💰 02 — Economics of Online Consulting

Great, only those who are with us remain. Let's take our time to understand what's what.

For instance, I am an expert in a particular field and want to quit my job to offer online consulting services, travel extensively, and enjoy life. People will come to me with their problems, I will help them, and their lives will improve.

I am deeply interested in this. I am motivated by the process, and I want to learn and grow to make this happen. Whether it’s psychology, nutrition, yoga, fortune telling, or anything else, we have almost 500 categories for you to choose from.

Let’s assume that since:

• we work remotely and no longer need to commute
• we will work no more than 5 hours and 30 minutes per day
• we’ll work 22 days per month
• each session will be 50 minutes long
• with a 15-minute break between

This way, we can conduct 2 sessions in the morning and 3 in the evening, or vice versa — whichever suits you best. This is a completely relaxed work schedule.

However, there’s also a financial goal.

Let’s say we aim to earn at least $5,000 per month from consulting. Here’s how that would look!

Of course, $5,000 per month is just the starting point, not the final goal. We need to gradually build up regular consultations, start earning money, and increase our client base.

Let’s assume attracting one buyer costs you $100, which is quite realistic if your offer meets the expectations of your audience. This is easy to calculate. For example, if you spend $500 on advertising in a month and gain 5 buyers, you divide the total budget of $500 by 5 buyers, resulting in $100 per buyer. With that in mind, let’s move forward.

If you manage to get a client to visit you once a week for a full year, that’s 52 weeks * $50 per session = $2,600 per year from one client.

Life Time Value (LTV) = 2600 / 100 = 26

• 10 clients per year = $26,000 = $2,100 per month
• 20 clients per year = $52,000 = $4,300 per month
• 25 clients per year = $65,000 = $5,400 per month
• 30 clients per year = $78,000 = $6,500 per month

This calculation is based on 25 clients attending online sessions once a week. This is an estimate of profit from online consultations alone! It doesn’t include additional products or services, nor does it account for increasing the average price per session beyond $50. However, as your business grows, generating over $10,000 per month is entirely achievable with the right strategy and consistent effort.

This introduction sets the foundation for deeper exploration into maximizing your success on Core Spirit.

How to Retain Clients for a Whole Year?

Research indicates that if a client engages with you for three months (approximately 12 sessions), there's a 90% chance they'll stay with you for one or more years.

How do you ensure clients stick around for 3 months?

To foster long-term client relationships, you need to engage them from the very beginning. Not everyone will be hooked immediately, but there’s a strategy: continuously refine your content, pay attention to client feedback, and elevate the quality of your service. This approach differs from one-off consultations—initially, some clients may leave, but as you improve, more clients will stay with you for the long haul.

Testing Your Offer

You've developed a service, added an image and description, yet you see few or no bookings. This is because the competition for user attention on the internet is fierce. In a world where information overload is the norm, up to 80% of users struggle to finish even an 8-word sentence, constantly switching between sites and getting distracted.

Platforms, including Core Spirit, work to direct users' attention to paid advertisements, which brings more eyes to your content. However, to convert views into bookings, your offer must clearly address the client’s needs.

How do you identify client needs?

Initially, it's a guessing game. Start by making educated guesses and testing them. If you have experience in consulting, use that knowledge as a starting point. As you interact more with your audience, you'll gain insights into the language and promises that resonate with them, encouraging them to explore your services further. Continuously refine your service description, title, and imagery to reflect your growing understanding of your audience’s needs.

One Step Closer

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