The number one thing that you need to do to get on the path of 7 figures a year is to define what you do. If you want to make a solid income as a consultant or a coach, you need to be clear on who you’re servicing.
The worst thing that you can be doing is just calling yourself a life coach, a business coach or a personal development coach.
There are so many coaches that have very generic names and titles that it doesn’t really help anyone.
First of all, people don’t really understand what a life coach is. You need to define your work better. If you’re a life coach, you have to define and create an elevator pitch.
Basically, create a 20 word pitch that really gives the benefits to the prospect about what it is you do and how do you help people.
You need to be able to define and communicate very quickly – this is how your work affects and helps your prospects and your clients.
You need to specialize
In defining what you do, there are three questions you need to answer. The first question is, what is the specific problem that you help solve?
For example, you’re a life coach and you’re specialized in helping people lose weight.
You need to specialize. Making money as a coach, consultant, trainer or service provider, is the same thing as with doctors and general practitioners that make the least amount of money.
Specialists, surgeons and neurosurgeons make the highest amount of income because they’re specialized.
You really need to define which segments of the market you’re helping. The biggest mistake a lot of people do is they think that they can help everyone by casting a wide net.
They think that they will have more people because they have a more general service. It’s actually the opposite.
You’ll be helping more people and having a bigger impact if you actually narrow down your services. You need to decide and define a specific segment that you want to help.
You need to know the average timeframe
You need to know exactly what the average timeframe is to help someone solve a problem.
Who are you specifically helping with this problem? For example, if you know that it’s going to take someone approximately 3 or 12 months for this person to get back in shape and to really benefit from the service you give, you need to have a timeframe.
Your pricing structure will largely depend on how fast or how efficient your service is.
You need to have a defined market
The 3rd question is: why do people come to you for help? Why do people call you? What separates you from all the other people in the market place? That’s a big one and it comes down to having a USP, Unique Selling Position or Selling Proposition.
You need to have a strong statement and you need to have a defined market.
You need to have a defined segment of the market that you want to serve. You need to have a story about what got you into the business and you need to have something unique.
It can be something as unique as you’ve served in the Army. That’s already something you can use in your resume or in your marketing material.
You really have to put time into defining what it is that you actually deliver and why is it different than what everyone else in the market is doing.