Developing an educational empire is easy if your target is to generate a small amount of money for a short period. But if your target is to run a business for the long term with a continuous predictable income, you will need guides from experts who have experience in this field.
Therefore, in this episode of LMScast, we have been joined by an expert education entrepreneur, Liam Austin from entrepreneurshq.com who will guide us on how to generate predictable revenue from workshops, webinars, and other virtual events.
What to Do for an Outcome-Focused Workshop?
A workshop should always offer effective results. Not only workshops but also any virtual events should have some value for attendees.
Generally, the duration of the workshop is 90 minutes. During this time, you should provide effective information and do ideation through discussion and brainstorming.
Even in the webinars, attendees don’t want to hear how-to tutorials. Besides, they want effective info that they can use for a greater result. So, offer effective value or results to set up an outcome-focused workshop.
You can also check quickworkshopwin.com for getting a complete checklist on pulling off effective workshops. Moreover, you will find free training videos there.
How to Generate Predictable Sales and Revenue from Your Education Empire?
In the podcast, Liam Austin has shared a process to generate predictable recurring revenue from virtual events. Follow the following steps to generate predictable sales and earn revenue for your business:
- You need to set up a ticket program both for your ideal customer and audiences.
- Sale high ticket program.
- Attract your ideal customers through different tactics.
- Build partnerships with promoters for increasing outreach.
- Generate leads through email.
- Client enrollment.
- Earn predictable income.
Following these steps, you can generate predictable recurring revenue for your educational training program.
Advice Before Starting a Predictable Revenue-Focused Empire
One of the must-follow advice is setting up a free ticket event. Because it is not wise for asking to pay for a course or training program without offering any free ticket event as clients won’t feel confident to do it.
In this case, you can offer free ticket events first and then ask them to share or invite their friends and families. Or you can also offer gifts after signing. Therefore, through these collected leads, you can run marketing campaigns in the future. So, these are the advice you must follow before starting a predictable revenue training.
Here’s Where To Go Next…
Get the Course Creator Starter Kit to help you (or your client) create, launch, and scale a high-value online learning website.
Also visit the creators of the LMScast podcast over at LifterLMS, the world’s leading most customizable learning management system software for WordPress. Create courses, coaching programs, online schools, and more with LifterLMS.
Browse more recent episodes of the LMScast podcast here or explore the entire back catalog since 2014.
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Chris Badgett: You’ve come to the right place if you’re looking to create, launch and scale, a high-value online training program, I’m your guide, Chris Badgett. I’m the co-founder of lifter LMS, the most powerful learning management system for WordPress. Stay to the end, I’ve got something special for you. Enjoy the show.
Hello, and welcome back to another episode of LMScast, I’m joined by a special guest, his name is Liam Austin. He’s from entrepreneurshq.com Welcome to the show. Liam.
Liam Austin: Thanks very much for inviting me along, Chris.
Chris Badgett: I’m really excited to get into it with you to help the education entrepreneurs out there and really kind of unpack this whole world of events, especially educational events, and what we can create beyond self-study online courses, and maybe how to kind of combine those things and whatnot. Let’s start with I know you’re an events expert, and like a monetization expert. Can we kind of go through for somebody if they’re not super clear on all the different terms like a workshop, a summit a Bootcamp, a challenge? Like how are all these things? Can you just give us the vocabulary and how they’re different at a high level?
Liam Austin: Yeah, for sure. So we’re talking about Yeah, online events, particularly when it comes to this, and then doing them live, they potentially can be pre-recorded as well. So that goes across the broad range of events, really, you can do them live, you can pre-record them. When it comes to a summit, that’s one end of the spectrum, where you’ve got maybe a multi-day conference, and multiple speakers, all coming together to talk under one umbrella of a topic. Alright, so we’ve got expert influencers coming and talking about their expertise when it comes to one particular niche, industry, or topic. So they can go for several days, as mentioned, with multiple speakers. The other end of the spectrum is like in terms of timewise, right down to a 90-minute workshop. And this is typically where you are the expert, you are the person who is given the education who’s being positioned as the authority, and you’re giving what we typically term a quick win. So we call it our quick workshop wins, where we’re giving them a result at the end of the workshop, and should we actually be able to walk away with a tangible result. So and that’s just you being the leader, you being the teacher, I can in one quick win versus the summit, which is multiple speakers, multiple teachers multiple quick wins if you like. So there are two ends to the spectrum. And then you’ve got lots of things in between like a challenge is typically a multi-day event. But it’s maybe it’s one quick win per day with one teacher, where you’re teaching people how to get a quick win or a series of quick random wins across the challenge. So there’s, it’s just the positioning the packaging of it to make sure that people say, Okay, this is a challenge that I need to enter into. And I’m, you know, committing to completing the challenge. So there’s a bit of marketing in there, if you like within the packaging of the product itself. And then you’ve got seminars, boot camps, webinars, which can kind of roll up and do in different ways boot camps typically go for a little bit longer, you might be going for a two three hour boot camp, or it could be a multi-day boot camp. But then saying all of this, like the summit, you can do like just a one-day summit or a half-day summit as well. So you are really flexible when it comes to these virtual events. And I’ll just kind of wrap this up by saying that we’ve got a list of over 100 different session types that you can run for your virtual event. So even if you’re thinking oh, there’s already an event out there a challenge a boot camp or retreat summit on my topic, just by you being the host, you’re coming with a different angle to it, you have different guests, and running the different over 100 different session types. Obviously, you don’t have to do 100 different session types, you could just decide you want to do three like Q&A interviews and presentations, for instance. But you can combine these to make your event unique depending on the end goal and the people that you serve.
Chris Badgett: I love that explanation, thank you for that. That’s so helpful. I see the market a lot with the kind of getting wrapped up in the concept of I need to have a webinar or I need to do a webinar, which tends to be for a lot of webinars. They’re more informational, less workshop slash results focus. If we’re an expert and we, you know, have thought about a webinar or maybe we’ve run some webinars and we’re not getting great results or whatever. How do we really transition to an outcome focus workshop from a more informational-focused webinar?
Liam Austin: Awesome. I love that question. Yeah, so the webinar has been around for a while we’re getting a lot more savvy consumers out there that understand or at will, I’m going to be given this how-to kind of informational infomercial, that I’m going to be pitched something at the end, right? And so the sharp rates are kind of declining when it comes to that kind of style of webinars, especially if you’re using the term webinar, and driving people to a webinar. And over the years, we’ve seen people try to reposition the webinar as like a master class, or a seminar, right? And they’re moving towards like boot camps and workshops. But like a pure workshop, really is a 90-minute session, if we’re comparing it to a webinar. And the way we like to do it, it is yet a 90-minute workshop. And we’re giving them a quick win. So let me just give an example of this. So people are actually coming in signing up to the webinar, to get a specific result, they don’t want to hear the how to the information like they can go to the webinar for that if you’re like, this is like I’m going to implement, I’m going to take action, and I’m going to get a result from within the 90 minutes. And a good example of this is a workshop that, I think explains this quite well, just in the title itself. It’s how to get three referrals in just three minutes. Right? So the workshops called three referrals in three minutes. super powerful. In terms of the promise of the result, I’m going to get three referrals, how long am I going to get it in three minutes? So we’ve got 90 minutes, though we’ve got 90 minutes of the workshop to actually help them get those three referrals. Yes, they can do it in three minutes. And I can show and demonstrate how to get these three referrals by sharing my screen and showing them the steps they need to take using LinkedIn. That’s typically how I teach that workshop. And I can show it in three minutes. But now we’ve still got 90 minutes to actually speak to the participants in your workshop and make sure okay, well, how do we figure out the right processes for them for their niche for their market and what they’re trying to get referrals for? So we can discuss, we can brainstorm, we can mastermind within that workshop, 90 minutes, answer any questions along the way so that they’re really comfortable with the system with the process, they can walk away now with this system, this asset in their business that will generate three referrals in just three minutes, every single day for themselves. So they can generate three referrals with just three minutes of time booked in their calendar every single day, which is a pretty cool result. So when we’re thinking about a workshop, that’s the type of result we want to give them that they’re actually implementing, they’re taking action and how is this like more powerful if you’re like than a workshop? Or how is it different? For me, I say more powerful, because I believe it is because people walk away with a result. So they know that you, you specifically can get them a result at the hearing all these webinars, these seminars, these informational videos that they’re watching that are promising all these results. They’re seeing testimonials of other people. But the big question is like, well with this will this work for me? That’s where the doubt is. And with the workshop, if we can actually show them? Yes, look, my systems will work for you. Look, I just got your result in just 90 minutes. So now the participant is thinking. So the prospective client is thinking, Well, if you can get me that kind of result in just 90 minutes, imagine what we could do together if we work together for 90 days or nine months, right? So we can enroll them in becoming a client.
Chris Badgett: Well, that’s awesome. And I just want to share one of my favorite webinars I ever went to was with a software pricing expert and I have a software company. And his workshop was like 17 Pricing Page hacks you can do to increase conversions in about 90 minutes. And literally, I implemented all 17 During the call. And my conversion rate went up. It was the most useful, like online training I’ve ever been to. But
Liam Austin: Super cool. Yeah, thanks for sharing that. Because like I go to these like sessions and they, they just sit there they listen, they kind of like, grab a cup of coffee and lay back and don’t actually even take notes or take action. So like, I’m glad that you know that that system that process works for you.
Chris Badgett: Let’s all inspire the audience more well, first if somebody is interested in your three referral systems, where should they go to find out about that?
Liam Austin: Ah, that’s not even for sale! That’s an internal system that we’ve taught at one of our client masterminds. But yeah, I’m sure that if anyone can have reached out, email me Liam at entrepreneurshq.com I’m sure you know somebody on my team can give access to your audience for that.
Chris Badgett: Cool! And you have a resource for people running workshops. What’s, what’s that one? Tell us about that. And where to get that?
Liam Austin: Yeah, so we’ve got a checklist, like a step-by-step system on how to run one of these workshops for yourself. And typically, it comes in three parts, right? We want to be able to come up with an irresistible topic offer that will attract your ideal clients, we then need to be able to fill the room, right, get bums on seats, do the marketing promotions, to get people to actually come to your webinars, so the traffic and the leads. And then the final one is how to actually launch and run the workshop to get clients right to give them that quickly and get them the result and get them clients. So there’s a checklist. I mean, those are the three main parts of that. But as it goes into a bit more bit more detail than that, I think it’s 11 pages. And you can grab and download that free PDF guide at quickworkshopwin.com.
Chris Badgett: Quickworkshopwin.com. All right, I wanted to put you on the spot. And just to get people to brainstorm and more we mentioned like, I just want to like just brainstorm with you what are some workshop topics that are just out there waiting for people you kind of did I kind of want to do a health wealth and relationships example. The wealth one you kind of did with the referrals? That’s a great example. What’s an example of a an actual, like health or fitness related workshop that you could run in 90 minutes and get somebody a result in 90 minutes? Like just as an idea? Even if it doesn’t exist? Like where could a health and fitness professional focus?
Liam Austin: Yeah, sure. So typically, it’s like, thinking about your clients. If you’ve already got existing clients, you’ve got customers, or over the years, you’ve been helping people. What’s that aha moment? the aha moment that you’ve consistently get feedback from your clients. It’s like, that was the one thing that one thing that you taught me, who was super simple, but it made such a big impact? Right? What was that one thing? So I mean, with you, Chris, you mentioned an example of 17 different hacks, there was probably one hack within there that worked better than all the others, right? So if you could take that one, just that one hack and, and if it worked right across multiple different customers and clients, and different industries and markets, then that’s one thing that you could really teach quite quickly because they taught 17 of them and or however many it was in 90 minutes, they need to break it down to just one and super clear narrowed down on that one. And let people know, hey, like, there is another 16 of these things, and happy to go through them if you become a client, or you get access to my training over there, right? So so what is that aha moment? What is that one big lever in your business or for your clients that has really moved the needle for them? And focusing on that one thing? So I mean, if you’re thinking about, like, I know, weight loss, for example, I’m not an expert in this. So I’m going to go random on this and try to come up with an idea maybe Chris, you could help me with this. But it may be it’s just an idea of like a challenge that you weigh yourself on a daily basis, and just having that mindset of making a decision. So how do I make a commitment to myself that I’m going to write down and lose five kilos, right, I’m going to write it down and commit to myself, I’m going to stick it on the, on the fridge, right? It’s, something that’s just like you brainstorm with a group of 90 people, they’re now accountability peers. And you set a little group up in Facebook, right, as part of the workshop is going to last for two weeks. And everyone’s going to have that number on the fridge, they’re going to create community, they’re going to go through maybe some lessons and some q&a with you across those two weeks within the Facebook group in the community. Once those two weeks have ended, though, and the workshop is over, if you like, they’re going to miss their community, and they’re going to want to be part of something more, especially if they’ve gotten results. Right. So that’s when we can have conversations with them about like, let’s continue and work together for, you know, six months or a year.
Chris Badgett: I love that. Just to put you on the spot one more time. What’s the love and relationships one like? Like a challenge idea, let’s say you help people, you know, create the spark in their relationship or get it back? Like what’s an example workshop they could run?
Liam Austin: Yeah, well, like date night.
Chris Badgett: Yeah. Like the date night formula?
Liam Austin: Yeah, he’s just like, 1 idea that will park your relationship, right? That’s going to make all the difference, right? And then you just go through how simple it is to structure it on a weekly basis for you and your partner or however regularly you want to do it. Here are all the ideas so you’re never going to run out of ideas and within 90 minutes, you’ve got a whole year’s worth of date night ideas.
Chris Badgett: Planned on the calendar! I love that! Wow, that’s cool! I might do that. What about paid versus free? Like, how should somebody think about it? I mean, I think the market is sometimes conditioned into like, okay, webinars are these free kind of promotional events, but workshops, should they be paid? They’d be free, they’d be low cost, or how do we think about that?
Liam Austin: Yeah, sure. So it’s part of our, our system, right? And we call it our predictable income freedom system, where events is part of that, right? It’s the authority building. And it’s the list building the lead generation, right? So the event is all about how do we bring in the ideal clients. generate those leads, but then build authority with them? Right? So we’ve got that. Now it’s like, okay, well, how do we take that next step and actually turn them into clients? So for me, it’s like, alright, well, how do we design those steps so that they get that experience throughout the event, and now it’s a really easy conversation to have to actually turn them into a client, right? Because ultimately, that’s what we want to get like, with the virtual event itself, maybe you’re not making so much money, or you’re not monetizing it like the money comes after you’ve built their authority, you build that trust and rapport, you’ve got them the quick win during the event, and you’re monetizing it on the back end with a high ticket offer. Now, the great thing about the workshops is you can monetize instantly, right, you can make it paid, but they can also be a free element. And I recommend that we always get both. So how do we design our virtual events, so there’s free ticket access, and there’s some kind of VIP upgrade that people can purchase.
Chris Badgett: That’s awesome. That’s awesome. Let’s speak to maybe the newer expert online business builder that they’ve like decided, Okay, I’m gonna do this, I’m gonna take what I know and create information products, or a coaching company or a course business or whatever. What do you see or what would you advise in terms of where to start? Because over here in the software world, we see a lot of people get really overwhelmed and too many things happening at once. Should we like, create? Or what do you see working in the market to like, first, let’s talk about the paid VIP thing. Is it better to like, do a paid workshop, and then turn that into a course that’s more passive? Or if you could wave a magic wand based on what you know? What should a newly established expert that’s just getting started? What order should they focus on building out their… what do you call it? The predictable freedom system?
Liam Austin: Yeah, predictable income freedom. So predictable income, right? So we’re getting a consistent flow of leads traffic and clients creates a predictable income for us, we can make, you know, forecasts and decisions into the future we can hire based on knowing we’ve got this predictable income, you software guys are lucky, right? This recurring revenue happening for some of the course creators, the experts, the authors, and speakers, it’s a little bit more difficult. So predictable income is important, though, and it’s and it’s right up there with the clients and the people that I speak with. So we’re trying to get predictable income that gives you the freedom. The time freedom, the financial freedom, alright? So what are the steps? It’s seven steps, not just the seven steps, but it’s also building out assets for yourself and each of these stages to create, what we call a predictable income machine. So the first asset we need to create is a high ticket program that’s highly scalable, and highly profitable.
Chris Badgett: So you’re starting there with a high ticket program, like do that first.
Liam Austin: Yes, yes. Like, I did it in reverse. And I left so much money on the table. And yeah, I’m so much further behind. Because I didn’t start with that high ticket offer. I’ll just, I’ll just give you a bit of background like 2015, we ran our first event, we had 15,000 people registered, so we had 15,000 leads, and we made just over $3 from each of those leads, right? So we made 50,000 us from selling $100 tickets to 500 VIP upgrades right? So it was 15,000 people got the free ticket 500 People upgraded, paid us $100 We made 50k If we had had a 10k offer, and we just sold 10 of those people, we would have made an extra 100k Right, we would have tripled our revenue from that event by just selling 10 people out of 15,000 Super, super easy right or should be in theory based on the numbers with our system like it should be so yes, start with a high ticket offer really understand our ideal client, the niche and who we’re trying to attract. This is step one in terms of the asset, we can build this out in like one to two weeks for a client it just takes two phone calls and two conversations with them. really got a systemized process to identify the right structure for the high ticket offer, because there’s certain deliverables that make it highly scalable, and highly profitable. So it’s just a matter of okay, well, how do we lay out the program, each of the stages to get the results that the clients and your ideal clients are desiring and that they want the most, and overcome those challenges along the way. So we can do this asset, we can create this highly scalable, highly profitable program in just two weeks, under two weeks, really, the second stage is, let’s go out and validate and sell the program. So with this second asset, we’re getting our first few clients and we’ve now got a system to go and get our first three clients. But then we can use that same system, we used to get our first three clients to get six 912 24, etc. And we can scale with that. So now the first asset, we’ve got this highly scalable program, it’s been validated by the second stage by the clients that we’ve enrolled, who’ve given us feedback to improve the offer and actually make an irresistible offer. So that’s stage two, we’ve got the asset now of our first few clients. Now, it’s stage three, four, and five, which is our virtual event, what kind of virtual event the types that we’ve gone through before is going to attract these ideal clients, it’s going to serve them best and turn them into clients, right? So we design and blueprint out our authority-building event, right? So how do we position ourselves as the authority as a go-to expert in the eyes of our leads? We design that and we blueprint it, we now go out there and we get the traffic sources. The best source of traffic in terms of an asset for any small business owner is referrals. So we want to go and get referrals from other industry leaders who will recommend us and refer us to their audience. So typically, when we’re looking at a virtual event, this way, I love the virtual events, we’re looking at speakers, sponsors, media and affiliates. And we can go into that in a little bit more detail, if you think it might be valuable, Chris, but then the fifth stage is building your email list like actually generating the leads. So three, we’ve got the authority building event, four we’ve got the partners who are going to be promoting and sending us referrals. So stage five is let’s actually activate those referrals. Generate the leads, right, give a free ticket offer, monetize those leads by giving a VIP all-access pass to the authority building event we designed in stage three. So stage five, we’ve got our email list, we’ve got our leads, but we’ve also built the rapport that know like and trust, and they see us as the expert, because we’ve designed our authority building event in the right way in stage three, and they’ve gone through that in stage five. So then stage six is Alright, we’ve got already in stage five, the email list of people who love us and want to work with us. So stage six is our sales system. How do we enroll those clients who are already asking us like, alright, I love what you do, I love your system, I want to spend more time with you, what does that look like? And we basically taking them through our different offerings, and we’re enrolling them as a client that stage six. So all of that is if you feel like that the funnel the assets, we need to build out for ourselves to create a predictable income machine. But stage seven, the final step is actually our predictable income machine. So now we’ve already built out everything, we’ve run the event, we’ve got the funnels, all the copy for the website, the emails are all out there. Now we just need to look at the conversion points in our funnel and say, Okay, well, how did this convert? Does it did it the benchmarks, based on you know, Liam’s benchmarks within this predictable income freedom system. If it does great, if it doesn’t, let’s check in there, let’s see what needs to change. And typically, because we’ve done this hundreds of times, there’s some big levers that we can quickly change and see the difference that makes to the conversion rates at that stage of the funnel. And it’s about automating the business. So stage seven is like alright, everything’s working, let’s just make sure that we can now scale this we can keep sending more traffic into it knowing that the conversion points are all working, we know our cost per lead our customer lifetime value. And we can even go and do paid ads into that funnel to get that consistent traffic but also from referrals from our partners let’s consistently bring in that traffic from those recommendations because that’s super crucial. And then we have a business ultimately that’s automated, is running on autopilot, we’ve got the tech the software, the email automation are working for us and then we’ve we can hire staff to do any of the admin or any of those manual tasks. So that’s really the seven kinds of assets or stages of our system.
Chris Badgett: Wow, that’s amazing! Great job! I have to ask you a personal question. I love the way your brain works and the designing of the system there. This is like people get in the weeds, they get overwhelmed with all the various pieces of that or tactics or it’s hard to sometimes to cut through the noise and find that complete map like you laid out with the predictable income machine. What is it about your personality or in your past story that enabled you or that enabled you to kind of see the big picture and also distill it down to a way as a teacher, and entrepreneur yourself to like, and share that with others so that they can get results like how did that happen?
Liam Austin: Yeah, interesting. So I’ve been I’ve come from a background in media used to run the international trade awards for the UK, that was a series of 13 events through all the different regions in the UK. And then in Australia, I was running one of Australia’s largest email databases selling advertising and sponsorship to that. So when I started entrepreneurs, HQ with my co founder, Sarah, we had the idea of let’s create a media organization, right. So this wasn’t going to be teaching or education, but it was sorry, it was it is education, but was more media structure. So we wanted to run these summits run these events, for free, sell the tickets to the events, but that’s how we wanted to monetize it. So as I mentioned before, they have first event we didn’t have any other products or offers or coaching to sell for the first three years. And after the first was about a year and a half of running these events, we had over 100,000 people on our database. So 100,000 People had gone through our events attended, and a lot of them had bought something. And from that people, because our events are all based on how to generate leads and sales online, right? People started reaching out and asking, well, this event system that you seem to be running is really good at generating leads, you’ve generated over 100,000 of them in just like 18 months. And it seems to be pretty good at generating sales and revenue too, right? You’re making hundreds and 1000s of sales per year. So how can you teach this system? And that was after a year and a half? And Sara? And I kind of looked at each other like, no, no, no, we’re not, we’re not the experts here, we’ve only been doing this for just over a year, like we were just, you know, the experts that we’re inviting in, to speak at these events, like listen to these proven entrepreneurs that have been around a long time. And they’re already sharing their system. So you know, follow these guys. After some time, we kept getting emails, getting requests to, for people to from people to coach them on the system to share with this system. And it wasn’t until, yeah, three years from that, first of that. So it was October 2018, when we actually lifted the hood and decided to share part of this system with everyone. And when it comes to yes structure structuring how we wanted to coach teach this, we decided on our online course, we priced it at 2k. And you know, this is still available. That course, it’s, it’s, we sold hundreds of these now. But it was really stage three, four, and five in the system, which were how to build an authority-building event, how to build your traffic sources, particularly referrals from partners. And then the fifth, which was building your email list if that’s what we were really good at. And then we realized, as we started working with these people that suddenly we have a 2k offer, right? We have a mid kind of ticket offer if you like it’s $2,000. And people started asking, well, how are you selling that? How are you selling this course? How’s that working for you? So then we kind of added stage six, on to our seven-step system where I said, Okay, well, this is the type of this is how you can sell off the back of these events. Because you’re already authority. You’ve already got the email list. This is how you sell. People started reaching out to us, right? It was an evolving thing, like well, can you can we have more time with you? Can you take me one on one? Can you coach me, right? So that’s when we came up with our group coaching system, we started selling that. And with that group coaching program, we realized we could see with the evolution of the business, the revenue increases as we started having these higher priced programs for ourselves. And we realized there was demand people wanted these high ticket offers. There’s always like a segment of your list that wants to take that next step with you. So as we started selling, we realized that there were people that had attended our event years ago, that are now buying these high ticket offers, and if we had that high ticket offer around years ago, we would have probably sold them in then and then also those people who have unsubscribed or we lost who were hot after the event. We could have enrolled even more in a high-ticket program there. So we realized that we needed to be a crucial first step for our clients that we were teaching and coaching through this system, that the high ticket offer really needs to be first. But it needs to be designed in such a way that we’re creating predictable income for ourselves, we want to generate a scalable business that’s highly profitable. So that really comes down to the designing of the High Ticket program and how we’re serving our clients.
Chris Badgett: That’s awesome, man! That’s really cool. Let’s level set some expectations on a timeline based on just what you’ve seen in the industry kind of like averages. If, if somebody’s really serious, and they’re following your predictable income machine method and scaling out something like this. What’s a reasonable timeline to go from like zero to, let’s say, escape velocity of like, maybe current full-time wage versus like really knocking it out of the park with like, this mind-blowing business? Like what’s, what are some reasonable timeframes that people could kind of go through this transformation?
Liam Austin: Yeah, great. So typically, like if we’re looking at these, these assets in those seven stages are seven steps. Stage one of building your highly scalable, highly profitable program, averaging anywhere between five to 15k. But we do have clients at 25k 40k offers, right? But we’re designing that we can do that within two weeks. Now we’re moving on to asset number two, which is getting your first three clients, right and having that enrollment system. So validating and selling the first three clients, typically, we can do within 10 to 12 weeks, from someone starting from scratch. And we can do it even quicker for someone who is already in this business pitch an experienced business owner, but they’re adding this new program to their stable of offerings. So if we’re looking at an average of a 10k offer, we’re selling three clients internet, we’re making 30k, within the first 812 weeks of working together, some people work a little bit faster, some a little bit slower, and that’s okay. But then if we’re moving okay to stage three, four, and five, which is let’s build our authority, which makes it easier for us to enroll people, it’s easier to sell, let’s get our partners recommending us which generates leads. But again, they’re warm leads, they’re not cold coming from paid advertising, they’re warm leads, and more easy to convert again, right? Now we’re building our email list. That kind of stage three, four, and five really depend on the length of your event like the workshop, if you wanted to run a 90-minute workshop, it just takes seven days to do that. It’s one day, even less really creating the content and coming up with the name like how to get three referrals in three minutes, right, I already know that system. It’s my aha moment. I’ve talked to lots of people before. I’m going to teach that to people, I already know the content, I know how to teach this easy done. Alright, so now I need to actually fill the room, I need to market it. So spend the other six days and the seven-day window to fill the room. So seven-day window. So stages three, four, and five. But if you want to run one of the bigger events like a multi-day conference or Summit, typically we would recommend 90 days for that. And if we’re running a summit, we want to get at least 1000 people 1000 raving fans 1000 people going through your authority-building event, so that they see you as the expert they know like, and trust you and they want to have that conversation to continue working with you. So if we have 1000 of those moving into kind of stage six, where we’re having enrollment conversations that can happen in from stage one of building, you know, your high speed, scalable, highly profitable program through to stage six, we can do that in six to nine months, just depending on how quickly you want to move. And like what your goal is a lot of our clients are just happy, like, I want to get to 10k months. But some are a little bit more adventurous. More want to have higher goals of 20, 40, 80k months, right? So it depends on what that goal is. But we’ve we want to get to stage six of having in being enrolling clients within six months of working with us on a consistent basis, right based on the event and the whole system. Don’t forget in stage two, you’ve already got a manual system to enroll your first three clients so you can continue working with them. Enroll your next six 9, 12. But if we want to scale it, we can do that in stage six, by doing steps three, four and five. So when you think about like predictable income freedom, like passive income might come to mind like I’m just making money while I sleep. And that happens to me a lot because I’m in Europe, I’m in Australia and most of my sales are making made in the US. But I’m working really hard while everyone else is sleeping. So so predictable income freedom, like the dream of passive income, this automated business where just money just flows into the bank account every single day for yourself. Like that does take like, it doesn’t take just 12 months, it takes like 2, 3, 4 years. So we typically see clients, getting results within the first 12 months of working with us paying off the Parent Program quite quickly are in the first few weeks of working with us, then they’re sticking around for 234 years as they scale and grow and automate their business. They’re hiring staff and teams and automating via the tech in the software.
Chris Badgett: I love that. Thank you for all that detail. What are some of the components of a high ticket offer that, you know, kind of differentiate it from something more mid-ticket like a $2,000? Course? Or what or whatever? Like what kind of variables? Do we need to mix together to create and craft a high-ticket program?
Liam Austin: Cool. So they… I need to think of the best way to answer this one. Because there’s several ways we could approach it. But essentially, people will pay for more personalized, customized support and guidance. Alright, so if you think of like what we were doing with our workshops, it’s like 90 minutes, how much are people going to pay for just a 90-minute workshop to get one quick way and like it’s, it’s maybe we typically charge 30, 40, 50 $100. One of our workshops is actually how to book 10k sponsors for your virtual events, like because we’ve managed to get Vimeo, Royal Bank of Scotland, and HSBC, as sponsors for our events. So that one’s a little bit more expensive. It’s like up to the $500 range, but the return is great, you get one sponsor at 10k. easily pay for the program. Now you’ve got a system to go and get more sponsors for years into the future. So it’s worth quite a lot. But that workshop is just 90 minutes, it’s quite a low cost, easy barrier to entry for people to come in and start experiencing, experiencing what it’s like to work with you. Then you’ve got an okay, well, what about like an online course. So that workshop is maybe just say one module, or one lesson when it comes to an online course, and online course might be 1000, or $2,000. And it’s maybe a six week or eight, week, nine, week 12 week course. But it’s a video course. Right? So maybe there’s a q&a, maybe potentially, that’s done on a weekly basis or even a monthly basis. But that, you know, moving up into the type of products, right, and their price points are reflected that way. So a little bit more personalized guidance, support with weekly q&a, but then you move into, like group coaching, where, okay, they get access to an expert, that’s going to coach them to get a specific result. And they’re in there with a group. And so they’re learning from the group as people are asking questions, but also they’re getting their own struggles, and challenges overcome via this coaching. And then you’ve got the one-on-one, which is more private, one on one personalized support. And that’s not scalable. So we try to limit the amount of one on one support that we build into our high ticket programs in asset number one, because if you’re doing all these one on one, like private meetings, you’re trading time for dollars. And we don’t want to be doing that. If we want a scalable business, if you enjoy that, of course, and I have had people say I love my one on ones do I really have to give it up like let’s build a scalable business. And then you can decide what you want to work on. And when you want to work or how much you want to work because this system, and this machine has been built out for you. So if you look at that there’s kind of like different levels of support, personalized, customized help, right? If you look across that journey, and then the amount of time you get with people. And whether it’s one or to many. Now, when we’re looking at a high ticket offer, we actually want to try to package up a lot of these things actually into a bundle into a package so that they feel like okay, I’m getting a group coaching, I’m getting online courses, I’m getting access to virtual events, workshops, a community, alright? We want to build this package to make it an irresistible offer to give them all the support and guidance that they need to get the result that they’ve been promised because ultimately when it comes to the program and enrolling a client, you have to sell them on the idea that you can actually get them the result. That you can get them you can promise that you will deliver this result for them which is going back to the workshop. That’s why that’s so powerful because they already believe that you can get them resolved. It’s just a matter of okay, well will this system work for me? I can see all the support all help that I’ve got along the way within this program, multiple different touchpoints, right from the group coaching to the online course to the community and the virtual events and workshops. So do I like this person? Is it? Yes. And typically we can get people on it’s a matter of the finances and making that work.
Chris Badgett: That’s awesome. I appreciate that. Um, my last question for you is, can you just throw out like two to three counterintuitive words of wisdom? Or if somebody’s considering is more of a pro tip for somebody creating a Virtual Summit? That may not be obvious that they should consider if they’re going to go through that effort.
Liam Austin: Yes, so this is okay, we’ll make it a little bit more advanced. Not really, it’s kind of advanced like not, I don’t see many people doing this, which is such a shame. And this goes for any type of virtual event, whether it’s a webinar, a seminar, a challenge, a summit or a workshop. Inviting your existing participants who’ve already registered, they’ve got their free ticket to invite a friend. Alright, so let’s bring along a friend, and let’s share this free event. It’s a free ticket, it’s easy to promote this, right? You’re not trying to get your friends to buy something right here, come on to this free event. Super cool, right? So you’re already building, I suppose, a good relationship with your participants, your attendees by saying, Hey, this is powerful stuff like this is something you’re interested in. Already, you’re probably in other groups, like we talked about, like, wealth and like cryptocurrency like you’re probably already in some crypto groups. So go and share this event, if it’s a crypto-based event, right, or webinar going, go and share with these other people and get them to come along. Because, you know, they’ll probably thank you for it and your status within that community will grow. So we’ve already got a valuable asset to the authority building event, the free ticket to that that we can leverage to get out people who are already interested in people who’ve already registered, get them to share it. So how do we get them to share it? This is this is the pro tip. We’ve always done this with our, with our events, we’ve always encouraged people to share. But if we incentivize, this is the kind of secret to it. If you incentivize your attendees to promote, they’re more likely to promote and promote multiple times. So how do we incentivize them, we want to reward them for anyone that that they that signs up for the event, we give them a unique link. So that’s trackable, and then every single person that signs up, they’ll get a reward for that. And I’m not saying a monetary reward, it’s non financial, it’s more of a gift along the way. So for instance, if we were running a workshop, and it’s a, there’s always a free ticket, and as a paid ticket, you can actually earn yourself a paid ticket, or invite to some of the VIP events that are going around that event, right. So they can get access to some of these more private sessions if they’re referring people. So if you refer two people, you get, you know, all the audio recordings for the event. If you refer five people, you get all the video recordings, if you refer 25 People will give you the whole VIP all-access pass for the event. And what this does is super cool. In the business, like we typically see 20% of all attendees from our events coming through a recommendation or referral from our existing subscribers, right? And if someone’s bringing along a friend, that friend that comes is being referred so they’re more likely to show up because they’ve got a lot of trust in their friend saying they should show up to this thing. They’re going to be more open to receiving the information and they’re more likely to buy right referrals or referrals are almost always more likely to buy than people who have not been referred. We’ve actually seen from this that I’ve had people send us like a few 100 leads, right they only the maximum reward was like 25 leads but they sent us hundreds of them. And now we’ve identified a potential influencer strategic partner that is we can joint venture with because potentially there we can turn them into an affiliate that can send us traffic on a consistent basis. But if we can just get every single person that’s registered to invite one friend, we’ve doubled the number of people who have now registered for the event. So yeah, it’s a super simple trick to incentivize people to bring along a friend and it’s super simple. There’s a tech called or software called early parrot that just automates it, you set it up once, and then it just, it’s an Autobot, autopilot for your business for your webinars, your seminars, your summits, your boot camps, your workshops. So really easy, and there’s really no excuse when you can increase your attendees for your events by 20%. Every time.
Chris Badgett: Wow, what a strong pro tip, Liam! Really appreciate that. That’s Liam Austin. He’s from entrepreneurshq.com he’s got something for you at quickworkshopwin.com. Can you let everybody know again, what they get at quickworkshopwin.com?
Liam Austin: Yeah, so it’s the ultimate checklist to running one of these virtual workshops. So how to run a workshop in just 90 minutes to generate clients. So it’s a step-by-step checklist that you can just download. There’s a bit of free training in there as well. Like, I think there are videos in there that you can watch. So go and check that out. And if you want to go deeper into the system, there is an offer to purchase that workshop that we ran in the past live, but now it’s evergreen, it’s repackaged, so we can sell it like if you like as an online course mini course forever. And I highly recommend if you are running these events, if the content is evergreen, and it’s still relevant for selling it into the future months, years into the future then repackage it and sell it. Let people get access to it on demand. Because there are people that are like well, you know, I’m, I mean, I’ve got such a major pain, and it’s so urgent right now I need a solution today. And if your virtual events not starting for another week or two, then that person is not willing to wait they’re going to find someone else that’s going to be able to help them. If your event or if your solution you like your package digital product that you recorded in the past is now available for them instantly to get on-demand access, they’re going to love you they’re going to purchase that they’re going to go through your funnel you might even get a client that day because the urgency is and the demand is so high. So yeah, run these events, turn them evergreen, get lots of referrals, generate predictable income freedom for yourself.
Chris Badgett: Liam, thanks so much and thank you for being so generous with your just sharing everything that you know and in bite-sized pieces. We really appreciate it. So everybody go check out entrepreneurshq.com. Put Liam in your corner I know a good system when I see it and somebody who’s really thought through things and is capable of teaching that so thanks for meeting the crew over here at LifterLMS and we wish you all the best success and we’ll see you around the internet, alright?
Liam Austin: Yeah, thanks so much for some great questions there. I really enjoyed it!
Chris Badgett: And that’s a wrap for this episode of LMScast. Did you enjoy that episode? Tell your friends and be sure to subscribe so you don’t miss the next episode. And I’ve got a gift for you over at lifter lms.com/gift. Go to lifterlms.com/gift. Keep learning. Keep taking action, and I’ll see you in the next episode.