How To Set Up Your Coaching Service And Make Money In 1 Hour
More than ever, selling your service online and finding work is easier. This development was inspired by the recent pandemic that forced the entire business world to work online and remotely.
A recent survey found that up to 50% of freelancers can land a paid gig within 3 days of prospecting and networking.
Unfortunately, setting up a business online or switching completely into the virtual world is not easy, especially for established brands.
For example, the process can take time for an established consultancy business: from setting up a whole website and creating booking pages, and payment processes.
If you want to get paid the rate you deserve for your consultancy service, there are some strategies you may want to implement.
This post walks you through the step by step process to sell your consultancy service online and the best place to sell the service to make a consistent income.
1. Picking a niche
Sometimes, the one thing that's holding you back from starting is choosing a niche.
Your passion for multiple areas of consulting may leave you confused about which way to go.
Here's how to find your niche:
A. Identify Your Passion And Interest
Write down 20 skills you're passionate about. Continue to narrow down on these skills until you find the one skill you have interest and passion for.
This is because business is hard. You'll be tested at some points. It's easy to give up on what you have little to no passion for - especially in your first few years of business.
If you have passion for your business, you'll stay strong in the face of obscurity.
If you're not passionate about your business, staying motivated becomes a problem. Here’s how to identify your passion and interest:
- What do you love doing in your leisure time?
- What magazines do you love to read most?
- What topics do you want to learn about?
- What organization or club do you belong to?
B. Identify Problems You Can Solve
Consultancy is about solving customer’s problems.
To create a profitable consultancy business, you must understand the problems your customers face. This is when you can determine if you can solve them.
Here's how to identify customer’s problem:
- Set up a one-on-one consultation with your potential market.
- Create a question-based platform that lets you know their pain points.
- Explore general forums like Quora or niche-specific forums for consultants.
Study member’s discussions and trending questions.
Do keyword research. Type different keyword combinations on your desired keyword tool.
This will help you discover the most-searched terms that address pain points.
C. Research your competitor
Having a competitor shows that you're in a profitable niche. So you have to analyze your competitor’s website.
List out the competitor’s sites you found on a new spreadsheet. Then think of ways to stand out from competitors.
Can you possibly rank for your keyword?
How can you stand out with your offer and create a special offer?
Here are common mistakes your competitors make that can make you get ahead easily:
Low quality Contents ;It is easy to get ahead in a niche where your competitors create low quality contents.
Lack of transparency: When your competitor lacks transparency, you can get ahead easily.
Many new business owners became an authority by being transparent in an industry full of faceless business owners.
No paid competition : when you search for your high competition keyword and no paid ad pops up on the search engine’s first page, then you're in luck.
You'll become successful in an industry where keywords with relatively high search volume have no paid ads. This is your chance to upset the space.
C. Determine if the niche is profitable
You need to have a rough estimate of how much you can make from a niche.
Browse the top products in your category. If you can't find any offer, the niche is not monetizable.
D. Test your ideas
Since you have every information you need to pick a niche, next is to have your ideas tested. You can set up a book like a boss page to present your service. Then use paid ads to drive traffic to this page. You may or may not get resales which don't mean you're not in a great niche.
2. Figure Out How Much To Charge.
Established business owners understand that while it is one thing to make money, it is another thing to make profit.
When figuring out how much you want to charge, consider factors like your target client, market rate, and the life you desire to live. There are two ways to charge for consulting services.
Charge an hourly rate. You can multiply your hourly rate with the number of hours it'd take for the full consultation.
Charge a fixed rate. You can charge a fixed rate for the full consultation service.
That said, here's how to figure out how much to charge.
a. Consider the industry-standard
Do a proper research of the industry standard for pricing. Start by figuring out what your competitor charges for the type of service you offer.
You can use payscale - a tool that helps you find detailed information about the salary structure of your niche.
b. Consider your value offer
Sometimes, pricing will be determined by the value proposition of a service, not the number of hours invested in the project.
In other words, you can charge a percentage of the profit they make from the service you offer.
For example, let's say, you're an e-commerce consultant offering support to eCommerce websites. If your customer generates over $100K from the program you manage for them, you charge a consultancy rate of 20% of the profit ($20,000).
c. Consider your experience
Naturally, the price should increase with experience. As you gain more experience, you should charge more.
d. Consider The Turn Around Time Of The Project
If you want to charge a fixed cost per project, then evaluate how long it'd take you to finish the project.
For example, if you charge $500 for a job that will take 40 hours to complete, then that's about $12/hour which is a low balling offer.
e. Consider your monthly expenses
You need money to thrive. Your hourly rate must cover your entire expense for the month while allowing you to save as well.
This means you have to consider your rent, taxes, internet, service subscription,etc.
List out your business expenses as a consultant and consider them when calculating.
In addition, you should set a minimum rate. You deserve to get paid accordingly.
3. Leverage And Expand Your Network
Throughout life, some people have contributed to our growth, both personally and professionally. But how do you nurture that network? Here's how to expand and leverage your consulting business.
Identify your needs and offer
Networking is about giving and taking. Think about what you can offer other people. The good news is there's a lot you can offer.
Ask for help from a friend or a colleague if needed.
Next, list out what you love to learn, the skills you're looking to acquire, and areas of knowledge you've shown interest in. Check your list regularly.
Quality over quantity
Growing your professional network is more than gathering huge followers and connections.
If you follow every dick and harry that wants to connect with your business, you may end up with a list of strangers your business doesn't need.
For example, if you use LinkedIn, connect with people, influencers, and companies who are relevant to your interests and career goals.
Automatically connect with people even if they need nothing
Connecting with people online is a great way to stay in touch with them. It could be as simple as sharing an interesting article about trendy news or sending them a direct message.
Avoid sharing the picture of your cute dog to people you've not met physically or bonded with.
Instead, build a rapport by discussing professional topics. Then you can go informal.
Who knows, you may be chatting with your next client .
Utilize virtual mentorship programs and career fairs
Apart from learning something new and gaining exposure to important resources, there's an opportunity to build a long-lasting connection.
While it's difficult to find a mentor on your own, a mentorship program can simplify the entire process.
What you have to do is to complete an online mentorship application form and you'll be matched with a mentor with expertise in the area of your interest.
Career fair allows you to meet people from different companies – even people you never knew existed. In a nutshell, both are great ways of building your networks.
Always ask for help when needed
When you want to ask for help, either from a public forum or from a personal email, always be grateful and honest.
From asking for recommendations for a coach or mentor to seeking information about a helpful book or podcast, asking for help can save you the stress and time of figuring it out on your own.
4. Learn how to say no
A lot of people struggle with saying NO because it is termed a negative word.
If you want to take charge of your time, business, and schedule, learning how to say no is key. Here's how:
Identify why it is hard to say NO
A lot of emotional triggers go into our reluctance to say no.
It could be because you don't reject or let anyone down - Or because you don't want to lose that opportunity.
You should understand the driving force behind your action. Keep in mind that saying NO doesn't mean you're rejecting an opportunity but scrutinizing your priorities for the best results.
On the other hand, saying no doesn't mean you're not nice; instead, you're setting your priorities.
Identify your priorities
Before saying yes, you need to firmly understand your core properties. Defining your long-term objectives can help frame your to-do lists.
Will a new request or project help you move towards your goal or distract you from your goal?
Keep your NO simple
Once you've identified what to say yes to and what to say a no to, next is to learn how to say it gracefully. This involves a lot of practice. While it may feel a little awkward at first, it'll become natural with time.
The best way to say no is to say it directly. Cutting corners by using words like "I'm not sure if I'll have time but let me see what I can do" is not always a good way to say NO.
Be firm and straightforward. You don't want to waste your time and theirs.
How To Set Up Blab for your consulting service
It's so easy to get started with Book Like A Boss.
Click on the start a 14 days free trial button. It will take you to the next page where you'll enter your details like name, URL, email, and password.
The next page is where you'll input your information.
Once you input your information, it takes you to the dashboard where you can get set up for your first appointment.
Key benefits of using Book Like A Boss
Book Like A Boss has a lot of benefits for skilled entrepreneurs who want to make money online. The management tool allows you to:
- Create a personalized landing page with forms for scheduling, and this includes photos, social media links, videos, testimonials, FAQs, and more.
- Send emails and SMS reminders and enable clients to reschedule or cancel appointments
- Get paid upfront for the service you're selling so there's no reason for a payment issue
- Sell your service online and let people choose from when you're available (freedom to work at your pace)
- Use BLAB as a standalone website or embed it into your pre-existing website
There's no denying that selling a service online and finding work is easy. With tools like BLAB, you can set up a booking system for your client to get in touch and pay you upfront for your expertise.
In addition, you can create a personalized landing page with forms for scheduling, send emails, and SMS reminders and enable clients to reschedule or cancel appointments. Use BLAB as a standalone website or embed it into your existing website
It's time to take action. The surest way to make your dreams come true is to live them.
If you're waiting until you feel talented enough to start your consultancy service, you'll never make it.
Knowledge is not entirely power but a potential power. It only becomes power when we apply it and use it. Sign up to start your free 14-day trial of Book Like A Boss