In today’s blog and video, I share 3 things you must consider to ensure your retreat business is successful – and what I share applies to both live in-person retreats, and also virtual ones.
Leading retreats is one of the most fun and fulfilling things I've ever done, and these small events have provided the financial backbone of my business model for over 6 years now. But you may be surprised to learn that the real financial rewards don’t come from the retreats themselves… they come from what comes AFTER the retreats.
Watch the video if you want to see the more detailed version of how my clients and I use retreat-driven business models to create more stability, security and growth in our businesses.
The first thing to know are the 3 key components of a retreat business model (in my world, at least!)
- The front end
- The back end
- The BIG back end
The front end is the “way in” to your world. It's how, when and where you meet or connect with your ideal audience in the first place, and the part of the relationship in which you deliver some initial big breakthroughs and “a-ha's.”
It's where you speak to the specific problems they know they have – and are actively interested in solving – and where you enlighten them about the blind spots they may NOT know they have.
In a nutshell: your front end is your MARKETING.
Speaking is my favorite front end strategy– a compelling speech, training or workshop is a great way to “wake people up” to some new opportunity, possibility or strategy.
Another great front end strategy involves producing informational or educational videos (like mine above!) that are freely available and answer specific questions your ideal retreat participants have, so you can build trust and show your expertise.
Email marketing, social media, and other nurture strategies are an important part of a good front end.
The front end, of course leads into the back end, which is your Foundational Program or your Breakthrough Experience, AKA: your retreat.
This retreat, or “immersion” is the most essential initial transformation that people need and want, delivered in a compressed time frame.
There are 4 types of great retreats: project completion retreats, learning/skills building retreats, personal development retreats, and community retreats. And of course, you can always combine some or even ALL of these to make hybrid retreats.
The key to a GREAT retreat business is to make sure you have a GREAT retreat, one that delivers on it's promises, provides extra-juicy outcomes, and makes people want MORE.
Once people have this foundational piece, then the next step, should they wish to take it, is Mastery, AKA: the Big Back End.
The Big Back End is a longer term relationship; it’s where you deliver the ongoing support or value, and deeper, longer-lasting transformations.
While your retreats can and should be profitable, financial stability comes from those best clients who enroll into your Mastery program.
So while your retreat delivers massive value, it is – and can only ever be, because it's just a few days – a breakthrough experience. It can change the course of someone's life. But true mastery comes over time.
True mastery is where the monthly recurring revenue comes in. And here is where I recommend adding your “exotic” events, for your best clients, rather than reinventing your foundational retreat every time for brand new people. Make sense?
Monthly recurring revenue gives you that stability, that base from which to then be more creative.
By the way, there's a whole other piece to this that I haven't even mentioned yet, which is the “even bigger back end.” That's where people work with you for 2 or 3 or even more years!
If you’ve found this information interesting and compelling, and you’re interested in working with me personally, feel free to set up a call with me to explore if and how I might be able to support you: www.SuperstarActivator.com/go.
Ciao for now!!