Hey Monetize Nation,
What would your business feel like if you were bringing in $500,000 on top of the revenue you're already making AND it takes a few hours of your time?
This scenario is what I posed to my friend, Dan Andrews of the TropicalMBA podcast. (Check out this week's episode which is all about selling thinking.) Dan has built a great reputation with global entrepreneurs through his podcast, Dynamite Circle membership group, and his other businesses.
But he's like most experts... he didn't quite see where he could go with selling his thinking.
He already started coaching entrepreneurs (one and half clients) on the side, but other than starting group coaching he couldn't see a way to make a lot of money (enough to be worth his time) without turning it into a full time job. And he already has one of those with his company.
You're likely to face the same situation.
You've got your business to run so you can't take a lot of time to work on other services. So this is what I recommend you do...
First, figure out what thinking goes into the services you already provide. Most likely you're not getting paid for this thinking (most aren't).
Next, you're going to package that thinking into a service that is sold as an additional line item. It's mandatory for all clients to pay. You might be thinking, "Why not just leave it bundled in with my service?"
Because your clients won't value it if they don't explicitly pay for it. Also, Tim Conley's Rule #1 states that all clients leave. You will find some clients will cancel your service, but keep your thinking.
My business partner in LUMEN, found this out when one of his clients canceled by taking the service in-house, but then hired him just for his advice to level up their podcast.
Second part is you're going to have ongoing thinking (not just onboarding thinking) structured as either monthly, quarterly or annual strategy sessions. I actually sell variations of all three. Monthly coaching, quarterly reviews and annual planning.
Third is pricing your thinking.
This has a lot to do with your perceived authority and less to do with your actual expertise.
I know several high-paid advisors who are not experts in the industry their clients are in. But they are perceived as the go-to authority who can solve their problems.
Dan is charging $1500 per call, which is a lot of money for a conversation, but it's kind of a distraction when you're running a multi-million dollar business. He says he doesn't know if coaching would ever be worth it. And with the way his coaching is set up, it wouldn't.
The best thing for someone like Dan is to get a stake in the business.
He's got the perceived authority to ask for equity. He's earned his spot and there are probably hundreds of entrepreneurs within his audience who would gladly trade a piece of their multi-million dollar company for him to advise them. Even better if he would take the time to coach all the executives and maybe some of the managers.
In this scenario, every minute he spends with them increases the asset value of the client and Dan's own net worth. I think he could charge a fee + equity, too. He has that much cachet with his audience. He could be paid $500,000 from a handful of clients while getting equity in businesses he is helping grow.
For you, take an honest look at your perceived authority in your market. What fee could you command?
If you're not sure, email me back and I'll help you figure out where you are and what you can get now -- and even better, what you can earn in the near future.
See you next week,
Tim Conley
PS. I really want you to listen or watch this episode with Dan Andrews. We cover some great concepts in the business of business coaching that will translate to any expert business.
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