MBA1882 Why I Stopped Doing 1:1 Consulting + Free Ride Friday

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Hey Yo. Welcome to the Hundred Dollar MBA show where businesses pleasure every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014 and today is Free Ride Friday. On Free Ride Fridays we give away a lifetime membership to one of our programs. We're giving away easy course, our 30 day course on how to build your own online course for 30 days over at EasyCourse co. It retails for $500 or you can win it for free. Just leave us an Apple podcast rating and review and you enter a weekly random draw. Listen in on Friday like today to see if you won. It's that simple. We will be announcing this week's winner later in today's episode. In today's episode you will learn why I stopped doing one on one consulting. I decided to do today's episode because in the last few months I've been approached several times via email, via Twitter, people asking me to do some consulting for them to do some one on one consulting or coaching and my response is thank you so much for reaching out. I'd love to help but I don't do one on one consulting anymore and I wanted to share why I think coaching and consulting is a great way to build a business. Don't get me wrong, I still do coaching. I just don't do it one on one. And I have my reasons and I want to share them. Because maybe you're considering moving away from one on one coaching or you just need confirmation that one on one coaching is the right thing for you. Of course, a quick disclaimer. I'm only sharing what has worked for me and the reasons behind it in order for you to get some perspective and see if you can apply it to your own business. So let's get into it. Let's get down to business.

Dear McDonald's, your breakfast menu fire tens across the board. I could be happy with anything even though I ordered the same thing every time. Thanks for not judging me. I'll try something new next time.

Maybe score a 2 for $5 deal on a sausage McMuffin with egg. Time only. Price and participation may vary. Cannot be combined with any other offer single item at regular price.

For many years I did a lot of one on one coaching. I took on clients. I even did small group coaching as well. Small groups of four or five and my specialty was to help businesses achieve what's called escape velocity. Get to the point where their business is rocking and rolling and they're able to do it full time. I really enjoyed working with my clients. I really enjoyed helping people and learning more about their business, understanding on a deep level. So I can be able to really cater my coaching to them. And there's a lot of benefits with one on one coaching. You have continuity, you have loyalty, you can charge more and usually your results are more consistent because you have more time and dedication from that person. You can actually nag them and make sure they follow through on the activities you ask them to do or the strategies you ask them to implement. And that was a good chapter in my life. I learned a lot in that process. But at some point in my entrepreneurial career I had to choose how I spend my time. I was growing this podcast. I was building our community. I was building a software company. So I had limited time and I had to choose how I want to spend it. I didn't want to stop teaching. I love teaching. I love helping people and helping entrepreneurs grow their business. So I wanted to continue to do it with the podcast. I also wanted to work with people directly. So I continued to do coaching. But I did group coaching, I did workshops, I did challenges via webinars and I still continue to do Those till today. And the reason why I chose to do that and get off one on one is because I can scale that easily. Instead of just helping one person at a time. I'm able to help literally 50, 60, 100 people at a time in my workshops. And I realize the impact I can make on those people is not too different than the impact I can do with one on one coaching. Yes, one on one coaching allows me to give them more attention, more tailored attention, but group coaching actually gets them 80% there. And I just had to make a hard choice about scaling my time. And if I want to continue to do this, continue to teach, then I need to do something that will allow me to do it at scale and allow me to do it efficiently. Because I gotta run a software company, I gotta do a daily podcast, I got other things to do and other responsibilities I have towards my customers, towards my team. So I had to make a hard choice to say no to one on one coaching. Now, having said that, the initial choice to do that was hard because I'm leaving money on the table. You know, I'm saying no to some good coaching dollars. But I knew that if I spent that time and energy in my businesses, I'll be able to make that up and then some in the long term. I was also ready for a new challenge and that would be building a team, growing a team, and helping that team build a great product with my software, Webinar Ninja. For many of you who are new to the show, I've been teaching and coaching all my life. I've been teaching since I was 21. I was a high school and university teacher for 13 years. So this is something I'm really well versed at. I was just ready to move on and focus my energy and time on a new challenge. Having said that, still love to teach. And that's why I still do the webinars and the workshops. It's just not my full time thing. It's not even my part time thing. It's something I do on occasion. And if I'm going to be completely honest with you, that was not easy because that's my comfort zone. Teaching is my comfort zone. It comes easy to me. It's something that I know I'm good at, it's something I can get results at. I know I can deliver. So. So it'd be actually easier for me just to continue to do what I was doing. Doing the coaching, doing the one on one consulting. It was actually the hard thing for me to say no to that. And yes to new opportunities, yes to new challenges. So even until today, you know, when I get emails and I get tweets asking, hey, can you coach me? And I have to say no, it kind of hurts still, because I really do want to do it, but my other responsibilities and commitments will just simply not allow it. Because I made a commitment to grow in a different way. Now. This is not to say I will never do one on one coaching or consulting. Maybe down the line, maybe when I'm semi retired, I don't know what the future holds. And that's okay. It's okay to have different seasons in your life where you're like, you know what? At this point in my life, I want to do this. I want to focus on this. I'm going to take a break from this and focus on something new. But a couple pieces of advice before you make that transition or make that decision, there's no reason for you just to stop at cold turkey. I didn't stop at cold turkey. I still actually, I told you, I still do some teaching. I still do workshops and webinars. You can stagger out of that situation. You can, you know, transition out, take less clients. Maybe. The other thing you want to consider is if you're really good at teaching and coaching and consulting, this is your superpower. You shouldn't stop doing it, but do it in a different way. You know, do it in a scalable way. Maybe do it in videos, do it in webinars, do it on stage. Because you could still help your brand and business using your superpower, but in a scalable way. And lastly, really analyze how much time does one on one consulting or coaching take from you. Look at your calendar, look at how much prep do you do, look at the meetings and actually quantify, say, okay, I see Now I'm spending 18 hours a week on this. What would I do with those 18 hours if I didn't do this right? Would you spend two of them on doing a weekly webinar and then the rest of the 16 on a new project? Get really practical, right? Really look at the nuts and bolts of it. Because when you spend time on something, there's always an opportunity cost. What else can you do with that time?

Dear McDonald's, your breakfast menu fire tens across the board. I could be happy with anything even though I order the same thing every time. Thanks for not judging me. I'll try something new next time.

Maybe score a two for five dollar deal on a sausage McMuffin with egg and more limited time only price and participation May vary, cannot be combined with any other offer single item at regular price.

Ba da ba ba ba.

To wrap up today's lesson, I really enjoyed doing one on one coaching and consulting. I really was able to help a lot of people along the way and I earned good money and I earned a lot of great skills and experience in the process. If you're looking to transition out of one on one coaching, my advice to you is to try to document everything you're doing in the coaching. Document the things that you teach, the things that you practice, the things that you pass on to your clients. Why? Because you want to use that. And scale that in a different way through videos, through courses, through webinars. Because again, we're going to transition. We're not going to really let go of our superpower. But you don't want to forget what actually works. So document what works right now while you're doing it. Thanks so much for listening to today's episode. But today's episode is not over. It's Free Ride Friday. Let's see who won this week's Free ride. And the winner is Intrapreneur. This is the handle on Apple Podcasts. Intrapreneur says Best Real World Business Lessons on the Internet 5 stars awesome daily quick Hitter Business Lessons Must listen for small business owners, entrepreneurs and intrapreneurs like myself. Thank you so much for that awesome review, Intrapreneur. Your mission is to email me over at omar100mba.net so I can hook you up with the lifetime membership to easy course, our 500 hour course over at EasyCourse Co if you want to win it too, just like Intramuneur did, just go ahead and leave us an Apple Podcast rating and review and you enter our weekly random draw. Listen in on Friday, just like right now and just like today to see if you won. Before I go, I want to leave you with this. Letting go of something that works is really hard because you don't want to let go of something that's paying you the bills, right? So this is why it's important to have a plan to transition out. You don't have to say no to all your clients. If you have 10 clients, bring it down to eight and use that time you spend on those two extra ones on something new. See if that thing gets traction. If it does, bring it down to six clients to four, to two, to one. You get the point. Ease yourself into it and prove to yourself you can do it and your life won't just fall apart. If you slow down on the coaching. Thanks so much for listening and I'll check you in Monday's episode. I'll see you then. Take care. Of.

Dear McDonald's, your breakfast menu. Fire tens across the board. I could be happy with anything even though I order the same thing every time. Thanks for not judging me. I'll try something new next time.

Maybe score a two for five dollar deal on a sausage McMuffin with egg and more. Limited time only. Price and participation may vary. Cannot be combined with any other offer. Single item at reg regular price.