Of the following 3 farmers, who do you think has amassed the greatest wealth?
Farmer A grows apples and sells them to grocery stores. (Keep in mind the grocery stores have AT BEST a 2-3% profit margin, so you know they are dickering Farmer A on her pricing at every turn.)
Farmer B also grows apples. She sells some of her apples to grocery stores for low prices. But she also opens her own Farm Market. She sells her own apples at her own Farmer’s Market.
Farmer C grows apples. She then turns those apples into alcoholic cider and apple chips. She sells her products in her own Farm Market AND she sells them in other boutique markets.
So which of the Farmers generates the biggest wealth and profits?
You guessed it. Farmer C. Why? Because Farmer C ADDS THE MOST VALUE.
Think about it:
Farmer A produces value one time — when she GROWS the apples. 🍎
Farmer B produces value TWO TIMES — when she grows the apples and creates the market to sell them. 🍎🍏
Farmer C produces value FIVE TIMES — when she a) grows the apples, b) creates the market, c) makes the apple chips, d) brews the alcoholic cider and e) sells her products in boutiques. 🍎🍏🍎🍏🍎
She who produces the most ADDED VALUE wins.
Now let’s look at how this example might apply to a coaching business.
Coach A sells her coaching services to people. (i.e. she grows apples and sells them to grocery stores). She produces value ONCE. 🍎
Coach B launches a “group coaching program” and cobbles together a few small groups per year. (I.e. she opens a farm market). She produces value TWICE — in her one on one coaching and through her “product” — the marginally successful group program. (The majority of group programs are marginally successful at best, btw). 🍏🍎
Coach C creates and articulates a distinct worldview, an unmistakable brand, legitimate intellectual property which she then sells as 1:1 coaching, group coaching, paid talks, books, and e-courses. She creates value EIGHT TIMES — with her worldview (which is what people REALLY buy but ironically 90% of service providers have no clearly articulated worldview to speak of), her brand, her IP, and the resulting products. 🍏🍎🍏🍎🍏🍎🍏🍎
Coach C adds the most value and generates the greatest long-term wealth.
If you sell a service or knowledge (i.e. most coaches, consultants and service-based businesses), know that your service is the apple. If you are only selling your service, you are the farmer selling apples to the grocery store. There is no shame in this, but it’s not how you build wealth. If you really want to build wealth, you need to invest in ADDING VALUE.
And by “adding value” I’m not talking about hammering your audience with “free tips” they could have easily found with a 60-second search online.
Adding value means:
- Developing a LEGITIMATE brand which is rooted in a powerful and distinct worldview
- Creating ACTUAL intellectual property that can be leveraged
- Using the above to create scalable OFFERS that can grow without you
That’s what we do in The Incubator and as of next month, the price to join us is going up by 20%. To take advantage of our current pricing, we will need to receive your application by Monday August 16th.
We are looking for ambitious entrepreneurs who are committed to building businesses that generate real wealth and freedom. It’s go time, ladies. The season for harvest is nigh. Let us help you GET YOURS.
Want More?
- Book a Debrief call with my team. We are very good at pinpointing the ONE THING that will drive the lion’s share of your growth.
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- Listen to Podcast 448: How to Convince Your 1:1 Clients To Buy Your Group Programs