It’s Easier to Get Hired as a Consultant/Coach Than as a Full Time Employee!!!
If you’ve been struggling to get hired as a coach or consultant, especially if a company is laying off due to the economy.
Some companies start cutting back on expenses in bad economic times, and actually, usually the first to be cut is the budget for coaches and consultants since they look at you as an expense rather than an opportunity that generates lots more than you cost them.
You Aren’t an Expense You Are an Income Generator . . . Do You Know How Much?
So, our job is to not let them continue seeing you that way. Let’s take a look at some real numbers to see how you might actually be the answer to their problem rather than a luxury or an expense to cut. In fact you, my dear coach/consultant, are the best of his opportunities.
Let’s say that an employee might cost them $100,000 of salary, about $50,000 in benefits bring that total cost to around $150,000. Now if they went out to hire a new employee we could also add about 25% of that salary as fees to acquire that employee. We are now at $175,000 total.
Now let’s evaluate two separate ways of looking at this opportunity.
- One is to explore how to get hired by a company who sees the bad economy as a reason to cut back on employees, coaches, and consultants.
- While another is exploring the opportunity for a company who is starting to look for a new employee and how you are a better choice.
Your Opportunities in a Bad Economy
Some companies look at you as an expense. Let’s say that your cost to them this year might be $10,000. So they want to cut $10,000 from their budget because their overall income minus overhead is starting to become painful.
So, speaking of worth, what are you doing to increase either their direct income by how much, or to decrease cost by how much, or to increase productivity by how many dollars?
You may cost them $10,000 but if you increase their income by more than that, how much more. 2 times, 5 times, 10 times? The bigger the more valuable you are.
If they are thinking they are just trying to cut the $10K from the budget, or to not add another $10K in expenses, what happens when you show them that you’ll bring them $100K for every $10K of your fee? Or $1M for every $10K?
Actually your marketing should hit them right between the eyes with that statement. Something like “Architects Struggling with the Economy . . . Get another $1M in the next 6 months”, or if you do get a meeting with the CEO, ask him if he’d like to have that, and that’s the reason you are here, to work on that with him.”
Another part of this equation is to ask him what is the ROI of his employees at this point. Frequently the CEO might not really know that figure, so share with him what the typical company ROI in his industry is, and what ROI you’ll be bringing to him from your work. Or even better, you’ll turn his employee ROI up by double and his ENTIRE STAFF will be producing another $100K per employee even in this tough time.
Or a marketing message that says, “I’ll double your income even as everyone else loses 1/2 of their profits in this economy.”
A Company Who Is Hiring Employees NEEDS You NOW
I watch companies who are starting to hire. They have something going on, a new project, or sales are starting to increase, maybe they see the economy turning around.
If a company is ready and willing to make a hiring commitment they see the need to ramp up, and, again, you are a better choice then them hiring an employee.
There are so many opportunities at this stage. What would happen if you would contact this company and show them that you could increase their productivity 2 or 3 times?
First off, they may not need to hire if they can get more from their current employees. Let’s say it’s a company of 25 employees, salary about $30K each, total salary $750,000, and each employee produces about $100K each, or about $2.5M total. And you could double their productivity. You are worth another 2.5M with almost no cost at all, just your fee. They were planning on hiring 2 times as many employees, a cost of $750,000 more, so your fee is a piddling little amount compared to that, plus their ROI is ongoing after you leave. If they had hired people that cost and their old ROI would have still been going on. You created a more profitable company.
Let’s compare hiring you to hiring someone on their staff to do the same thing.
Back to that employee making about $100K in salary. His total first year cost is about $175K. And if they hire someone that can’t pull it off, they are out most of that $175K without gaining much of anything. If they hire you, their total risk could be one or two months of your fee.
You make them an offer they can’t refuse. Show them you’ve had the experience delivering this before, few employees will be able to do that. Compare the risk of $175K for the employee to your 1 or 2 month fee to simply prove to them you can start down that path in 1 or 2 months. If you generate how many dollars more than you cost they will be extremely happy, and if you fail, well, the risk is well less than 1/12th of the total, and if you add a guarantee, the risk is even lower.
In other words a coach/consultant is the best choice in a bad economy, or when a company starts looking for employees. For that last option, watch ads in your target market for employees that do approximately what you do, or maybe are the common employee that they would have to hire for their production. That’s a big signal to “go get ’em”.