One of the top ways I know to leverage your time and replace a lot of manual labor so you can often double (or more) your business income is by adding consulting or coaching.
Personally, I’ve made extraordinary profits by consulting. And I’ve taught hundreds of others to do the same.
As an example, consider Dr. Tom Orent.
In 1997, Tom found his dental practice, career and even his home in jeopardy. He put himself into rigorous study of GKIC-style direct response marketing methods. In three years’ time he was able to pay off ALL of his debt—which was quite substantial.
But his schedule was still rigorous. It was when he switched to a coaching model that he was able to create his ideal business.
He no longer works as a dentist and he’s converted most of his manual labor to an info-marketing business that is focused on coaching. Now he works from his dream home outside of Boston working MUCH less time while making MUCH more selling programs that range from $97 a month up to $60,000 for a ten-month term.
Most don’t realize that the reason this model works so well is because you only need a very small fraction of people to make coaching a major income source. Tom was able to more than double his income while working only 40 days per year.
Here are 5 other mistakes commonly made about coaching and consulting.
Mistake #1: Underestimating how much you can help others with what you already know. You don’t have to know everything to be a great coach or consultant. In fact, some coaching programs are more about providing accountability, motivational support, and encouragement. You just need to know some things your clients don’t and be able to assist them with implementing a system.
Mistake #2: Chasing clients. One of the worst things you can do is chase clients. This puts you in a subservient position and severely handicaps you when it comes to closing deals. Use a system to get your idea clients to chase YOU instead.
Mistake #3: Not having an operations methodology in place. Without a process and system, you can quickly run into problems that not only cost time and money, but in a worst case scenario, can lead to a lawsuit. Systems allow you to expand your business and income opportunities even further. Here are a few questions to get you started:
•How will you attract clients, market and sell your coaching or consulting services?
• How will you deliver your services?
• What will your offer be?
• How will you get repeat business?
• How will you turn small projects into big projects?
• What are the common problems that might come up and how will you solve them?
Mistake #4: A target market that is too broad. Picking a niche market makes it much easier to succeed as a coach or consultant. Niche markets offer smaller opportunities than mainstream, public marketplace, but they also provide a long list of appealing, offsetting benefits, including lower testing costs and investments, more predictable results, ease of message-to-market matching, affordable use of many media, more referrals faster, high dollars of sale, high margins, and so on. There is also opportunity to quickly and relatively inexpensively establish a visible, recognized leadership position.
Mistake #5: Not charging enough. Most coaches and consultants could charge between 3-10 times more than what they do. There are A LOT of compensation options and ways to structure your business so that you can leverage your time to make more per hour. Explore your options for the best way to leverage your time and knowledge.
If you want to replace manual labor so you can work less while making significantly more, then consulting/coaching is one of the smartest strategies I know.