Wow, the What Type of Home Business Should You Start series (Introduction, Outside, Online, Content) has taken me on a wild ride. It’s always an honor and privilege to complete one of these articles and books.
I say this because I had to read multiple books and write numerous articles before writing the compilation article (this series). In the first article, I named “Consulting” the last of the series.
However, I will extend this series because it is just so fun and challenging to complete. I hope you enjoy this one-stop-shop type of article. Anyways, let’s begin.
When Life Gives You Lemons… Make Passive Income Lemonade
Why is consulting a valuable proposition? Being a consultant, life coach, or fitness coach is active income—you have to exchange time for money.
These professions are valuable because you are your own boss and can leverage your time and resources accordingly. This freedom allows you to make decisions in the best interest of your business and personal life.
Becoming a consultant is a great way to use the years as a subject matter expert in your field to transition into being a business owner.
Don’t confuse being a business owner and being an entrepreneur. Many people become business owners and fail to remove themselves from the business. Entrepreneurs use systems and people to create a functioning company that prints money—with or without them.
Remove yourself from the act of making money. When starting a consulting or coaching business, your first assignment is to envision the company without yourself.
As the book “You are the Brand” states, you need to decide on a proper name for your business. If you want to eventually sell your consulting or coaching business, having a name that isn’t yours is a good idea.
Basics of Design 101
For example, I can start Joshua King Consulting Agency. It sounds good, but what happens when I sell it? Or, I could create a company named Royalty Consulting Agency, and it is more appealing to people that would want to buy it.
This thought process permeates through all of your business decisions and actions. As you build your consulting and coaching business, you will make specific procedures, guidelines, rules, and contracts.
These instructions are vital parts of your business model, and you should document all successful (and unsuccessful) results that occur.
Your goal is to create a business that can run without you. As you build a base of clients, you can start outsourcing some work to your best employees.
Eventually, your team can run the company without you being present on a day-to-day basis—that should be your goal from the start.
Run a Property Management Business
Passive Income in consulting and coaching. As you build your business and eventually your consulting team, you want to focus on creating multiple streams of income.
Remember the procedures, templates, and instructions you created along the way? You can now leverage these documents and information to assist others in their path.
For example, let’s say you learn a fantastic email sequence that sends potential clients emails over 30 days. You have continued to tweak the series until you find a way that results in a 55% conversion rate.
You did all the work via trial and error, but now you have a product that you can sell to others. Many people who start a consulting or coaching gig would pay to have this email sequence from the start.
That example is business in a nutshell. You’re out there, alone and unafraid, learning new techniques and procedures. Being an entrepreneur is about learning from failure, but that doesn’t mean you fail on purpose.
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If there is valuable information floating around, use it, and keep pushing the envelope. Don’t fail at step one when books and courses cover steps 1-10. Fail at step 11, overcome the obstacle, document your course of action, and sell products covering this step.
A quick story. When I started my blog and book publishing business, I took an online course about publishing on Amazon Kindle Direct Publishing. I am so glad I took this course, as it gave me a business model I am still using 14 months later.
My path is much different from the online course; however, I started with the basic information and expanded into a different approach.
As a consultant or coach, you can read books like “Consulting Success” and “Who the F*** Am I to be a Coach?” These books are just starting points and can give you terrific ideas on how to begin your business.
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However, creating an income stream takes at least 10,000 hours, and your path will be unique. That’s the challenge of being an entrepreneur; no path is alike. If you want to take a safer route, read the book “The 10% Entrepreneur.”
This book covers how to start a business while keeping your day job. Consulting and coaching are perfect candidates for part-time entrepreneurship. You can control how many clients you take on at a time, which synergizes well with your job.
Now, let’s look at three types of consultants and coaches. We have a business consultant, life coach, and fitness coach. Each is different and requires different energy on your part.
The business consultant serves the clients’ business needs, the life coach serves the personal needs, and the fitness coach suits the physical needs. Knowing where you fit in is essential to starting your business.
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Starting a consulting business. As a business consultant, you have a vast knowledge of industry tactics, contacts, and best practices. You can leverage your history and experience to guide business owners to mission success.
However, don’t limit yourself to the industry where you cut your teeth. After reading 25+ business books, I can say business is business.
If you know about the restaurant industry, that doesn’t mean that you can’t assist someone in the aviation community. If you create management or leadership products that get results, expand your sphere of influence. If you sell great ovens, then the restaurant industry is your best bet.
Start a life-coaching business. You don’t have to be a “life coach” to coach someone else. They may need help in business, work, relationships, or finance.
I Live Paycheck to Paycheck 2
What’s challenging about being a coach is deciding how much your time is worth. In short, aim high. How much would someone pay to change their life?
In addition to coaching services, you can add other passive products like merchandise, rituals, and meditation videos. Allow people to continue interacting with you without being present (otherwise known as passive income).
Start a fitness coaching business. The fitness world is full of influencers, stars, and lots of money. So what makes you different? Well, no one on Earth is like you.
I think there are at least ten people on this Earth that would love to interact and learn from you. People want to connect with someone that touches their soul. Fitness is a very personal activity, and people won’t let just anyone into their hearts (and garages).
Can You Achieve Work-Life Balance 2
Be yourself, be consistent, and provide videos, blogs, and podcasts for people to continue to get to know you. Don’t expect someone to love you from the first meeting.
How many times does it take for you to watch someone on YouTube before you subscribe? Exactly. It’s the same with all business models—especially fitness.
Conclusion. Starting a home business can be challenging, but these three business models offer something unique—social proof.
You have already proven yourself by becoming a subject matter expert, acquiring multiple coaching certifications, or obtaining a degree in physical fitness.
Now, you only need to leverage your background, education in entrepreneurship, hard work, and a great personality to build a successful business. Do you have what it takes?
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