Become A Life Consultant - Business Ideas
Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.
A life consultant or a life coach is a professional who aids clients in clarifying their goals, identifying different obstacles, and coming up with strategies to overcome such obstacles.
As a life consultant, you have exceptional opportunities to work with clients, helping them become a better version of themselves. Besides, you interact with different personalities, and get an opportunity to learn from them.
Becoming a life consultant requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell life consultant, or selling life consultant online, you can use this page as a guide for everything you'll need to know.
Key Stats
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
|
Office Space Expenses |
$0 |
$7,000 |
|
Employee & Freelancer Expenses |
$151 |
$352 |
|
Website Costs |
$223 |
$7,215 |
|
Business Formation Fees |
$5,600 |
$20,400 |
|
Equipment & Supply Expenses |
$63 |
$200 |
|
Software Expenses |
$162 |
$3,094 |
|
Advertising & Marketing Costs |
$0 |
$2,550 |
|
Training & Education Expenses |
$0 |
$1,000 |
|
Total Startup Costs |
$6,199 |
$41,811 |
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
|
Mercer |
mercer.com |
56,526 |
|
|
Econsult Solutions, Inc. |
econsultsolutions.com |
202,622 |
|
|
Proclinical |
proclinical.com |
208,840 |
|
|
CRB |
crbusa.com |
211,134 |
|
|
Thrive Life: Simple. Clean. Food. |
thrivelife.com |
212,639 |
|
|
Huron Consulting Group |
huronconsultinggroup.com |
232,512 |
|
|
Training Consultants |
trainingconsultants.com |
237,165 |
|
|
Herbalife Distributors |
herbalnutrition.com |
322,315 |
|
|
Life Chiropractic College West |
lifewest.edu |
355,827 |
|
|
Clarkston Consulting |
clarkstonconsulting.com |
356,485 |
|
|
Frazer Consultants |
frazerconsultants.com |
418,999 |
Pros & Cons
| Pros | Description |
|---|---|
|
Flexibility |
You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
|
Ability to start your business from home |
It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning! |
|
Rewarding work |
Starting a life consultant can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about. |
|
Scalable |
With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers. |
|
Meaningful business connections |
You never know who you will meet as a life consultant. This could be the start of an incredible business opportunity! |
|
High customer retention rates |
Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer. |
| Cons | Description |
|---|---|
|
Motivation of employees |
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees. |
|
Niche Market |
A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience. |
|
Churn |
In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible. |
|
Time commitment |
With becoming a life consultant, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business. |
|
Difficult to build trust with your customer |
With becoming a life consultant, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business. |
|
Impatient customers |
You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service. |
Marketing Ideas
-
1
Affiliate Program
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
-
2
Direct Sales
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
-
3
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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