Case Study: $4,200 A Month With Zero Knowledge And No Product
This is a part-time business that quite literally requires no specialized knowledge, and you don’t even need a product.
One thing you do need is just enough people skills to build rapport over the phone, Skype, Zoom or whatever mode of communication you choose.
I know a guy who is doing this part-time and based on my own math he seems to be making about $4,200 a month doing this 2 hours a day.
He charges his clients $35 a week for a 20-minute phone call, and he books about 6 clients per day during his lunch break and after work.
And he takes his weekends off, too.
Have you guessed what he does? If you said coaching, you’re right.
But this is a rather narrow, specialized coaching niche.
He calls himself an accountability coach.
He lets his clients tell him what they’re going to accomplish over the next seven days. He asks what their plan is to get it done.
He points out potential problems and asks the client how s/he will deal with them if they arise.
Basically, he asks a lot of questions and once in a while he gives a little advice.
Then when he calls them the following week, they have to be 100% honest and tell him exactly how much they did or did not get done.
Personality-wise he comes across as a father-figure, and his clients don’t want to disappoint him so they get busy and do what they need to do.
He bills weekly automatically with Paypal because he says that when they see that money come out of their account every week, it’s a reminder that they need to get in gear.
He tried billing monthly but his clients would just relax for three weeks and then get busy in the fourth week.
He says he doesn’t exactly understand the psychology of why weekly billing works better than monthly but that it doesn’t matter to him as long as his clients are getting results and he’s getting paid.
He has a full-time job but he does have some flexibility.
He does some calls during the day and the rest in the evening when he gets home.
He’s firm about only having 30 clients a week because he says more than that is too much. And he’s got a waiting list of people who want him to be their accountability coach.
He’s strict with his clients about being ready to receive his call. As much as possible, he lets the client choose the day and time for the weekly standing phone appointment.
He explains to them that they MUST be available at that time to talk to him, no exceptions allowed. He doesn’t care if their house is on fire, they better answer the phone when he calls.
When I asked him how he arrived at $35 a week, he said it seemed to hit a sweet spot for clients. At first, he was charging too little ($20) and the clients weren’t taking the call all that seriously.
Then he went overboard in the other direction and charged too much ($100) and the clients usually canceled after a couple of weeks, if they signed up at all.
He was once referred to a potential client who desperately wanted his help but $35 was out of reach.
Obviously, this person’s first goal was to make more money.
Since he doesn’t charge for the initial consultation anyway, here’s what he told the new client: “Our next call is in 7 days. Right now you’re going to tell me 5 ways you could add an extra $100 a week to your income starting this week. Then you and I are going to choose one of those 5, and you’re going to tell me your plan for making it happen.”
And that’s exactly what happened.
Within a week that man had a new income stream, and within a month he was making an extra $1,000 a month. 9 months later he quit his job and opened his own small business, all thanks to having an accountability coach.
You probably need a certain personality to make this work.
If people naturally look up to you or naturally want to please you, then this might be an idea for some part-time income.
Goodness knows there are plenty of people who just need a weekly fire lit underneath them along with some encouraging words to help them reach their goals.