Time & Money Leverage: Why You Should Coach and Not Consult. Ep. 57.

Many baby boomers become consultants after retirement to use their skills and stay active. Our guest today says consulting is limited in income and a time suck. Instead, JV Crum III recommends becoming a coach where you can leverage time, money, and location.

In this baby boomer episode, Jim Enright shares the mic with J.V. Crum III, author of the Conscious Millionaire: Grow Your Business by Making a Difference. He is also a speaker and a coach to coaches, entrepreneurs, and podcasters. He is the founder of The Conscious Millionaire Institute and his non-profit, Conscious World Foundation, actively engages in community projects for the purpose of youth development. Listen as J.V. breaks down the numerous differences between consulting and coaching, list his 6 steps to reaching $1M in revenue, and explains why retirement should NOT be the goal for baby boomers.

Time Stamped Show Notes:

  • 00:09 – Connect with Jim via email; alternatively you can also send a voicemail via the Planet Boomerville website or get in touch with him via Facebook Messenger
  • 01:23 – Rediscover the SKILLS that brought you great pleasure, but have been long buried as you went through the various cycles of life
  • 01:54 – Today’s guest is J.V. Crum III
  • 02:16 – Together, J.V. and Jim will talk about launching your coaching business
  • 02:41 – J.V.’s firm belief is that if you’re listening, you belong here
  • 03:37 – Most consultants will want to meet in person
  • 03:57 – Consulting is mostly paid by the hour
  • 04:28 – This consulting setup is very time-oriented
  • 04:41 – The downside for consulting is that unless you have several consultants in a consulting firm, you will have a difficult time scaling up to $1M in revenue
  • 05:01 – Coaching, on the other hand, is sold in quarter, semi-annual, and annual packages that is outcome-oriented and not charged by the hour
  • 05:44 – Your clients should be getting a ROI from what they’ve invested financially
  • 07:19 – As a consultant, you’ll do most of the work; as a coach, you help the client figure out their own path
  • 08:07 – When J.V. works with a consultant, he tells them that this is not about building a consulting practice
    • 08:14 – It’s about taking one’s skills, knowledge, and ability to get results to a whole new level
    • 09:28 – “Your best clients are the ones that you get best results with and the ones that will tend to pay you the most”
  • 10:21 – Being a coach allows you to have the freedom to be where you want to be
  • 11:36 – Majority of J.V.’s clients are earning $100-300K and he helps them reach their $1M goal
  • 12:08 – Instead of seeing themselves as coaches, J.V. helps them realize they’re actually taking an entrepreneurial journey
  • 13:00 – J.V. just recorded the episode, “Is Your Coaching Business Sellable?”
  • 13:24 – If you want to sell your business, you have to create a brand that does not include your name
    • 14:16 – J.V. will intentionally create a brand that can be sold
    • 15:16 – “The large game is building a brand”
  • 16:24 – You have to make a transition at some point as a coach
  • 17:10 – Own the intellectual process, but teach people how to do it
  • 17:40 – The 6 Steps to reaching $1M in revenue
    • 18:37 – Step #1: Getting Clarity
      • 18:47 – “What is this all about for you?”
      • 19:08 – Look for your High Impact Vision
      • 19:41 – Identifying these things at the start will allow you to build a bigger business in the future
      • 20:23 – J.V. has never met a coach who is just after the money
      • 21:21 – “The difference you want to make is a solution”
      • 22:01 – You have to be in love with what you’re doing
      • 22:49 – The last thing you want is to end up with a client that is not a good fit
    • 23:56 – Step #2: It’s not about knowing
      • 24:15 – Coaching is not about accumulating information – it’s about getting guidance
      • 25:03 – Part of coaching is helping your client transition to the next version of who they are
      • 26:16 – Until he got coached, J.V. never considered that his business could grow $100M
      • 27:19 – Coaching is the most effective way to move to your next level
    • 29:06 – Check out J.V.’s videos on 4 Steps for Rapid Growth at www.ConsciousMillionaire.com/RapidGrowth
  • 30:45 – J.V. grew up listening to music, especially rock music
    • 31:45 – If he could listen to one genre of music, it would be jazz
  • 33:32 – J.V. has thought about death quite a bit
    • 33:24 – For him, death was normal because he grew up in a small town where there were a lot of old people
    • 34:01 – In 1985, he got a vision of how he wanted to die
      • 34:37 – He wants his death to be a 3-day process
    • 36:17 – J.V. is very health conscious because he is not interested in pharmaceuticals and disease
  • 38:00 – J.V.’s statement in life is, “If you miss your real journey, you miss your real life”
  • 38:48 – His personal motto is, “Trust perfect timing”
  • 39:49 – The 6 Steps to Reaching Your First $1M Revenue: www.ConsciousMillionaire.com/RapidGrowth
  • 40:29 – J.V. has 2 podcasts, the Conscious Millionaire Podcast and Conscious Millionaire Marketing
  • 40:47 – Check out J.V.’s book, Conscious Millionaire: Grow Your Business by Making a Difference
  • 42:44 – J.V.’s message to baby boomers: Find a bigger purpose for your life than retirement
  • 45:27 – “You’ve just begun to live that purpose”
  • 45:46 – Spread the word with your baby boomer friends in person and on Facebook—Teach them how to listen to podcasts and how to subscribe

3 Key Points:

  1. Consulting is a hands-on service that usually requires the consultant’s physical presence. Coaching, on the other hand, offers more freedom and flexibility because it’s outcome-oriented and coaches are not typically paid by the hour.
  2. Your first step? Be clear about what you want to achieve in your business.
  3. Don’t make retirement your goal in life — think about a new purpose that you can engage in.

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