How to stack 4 offers for a $105k business: Stacking offers...
Justin Welsh@thejustinwelsh
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Dec 26, 2023
~3 min read
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How to stack 4 offers for a $105k business:
Stacking offers improves your chances of:
1. Making more money
2. Serving more clients
3. De-risking your business
4. Spending less time in meetings
Here's one way to do it:
Offer 1: A One-To-Many Workshop Business
I like businesses that offer time as a service but do so in a way that impacts many people, all while keeping access affordable.
That’s a good recipe for a one-to-many workshop-style business.
Many people can join, you can keep the cost low, and participants get a chance to ask you questions at the end.
For example, you could do:
• 1 session/month
• 60 minutes long
• $75 per attendee
If you can get 60 people to join each month, you’ve got a $54,000 annual revenue stream.
Offer 2: Bolt on a Digital Product
A small percentage of your audience may be interested in attending one of your live workshops, while others might prefer a “do it myself” approach, at a lower cost.
Take the recording of your workshop, and sell it as a standalone digital course or product.
You might charge $35 and let people buy it and watch it on their own time.
If you can sell 2 of your pre-recorded workshops every day, you’ve built a $26,000 annual revenue stream.
Offer 3: Start Your Own Newsletter
Even with a small audience, it can be smart to start a newsletter.
The great news is that your workshops (and the subsequent Q&A) become an excellent source for topic ideas for your newsletter.
Inside each workshop, there are probably:
• 3-4 micro-ideas
• 3-5 interesting questions
That’s easily enough to fuel a weekly newsletter.
And as your weekly newsletter grows, there are 3 great outcomes:
1. You’ll continue to build your email list
2. You’ll sell more workshops and courses
3. You can start charging for small sponsorships
A 5,000-person newsletter with good open rates could command a $250 sponsorship slot.
And with 52 issues a year, you’re getting paid $13,000 to write!
Offer 4: Add a Subscription Upsell
Lastly, as your workshops fill up, your courses get purchased, and your newsletter grows, you’ll probably start to notice common questions from your audience.
And when you do, ask yourself:
“How can I help the people that have the same question, while also building an additional revenue stream for my business?”
You might find that a subscription email is the perfect answer.
For example, you might charge $5/month for an email that breaks down exactly how you did something related to the challenges your audience faces.
Or maybe you go behind the scenes on a particular topic that your audience finds most fascinating.
If you can get 200 people to subscribe, you’re making $12,000 per year for writing an email.
Takeaways:
Obviously, this takes work and none of it is easy. Nothing worth doing is.
But it’s achievable if you build an audience in a niche.
I like this 4-offer approach because it:
1. Allows you to stay focused.
2. Reduces the time you spend doing 1:1 coaching.
3. Helps solve your audience’s challenges.
4. Provides products and services at different price points, and for different learning styles.
With this roadmap in mind, get out there and start creating in your niche.
And don’t forget to use this map to build your 4-offer business.
If you enjoyed this, consider resharing ♻️ and give me (@thejustinwelsh) a follow for more content like this in the future.
Stacking offers improves your chances of:
1. Making more money
2. Serving more clients
3. De-risking your business
4. Spending less time in meetings
Here's one way to do it:
Offer 1: A One-To-Many Workshop Business
I like businesses that offer time as a service but do so in a way that impacts many people, all while keeping access affordable.
That’s a good recipe for a one-to-many workshop-style business.
Many people can join, you can keep the cost low, and participants get a chance to ask you questions at the end.
For example, you could do:
• 1 session/month
• 60 minutes long
• $75 per attendee
If you can get 60 people to join each month, you’ve got a $54,000 annual revenue stream.
Offer 2: Bolt on a Digital Product
A small percentage of your audience may be interested in attending one of your live workshops, while others might prefer a “do it myself” approach, at a lower cost.
Take the recording of your workshop, and sell it as a standalone digital course or product.
You might charge $35 and let people buy it and watch it on their own time.
If you can sell 2 of your pre-recorded workshops every day, you’ve built a $26,000 annual revenue stream.
Offer 3: Start Your Own Newsletter
Even with a small audience, it can be smart to start a newsletter.
The great news is that your workshops (and the subsequent Q&A) become an excellent source for topic ideas for your newsletter.
Inside each workshop, there are probably:
• 3-4 micro-ideas
• 3-5 interesting questions
That’s easily enough to fuel a weekly newsletter.
And as your weekly newsletter grows, there are 3 great outcomes:
1. You’ll continue to build your email list
2. You’ll sell more workshops and courses
3. You can start charging for small sponsorships
A 5,000-person newsletter with good open rates could command a $250 sponsorship slot.
And with 52 issues a year, you’re getting paid $13,000 to write!
Offer 4: Add a Subscription Upsell
Lastly, as your workshops fill up, your courses get purchased, and your newsletter grows, you’ll probably start to notice common questions from your audience.
And when you do, ask yourself:
“How can I help the people that have the same question, while also building an additional revenue stream for my business?”
You might find that a subscription email is the perfect answer.
For example, you might charge $5/month for an email that breaks down exactly how you did something related to the challenges your audience faces.
Or maybe you go behind the scenes on a particular topic that your audience finds most fascinating.
If you can get 200 people to subscribe, you’re making $12,000 per year for writing an email.
Takeaways:
Obviously, this takes work and none of it is easy. Nothing worth doing is.
But it’s achievable if you build an audience in a niche.
I like this 4-offer approach because it:
1. Allows you to stay focused.
2. Reduces the time you spend doing 1:1 coaching.
3. Helps solve your audience’s challenges.
4. Provides products and services at different price points, and for different learning styles.
With this roadmap in mind, get out there and start creating in your niche.
And don’t forget to use this map to build your 4-offer business.
If you enjoyed this, consider resharing ♻️ and give me (@thejustinwelsh) a follow for more content like this in the future.