Your business model can be the difference between working crazy hours and making very little money and making great money in an efficient and scalable way. Last week, I covered key business models for coaches – this week I look at business models for consultants. Here I demonstrate how you can take your skills from a corporate job and make money as a consultant.
As a consultant (aka strategist or expert), you offer advice and recommendations to solve a particular problem for your clients. Unlike coaching – where clients gain insights into their desires, beliefs and behaviour and come up with their own solutions – a consultant gets paid for their opinion, based on their analysis and expertise.
In simplest terms, a business model is an assumption about how your business makes money and operates – an important place to start in any business. For service based entrepreneurs, business models are not complex. Here is how you can define your business model as a coach, one of your first steps towards making money in your business.
A business model can be simple or complex. A restaurant’s business model is to prepare and sell food to customers. A website could be providing a free service and driving traffic to it, then selling advertising to other companies. Or it could be selling a product or service direct through a shopping cart.
There is no need to overcomplicate your business model starting out as a service based entrepreneur or solopreneur. Essentially you provide a service to a customer, and the variable is how you charge for it and whether you expand from your basic service into alternative models such as info products, affiliate programs and e-courses.
In the work that I do helping corporate women become service based entrepreneurs, one of the key first steps is deciding what to do and who to serve. One of the key mistakes people make is making their offer to broad and vague. In this week’s blog I talk about why to define a niche and how, how this links to your target market (it’s not the same thing) and what comes next.
What is a niche market? Why niche?
Niche marketing involves selling specialized products or services that answer to the need of a relatively small target. If you are known to be an expert or leader in that specialized product or service, consumers are willing to pay more for this.
It’s basic economics: differentiated product, smaller market and lower economies of scale = higher price.
This week I have created a video on you to stay engaged in your job while you set up a business on the side. This is key to keeping your positive energy and motivation up and to make the most of your time while you are still working to set you up for success in your new business.
Enjoy! And please comment below on how you can implement these ideas in your job or if you have any other great suggestions to share with others.
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• About Louise Taylor •
Louise is a Leadership & Career Coach who specialises in helping driven professionals to shape their dream careers and develop habits for peak performance and resilience.
Since 2009 Louise has coached over a hundred leaders with a focus on career transition and development, behavioural change, leadership, communication, influencing and managing emotions and stress. She has also coached leaders to design and launch coaching and consulting businesses.
Louise is an experienced and innovative Solutions Designer & Consultant, who has worked in this capacity for much of her career, gradually moving up into more senior roles.
Louise brings a wealth of experience designing and delivering talent and leadership programs in companies such as Microsoft, GE Money, Barclays, Inchcape, Boots, HSBC, Google, Yahoo!, AXA, Astra Zeneca, Commonwealth Bank, Babcock and Wesfarmers.
With coaching psychology training and a Graduate Certificate in Counselling, Louise has effective, evidence-based tools to access the root cause of behavioural change and results.
Louise is an International Coach Federation (ICF) PCC credential holder and has over 800 hours’ coaching experience. She can use tools such as Strengths Finder, Hogan, LSI, CCL and fuel50 Career Assessment tools to help her clients gain clarity and increase effectiveness.
Louise lives in London, UK with her partner Ian and their two cute pugs Mimi and Lola. She enjoys yoga, meditation and fitness, relaxing with friends and family, cooking, personal development and travel. Louise is passionate about languages and is fluent in French and German and speaks basic Spanish.