Many Coaches and Consultants experience the "feast or famine, chicken or feathers" ups and downs in income - they're either out there selling, or they're delivering. This results in a yo-yo income. They have to deal with busy times and quiet times and increasing competition, and, because they're selling time, they have limited income earning capacity. Many clients regard the consulting or coaching service as a luxury that can be terminated as soon as cash flows get tight. In addition, the popular perception of coaches and consultants leaves a lot to be desired, which is quite understandable, given the fact that many who use this label are about as valuable as a rotten peach on a busy sidewalk.
How do I know this? I was a consultant for eighteen years. And I’ve specialized in Joint Ventures for small and medium businesses for nineteen years. The solution to increasing your coaching or consulting business as well as income from other sources, while at the same time differentiating yourself from the herd, is Joint Ventures. It's a great fit and a great complement to any coach or consultant's business. Use your insight and communication skills to create lucrative JV's. Have the money and the time to enjoy it, as well as the luxury not to rely on your income from consulting or coaching. This is exactly what I did. I no longer sell my time as a consultant, but this information has worked for me for eighteen years and it will work for you.
First, understand that you do not have a 100% profit margin, which you do have from Joint Ventures. Second, know that you cannot possibly be all things to all men. Third is the hardest – getting rid of that giant ego. I think ego is the enemy of coaches and consultants. Business is not about sales or being well known – it’s about bottom line, after tax PROFIT. You have the ability to cut through the BS and guide and direct people. You can gain their trust. You are a good communicator and you have an understanding of business and human nature. These are very powerful skills and tools in the hands of a Joint Venture Broker.
If my doctor called me last week and informed me that he had a great deal on heart bypasses, I would get worried. Instead, he examines me and points me in the direction of a solution or relief. That’s real business. “Find a need and meet it.” In a room of 20 “Business Networking” people, not everyone wants a coach. But they all have needs, hopes and dreams. If you’re there to make money by helping people, why not simply link these people, be they clients or prospects, with the solution to their needs and get paid for it? When they want a new car, why try to sell them coaching, instead of introducing them to a good realtor and getting paid 20 – 50% of her commission? Easy money, no time, no risk, 100% margin. Think about it.
Business consultants can make a lot more from triangulating JV deals than selling their time. Become a “Toll Gate” – something like Bill Gates. Create solutions that pay you well. Leverage other peoples’ time, resources, money and access. Something like Ari Onassis. Think about that! You can find more information at www.jvwisdom.com.
Joint Ventures for Coaches and Consultants - To learn more about this author, visit Robin Elliott's Website.
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