How Is Business Couching Profitable?
Business Coaching is a better business model than business consulting for the average SME consultant.
According to the “definitions” Consultants tell you the answer and coaches help you find the answer themselves. We do not necessarily prescribe to that definition but as it is constantly hung in the environment lets discuss it.
Consultants therefore, according to this definition, deal with identifying problems and then proposing solutions that they actually implement. A coach on the other hand helps the client find the solutions to the problem themselves by adopting a methodology of questions and in-depth exploration that leads to the solution.
In our videos we are concerned more with you making a profit and you helping your clients to make a profit rather than the definition of what you call yourself. Clients do not hire a coach, a consultant or a mentor. They hire someone to help them improve their business. They hire someone that they feel comfortable with.
As part of our training courses we teach you to combine the consulting and coaching role. But what is most important is the business model. Your goal is to build recurring revenue which falls more in line with a coaching business model.
Let me explain. As a pure consultancy, you need to first find a client that understands that they have a problem. They then need to perceive you as an expert and they need to believe that you can solve their problem. This limits your market size and then when you win the assignment your revenue is limited to solving the problem.
Coaching on the other hand broadens your entire market and offers you a different framework to market your services. In coaching your marketing communication is all about…”Have you achieved what you wanted to achieve in the last year” … and when the answer inevitably comes back as NO, then your response is ” I can help by keeping you focussed on your goals and actions. I can help by offering you simple processes to ensure that you achieve these goals and I can be there as a confidant, advisor and sometimes as a mentor to help you to succeed.”
Your methodology then revolves around diagnostics, goal setting and action planning. And from a billing perspective you bill on a monthly regular basis. You provide regular management guidance that covers broader issues and problem solves along the way.
With MAUS you are able to license to a killer business model for your practice plus the software to automate and build your practice.
Our “Your Business Success” program is a simple step by step model that we provide to our licensed consultants/coaches. (www.yourbusinesssuccess.com.au)
We then provide you with all the software to automate your practice. (www.maus.com.au)