The 10 Rules For Making $200,000 Per Month As A Coach Or Consultant
Over the past few years, I’ve built my consulting business to $200,000.00+ per month.
Through the blood, sweat, and tears I’ve learned what works and what doesn’t for massively growing your income.
If you’re struggling to hit your income goals as a coach or consultant, memorize this list. If I knew the information that’s in this article when I first started I would be making a million a month, instead of just $200k.
Here are the 10 rules our company lives and dies by.
1. Focus ONLY on your SINGLE area of mastery.
One of the fastest things you can do to kill your coaching practice is to focus on what’s trendy. Three years ago, everyone was talking about blogging. Two years ago, it was branding. Last year, it was Facebook ads. Next year, it will be something else.
For every trend, two dozen consultants popped up claiming to be experts. Where are they now? Probably working at Starbucks.
Don’t try to teach the trendy thing. Don’t sell something just because it’s marketable. Find your ONE area of mastery where you can say you’re the best in the world…and don’t do ANYTHING else.
At Clients on Demand, we help experts, coaches, and consultants make 7-figures a year doing what they love. That is it.
2. Clients are buying their way OUT of something, not INTO something.
Another trap is to get overly excited about your “stuff”. Here’s the truth: Nobody wants a revolutionary 3-step process for better relationships. They want to not be alone for the rest of their lives.
Nobody wants a proprietary algorithm for deploying the perfect marketing campaign. They want to stop worrying about money so they can sleep at night.
What is the problem you are solving? What are all the horrendous costs of NOT solving it? How does this problem effect your clients’ confidence? Their finances? Their relationships? Their families?
The more deeply and clearly you understand the pain that your clients are in, the easier it will be to get them to invest with you.
3. Have an automated SYSTEM for attracting new clients.
You can’t depend on word-of-mouth to grow your business. You can’t depend on referrals.
To make 7-figures a year as a coach, you need a system that works on autopilot and creates a constant flow of new clients into your business.
Our system is very simple:
- Prospects click on an online ad…
- Watch a short presentation…
- Request a phone call…
- …and become clients at a premium price.
Then they get superb results.
It’s simple. It’s predictable. It only has FOUR steps.
It brings back $20 for every $1 we spend on advertising. If we spend $1,000 a month, we make $20,000. If we invest $10,000 in a month, we make $200,000.
Because of that we NEVER have to worry where the next client is going to come from. If you don’t have a system like this, we can help.
4. Command premium pricing for your services.
When you understand the pain you’re helping your clients to escape, you begin to realize that what you have to offer is PRICELESS.
Quick example: as I write this, I’m sitting on a Herman Miller Embody chair. It cost $1,400.
This is an absurd amount of money to spend on a simple office chair. Especially when a quality alternative can be had for a couple hundred bucks.
So why did I buy it?
It’s not because I’m a chair snob. It’s because the man at the store assured me that this chair would put an end to my back pain. And it has.
Spending $1,400 on an office chair is insane. Spending $1,400 to relieve your neck and back pain forever is a NO-BRAINER.
No matter how much competition you have, it’s nothing like the competition that rages in the world of office chairs. There are HUNDREDS of alternatives to choose from.
And yet I chose one that was orders of magnitude more expensive than it’s competitors because it SOLVED a very specific and painful problem.
The more you build all your marketing around THAT, the more your competition becomes irrelevant.
5. Focus like a laser on getting RESULTS.
It’s standard in the coaching and consulting industry for about 20% of clients to get results.
This is an abomination.
When a client decides to invest with us, we don’t screw around. We go straight to work, and we measure EVERYTHING:
How many leads are our clients generating? How many new clients? How high have they been able to raise their prices? How much has their net worth increased? How much more free time do they have to enjoy their lives?
If you’re not measuring client results, you’re wasting their time and yours.
Here’s the trick. It’s not about INFORMATION. It’s about TRANSFORMATION:
- The last marketing conference you attended – did it make you more money?
- That box of DVDs collecting dust in your closet – how many new clients did it provide for you?
When you sign up to work with us, we don’t just dump information on you and send you on your way. We kick your ass until you get RESULTS.
It costs us more money. It costs us more energy. But at the end of the day, results are the only thing we care about.
That’s what it takes if you want to build a million-dollar coaching business.
6. Stop trading time for dollars and start creating LEVERAGE.
Getting results does not mean that you need to invest more of your TIME. Trading time for dollars will burn you out, kill your business, and place a permanent cap on your income.
Let’s say you’re a consultant seeing clients one-on-one and charging $100 an hour. You may not realize it, but this ONE decision cripples your financial destiny.
Let’s say that you book yourself solid and see 40 clients a week. You’re now earning $4,000 a week, or $12,000 a month.
That may seem like decent money, but what is the price you’re paying? Keeping up that workload is IMPOSSIBLE.
You’ll have no life. No free time. And you WILL start to subconsciously sabotage your business.
Your clients will suffer too, because they’re not getting the best you have to offer. They’re getting a burnt-out, overworked mentor who just wants the day to end.
It doesn’t have to be that way.
What would happen if, instead of seeing clients one-on-one, you packaged your knowledge into a short-term, intensive group workshop?
Here’s how it’s done:
- Take your solution to the ONE problem you’re solving and break that solution into Milestones. (i.e. If you’re a relationship coach who helps clients save their marriages, perhaps the first Milestone would be re-establishing communication. Then the second Milestone might be identifying the major problems. The third Milestone might be establishing intimacy, and so on.) You should have about 6-10 Milestones when all is said and done.
- Create a GROUP workshop where you teach ONE Milestone per week for 8 weeks. Deliver the entire training on conference calls. Have everyone dial in to a conference line once a week, and teach your way through the Milestones, one week at a time. You could do this say, every Monday.
- Have an ADDITIONAL weekly Q&A call. On Tuesdays, have an additional call where everyone can dial back into the conference line for Q&A with you. This gives everyone the benefit of learning from everyone else. Clients will hear questions they never would have thought to ask, and this helps everyone learn faster.
- Assign homework and make sure everyone follows through. You can do this by having clients e-mail you what they’ve done. You could even create group accountability by creating a private forum or Facebook Group, and let clients hold EACH OTHER accountable and share success stories, discoveries, etc.
A short-term, results-oriented group workshop like this will get BETTER results for your clients than seeing them one-on-one.
Your CLIENTS win because the group dynamic will force everyone to push themselves harder and get extraordinary results.
YOU win because now you have LEVERAGE.
You can sell this group workshop for $2,000 – $10,000 per spot. Your TOTAL time investment to deliver it is about 3 hours per WEEK. (90 minutes spent on training every Monday, and 90 minutes spent on Q&A every Tuesday).
Enroll 10 people per month at $5,000 each and you’re bringing in $50,000 a month for a total of TWELVE HOURS of work a month.
Start enrolling 20 people into the program. Now you’re at $100,000 per month.
Your workload stays the same no matter how many clients you have.
THAT is leverage.
7. WEBINARS are the most powerful client-attraction tool in the world.
The secret to our 2000% ROI from advertising is that we create the best webinars on the planet.
Webinars are lethal. They do the work of an entire content marketing campaign WHILE they make a direct offer.
It’s like this: Content marketing is huge right now. Everyone is frantically writing articles and blog posts just trying to get noticed. Maybe you’re doing the same thing.
Here’s a question, though: when is the last time you made a $10,000+ purchase because you read a BLOG POST?
My bet would be NEVER.
I’m an avid reader. I plow through about 3 books every week. I follow all the right people on Twitter. I read all the best business blogs.
And yet, I have NEVER given a dime to any of the authors of those blogs…and I probably never will.
Yes, a blog builds authority.
Yes, a blog builds an audience.
What a blog does NOT do is shine a light directly on your client’s biggest problem, while showing them a real solution, AND making a direct offer.
A blog does NOT put potential clients into a buying frenzy where they will move heaven and earth to work with you at the prices YOU want to command.
A great webinar does ALL of those things, WHILE delivering terrific content to your audience. Everybody wins.
Our latest webinar has brought in $716,600 in sales and counting in the past few months. That’s ONE webinar.
Our best client’s record is $500,000 (in 6 weeks) of using our proprietary Clients On Demand marketing strategy.
Imagine what a great webinar could do for YOUR business. Want to be our next success story? Click here to book a free consultation with us.
8. Learn from the BEST of the BEST.
When something’s not working in your business, you have 3 options for how to deal with it…
1) Live in denial. This is what most business owners do. If you’ve ever seen The Profit on CNBC, then you know that when a business is failing, most owners bury their heads in the sand and wait for bankruptcy.
2) Solve the problem through trial-and-error. By far the most expensive solution. There is NO business problem you’re experiencing that has not been encountered and solved by someone else. If you choose not to learn from that experience, you’re wasting money and time.
3) Find someone who is ALREADY achieving the results you want, and spend whatever it takes to learn from them. This is the cheapest, best, and fastest solution. Even if that mentor is charging top-dollar (and they should be), it’s nothing compared to the costs of trying to solve the problem through brute force. A great mentor is like going from A to Z while skipping all the letters in between.
9. Operate with TOTAL integrity.
We take our responsibility as coaches and consultants as seriously as we would if we were heart surgeons.
If a client comes to us who’s business is dying, it is our job to tell them the truth: what’s causing the failure? What can they do to turn it around?
It’s not about judging. Everyone is human. Everyone makes mistakes. But if your business is not producing the results you want, then SOMETHING has to change. Sugar-coating the problem only makes it harder to fix.
And on the rare instance when you can’t help someone, TELL them.
10. Prove you can help your clients by ACTUALLY helping them.
This is a principle that should filter down into every ad you create, every presentation you give, and every webinar you produce.
In the 21st century, no one cares about titles and certifications.
The ONLY thing people care about is your ability to solve their problem. They’re suffering. They want to STOP suffering. Can you make that happen or not?
The quickest way to prove that you can help someone is to solve SOME of that problem for FREE. This is another place where webinars excel. We can shine a light square on the problem, give some strategies for solving it, and then tell them how to work with us if they want more.
It’s called Results-in-Advance marketing. We don’t ask them to blindly trust us. We don’t ask them to take our word for it. We sit them down and show them exactly how to fix what’s ailing them. And then we tell them how to get MORE help if they want it.
This beats the Hell out of titles, credentials, or a string of letters after your name every damned time.
Now go kick some ass!
PS: FOR SERIOUS PEOPLE ONLY! If you want to get to $200,000.00+ per month in your coaching or consulting business, book a call with us here.
One of our coaches will jump on a call with you and lay out a plan for you to get from where you are now, to 5 or even 6 figures per month!