You need to stop doing one-on-one, because you’re only hurting yourself, killing your business, your health and your life. The reason why is: what happens if you want to stop working, go on vacation, if you’re sick and you lose your voice? What happens when you’re just too tired and you just want to step back for a bit? You don’t make any money.
This might seem a bit controversial, because the consulting space is based around hourly fees. I don’t like hourly fees and I never tell anyone to do hourly fees. If you’re going to do hourly fees, charge $10,000/hour and do something outrageous. What you want to do is you want to charge by value and by package.
For example, if you’re a business consultant or a business adviser and you create direct mail campaigns, advertising campaigns and social media campaigns, don’t charge by the hour of $50 or $100/hour. You want to charge by campaign. If you do a revamp of a brand and you want to charge 20k or 10k.
For me, it was more natural going high end because when I started my first home study program in 2007, my asking price was $3,000. I’ve always been used to selling high end products in the market and at that time, the market was used to selling 50 to a $100 products but I came in with a $3,000 product. Immediately, my positioning was much higher. I always advocate going high end; always be the Bentley of the market or always be the private jet of the market.
Stop doing one-on-one, because it’s not sustainable. Even if you have a packed roster of clients, you’re still doing 40 hours a week which is a lot of coaching/consulting and you really cannot grow. You have an income ceiling but it’s not sustainable and it’s really exhausting.
If you’re doing that at the moment, you know that it’s exhausting. When you stop working or when you want to travel, it’s over and you can’t make money. If you get huge results for clients and you save them a million a year in advertising expenses or electricity, you can charge 10% of that because you’re giving him an extra million. If you negotiate well, it’s not going to be an issue for them to give you 10, 15 or 20%.
Doing one-on-one is not a way to get clients, because you don’t want people who buy you by the hour. Clients want results, you want to get clients who want results and a not client who just wants to spend time with you. When you go to the dentist or to the doctor, do you want to spend hours, weeks, months or years going to the doctor or do you want to get results immediately? The client who comes to you wants the same thing, they want it fixed NOW. If you can make people lose weight or help companies grow overnight, you could sell that for millions. Don’t charge by the hour because it’s not good for you and it’s not good for the client.