If you’re like many of the coaches and consultant clients when they first come to me, you’re amazing at what you do and you LOVE delivering great results for your clients. BUT … it is taking its toll on your stress levels. And – right now you’re a long way off rolling in the money.
Right now, perhaps the only options you see for yourself to earn more is to work harder. The challenge is, you know that there are only so many hours in the day that you can sell. When that hits its limit so has your income.
Plus, you’ve got that feast famine roller coaster happening where one minute you’re crazy busy and the next minute you’re scratching for work.
And that’s bloody exhausting (excuse the French).
It’s your business model.
Here’s a rundown of some of the different types of coaching & consulting models – what works about them and what doesn’t.
I’ll also share with you the business model structuring techniques that coaches are consultants who are earning high 6 figure and over 7 figures are using,
This model enables you to double or triple your income this year and still deliver amazing results to clients, simply by tweaking the ‘what’ and the ‘how’ of your service offering.
Best of all, armed with the right knowledge, it’s a lot easier to implement than you think.
It’s particularly fantastic for coaches, consultants, copywriters, marketing consultants, PR consultants, therapists, trainers, accountants, lawyers, business coaches, and anyone who offers a professional service.
But first, let’s look at …
1. The Traditional 1-on-1 Coaching Model
Maybe this is what you’re doing now.
You have weekly or fortnightly sessions on the phone or face-to-face with your client. You find out where they want to be, map out some goals for them, identify their road blocks and help them implement an action plan to achieve their result.
What the client loves:
- You as their sounding board and cheer leader: It gives them the opportunity to get feedback and encouragement on all manner of things.
- The prescriptive solutions that you deliver.
What the client doesn’t love:
Because they have a limited amount of time with you, they often don’t have the confidence or the knowledge to effectively implement your suggestions themselves so the results they get aren’t as great as they could be.
This is strangling you – here’s why …
First – it’s swapping your time for money. That means there’s a clear ceiling on how much you can earn. If you stop working your money stops rolling in.
Second – there is often a big knowledge gap between the advice and instructions you give to your client and your client’s ability to implement. Because they’re not 100% certain of the how-to’s and because they can’t get ideas on how others are doing it, implementation sometimes suffers.
For example, in the time you have together let’s say you advise your client they need to write an email campaign. Because they’re not a trained copywriter or don’t really know the context behind writing great copy, when to send it, how to craft an offer, and that sort of thing, they may put something together but chances are, it won’t work.
They send it to you for feedback and you can see that the only way for you to help them get a great result is for you to either write it yourself or get it written by a copywriter.
So – as someone who really wants to get results for your client, you do one of two things:
1. Give away more of your time for free to polish it for them or critique that piece and show them how to implement it properly or …
2. Offer a Done-4-You service where you create a project or campaign for them. Sure, that increases your revenue, but again it’s simply swapping ore time for money.
The only way to scale up using this coaching model is to leverage your time by hiring extra coaches or increase your fees.
2. The Done-4-You, Time-for-Money Consulting Model
This is more of the same cake but with different icing.
The client loves it because you’re doing all the work for them and it will get them the best results.
But if this is your only service offering, it has its pitfalls. Sure, you may be charging $10,000, $20,000 or more for this kind of project but it’s still swapping time for money.
Here’s another potential hurdle.
You’ve priced the project on a fixed-fee basis but have based it on an hourly rate. After the project has completed, you tally up the hours it actually took for you to do the project, and you find that your hourly rate is way less than that. So – your ability to make money on that is reliant on being highly productive.
It takes you a lot of time to do the work and because you’re working with a smaller number of clients with one-off projects, you’re faced with the situation where you continually need to attract new projects after the old ones finish.
This creates a feast famine scenario and that revenue roller coaster that you probably know too well.
I know. I’ve been there. It’s exhausting.
Then there’s …
3. The Done-For-You Value Priced Model
This is the same as the above however you price it according to the value that your work will deliver for the client. When you work with the right clients on the right projects, this can double or triple your revenue like it has for a number of my clients.
If you’re happy with one-on-one work and minimal leverage, this is a lucrative model. It’s also great for instant cash flow.
The challenge is you’re 150% tied to your business which is risky not to mention, exhausting.
During our 90 Day Sales & Marketing FireUp we show our clients how to rejig their service mix and create an ‘Alchemy model’ which is a suite of high value, prescriptive, one-on-one service offerings that deliver a massive result for a client and enable you to earn as much in a day as you earn all week.
This model has its place and can work really well for both you and your client, as part of your service mix.
To keep your sanity and minimise your stress levels though, I’d recommend mixing it up with some more leveraged offerings like the following ..
4. The Do-It-Together Mentoring Model
This offers both you and your clients the best of both worlds.
Your clients learn how to fish (how to get great results themselves), you help them get results by delivering a package which comprises online training and mentoring, templates and signature events … plus you increase your income with less of your own on one time.
You show them how to do the work themselves and give them the templates to make it easy for them to do that. Not only that, you also coach and mentor your clients in a group setting which provides them with the feedback they need as well as the opportunity to collaborate and learn from others.
When you structure it correctly and know how to market it, this model can add $30,000 or more to your income each and every month. And best of all, it’s highly scaleable and doesn’t involve a huge amount of your one on one time.
And – clients love it!!!
So how do you make it work in your business?
Step 1: Know what you want to achieve – set your income and lifestyle goals.
Very important first step. We want you to be creating the type of business that helps you have your perfect day. One that not only gives you the kind of income you want but also enables you to do the type of work that you love doing the most.
Step 2: Get the structure and model right so it delivers massive value to both you and the client.
There are a variety of different leveraged service offerings that work really well. The type of leveraged coaching/consulting that is right for you depends on your stage of business, your industry, who your clients are, and your goals.
There’s also a trick to mapping out your service offering in a way that delivers massive transformation for your clients. We show you exactly how to do that as part of the 90 Day Sales & Marketing FireUp program.
Step 3: Get really specific on your ideal client and niche.
Let’s face it. Look, I know you love to help everyone but chances are there are some types of people you love working with more than other types. Get very clear on a specific niche and focus only on that niche and you’ll be spending time with the people who energise you the most. the other benefit is that it will almost instantly position you as a ‘go to expert’ in your niche. The result? Your conversion rates will increase and you’ll be able to command higher fees.
Step 4: Attract clients powerfully and affordably.
So you know what you’re going to offer and who you want to offer it to. The next step is to attract that ideal client. What we’re finding works amazingly well for us and for our clients is to develop an automated 24/7 client attraction system that enables you to attract your ideal client on autopilot.
The solution is the right type of lead funnel which means an opt-in offer that gets a result, the right type of online advertising that attracts potential clients affordably, and the right nurturing process that builds trust and encourages people to take action.
Step 5: Have an effective way of enrolling people into your programs.
The selling process – it’s confronting for a lot of people – yet with the right process and mindset it needn’t be.
Where to Next?
If you’d love some help re-inventing your business model and , join me for our 90 Day Sales & Marketing FireUp program. It’s a 90 Day mentoring program where I’ll work hand in hand with you to:
- Get clear on what you really want from life and your business and create a business model that not only reflects that but also enables you to build a thriving, leveraged business.
- Identify what’s holding you back from achieving the results
- Pinpoint a lucrative niche market.
- Position yourself as the go to expert in that niche market … even if nobody has ever heard of you.
- Craft messaging that connects deeply with the frustrations, fears, hope and dreams of that audience.
- Create a scaleable, automated lead generation funnel that attracts your ideal client … on autopilot.
- Master the online advertising techniques that bring you a steady stream of highly qualified potential clients … affordably.
- Create automated nurturing & trust-building processes that turn more of your potential clients into high value sales
- Create lucrative, service offerings that enable you to double your income with far less one-on-one time in your business
- Implement a proven system for selling more on LinkedIn
- and much more.
The next program starts 30th June. To request more information, simply click here.
What client say about Kristina …
“… one of the most talented in Australia “
I’ve rubbed shoulders with a number of accomplished marketing strategists and from what I have experienced, I consider you to be one of the most talented copywriters and strategists in Australia … and possibly the world. Not only is your material delivering the goods, you are also very easy to get along with too.”
Nic Clark, Co-Founder, 10x
“Nothing compares to Kris’ writing ability and strategic marketing thinking”
“Kris Mills is without a doubt the most ‘results producing’ marketing person in Australia. I have used many over the years and nothing compares to Kris’s writing ability and strategic marketing thinking. Her style is punchy, direct and it works. Every time I use Kris’s services she produces results.”
Rob Nixon, Founder, Panalitix