The Business Model That Solves Your Biggest Problem
By Cordie Walker
Our Dependency on Time
When we talk with the best instructors and coaches in the world, it quickly becomes apparent that the biggest problem they have in their businesses is time.
90% of their revenue is directly dependent on it.
Not teaching this week? No revenue.
So how do you create revenue not dependent on your time?
Most people would start with hiring another instructor or creating some type of product. The problem is that both of those options carry a high cost and high risk. If something goes wrong, or does worse than expected, it’s not going to be worth all the time you invested on the front end.
And while we’re at it… wouldn’t it be nice to create something that seamlessly integrates into the learning and coaching process you’re already taking students through?
That’s why I think technology memberships or unsupervised practice sessions are a must for coaches. And the new K-PLAYER is going to make this incredibly easy and efficient.
Here’s How It Works…
- Have a session with a player that includes measuring, assessing, coaching and training.
- Send the resulting training program that you created (customized for that particular player) to the K-PLAYER platform.
- The player then practices over the period of time that you established.
Now let’s explain that in a bit more detail. You’re going to continue to work with students on a regular basis, whether that’s in 1:1 lessons or via group coaching. Either way, you then offer them practice time on your K-PLAYER.
With the new K-PLAYER and K-VEST 7.0 software you’re able to set up a unique program for each student. So when students come in and practice on the K-PLAYER, they’re working on the drills you’ve prepared for them. The new software actually makes this incredibly easy. Instead of having an actual assistant monitoring students, you have a virtual one—K-PLAYER—working hand-in-hand with them to make sure every swing, every drill, during the entire practice is done properly.
And this virtual support for students doesn’t just make sense in terms of time-management and finances, it also represents sound coaching. Because, let’s face it, we can all relate to experiencing the downside of improper practice: a week or two has transpired since the previous lesson, but it’s almost like the previous lesson never even occurred. Not only has little been retained, but often new problems have been introduced (and reinforced through practice!) during that time when the student has not been directly supervised by the coach.
Let’s Run the Numbers…
Great—so in theory this business model solves a long-standing problem. But what does it look like in practice?
Let’s say you charge $100/hour for a one-hour 1:1 coaching session, and you set up a simple program combining 1:1 coaching and unsupervised practice. The figure below demonstrates both the resulting structure of a straightforward lesson sequence with a new student, and the increase in revenue you can expect.
You price this program at $500, yet it requires only three hours of your time. That creates an effective hourly rate of $166.67 while delivering a lot of value to the student.
That’s a massive savings in time over what most coaches have to deliver for a $500 program. Even if you charge only $300, and use this as an introductory program to convert students into long-term coaching programs, you’d still able to make $100/hour and offer enormous value.
It’s not hard to start seeing all the possibilities such an approach opens up—with packages like the above, recurring monthly programs, the ability to rent out K-PLAYERs to students to take home, and so on. It’s all about freeing yourself from being physically present for all the billable hours. Which in turn means that the same hour can be billed in multiple ways. In short, you’re no longer captive to the time periods in which you’re directly available.
Another Simple Example…
Let’s say you sell your K-PLAYER-driven unsupervised training sessions for an average of $50 a session (30 minutes, 60 minutes, or 90 minutes—you decide).
Now let’s suppose you have 50 core students who work with you on a regular basis. You’re able to convert 20 of those core students (a 40% conversion rate) into coming in for an unsupervised practice session on the K-PLAYER twice per month.
The progression below simply shows what happens to revenue when we extrapolate these variables to an annual basis:
20 students 2x twice/month = 40 K-PLAYER training sessions per month
40 K-PLAYER sessions x $50 per session = $2000 per month
$2000 per month x 10 months out of the year = $20,000 total revenue
There’s only one reason this works… training on the K-PLAYER actually works. Results are what will keep people coming back, and if you can lay out the path and use K-VEST and K-PLAYER to get there, you’ll be able to deliver long-term improvements and results.
What About the Sales Process?
The selling process is going to be very easy for a program like this. When working with students, I’m sure you’ll be using some of the drills and training tools in the K-VEST software.
After the session simply say something like this to your student: “If you’d like to keep working on these drills and make sure your practice is effective, why not return and work with the system twice a month for faster results?”
Notice that there are no fancy, high-pressure sales tactics. You’re simply allowing the student access to the same tools that you both already used during the coaching session.
In conclusion, most pros are looking to pay off their technology in 1-2 years, desperately searching for ideas on how to increase ROI. With the new K-PLAYER and K-VEST ecosystem you’re able to double, triple, and quadruple the money you’ve invested inside a year.
It’s a no-brainer.