After launching three of my own consulting business and helping hundreds of clients launch
theirs.
I can tell you, learning how to start a consulting business on the side can generate you thousands
if not hundreds of thousands of dollars.
In this video, I'm gonna walk you through the five things you need to know if you're
gonna start a consulting business on the side.
It is a very lucrative space to enter and so a really good business to start.
But do you have to know how to do it correctly.
The first thing that you need to ask is what have you succeeded in that others would pay
for?
COnsulting is about selling your success to others.
That's really ant consulting is.
It's telling your experience, your success to others so they can replicate your success.
And the truth of the matter is a lot of consultants are teaching theory but stuff that they really
haven't done.
Now, I'm gonna tell you, you can still be a consultant but make sure you are teaching
things that actually accomplished and had success inside.
My very first consulting business I started I was teaching speakers how to get books to
speak and the reason why I was teaching speakers who to get books to speak.
I've been a traveling speaker for about five years and I was speaking more than most people
I knew.
I have learned how to get coordinators to book me over other speakers and especially,
how to increase my rebooking.
Increasing your rebooking rate is a really big thing for speakers.
Coz once you get a client, getting them to book you over and over again is really important.
Well, in the market I was in it was really hard to make that happen.
Until I found a system, a very disciplined marketing system to get rebooked.
So I started teaching that to other people and that is what you wanna do.
You wanna teach something you succeeded in and that's where you will start your consulting
business.
The second thing you wanna do is do a revenue analysis.
What are consultants charging in your industry?
In your revenue analysis, make sure your competitors are charging enough to make it worth it for
you to enter that space and teach people how to do that.
If you learn we wanna teach you gardening but people in that space were charging $97
for online product and they're really not teaching one on one coaching.
Where you can really scale a business and don't really go into that industry.
When you're starting a consulting business one of the mistakes people make is they think
they need to be cheaper.
They think one of the things they need to do is to charge less money than their competitors
and that's why people will choose them.
Do not start by charging less.
In fact, If I was to tell you I have Ferrari in my garage that you can have it for $2,500.
What would you say to me?
What's wrong with it?
And the idea with cheaply priced consultants is most people believe they'll get cheaper
prices service.
And so, the idea is don't be the cheapest person on the block.
You don't have to start off as the most expensive consultant but you want a price that demonstrates
you offer real value and you can really help people and people don't charge really low
money for that.
So, there's really three tiers in pricing and consulting.
There's a low, middle, and high and I want you to be on the higher end of the middle.
So, if the lowest is $1,000, the middle is $3,000, and the high is $6,000.
I want you to be in that 4,500 range.
A little bit higher than the middle.
Because here's the deal, everybody tends to gravitate towards the middle.
You wanna step up a little bit for them and say and add value that others are adding so
you can justify that difference.
But the truth is you don't differentiate yourself based on being cheap.
You wanna differentiate yourself based on being good.
The third thing you wanna do as you start your consulting business is never charged
by the hour.
Consultants that have to charge by the hour have to work way more than consultants that
charge by the package.
So, instead of charging by the hour, you want to sell consulting packages.
Consulting packages you can generate a lot more revenue for instead of 100 to 300 dollars
per hour.
It's really hard to scale an hourly-based consulting package unless you bring on more
consultants in your team that can be consulting as well and you could upcharge their services
and make money on everybody that's helping people.
It's really hard for an hourly-based service to generate any scale and any real revenue.
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How to launch your business.
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The fourth thing you need to know is group consulting is the new thing.
One-on-one coaching is kind of dying.
Coz here's what we all realize that as we were doing one on one coaching sessions.
Which believe me, I used to do this too.
As we were doing one on one coaching session we were asked the same question over and over
again.
So, I put four clients together and answer all those questions at once and I just quadruple
the amount of impact or the money I could make for the hour I spend.
That's how you scale a coaching business.
Creating a group coaching model where you coach a bunch of people at once rather than
one on one coaching model.
Unless you're charging it an astronomically high fee.
You can really only take so many one on one clients before you run out of time.
If you're gonna take the time to build a business you might as well take a time to build a business
that you can scale and that scales past your time and you can generate more and more revenue
no matter how much time you're spending with your clients.
Because people still have a direct question in a direct setting.
You can bring them on zoom or in person and they can ask a direct question and still have
answers.
But what I realize is by answering that question and often answer it for somebody else and
with group coaching, you still can have one on one element.
Let's say you really love working with people one on one then please do it.
Because if that's what you love that's gonna be more passionate about.
But also in the one on one element, most group packages can still have one on one element.
Even our group package still gets one, one on one call away with me.
Because I spend a little bit of time with our clients and really get them to launch
as they come into our program.
So, our program still offers a one on one component and yours could too.
And the good thing about one on one component is there's high perceived value in one on
one coaching.
So, that can expand the true value of your offer.
People are paying you $10,000.
You can say, "Listen, one of the reasons that it's expensive is you can get one on one time
with me and my time is very valuable because I can help you really change your life in
whatever category your consulting", so, having a one on one component can add value to your
program.
But don't make that a primary way of delivery if you hit a ceiling on your income pretty
quickly.
The fifth tip of building a consulting practice is high ticket is the way to go.
you wanna get out of this $47, $97, $297 product-based business.
Because while you can sell a lot of those high tickets is where you really scale your
revenue.
How many $297 offers do you need to sell to match the $10,000 offer, right?
Big difference there.
You are gonna have to sell at $250 you need to sell 40 those for every one $10,000 offer.
The high ticket can help you scale much more further.
So, you wanna understand high ticket is definitely way to go.
So, however, you structure your coaching program to make sure high ticket is certainly an element
and I would make it the element.
I would not start the program for less than $3,000.
$2,000 should be the basement of your offer.
Dont go below that.
3,000 is high enough to really feel a good scale if your get 2 or 3 of those a month
that's pretty good income.
But you want 3,000 to start creeping up and the goal is to get that $3,000 offer to add
enough value and start selling it at 10,000 at least.
That's the scale of high ticket programs.
They start at 3,000 they scale towards 10 and some high ticket programs are 50 or 100,
multiple million dollars depending on what they're doing for you.
The second thing if you're offering service and not just consulting make sure you understand
that you can charge more for that.
If you're offering a done for you service where you're running Facebook ads for somebody
or you're doing for them.
You can charge more of a DFY, done for you versus a done with you program.
So, a done with you is consulting where I'm showing you how to do it and telling you how
to do it.
But you're going out and implement it.
Now, a done for you program they come to me and I do all the work for them you can charge
a lot more money for DFY programs.
Understand, once again, if you have a DFY program you're doing it for people you'll
hit a ceiling on your time.
You'll run out the amount of time you have to serve clients unless you can scale and
start bringing a team that can help you grow into DFY service.
Now, here's some consulting ideas that are already proven and people are already being
paid for and the reason why I wanna give you this list is not only you may find an idea
in this list.
But it will also help you see the wide range of consulting lists available.
Number one, how to start a business?
A lot of people are teaching people how to launch businesses.
That consulting world has been proven that people will pay for that.
How to grow your consulting business?
How to have a better marriage?
How to raise responsible children?
How to achieve optimal wealth and how to achieve optimal health?
How to get into real estate?
There's leadership consultants, marketing consultants, even systems consultants.
Some people come into the business and help them see where their systems are we and you
might think in the process system-based world.
You can help them put systems in place to save them a lot of time.
All of these sectors have proven people will pay for this type of consultant and maybe
you fit into one of these categories.
So can essentially start a consulting business around anything.
But let me tell you, there's three major categories, and I will encourage you to slide your consulting
business into one of these three categories and its health, wealth and relationships.
That's what people will pay the most money for.
You'll pay for their health, their physical health, growing and optimizing your health,
growing your finances and all that entails in that and the relationship.
There's a lot of coaching around how to have a great marriage?
How to have great relationships?
How to find your significant other?
Because health, wealth, and relationships humans have proven are the three things that
they will spend the most money on.
One ninja tip in starting a consulting business is to leverage affiliate partners.
When you launch a consulting business, where do you din your customers?
So, go to affiliate partners who already have the following.
maybe they have a large Youtube channel.
Maybe they have a large podcast and ask them if they would interview you and you can market
to their people and anybody that bought your program they get a piece of it.
It's a great way to launch your coaching program without having to spend a lot of ad dollars
and without having to spend a lot of money on marketing.
I can tell you when I launch my coaching business is to teach people how to get into real estate
that was the first thing I did.
Not because they have marketing dollars because actually, I wanted to test the concept.
I wanted to make sure people pay for it.
Before I spend lots of money running Facebook ads and online marketing.
I wanna go and test the market and make sure people will pay for them.
So I was interviewed by a few of my friends on a Podcast and Youtube channel and I notice
people wanna know about this multifamily real estate.
So, then, my business started to flourish.
Because not only that, I was able to get testimonials.
I was able to get people said, "Man, this content is rock solid", and so it made it
so much easier to sell my products and services to others.
Affiliate marketing is one of the most under-focused and serves in the areas of business marketing.
Because here's the thing, think about an affiliate marketer or somebody who has a following.
Because followers trust that person.
So when I come to their crowd and they say this person is good that's borrowed credibility
Part of marketing and getting people to buy your service is having to prove to them you're
credible enough to give you money too.
When you do affiliate marketing and you come into somebody else's platform.
You can borrow their credibility and borrow the trust to those followers having that host
and then you'll get a lot more people buying your products and services coz they already
trust the platform that you're on.
I also wanna give you a free gift today.
I wanna give you a free business start-up checklist.
No matter what kind of consulting business you're gonna start.
This checklist will make sure you're not gonna miss any important elements as you build your
business.
So, go into the description and click that link.
You're gonna be taken to a page where you can snag your copy of start-up business checklist.