One of the fastest ways to increase your income is to offer high-priced services to a select number of people. (This is a strategy I detail in Moving Money Up the Pyramid). One of the possibilities for many is doing coaching (group or private) or consulting. Here I’ll also explain seven other benefits to adding this revenue stream to your existing business.
1.) Keep your top customers or clients. As a coach or consultant people are paying you—often a good sum of money—to achieve a result. These are your best customers. They are the people who aspire to do more in life and are willing to invest in themselves to get there.
Whether it’s in the form of giving your clients ideas, providing motivation, a step-by-step blueprint, information, helping them draw out answers to get unstuck, etc. there are certain things your customers need to go further.
If you don’t provide them, they will look elsewhere. Which means you risk losing your best customers.
2.) Sell more of your products and services. Look around. People who are selling the most or have top-selling products and services, more often than not, offer some form of coaching or consulting.
People feel more comfortable buying from someone who is a coach. (Tweet this!)There is a built in perception of expertise that comes with the title.
Plus, it gives you one more platform to promote products, services, and events. This makes your business more profitable and fun.
3.) Attract more and better referrals. When people experience success, people notice. They want to know what their secret is. When you are the one providing the solution and the reason for their success, this leads to referrals. Plus, because the coaching client is your ideal target audience, when they refer people, more often than not, they refer good, quality clients.
4.) Tap into new markets. As a coach, you are exposed to new and different markets you might not otherwise be exposed to. This can open up entirely new profit centers for you.
Many of my business endeavors have come as a result of this. For example, I learned about and got into the Barber shop industry with Kennedy’s All American Barber Club™ which exposed me to clientele which tends to be affluent business owners and entrepreneurs. Also, being exposed to what is working in one industry and applying it to another. For instance, I’ve helped an industrial chemical company selling B2B create consumer versions of their products and succeed on home shopping television.
5.) Stay on top of your “A” Game. Your coaching and consulting clients are looking to you for answers, which keeps you searching for new, better, faster solutions and different ways to explain things so it finally clicks.
6.) Discover what will sell. The questions, challenges, and solutions that come from coaching and consulting sessions make great material for new information products that you can create and sell.
And because these problems come directly from your best customers, they are a good indicator of the problems your ideal customer is experiencing too. This can mean that you’ll attract more of your ideal target audience when you market these new products.
7.) Create a new source of income. Coaching and consulting is one of the most lucrative streams of income. This is because you only need a very small fraction of people to make it a major source of income.
If you sell products for $100 a pop vs. one person paying you $2,000 a month for coaching them 4 hours a month, which is going to take less of your time and help you reach your income goals faster?
Plus, for those customers who want more access to you, this is a way to give it to them. And you’ll be paid for your expertise instead of giving it away for free turning your hard work and expertise into a source of income.
If you want to work less while making significantly more AND you want to grow your business, build your celebrity, offer more value to your customers, and reach your goals faster…then coaching and consulting is one of the best strategies I know.
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