Have you ever thought about what your business would look like when you’re making over $100K a year?
This might be what you imagine:
– In order to make over $100K a year, you need to teach a lot of students. You probably have too many and need to hire teachers to help you.
– As your business grows, you have to teach less and less since you need to spend time managing the teachers you hire and running your big company.
This is one business model to grow your business. I call it the horizontal model. You grow horizontally, hiring teachers to generate more revenue.
There is another model, the vertical model. It works like this:
– You teach one-on-one first. When you get more students, you group these students together and offer group sessions. With group sessions, you are able to double, triple, even quadruple your hourly rate so you can have your 6-figure business on your own.
– Throughout this process, you grow vertically, so you’re always the one teaching.
These two models are both available to you, but only the vertical model works for the following reasons:
1. Only the vertical model works for online teaching businesses.
You know you must transition to niche teaching to have an online teaching business. A vertical model is the only model that works for niche teachers.
It’s simple: When you are a niche teacher, students come to you because they are from your niche and want to work with you. There is no way you can share students from your own niche with other teachers.
2. The vertical model allows you to spend more time teaching and less time managing.
As a teacher, you must love teaching and prefer it to managing or dealing with admin work.
With the vertical model, you are always the one teaching and helping your students. You don’t have a big team to manage.
Believe me, you will hate yourself when you have to worry about filling up your teachers’ calendars and spending countless hours on marketing, accounting, HR, etc.
3. The vertical model is more profitable.
With a small team, you will be able to maintain your margin above 80%, while with the horizontal model, the margin cannot stay over 50% because you need a reasonable share for teachers working for you.
4. The vertical model helps you develop your own brand.
As a niche teacher, you build your own community around your niche and develop your own brand while you are growing.
When you constantly deliver quality work, people talk about you and reach out to you. You get testimonials and referrals. You grow your business organically with your own brand.
Go find your niche and grow vertically!
P.S. Watch a free training video here to learn more about how to start and grow your profitable, sustainable, and scalable business TODAY.