My New Coaching/Consulting/Instruction Business Platform in a Niche Market

[pmizeres]

Hello Fastlaners, here is some process content related to the 2nd remote businesses I started this year (I'm 56 and semi-retired from my primary business and source of income which is a multi-inspector home inspection business I started 20 yrs ago that is mostly automated). Retirement is boring so I started these fledgling businesses. The other business I just started is posted here.

So this business is targeted to people who want to start or grow a successful home inspection business. Since I've already accomplished that, I thought why not monetize the knowledge I gained in doing it and perhaps scale it beyond what my own inspection business is constrained by - ie we can only perform home inspections within an hour's drive of where each home inspector actually lives in order to maximize profits.

Here are a few things to know about the home inspection industry - the franchising, instruction, how to book, trade group, and reporting software aspect of it is pretty saturated and well entrenched by several larger players so cracking those eggs would require a large capital outlay with questionable returns. It takes a good year to train a new inspector to be technically competent and another couple years for that inspector to penetrate their local real estate market to earn enough to make a living - so this makes it risky to geographically expand one's existing business to other geographic locations AND it is a high barrier to enter the industry as a single operator - certainly not a get rich quick business. Buying someone else's existing inspection business in another location is even more risky since the business assets are the inspectors whom that owner hired, trained, and has a long term relationship with - you the new owner are at risk if those inspectors leave the business as you would no longer have a business.

A few years ago I wrote a 100 page pdf E-manual on how to start a successful home inspection business and tried to sell it online via a website that I created - but to no avail. I then created a home inspection business start up kit complete with a manual reporting system that I myself and my inspector employees had used before switching over to a commercially available report writing software system, and tried to sell that on-line, but again to no avail. So I shelved the idea for awhile until late last year when I listened to MJ's MFL for the first time (I've since re-listened to the audio book 3 times). This sparked me to consider posting YouTube videos about how I created my now passive home inspection business and try to sell my manual and start up kit via those videos PLUS offer consulting for new or struggling home inspectors AND while I'm at it, add web site development and local SEO services to my consulting. I myself was paying $500/mo for a non home inspection industry SEO company to do it for my established inspection business.

I started studying local SEO techniques and got bold enough earlier this year to fire my $500/mo SEO service provider and take over the responsibilities for my established inspection business myself - with excellent results as measured by the increased revenue we started getting from online searches.

I ended up publishing a handfull of home inspector videos in late spring of this year - but forgot about them over the summer while I got busy doing summer projects. But then one day in October someone reached out to me asking for advice in starting a home inspection business. And then I got another request, and then another. So obviously the Google Gods must have smiled down on one of my videos which was now getting some visibility - and sure enough when I checked, the one video had about 800 views to my surprise. That sparked me to publish more videos and to start thinking about holding a FREE seminar for my YouTube channel subscribers - I'm up to 73 now!

When I started receiving actual inquiries for advice and asking how much I charged, I decided to just do it for free - advice that is - and if anyone wanted me to do their local SEO, I would charge for that. So now I am giving away my start up manual for free, offering free one on one advice, AND I have now decided to post review videos of the top 5 or 10 commercially available reporting software systems (which is really the core of any home inspecting business and is a BIG decision for a new inspector to choose which system they want to work with). The review videos will be a lot of work because I will have to purchase an operating license for a month and then learn how the software works, interact with their tech staff for questions I have, then make lap top screen and smart phone screen recordings with my narrative going over the pros and cons of each system. So what is my end game?

First off, know and understand that the only thing this business idea has cost me is my time and some web hosting fees and monthly licensing fees (which run anywhere from free to $60/month but I only need the license for one month and then I cancel). Secondly, by posting free useful content and offering free advice (since I am a real teacher) I get personal satisfaction in helping someone move from being an employee to becoming a small business owner (yes I know at first they will own a job, but it can grow beyond that). Thirdly, this business idea keeps evolving from selling a start up manual on line to selling a start up kit, to selling consulting time, to selling SEO services, to holding seminars, to who knows what as I continue to post free content and gain followers - in chapter 55 in The Great Rat Race Escape MJ talks about forgetting business plans and staying alert to see where during the execution of your business idea the market takes you and what problems become exposed to you to solve or what needs are not met - the 3A method. And that is where I am with this business idea and execution up to this point - once I get up to 100 YT followers, my plan is to invite them all to a free on site seminar in Tampa FLA where they can all ask me whatever they want about how they can start or grow their own home inspection business....which will further clue me in to identifying THEIR problems to solve. Who knows, maybe it will turn into a huge on-going coaching, consulting, web site building, local SEOing, technical instruction, thing.

So that's where I am - either this has been or will be a giant waste of time or it will grow into something far more scalable and lucrative than my primary business. Hope this post sparks some of you into action along whatever lines you are pursuing...

 

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[Practic]

Hello Fastlaners, here is some process content related to the 2nd remote businesses I started this year (I'm 56 and semi-retired from my primary business and source of income which is a multi-inspector home inspection business I started 20 yrs ago that is mostly automated). Retirement is boring so I started these fledgling businesses. The other business I just started is posted here.

So this business is targeted to people who want to start or grow a successful home inspection business. Since I've already accomplished that, I thought why not monetize the knowledge I gained in doing it and perhaps scale it beyond what my own inspection business is constrained by - ie we can only perform home inspections within an hour's drive of where each home inspector actually lives in order to maximize profits.

Here are a few things to know about the home inspection industry - the franchising, instruction, how to book, trade group, and reporting software aspect of it is pretty saturated and well entrenched by several larger players so cracking those eggs would require a large capital outlay with questionable returns. It takes a good year to train a new inspector to be technically competent and another couple years for that inspector to penetrate their local real estate market to earn enough to make a living - so this makes it risky to geographically expand one's existing business to other geographic locations AND it is a high barrier to enter the industry as a single operator - certainly not a get rich quick business. Buying someone else's existing inspection business in another location is even more risky since the business assets are the inspectors whom that owner hired, trained, and has a long term relationship with - you the new owner are at risk if those inspectors leave the business as you would no longer have a business.

A few years ago I wrote a 100 page pdf E-manual on how to start a successful home inspection business and tried to sell it online via a website that I created - but to no avail. I then created a home inspection business start up kit complete with a manual reporting system that I myself and my inspector employees had used before switching over to a commercially available report writing software system, and tried to sell that on-line, but again to no avail. So I shelved the idea for awhile until late last year when I listened to MJ's MFL for the first time (I've since re-listened to the audio book 3 times). This sparked me to consider posting YouTube videos about how I created my now passive home inspection business and try to sell my manual and start up kit via those videos PLUS offer consulting for new or struggling home inspectors AND while I'm at it, add web site development and local SEO services to my consulting. I myself was paying $500/mo for a non home inspection industry SEO company to do it for my established inspection business.

I started studying local SEO techniques and got bold enough earlier this year to fire my $500/mo SEO service provider and take over the responsibilities for my established inspection business myself - with excellent results as measured by the increased revenue we started getting from online searches.

I ended up publishing a handfull of home inspector videos in late spring of this year - but forgot about them over the summer while I got busy doing summer projects. But then one day in October someone reached out to me asking for advice in starting a home inspection business. And then I got another request, and then another. So obviously the Google Gods must have smiled down on one of my videos which was now getting some visibility - and sure enough when I checked, the one video had about 800 views to my surprise. That sparked me to publish more videos and to start thinking about holding a FREE seminar for my YouTube channel subscribers - I'm up to 73 now!

When I started receiving actual inquiries for advice and asking how much I charged, I decided to just do it for free - advice that is - and if anyone wanted me to do their local SEO, I would charge for that. So now I am giving away my start up manual for free, offering free one on one advice, AND I have now decided to post review videos of the top 5 or 10 commercially available reporting software systems (which is really the core of any home inspecting business and is a BIG decision for a new inspector to choose which system they want to work with). The review videos will be a lot of work because I will have to purchase an operating license for a month and then learn how the software works, interact with their tech staff for questions I have, then make lap top screen and smart phone screen recordings with my narrative going over the pros and cons of each system. So what is my end game?

First off, know and understand that the only thing this business idea has cost me is my time and some web hosting fees and monthly licensing fees (which run anywhere from free to $60/month but I only need the license for one month and then I cancel). Secondly, by posting free useful content and offering free advice (since I am a real teacher) I get personal satisfaction in helping someone move from being an employee to becoming a small business owner (yes I know at first they will own a job, but it can grow beyond that). Thirdly, this business idea keeps evolving from selling a start up manual on line to selling a start up kit, to selling consulting time, to selling SEO services, to holding seminars, to who knows what as I continue to post free content and gain followers - in chapter 55 in The Great Rat Race Escape MJ talks about forgetting business plans and staying alert to see where during the execution of your business idea the market takes you and what problems become exposed to you to solve or what needs are not met - the 3A method. And that is where I am with this business idea and execution up to this point - once I get up to 100 YT followers, my plan is to invite them all to a free on site seminar in Tampa FLA where they can all ask me whatever they want about how they can start or grow their own home inspection business....which will further clue me in to identifying THEIR problems to solve. Who knows, maybe it will turn into a huge on-going coaching, consulting, web site building, local SEOing, technical instruction, thing.

So that's where I am - either this has been or will be a giant waste of time or it will grow into something far more scalable and lucrative than my primary business. Hope this post sparks some of you into action along whatever lines you are pursuing...

Why not try some sort of referral or income sharing programs, so your customers and prospects will refer you new prospects?

 

[pmizeres]

Why not try some sort of referral or income sharing programs, so your customers and prospects will refer you new prospects?

Great idea but its an ethics violation of the 2 home inspection industry trade groups as well as a violation of most state inspector licensing laws.

 

[Practic]

Great idea but its an ethics violation of the 2 home inspection industry trade groups as well as a violation of most state inspector licensing laws.

On this page Code of Ethics

there are no prohibitions on rewarding your customers for referrals

If you do your job well and treat your customer with respect and reword them for helping you grow your business it is not possible to violate Code-Of-Ethics.

 

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[pmizeres]

On this page Code of Ethics

there are no prohibitions on rewarding your customers for referrals

If you do your job well and treat your customer with respect and reword them for helping you grow your business it is not possible to violate Code-Of-Ethics.

 

[pmizeres]

On this page Code of Ethics

there are no prohibitions on rewarding your customers for referrals

If you do your job well and treat your customer with respect and reword them for helping you grow your business it is not possible to violate Code-Of-Ethics.

On this page Code of Ethics

there are no prohibitions on rewarding your customers for referrals

If you do your job well and treat your customer with respect and reword them for helping you grow your business it is not possible to violate Code-Of-Ethics.

Yes there is when there are state licensing laws regulating your business - most of our referals come from Realtors and it absolutely is not only an Ethics violation but illegal in our state to offer compensation for referals - for ourselves AND the Realtor - both of us could lose our license. As far as a rewards program to entice past customers to refer us to people they know, they just do that naturally anyways for free - no need to pay them to do it. Think about it, if someone you know asks you for a referal for a local service provider, you are going to give them the referal without expecting a referal fee from the service provider because you had a good experience.

 

[Practic]

Yes there is when there are state licensing laws regulating your business - most of our referals come from Realtors and it absolutely is not only an Ethics violation but illegal in our state to offer compensation for referals - for ourselves AND the Realtor - both of us could lose our license. As far as a rewards program to entice past customers to refer us to people they know, they just do that naturally anyways for free - no need to pay them to do it. Think about it, if someone you know asks you for a referal for a local service provider, you are going to give them the referal without expecting a referal fee from the service provider because you had a good experience.

"Think about it, if someone you know asks you for a referal for a local service provider, you are going to give them the referal without expecting a referal fee from the service provider because you had a good experience."

Yes, this is the old word of mouth marketing (WOMM). It is the oldest form of marketing. In bad economic conditions (to compete with other who provide the same quality of services) to help customers/prospect businesses offer financial rewards or income stream (referral programs).

If the rewards are based on your own preferences then there is a violation of ethic rules (in some jurisdictions it is considered as a discriminatory practice), but if rewards are based on some rules applied to all equally (without any personal preferences) then there is no a violation of ethic rules.

Here are the facts. Many banks and big corporations (T-mobile, Uber, Tesla Motor, etc.) have referrals programs. Many insurance and re-insurance brokers have some sort of revenue sharing or referral programs. There was no a single case where they were accused in any violation of ethic rules.

A simple way to protect yourself against accusations in such violations is to publish your rules in public domain (a website, blog, forum, social network, etc.) and direct all your customers to this information.

In this case all will have the same information (without any personal preferences limitations ).

The second approach is to engage your customers in the process of these rules creation. For example, you can ask your customers what payments schemes they would like to be included into the rules. As practice shows engagement of people into games, processes is on an order of magnitude higher if they participate in the process of rules creation versus a case when they are forced to use rules developed by other people.

 

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[Practic]

Yes there is when there are state licensing laws regulating your business - most of our referals come from Realtors and it absolutely is not only an Ethics violation but illegal in our state to offer compensation for referals - for ourselves AND the Realtor - both of us could lose our license. As far as a rewards program to entice past customers to refer us to people they know, they just do that naturally anyways for free - no need to pay them to do it. Think about it, if someone you know asks you for a referal for a local service provider, you are going to give them the referal without expecting a referal fee from the service provider because you had a good experience.

"you are going to give them the referal without expecting a referal fee from the service provider because you had a good experience."

Businesses that use word of mouth marketing (WOMM) violate ethical norms (fairness, justice, etc.)

Every customer has a customer life time value (CLV). It is an amount of money a customer pays to a business during the whole period when she/he buys products/services from the business. Therefore, when a customer makes referrals she/he provides additional values to the business in the amount equal to the CLV per each new customer.

Let us consider three cases A, B, C. In case A, a customer makes a referral and a business gets a CLV, but does not reward the customer for the referral. In case B, a customer makes a referral and a business gets a CLV, and rewards the customer for the referral in an amount below the CLV. In case C, a customer makes a referral and a business gets a CLV, and rewards the customer for the referral in the amount equal to the CLV.

Only in case C, there is no a violation of ethical norms (fairness, justice). In cases A and B the customer is treated unfair.

If you will have some type of referral or revenue sharing program your service will have a relative value compare with services of your competitors.