The 5 High Profit Consutling Income Streams #281

Speaker A: M Get set, podcast listener, and be ready to win with your mentor, motivator and marketer, Cam Roberts. Grow your business and achieve your goals quickly with the latest tips, tools and tactics on business success and marketing. Subscribe now and download your free resources@camroberts.com au. Hey, Cam Roberts here, your friend in business success and marketing. Thank you very much for joining the podcast show today. If you're not a subscriber, make sure you head over to CamRoberts.com and subscribe on Apple or Spotify on your preferred or your preferred podcast, uh, platform. Now on today's podcast episode, I want to speak to people who are coaches, consultants and, and industry experts. And what we're going to unpack today are the five income streams that you can develop. Very profitable income streams that you can develop online using a laptop, wi, fi, uh, Internet and no physical business. Now, if you're a coach, if you're a consultant, if you're an industry expert, if you offer services in of any way, shape or form that can be run and controlled on the Internet and you could be a digital nomad and work from anywhere, these five income streams are the income streams that you should be implementing and installing and launching in your coaching, consulting or service based business. In fact, many of these income streams, coaches, consultants and experts usually only pick one off and very few of them even get that right. There's so many people that I've seen online, on social media, even people that reach out to me that can't figure out one of these streams. But the point is like, if you're, if someone's like an avid investor, you know, they don't just hang their money on one income stream. But it's so odd that so many coaches and consultants do that. They, they hang their money on one income stream. They uh, hang everything on one income stream. So it becomes the only way they can make money. And the problem with that is that they are always trading time for money. Now whenever you trade time for money in a business, you are limited in your ability to make more money because of the time that you have to commit to keep the money that you're currently earning. So whenever you're in a position where you're constantly trading time for dollars, you cannot grow or scale quickly because you're constricted and restricted to the amount of time that you have in a day. And it's not just the physical time in the day, it's the mental capacity that takes the edge off you. So if you've got to put 10 hours a day into coaching people. If you're a coach, because you're doing like six one on one sessions a day, you cannot scale that business successfully because not only is your time limited, but your mental capacity is limited. So because your mental capacity is limited, you don't go and work out, you don't go to the beach, you don't reground yourself, you can't get motivated to do things for yourself and therefore you don't have the energy. When you don't have the energy, you can't get the mental capacity and the mental clarity to think about new ideas and new ways to grow and scale and launch. So everything is interconnected. And so when you're looking at which income stream is right for you, out of these five, I would highly advise you to have three or more. You shouldn't be picking one of these income streams as a coach or a consultant. You should be having at least three of these income streams as a way to launch, grow and scale your coaching or consulting business. So you may have some of these already. You may have one. As I said, most people have one and don't even do that very well. Um, but my goal for you today is to make sure that you understand that you need more than one income stream and it is possible to have three going all at the same time because they feed each other, right? They extend into one another. So you can start off with the first income stream and then you can get a whole bunch of people into that income stream and, and then sell them up to the next income stream and then sell them up into the next income stream. And we do that all the time in our own consulting business and our own agency. And it's just part of the business. You help someone solve one problem and they become, you become trusted and they work with you and you keep helping them and you help them some more and help them some more. And at some point they need, they, they need even a higher level of help. And when they need a higher level of help, obviously they'll have to pay a higher level of service or a higher level of price for that higher up. And then you're going to be the person that's going to be able to help them and charge them accordingly for that extra level of help. You see. So that's one of the reasons why it's important to have uh, uh, an income stream. Stepping stones of income streams if you like, or multiple income streams as a coach or consultant. So you can, so you can sell people other things. That's Number one, obviously, but number two, so you can help other people do more things, right? Because if you're again a coach and all you're doing is selling one on one coaching, it's really limited, right? So let's just jump straight into it and talk about the five income streams and then you can think about which three that you want to implement and then if you need some help, I can tell you where to go next. So the first income stream is what I call a do it yourself income stream. A uh, do it yourself income stream is like when you have an online course, you might have a membership program, you might have a learning management system. You're going to have some sort of infrastructure online where people can go securely and log in and consume your content. That's basically it, right? A learning management system, a membership site, a course platform, it doesn't matter what you call it or what, um, infrastructure that you use or tools that you use. At the end of the day you've got a whole bunch of people that are going to go somewhere to consume your content, to get coaching from you where you're not there in person. And that's the key thing here. It's not you turning up to sing and dance, it's you have created content in the past, you load it up and they can consume that content. So that's the online content and I call that the do it yourself. Now these days I get a lot of questions from coaches and consultants. They ask me about AI. Should I be using AI cam, um, for my online courses and my learning management system? And the answer is yes and no. If the content is specifically solving a problem that you're really good at solving, then that should be you. You uh, should create that content because you're the industry expert, you're the person can solve that problem and you want your, your students, if you like, to be able to perceive that you don't want them just to watch a whole bunch of AI videos because they're not going to trust anyone, they're certainly not going to trust you. What are they going to trust? AI? They'll go and figure it out themselves. So you want to make sure that you're part of that and a big part of it. But if it's just basic stuff like that revolves around what you're teaching, well then yes, use AI, uh, for some of the basic content pieces, right? So in my world of marketing, like I'm not going to waste my time showing someone how to use Canva, for instance, but I don't want to also use uh, um, someone else's YouTube video to show my students how to use Canva, for instance. So let's say someone came into my um, you know, my boardroom program or my advisory program and let's say they didn't know how to use Canva. I think everyone does these days, but let's say they didn't. Well, what I would do, I would then use AI to create uh, and how to use Canva presentation. Right? And I'll do, I'd get AI to do the voiceover, I'd get a, I'd load the voiceover up to an AI video editing platform and I'd get the video editing platform to create a how to use Canva video for me that I checked and whatever. And now you've got an AI video. You see that? So that's an easy one. But again, if someone's in my boardroom and they get access to my business school, I'm not going to do that. I'm not going to do that. For high level strategy on how to build funnels and convert people from prospects to clients and how to you know, successfully launch a uh, successful ad campaign, whether it's an EOI campaign or, or a lead generation campaign or middle of the funnel campaign. Like I'm not going to let AI do um, that work. That's where I come in. Right. Me and my team will be doing how to videos and have done many of them. We've got over 200 hours in our own business school portal. And so you know, uh, there's a lot of that high level stuff that I will do. But um, again I'm not going to show someone how to use Canva from instance. So that's why it's really important that if you want to use AI, use it as a coach or consultant, but use it sparingly and only use it for the basic stuff because you want people to know like and trust you from a content level as you're building that authority, as you're building that trust so that you can then grow and scale them through your next programs and services. So the first one is online learning management system courses. Again, I call that do it yourself because the, the student or the client or the customer, they're going to be consuming it themselves at their own pace without you there. So it's do it yourself. Now the next one is a hybrid and this hybrid model has been very popular over the last couple of years and there's still not a lot of people doing it. So if you can Figure this one out. As a coach or consultant, you can monetize this very quickly before a whole bunch of other coaches and consultants figure this out. And this model is the done with you version. Now the done with you version is when you hold someone's hand and you do things with them. So it's not for them, so it's with them. Okay. Now again, if I just use an example from my business, we have a program called Boardroom. Typically to qualify for boardroom, you've got to be over 30, ideally 40. It's kind of an over 40s boardroom because I'm 50 something, right. So I like to hang around with people my age. So. But we let people in that are a bit younger. Right. But we find we just want a more mature, uh, demographic. Okay. So, you know, it's a boardroom sort of environment. And in that boardroom environment, I will do things with people. Okay. So we have a weekly boardroom call where we unpack their problems. They jump on a call, I show them how to do it, we do it with them live on the call. They also get some one on one time with myself and my team. And again, my team will do it with them on the call. Right. So if they've got problems with their Google Analytics, they've got problems with their Shopify site, there's some sort of issue going on their website. Great. Again, they book a one on one call and we do it with them on the call. Now we're not doing it for them, but we're doing it with them. But the great thing for them is, is that they don't have to pay an agency $5,000 to $10,000 a month to get it done. They can do it themselves but have someone who's an expert at that. Right. My, my team and I are award winning agency. We are an award winning global agency. And so it's just one of those things that we offer in our wheel spoke of offerings is we offer a boardroom because we understand that not everyone has the capacity or the want to have an agency. So we created the Boardroom to help people that weren't at that level to hire an agency or whatever reason didn't want to hire an agency. Okay. So the done with you option is a great option that you can implement into your coaching or consulting business where you help people help themselves. Right. So you're teaching people how to fish. You're not fishing for them, you're teaching them how to, how to fish. You're holding their hand, you're showing them how to cast the rod, you're showing them how to hook up the bait, you're showing them how to reel the fish in, how to clean the fish, and they're doing all the work, but you're walking them through the steps for them and with them. Okay, so I call it a hybrid model, but it's basically a, uh, done with you model. Okay, so that's the second one. Now the third one is, is service based and it's done for you right? Now I should talk about that. The further up you go on this ladder, on this income ladder, the more expensive your prices should be. So the do it yourself model should be quite affordable for most people right at an entry point. And I'm not going to give you a price, right, because everyone's prices are different. But if you're charging someone say $300 a month for do it yourself, right, then your hybrid done with you, you should add another thousand dollars onto that, right? So again, if you're charging someone $200, uh, for a portal or a membership or a course platform, a year or a month or whatever that looks like to work with you on a, on a done with you option, right. In a boardroom sort of environment, it should be $1,200 to $1,500 a month. Thereabouts you just add another thousand. Okay. And then I just keep doing that. So the next one up I just add another thousand. And so like for instance, you know, if you put a service base and done for you, well then you know our done for you agency services start at five grand a month. So it's not exactly a thousand. But you see what I'd like, you've got to get more and more higher up you go, right? And you should do the same for your coaching or consulting business. So the done for you option is where you specifically will do things for people. So even if you are a coach, even if you are a consultant and you don't have any implementation services, you're going to have clients that will need things done for them. Even if that done for them means project managing something for them, even if that done for them means connecting them with the right people. Even if that done for them means overlooking and just, you know, helping them project, manage something, do something, whatever that is. Most coaches could flip themselves into a done for you option and a service based option quite quickly. Now I know that there's a lot of coaches out there, right, that coach coaches that tell them not to do done for you services. You just want to coach People, don't you, you let them do it for themselves. I tell you now, not everyone has that capacity to do it themselves. They just don't want to, right? Some people just want to pay to get it done for them. And so as a coach or consultant, again, you don't have to have hundreds of these, right? But if you had five people, like, if you had 100 people on do it yourself and you had 30 people on done with you, and you had five people on done for you, all of a sudden you've got a very profitable coaching or consulting business, you see. And so that's kind of that, you know, that upselling of each step. So done for you services. Again, anything to do with doing something for someone. Now the fourth one is what I call advisory. So it's not do it yourself, it's not done with you, it's not done for you, it's advisory, right? Um, that's where people pay you even more money than done for you for your expertise and for you to work with them personally. Now, personally is the key word. Now as soon as you start working personally with people, right, Your fees need to go up exponentially as a coach or consultant. So your advisory fees should be quite expensive for most people because that helps weed out people, it filters people, right? And you don't want it like as a coach or consultant, if you price this properly, you really don't want any more than five to 10 advisory clients at any one time, you see, because you're offering your strategic insights and advice and expertise and you want to charge these people a really good amount of money because they're going to take up your time. They're going to lock you into an hour to an hour and a half a week of your time, plus emails and so on, right? So you've got to make sure that any advisory work that you do is priced accordingly as a coach or consultant. And what they're really paying for is the strategic insights. Okay? Now again, if we look at the, look at the four models so far we've had say 100 people in do it yourself, right? You have 30 people in done with you. You have 10 people in, uh, done for you. And then you might only have three, four or five people in advisory, right? And that would be a very successful and profitable online coaching or consulting business that you could run from anywhere in the world with a decent Internet connection. Now the fifth one is some. Is one that hardly any, hardly any coach or consultant ever uses, but I've used it strategically very well over the Years. And it's not one that you pull out all the time, but it's one that you pull out for the right person in the right agreement and the right arrangement. And it's got to be watertight with the agreements and the arrangements. So watertight that you might even get a uh, legal advisor like a lawyer or solicitor to draw up the contracts. Okay, and this one is commission based consulting. And with commission based, uh, we could do coaching as well, but primarily it's for consultants. And with commission based consulting, that's where you do not charge someone a monthly retainer, but instead you become a commission based consultant based on the growth of their business. So you don't come in and take any percentage of off the existing business revenue per month. You come in and say as a consultant, hey listen, see how uh, or whatever it is, you know, whatever the tracking is, not everyone works with businesses, but I do. So I'm just giving you an example. You might be a consultant in some other way, shape or form. You do whatever works for you, right? Whatever works for you. But commission based in, ah, a business world in a business sense is really saying to someone, hey look, you're turning over a million dollars a year as a consultant. I uh, could easily take you to $2 million a year in the next 12 months. Knowing what I know about sales and marketing, here's what I'd like to do. You keep everything that you've currently got on revenue per month. Let's call it 100k a month, right? For every dollar huh, that you make in revenue past 100k a month, I want to get paid 20% of that revenue as a commission, right? You don't have to pay me up front, you don't have to pay me a retainer. It's 20% of every dollar that we make together. From my strategic insights and working together, some of them will be direct. Some of the consulting and advice I give you will be direct. Some we non direct. So I might say, hey, do a, B and C and D and that will directly make income. Um, but then there'll be indirect ways from a, B and C and D that was a fall off or a trickle through, um, that were closely related or somewhat related, that if A, B and C weren't implemented, they wouldn't have never happened anyway, you see what I'm saying? So it's got to be based on a fair rule of hey, for every dollar you make over X amount of dollars, I get 20% revenue as a consultant. And I'll tell you, getting the right people on board that make the right amount of money. Uh, this is a really good way to make 100,000 to $200,000 every year with a couple of businesses. It's a very, very good business model. Risk reversal for the client. They see that you've got buy in, they see you're serious about what you do, and you obviously are, and it adds a fantastic, um, income stream to your bottom line as a coach or consultant. So that's a wrap for the five income streams. In summary, you've got the do it yourself, you've got the done with you, you've got the do it for them, you've got the advisory and you've got the commission. You should be having, as I said at, ah, the start of this podcast, at least three, those five, if not all five in your consulting or coaching business. Now, if you're listening to this and you are a coach or you are a consultant and you're looking for new ways to launch, grow and scale, I also have five income streams in my business. There's a fair chance that I can help you achieve your goals and there's a fair chance you could slot into one of my programs. So if you're a coach or consultant and any of this has resonated with you. Sorry, resonates with you in any way, shape or form, if any of this has resonated with you, I want you to reach out to me@camroberts.com au so just go over to camroberts.com go to the contact page, fill out a form, or down the bottom of the homepage, fill out a form or click the button to book a time with me. There's a calendar link there somewhere. Just click one of the buttons and book a time or you'll see it on the page. And what we'll do is we'll talk about where your coaching or consulting business is currently at, where you want to get to, how I think I can help you and what I think your next steps should be and how we might be able to work together. So head over to CamRoberts.com and take that next step and let's start growing, launching and scaling your own coaching or consulting business. All right, well, that's a wrap for me. Until next time. Thank you very much for tuning in to the podcast show. I wish you all the best with your success. This is Ken Roberts signing out.