Wade Galt is the 4-Day Work Week Coach & CEO of The Automatic Insurance Agency and SMART Bonus Systems. The companies help entrepreneurs make more money in less time doing what they do best. Most small business owners start their business to create freedom and quality of life, in addition to income. The Automatic Insurance Agency and SMART Bonus Systems leverage coaching and software interventions to help entrepreneurs create the personal and professional life they most desire.
Galt initiates the development of the products, software and coaching programs. Like many entrepreneurs who have a background in multiple areas, one of Galt’s biggest challenges is focus. He has learned to reduce his number of product offerings and increase his focus, and has been able make more money in less hours and help his clients do the same.
(Photo courtesy of Wade Galt)
What has been the biggest challenge you have had in your business?
Leading with our higher value and higher-priced offerings while paying less attention to our more familiar and smaller solutions has been our biggest challenge. It feels deathly scary to risk a seemingly guaranteed source of business and income, even if it’s not your ultimate goal. I leaned upon the wisdom of seven of my mentors to borrow the confidence and expertise I needed to take the leap.
- Focused on increasing the size of my top five largest checks from clients by creating much greater value for them, and decided to do work I know I’ll still be excited to do 25 years from now. (Dan Sullivan)
- Knew that 20 percent of our clients would gladly invest four times the amount they currently pay for a greater, deeper, simpler and more automatic solution. (Perry Marshall)
- Created my offer before I created a single product. (Joe Polish)
- Focused on providing higher priced private coaching services for a smaller number of clients to increase and stabilize the cash flow of our previously seasonal business. (Johan Oosthuizen)
- Created lower-priced (but still high value) group coaching programs to serve more people. (Brendon Burchard)
- Knew I would see it when I believed it. (Wayne Dyer)
- Sought and found guidance from within and from above for the really hard decisions and confidence. (Jesus)
What have you implemented to overcome that challenge?
After spending over 10 years trying to figure out how to charge more than $500 per year for our 80 percent software-20 percent coaching solution, I reversed the product mix and created three different 80 percent coaching-20 percent software solutions at $997, $2,500 and $9,000 price points. We provide much more support and attention to our clients, which has led to us being able to charge $997 per year for our 80 percent software-20 percent coaching solution, previously $500.
What are the results after you implemented your solution?
With just a few more clients than before, our gross income is up over 60 percent in a year, as I, and my primary team member, work a 4-day work week over 90 percent of the time.
This article was written by Michelle Guilbeau of Examiner.com for CBS Small Business Pulse.