Manage episode 263012941 series 1911977
It’s going to be very hard for you to find a job. These were the words of my advisor when I went to the unemployment office after having been fired twice in a short period of time. I kept applying for positions I thought were a perfect fit but never got a reply. My hopes were down. I was also still feeling the pain from my chronic illness, and the thought of working a full-time job scared me.
When I read that the unemployment office helps people start their own business, I saw it as my chance. I quickly created a business plan for selling Icelandic design online and did a three week start up course where I learned all the basics of setting up a business in Switzerland. But when I ended the course, I started doubting my own idea.
Seven years have passed since then, and (spoiler!) I haven’t gone on to build an Icelandic design trading empire. I have done something better: I found my passion, entered my zone of genius and become a top female business coach.
In this episode of the Sigrun Show, I share how I finally found my calling and started scaling my business to multiple seven figures, and the roadblocks and successes I experienced along the way. This is my story of how I went from unemployed to a selfmade millionaire.
With this episode, I want to inspire you to think bigger and take action. Make your dream come true.
“The beginning years are the most important ones: that’s where a business is born.”- Sigrun
What you will get out of this episode:
- How I got sick in 2010 and lost my job (3:49)
- My wake up call (13:37)
- Picking a business idea (18:16)
- Finding the right direction (27:17)
- How webinars became my thing (33:28)
- My money mindset issue (39:06)
- From my first sale to 6 figures in 12 months (41:48)
- Taking the next step: scaling my business (42:18)
- How the idea of SOMBA was born (48:32)
- My first live event (52:04)
- Big decisions: Working with a female coach and planning my own conference (55:37)
- Hiring my team (58:45)
- The next normal (1:03:37)
[Recording with image]
[Link to transcript]
[Link to Apple podcast / stitcher / Google Play]
Do you want more inspiration for building your online business? Find out how I got from zero to six figures in 12 months and avoid making any mistakes by reading the top 10 reasons why most online businesses fail.
How to Build an Online Business (and Scale It the Right Way)
I was making a good living doing one on one coaching, but I always knew that if I wanted to take my online business to the next level, I had to start scaling it. From my times as a CEO, I remembered that the only way to grow a business was to hire more people. I swore to myself that if I ever started my own business, I wouldn’t want its growth to be dependent on the number of employees. I wanted the business itself to be scalable.
At the time, I had no idea that my own business would make multiple 7 figures one day. My goal had been to get to 6 figures and in March 2015, I reached that goal, exactly 12 months after my first sale. It was a huge milestone, but I knew that I had to take the next step. Constantly raising my prices or taking on more clients wasn’t going to be sustainable. What I had to do is scale, and here is how I did it:
- Creating a Group Coaching Program
I had been thinking about group coaching for a while and got this idea that I wanted to prove that I can sell in July, in the middle of the summer, when most coaches feel it’s not a good time to sell. I came up with an idea for a coaching program, created a sales page, did some seeding in my free Facebook group and ended up selling 6 spots, two times. It opened my eyes: I was able to scale!
- Selling Multiple Group Coaching Programs
I started selling multiple group coaching programs and made them longer, first 8 weeks and then 3 months, and called them masterminds. There was no need to create tons of content, because the groups were about helping people with whatever was going on in their business at the time. I focused on coaching in the moment.
- Make Groups Larger
I realised that I could have more than 6 people in my groups and launched a 9 month mastermind group with 10 people. But I wanted to go further. I thought about how much time I really spend per person and decided that I could launch a new group with 18 people and still offer the same value to them. These same people went on to stay with me for years.
At this point, my group programs were generating more revenue than my one on one coaching and I decided to only keep on a few selected people as my one on one clients.
- Introduce Levels
I started gearing up for a massive launch of my group coaching programs. My idea was to do multiple groups of 18 people on different levels, depending on where they were at in their businesses. The further along people were, the less people would be in the group so I could assure them enough time with me.
- Create a Signature Program
When I sold out 4 group coaching programs, I told my business coach very proudly that I just had my biggest launch ever. This is what he said to me: And you have nothing else to sell now? His words were a turning point for me, because they made me come up with the idea for SOMBA - Sigrun’s Online MBA, a new one year program where I would teach women (and a few men) everything they need to know about online business. I’ve been running SOMBA for 3 years now, increased the price from $1000 to $3000 and my launches have grown from $50k to $575k.
My coach’s comment was crucial for me. I thought I was scaling my business with group programs, but to really reach the next level, you have to have an online course or program where you can have as many people as you want in it, without having to spend extra resources. In 2017, I finally created that course which is now my signature program, and it’s a fantastic feeling.
Are you inspired to grow and scale your own online business? If my story sparked any ideas or dreams in you, I would love to hear about it. You can follow and connect with me on Facebook, Twitter, and Instagram.
Free Live 5-Day Course: How to Succeed in the Next Normal in Online Business
On March 9, 2020 I decided to postpone my conference, the Selfmade Summit 2020, which was supposed to take place in Reykjavik, Iceland June 18-19, 2020. To make it up to ticket holders I decided to do a virtual summit this year plus add a mastermind day with the speakers to the Selfmade Summit in 2021. In the past 2 months we've all been flooded with virtual summits and the idea of doing yet another virtual summit sounded less and less appealing. Instead I want to do something much better - a 5 day course for FREE!
Over 5 days you'll learn and implement strategies to succeed in the NEXT NORMAL in online business. We'll also have all the speakers join us to share what they are doing to succeed during the crisis.
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Thank you for joining me on this episode of the Sigrun Show. If you enjoyed this episode, please share, subscribe and review on Apple Podcasts or Google Play Music so more people can enjoy the show. Click here to learn how to leave a review, then head over to Apple Podcasts for your chance to win a special thank you gift!