It was a good question, so I can’t blame the guy…
Recently someone commented on one of my Facebook posts, and I’m going to summarize what he asked:
‘If you make so much money running your own business, why do you sell coaching and training programs? Wouldn’t you just focus on your own business?’
Let’s not sugarcoat things…
I was being CHALLENGED.
But I didn’t mind it, because I knew where this question was coming from.
The internet can be a confusing place — full of promises related to wealth, health, fitness, and more.
So I took the time to write a detailed response, and it got such good feedback, I wanted to share it here.
== His post (un-edited):
I’ve got a question, which I know won’t get an honest answer, but I’ll ask anyway. I watched one of these videos and now my Facebook is flooded with these “entrepreneurial lesson programs”. My question is, if you are making so much freaking money doing drop shipping e-commerce, Why are there so many of these self proclaimed “gurus” trying to sell “how to” programs? Check you tube for example. There are hundreds, maybe thousands. If these guys are making $5K a day, why are there so many selling how to videos?
== My response (edited to remove the user’s name):
That’s a great question, and while I can’t speak for others, I think I can best give you an answer through some examples:
– NBA superstar Steph Curry, who makes millions playing basketball, also runs an overnight basketball camp, where as recently as two years ago, he was charging $2250 per person.
– NBA superstar Lebron James makes millions playing basketball, but has an endorsement deal with Nike that can supposedly be worth $1 BILLION:
– In fact, most star athletes — from Peyton Manning to Tiger Woods — have endorsement deals, which many times pay them more than they make actually playing their sport.
– Speaking of Tiger Woods, he’s had four different golf coaches over the years:
If these coaches were so good at golf, why wouldn’t they just make all their money playing? Why waste their time coaching Tiger Woods ?
What I’m getting at, is a lesson one of my own mentors taught me years ago (…yes, he was making a lot of money with his own business, but still did coaching).
That lesson is “make money TWICE on as many things as you can.”
In other words…Steph Curry could just make money playing in the NBA. But he realizes that he’s in the peak of his earning power, so he wants to MAXIMIZE that while he can.
So he chooses to host basketball camps and sign big endorsement deals. He’s making money as many different ways as he can, all stemming from his success at basketball.
I’d say legitimate businesses that sell “how-to” content, are doing it for the same reasons outlined above.
They’ve become successful at something, and now they are “making money twice” on it by teaching others.
Whether that’s teaching golf, eCommerce, or something else.
They are trying to maximize their earnings.
Unfortunately in many cases, you’re 100% right to have skepticism. There’s many people with little or no experience, but portraying themselves as experts just to make a buck.
I’d say some of the best ways to distinguish the good from the bad are:
– Look at longevity (not just as a coach, but in the area they are coaching in).
– See if it’s all about “hype,” or if there’s honesty and substance involved too.
– Look for testimonials.
– Hop on their email list, read their content, see if it resonates with you.
I hope this somewhat helps, and best of luck.
I thought posting my response here would be helpful, because this may be a question YOU have too.
It’s been asked before, and will be asked again.
The truth is, I enjoy our coaching and training programs WAY more than any other part of our business.
We get to work closely with all types of people, who have aspirations of starting and growing a business they can be proud of.
And if we can help them do that, it’s VERY rewarding.