
Fast forward to today.
Now Gary is working 4 days a week instead of 6. And he is client facing in 3 of those 4 days. The fifth day in the week. Fridays. That is all about producing content, with IP around it. From all the times they have shown up once.
On Friday’s Gary builds the marketing, messaging, software platforms that means they can earn 80% of their income from showing up once.
Passive income gives you more choice of how you spend your time. And you can pick and choose your clients. You can work with clients of higher value.
A business model is the rationale of how a business creates, delivers and captures commercial value.
Client Engagement
Gary currently has a methodology for potential clients to qualify their current status.
A really useful assessment. This is all about channeling people down the right route. It talks about the pain or problems people might have.
A new model breaks down the engagement model into the following FOUR core areas:
- Are you building the right business? (working too many hours, not spending enough time with family…)
- Am I earning enough money? (to take a regular salary)
- Am I building the right team? (so you don’t need to do your expenses at 1am)
- Have you got the freedom to choose?
Whichever one of those quadrants you fall into, the engagement takes you down a bespoke marketing sequence. Then highlights the tools that addresses their biggest issue.
They provide the tools, techniques and content that enables them to tackle their immediate problems. Find the problem that hurts the most. This is the way to build advocacy. It might be a course, online, boot camp. What is the one thing to put right in the next 100 days.
The ONE PAGE Business Plan
Business plans that take 3 months to produce and are an inch thick. Seen them? In the small business world, they don’t work.
Gary advocates an open source strategy on a page plan. It helps you get clear on what you want out of your business. The strategies from long term down to key actions for month, plus the 100 day view and the measures. It is agile, dynamic and updatable.
Your Business Purpose – YOUR WHY
Your business purpose splits down into these:
- What are you passionate about doing every day?
- What service and value are you delivering to your customers?
- Is there an opportunity or appetite for whatever it is you are offering?
- Financial rewards do you want out of your business?
- Work/life balance do you want?
A good business plan with style back to these FIVE purposes. ALL FIVE.
Gary will lead your business based on the answers you have to these questions. You’ll build strategies from these.
How can you contact Gary and Tendo UK?
Sign up to Business Squad. It is a Facebook Group.
They have attracted 600 members in 6 weeks.
The Next 100 Days Podcast is brought to you by Graham Arrowsmith and Kevin Appleby
