Boost Your Consulting Business: Learn from Chris Do's Expert Coaching

This article is a summary of a YouTube video "Chris Do coaching me to become a high value consultant" by Flux Academy

TLDR By transitioning from design deliverables to strategy and selling their thinking, consultants can double their business and achieve a balanced work-life schedule while earning a high income.

Business strategies and success

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The conversation with Chris Do is mind-blowing and packed with valuable information on running a successful business.
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Chris Do's insight on selling strategy and getting paid for your thinking can push consultants to elevate their goals and strive for the next level.
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The goal is to build a multi-million dollar business with a recurring revenue model, potentially generating around $300k monthly within five years.
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The YouTuber sees their YouTube channel as a great marketing channel for their product business, as it attracts the exact market that uses their product and generates a lot of traffic.
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Chris Do emphasizes the importance of not pitching ideas without fully understanding the problem, as deep work and understanding the customers' behaviors are crucial for providing a better solution.
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Despite having limited experience and a small portfolio, the speaker was able to win a $100,000 job that eventually grew to $750,000 through effective communication and understanding the client's needs.
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Consultants can create significant value by identifying and solving specific problems that directly impact a client's business, such as generating four million dollars of new business by addressing low customer traffic during certain hours.

Work-life balance and personal growth

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Building a passive income business model is a dream for creatives, as it allows them to make money from something they do once really well for the rest of their lives.
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Chris Do aims to teach his clients how to move away from hourly rates and define their own success in terms of free time and work-life balance.
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The curse of entrepreneurs is being able to do things faster than others, but it's important to delegate and let others handle execution to focus on high-level thinking and strategy.
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Prioritizing family time and being present for daily activities like dinner and bedtime can lead to a well-balanced life.
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The feeling of helping and teaching someone, and seeing them grow and succeed, is like being a proud parent and has a lasting impact on their life.

Pricing and value in consulting

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Charging a high price for strategy alone can be a successful approach in consulting, even if clients initially approach for design deliverables.
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The goal as a consultant is to create as much value as possible for clients and charge a fair percentage of that value, ensuring a mutually beneficial relationship.
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"If you can do this, I'll pay you 30% of this...if you give me a dollar, I'll give you a dollar thirty back. How many times would you do that deal? Yeah, forever."

Timestamped Summary

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00:00
Chris Do teaches the speaker how to double their business by selling high value consultancy, focusing on selling their thinking and transitioning from design deliverables to strategy, while addressing challenges with limited budgets and value pricing.
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06:22
Balancing a product business, freelancing, and personal brand on YouTube is key to becoming a high value consultant, with the goal of having more free time to focus on different businesses and spend time with family, while being paid as a consultant and building a passive income through a productized business.
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11:15
Working 15 hours a week as a high-value consultant can lead to making $300,000 a year, allowing for a balanced work-life schedule and ample free time.
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15:50
The speaker discusses their goal of building a large audience on YouTube, becoming a successful consultant, and saving time and money by working efficiently.
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23:05
Growing up in a limited environment, the speaker emphasizes the value of doing what you love and highlights the potential financial benefits of a product business and speaking engagements, suggesting a charge of $240,000 based on a $1.2 million value of services provided in the first year, while also discussing the importance of understanding the value of a solution and offering pricing options that align with the client's needs and goals.
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26:47
Focus on understanding your desired future state and value as a consultant, confidently set a high price to anchor client expectations, and create value for clients while addressing financial concerns.
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32:47
Understand client's problems, work closely with them, and provide better solutions to secure high-value consulting jobs, focusing on solving new problems and providing new information to differentiate yourself and avoid competing on price.
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38:08
Formalize your process, hire a superstar, focus on bigger goals, sell outputs instead of time, and find fulfillment in helping and teaching others as a high value consultant.

This article is a summary of a YouTube video "Chris Do coaching me to become a high value consultant" by Flux Academy

Summaries → Business and Entrepreneurship → Boost Your Consulting Business: Learn from Chris Do's Expert Coaching