The Growing Industry of Coaches and Consultants
Do you have expertise in an area where most other people don’t? Do you have years of experience in your field or industry? If the answer to either of these questions is yes, you should absolutely consider starting a consulting or coaching business as your next endeavor. Many people equate business and life coaching with something similar to the influencer movement. Let’s be perfectly clear, consulting and coaching is a multi-billion dollar industry each and every year in the United States. This isn’t Instagram we’re talking about, this is for real. Let’s take a closer look at some of the considerations an aspiring consultant or coach needs to make before entering this exciting space.
Consultants and coaches are, by definition, the very best in their fields. Therefore, it stands to reason that the first question any aspiring consultant or coach needs to ask themselves is am I good enough’? While this may seem like a brutal approach that could result in a damaged ego, asking yourself this key question at the outset of your consulting or coaching venture will prevent far greater damage to your ego moving forwards.
Strategically speaking, coaches and consultants need to approach their business in a slightly different way than other, more traditional, business owners. For instance, if I offer software as a service, it is to my advantage to offer the highest level of service and the best software I have available right away. Why withhold the best of the best from your loyal customers?
The Consulting Model
For consulting and coaching, this concept gets flipped on its head. Do not give away all of your information and expertise at the outset. Your information, expertise, and experience are the resources that you are selling in this case. It stands to reason that if you deplete those resources in the early stages of your venture that you will not have anything substantial to offer your loyal customers in the future.
Many consultants and coaches structure their services in a way that prevents them from dispensing all of their information at once. Some people rely on tiers, where you pay more for more information, while some offer premium subscriptions wherein inside information is offered to a limited audience. Whatever the case may be, nobody is giving away all of their information so don’t make that mistake yourself.
The Consulting Industry
Coaching and consulting is absolutely a growth industry. If you are thinking of making the transition into one of these roles, now may be the time. The consulting industry was valued well over $10 billion over twenty years ago, and it just keeps growing.
In conclusion, coaching and consulting is an excellent service business for the entrepreneurial person. This industry requires immense effort at the outset as well as a uniquely strategic mindset moving forward. It is not for the faint of heart and only the strong will succeed. If you believe you have what it takes to be the next big coach or consultant, more power to you. Keep these lessons in mind and we wish you the best!