There's a business model that's been getting a lot of attention recently.
It has the opportunity to create MASSIVE wealth, and it is very easy to get off the ground…
Selling high end coaching and consulting services.
With coaching and consulting businesses, I have seen people make TONS of money—all with relative ease. And when I say “tons of money,” I mean literally millions of dollars…
I know these businesses work personally, because I’ve started coaching and consulting businesses before. Actually, I am still a very active coach and consultant. I do this for a variety of reasons—money being only one of them.
Coaching and consulting are both extremely fun business models that allow entrepreneurs to help others to grow something and/or make massive changes in their lives. There are few greater feelings than knowing a student or client of yours succeeded…
It’s important to understand the difference between a coach and a consultant, though, as a lot of people mix the two up. There is a lot of overlap, but these are two distinct business models.
From there, it’s good to know why people hire coaches and consultants in the first place. Believe it or not, there are plenty of people out there looking for a guiding hand in almost every field imaginable…Coaches and consultants can help those people to reach their goals and find real success!
Finally, it’s important to understand what is and isn’t needed to become a successful coach or consultant.
Before we get too far into the why, I want to discuss the difference between coaches and consultants. Knowing this distinction is important to choosing the perfect field to go into.
Coaches Vs. Consultants
While there are some similarities between the fields of coaching and consulting, their focus is in different places.
Let’s start by taking a look at what a coach is.
What Is A Coach?
A coach is someone that helps their client to accomplish something. Coaches are great for improving a client’s mindset, and boosting their skills in a given area to make them better at whatever area of their life it is that they are trying to grow in.
So, essentially, a coach helps someone to help themselves.
Let’s say I have a health coach. While they may help me put together a meal and fitness plan, they also are there to teach me how to prep my own meals, and how to work out properly.
A good health coach will also help to keep me on track, and keep me motivated. They will find ways to instill the importance of my goals in me, and they will help me to find the reason why I want to make the changes I am trying to make.
Think about a sports coach. While they can help their athletes to run drills and they can put together plans for their athletes to follow, at the end of the day, it’s up to the team to be victorious.
Coaches help their clients to make the right decisions that will inevitably lead them to victory!
What Is A Consultant?
While a coach helps their client to take action and make the changes that they need to make, a consultant helps to walk their client through how to do something. This may even include a step-by-step plan.
Consultants are experts in their field that are able to give specific ideas to individuals and companies to perform better.
The great thing about being a consultant is the ability to take control, and to help in a more active way. Where with coaching there is an expectation for the client to take action and figure things out on their own, with consulting the consultant gives the client a direct roadmap—and may even help them to execute the plan of action.
Let’s say I have a friend that is excellent at running marketing campaigns, and a company hires my friend to consult their marketing team on how to better improve conversions. My friend could not only work with their marketing team to create results, but they can also help with the marketing efforts as well.
So, if my friend is great with Facebook ads on top of being good at marketing overall, they can help to lead the team, while also running ads for the company. They can then charge for their consulting services, and their social media marketing services.
So, coaches help their students with learning skills and improving their mindset so they can do the work themselves, while a consultant walks a client through the work step-by-step—with a more hands-on approach.
The two are similar and the lines can blur sometimes. As a consultant I’ve found myself coaching a client sometimes, and vice-versa.
Still, these two business models are distinct, and you can always be one without being the other.
Why People Want Coaching And Consulting
A lot of people that are considering going into coaching or consulting aren’t really sure if people will buy their services. They aren’t sure what the customer’s motivations are, so they are afraid of starting a coaching or consulting business.
While it’s not immediately obvious on the surface, when you really think about it, we’ve all had coaches that have guided us our entire lives…
Anyone that has ever played sports has had a coach before. Actually, just about everyone has had a coach while they were going to school—their teachers!
And we’ve all had people giving us expert advice growing up—they were called our parents.
Even as a grown-up, people need help and advice. They need proven systems that can help them to get ahead, and they need an expert that they know they can trust. This is where coaches and consultants come in.
There are a few main reasons why people need a coach or consultant to take their lives to the next level…
One of the biggest things that a coach can provide for their clients is motivation. Actually, there are life coaches that focus their business around keeping people on-task and motivated.
Let’s say someone is an excellent graphic designer. They know that—once they get going—they can do some amazing work. This is a real skill, that can make them a lot of money. Yet, they can’t seem to find the motivation to get up and get to work.
This is a particularly bad issue for people that work from home, like the graphic designer we are discussing in this example. Because he works from home, he finds it difficult to get his day started, and to get up off the couch.
Then someone offers him life coaching services. They help to keep him accountable, and they give him the tools he needs to get up on time, get to work and get everything done before he stops for the day.
Suddenly, he is hitting all of his deadlines, doing an amazing job with his work and making significantly more money. He no longer squanders his time, and he is able to focus. This focus allows him to grow his business, and really make the big bucks.
There are plenty of people like the guy in this example that have difficulty with getting going and staying motivated. A good coach helps to keep their clients motivated, and gives them the tools they need to stay productive.
2. A System
Sometimes people want a simple plan that they can follow for success. Instead of bumbling around hoping they can accomplish their goals, they want a proven system that they can put in place to reach their goals.
This is where consulting can be extremely helpful for clients.
If a client is having trouble with sales, a sales consultant can teach them how to sell and can give them a system that they can follow to boost their sales. They can even help by making a few sales using the method they are teaching, and take an additional cut for those sales!
Consultants aren’t the only ones that can leverage the power of systems to help their clients. Coaches can do so as well.
Let’s say there is a health coach that has a client that needs some structure. The coach can put together a meal and exercise plan for their client to follow to ensure success. This plan gives them something that they can follow without having to put a lot of thought into it.
3. Saving Time
A lot of clients just don’t have the time to come up with systems on their own. They also may not have time to learn a brand new skill without someone walking them through it.
A coach can help to teach a client a particular skill in a more hands-on and direct way. Instead of the client clicking around online for hours reading blogs, a coach can teach the client exactly what they need to know to succeed in whatever they are trying to accomplish.
Consultants can also help their clients to save time by boosting their productivity, and solving certain issues for the client.
Let’s say that a business owner is extremely successful, and they want to launch a new product. The owner needs to hire more employees, but they don’t have time to put a training system together for the managers. They also don’t have time to make sure the expansion is going the way it should.
This business owner can hire a consultant to put together a plan of action, to help with a training program and even to make sure the new division is running smoothly as it gets off the ground.
There are a bunch of different ways that a coach or consultant can help a client to save time, money and energy by giving them the tools they need to succeed.
Misconceptions About Coaching and Consulting
There are some misconceptions about coaching and consulting that sadly get in the way of a lot of people building a business in these fields. I wanted to take a moment to address these concerns, to help potential entrepreneurs to feel more comfortable and confident about the decision to go into business as a consultant or coach.
There are a few consistent misconceptions that I’ve run into time and again with clients that I am actually coaching or consulting on how to start their own coaching and consulting businesses.
Here are some of those misconceptions…
You Need A Degree
Can you go to school for a degree to become a business consultant? Sure. Do you have to? NOPE.
These days, becoming an expert doesn’t necessarily mean going to college. There is so much access to both free and paid information out there, that just about any skill in the world can be learned without ever stepping foot on the campus of a college.
We here at Lurn have been helping our students to learn all sorts of entrepreneurial skills that will allow them to become experts in a variety of different fields—and we aren’t a traditional “school” or “college.”
Instead, we have a team of experts that have succeeded in their field. This means they aren’t just teaching theory—they are providing practical information that can be used in the real world.
Actually, that’s one of the advantages to not going to school. You can gain real world knowledge from people that don’t just teach—they actually do.
As a coach or consultant, that’s the only accreditation that is required. A client needs to see results. They need to know that their coach or consultant knows what they are talking about, and can help them to get the results that they are hoping for.
A degree is just a piece of paper. Knowledge comes from real world experience, which any coach or consultant can gain on their own (or with the help of their own coach or consultant).
You Have To Be A Big Name
Here is another major misconception that people have about coaches or consultants…
They think that—in order for them to be considered an “expert” in their field—they need to be a big name. This isn’t necessarily the case.
Let’s say that a client wants to lose weight. While they could pay tens of thousands of dollars hiring a celebrity trainer, they don’t have to. They can hire a personal trainer (which is a coach) that is local to where they live to get them into shape.
Think about it this way—how often do people hire coaches from weight loss reality TV shows to help them to lose weight? Not very often…
Now, how often do people hire local personal trainers? All the time!
A coach or consultant can be extremely successful and amazing at their job without being on television or on the front page of magazines.
You Have To Be A Business Professional
Look—being a business professional isn’t for everyone…nor is it always necessary.
Sure, if you want to be a corporate consultant, you may need to put on a suit. If you want to be a health coach, though, a suit may look a little strange…
Your dress code and overall demeanor only has to fall in line with the field you plan on going in. Even then, you don’t always have to dress the part…
I’ve known plenty of amazing business coaches that wear a sports jacket and jeans. Sure, they are nice jeans and a great jacket, but they still aren’t “business professional” clothing.
Don’t think that you need fancy clothes, a full staff or a fancy office to have a successful business. Instead, you can join the thousands of at-home entrepreneurs that start their own business on their own terms.
Obviously there is a lot to starting a business—no matter what kind of business that is. I don’t plan on walking you through every aspect of starting a business in this article. If you want help getting your business off the ground, reach out to us here at Lurn. We’d be more than happy to help.
Still, I want to give you an idea of what it takes to start a coaching or consulting business. If you have these simple things, you can get a successful business off the ground in no time.
More than anything else, a coach or consultant needs to be an expert in their field.
Again, this doesn’t mean having a degree. An entrepreneur can be an expert that is self-taught. No matter how the knowledge is acquired, though, the knowledge needs to be there.
There is a name for a coach or consultant that doesn’t know what they are talking about…
A scam artist!
Integrity is important to starting a successful business. Part of having integrity is knowing that whatever it is that is being taught can be backed up with real world examples. Don’t start a coaching or consulting business without becoming an expert in the field.
This just leads to failure, and looking like a fraud.
Coaching and consulting is all about being able to work well with others. A coach or consultant without people skills is essentially dead in the water.
I’ve met people that have all of the knowledge in the world—but still they make terrible coaches. This is because they don’t know how to communicate well with others. Some people I know get frustrated trying to teach people things that are now so obvious to them. Others simply don’t like working with others.
In order to build a successful business that involves working closely with clients, it’s important to be able to work well with others. If you can’t, coaching or consulting may not be for you.
A Positive Attitude
I feel like this should go without saying, but I meet so many people that need an attitude adjustment. They are just a bummer to be around.
I always try to take a step back and think about the way I am presenting myself when I meet new people, and when I work with clients. I make sure that I have a good demeanor, and that I am smiling authentically.
If this sounds cheesy to you, that’s fine. I know from personal experience, though, that no one wants to work with someone that is rude or is a downer. Instead, they want to be coached by someone that is upbeat and positive.
Consider how scary it is for most people when they set off on a journey to reach their goals. They may have tried and failed before. They may not know if they are good enough. A positive attitude will help to keep them on track, and boost their morale.
A Desire To Help Others
What coaching and consulting really comes down to is the desire to help others to succeed. Great coaches don’t simply do it for the money or the glory—they really want to see their clients succeed.
Think about just about any underdog sports movie. Think about the rousing speech the coach gives, and how excited they are when their team wins. To those coaches, it’s about more than just the money.
This should be the same case for coaches and consultants in real life. There needs to be a genuine connection to the client, and the desire to see the client succeed.
Coaches that don’t care about others and are only in it for themselves are found out pretty quickly. Once word gets around, they start seeing their clientele begin to evaporate…
Only become a coach or consultant if you actually want to help others—and not just yourself.
I absolutely love coaching people to success, and helping build people’s businesses by consulting them on the right steps that they should take to create the most lucrative businesses possible.
I love what I do, I am positive and I love helping others. This makes me both a good coach, and a good consultant.
If you want to build your own coaching and/or consulting business, make sure you are in it for more than just the money (although you can make a lot of money doing so!).
Also understand that you don’t need to be some big shot, nor do you need to look a certain way.
Instead, you need to understand why a client wants help, and you need to be willing to do what it takes to help them to succeed.
If you are ready to build your coaching and/or consulting business, we are ready to help! Check out our 100% FREE bootcamp where we walk you through how to start a coaching and consulting business.