The Top 5 Business Mistakes to Avoid as an IEC
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The document outlines five common mistakes to avoid for Independent Educational Consultants (IECs) based on the experiences of Cyndy McDonald. It emphasizes the importance of gaining expertise while not waiting to know everything, valuing one’s services appropriately, embracing sales as part of branding, setting professional boundaries, and recognizing the need to outsource tasks. Additionally, it promotes a group coaching program aimed at supporting consultants through their professional journey.
The Top 5 Business Mistakes to Avoid as an IEC
- 1. Top 5 Mistakes to Avoid as an IEC Cyndy McDonald The College Counselor’s Coach April 2022
- 2. Cyndy McDonald • BS in Behavioral Science and MA in Education • UCLA instructor in College Counseling Certificate Program • College Counseling Professional for over 30 years: Helped start Higher Education Consultants Association (HECA). • Female Entrepreneur: started 1 consulting company, 1 technology company, 1 coaching company • Reside and Practice in Central California • Member/leadership experience in NACAC, WACAC, IECA, HECA, NCAG, and former commissioner for AICEP • Offering Business|Professional Coaching
- 3. Poll : Your status as an Entrepreneur
- 4. We are all in the business of Customer Service
- 5. Why? Identify early mistakes to avoid when building your practice Fuel the growth of your practice Save money Save time
- 6. An Entrepreneur’s Journey • Consultant’s Journey • Prospect’s Journey • Client’s Journey This Photo by Unknown Author is licensed under CC BY-NC
- 7. Top 5 Mistakes to Avoid See repeatedly in my 30 years in business
- 8. 1. I don’t know enough.
- 9. 1. I don’t know enough. • You can be an expert without having all the expertise. Learn • Don’t wait to start until you “know” it all. Now • Avoid the Impostor Syndrome Confidence
- 10. Build your expertise Use Use multiple professional resources Join Participate in online forums Do Commit to Professional Development Think Foster Mindset of Learning Consultant Journey
- 11. 2. I can’t charge full price.
- 12. 2. I can’t charge full price. Don’t undervalue your time Watch your real time commitments Timebox time Include costs for resources you use
- 13. Questions All the Time What should I charge? How many students should I see? What should my services be?
- 14. Right Questions to ask What income do you want to make? How much time do you have? Client Charges & Load
- 15. Calculate Your Rates Goal How much time /week? 20 hours What is your income goal? $1500/ week Calculate minimum hourly rate (divide income/hours per week) $75.00 Triple minimum hourly rate $225.00
- 16. Your Anchor Price Base Minimum Hourly Rate $225/hour Hours/Student 30 hours Per Client Revenue (Hourly Rate x hours/student) $6750
- 17. How to offer services Comprehensive does not equal Unlimited Hours. Pros for Comprehensive Easier to quote Less tracking needed Manage outcomes Cons for Comprehensive May spend more time Leave money on the table Pros for Hourly Family in control of spending Customize services Paid for all time spent for a family Cons for Hourly More tracking of time Ongoing collection of fees
- 18. Offer value & options Offer value 1 Bundle services 2 Offer 3 levels of service 3 Offer up sell opportunities 4 Offer niche services 5 Part of your Consultant’s Journey
- 19. 3. Sales is a four letter word.
- 20. 3. Sales is a four letter word. Promoting something you believe in or have a passion for can become second nature.
- 21. Build Your Brand AUTHENTICITY BE CONSISTENT CANVA AND OTHER TOOLS CAN HELP
- 22. Gold in your pocket CLIENT EMAILS POWER OF STARBUCKS ASK CLIENTS
- 23. How prospects find you Mobile Responsive website Use social media to help in building your brand. Use your connections. Use CRM to gather emails Offer incentives: free diagnostic, free consultation, free workshop. Create Lead Magnets Prospec
- 24. 4. I wanna hold your hand….
- 25. 4. I wanna hold your hand…. Finding the balance between providing professional expertise and becoming a babysitter is key to success as an entrepreneur.
- 26. Client Journey • Empower students • Engender trust in parents • Set expectations with Ethics or Team document • Set clear boundaries
- 28. 5. I can do it all myself
- 29. Use Your Super Powers Effectively Outsource work Outsource Use technology Use Streamline office processes Streamline Enlist help Enlist Use your time doing what you do best: Working with students.
- 30. Building a IEC Practice • Focus on 3 journeys • Consultant Journey • Prospect’s Journey • Client’s Journey Your best business investment is one in yourself!
- 31. Launching a Successful College Practice The consultant journey- 2 weeks The prospect journey- 2 weeks The client journey- 2 weeks Wrap up- 1 week 7 Week Mindful Group Coaching Experience April 21-May 31, 2022 $2970 Payments plans available | Dates not good for you? Contact Cyndy for next session • Meet weekly for 7 weeks • Meeting length: 90 minutes • Includes: Accountability Buddies • Limit: 10 participants • Bonus: 2 individual coaching sessions with Cyndy Learn More
- 32. One-One Coaching Option Focus on your needs The prospect journey The client journey The Consultant’s journey • Choose from different options: • 1 session: $350 • 4 sessions: $1340 • 6 sessions: $1920 Payments plans available • Set own meeting dates/times • Meeting length: 60-90 minutes • Guidance toward goals Learn more
- 33. Questions