One Thing: Day 23: Contingency / Royalty deals
Day 23: Contingency / Royalty deals
Yesterday, we were talking about creating a powerful statement / tagline / SUPERPOWER for your business.
I gave you a few famous examples including a four-word phrase that put multiple 7-figures in my bank account. Creating a powerful statement can create the same for you and more importantly for your clients.
When you’re a good coach / consultant…. You’ll hit some home runs.
As you take your new client’s business from, let’s say, $100,000 profit to a cool million in record time. Impressive when it happens and you deserve a pat on the back.
But you also probably deserve a little more than your approx. $24,000 annual coaching fees.
Every month, I earn tens of thousands of dollars in royalties. Deals I did years ago and still reaping the financial rewards with no time outlay.
The runs are already on the board.
Remember I told you Ron Burgundy and I are both “Kind of a big deal.”
The mistake I see coaches make when they do a contingency / royalty deals is they make it off ‘profit’.
In the words of my Father (and he may have gotten it elsewhere?):
“Kid, people are exactly as honest as they can afford to be.”
In other words, profit can be manipulated six ways from Sunday and therefore your contingency earnings manipulated as they so choose.
Therefore, your ONE THING today…. Is that contingency / royalty deals should be off increases in revenues which they can’t manipulate unless they enjoy playing cards for cigarettes.
That’s the bad boy way Ron Burgundy and I say ‘go to jail.’
I’m dead tired and hopefully the above makes sense. I’m not going to re-read it with fear of being here for another 45 minutes.
I need to get cranking super early tomorrow so nighty night night night from my very cute two dogs and I. A pug and ‘Teddy Bear’ Yorkshire terrier.
I think they call her Teddy Bear because I overpaid.
The pug with a squashed face just took a piss in my office so I’m not very happy but I’ll forgive her cause she’s so cute and snorts a lot. It’s a miracle she can breathe.
Tomorrow, I’m going to give you an example of a good and bad business model. Hint: most people are doing it ALL WRONG and that’s why so many fail.
They play solitaire on their phone like idiots…. But that’s not their only problem.
Their business model was never going to work in the first place but they, sadly, don’t realize it.
It’s 7-figure advice for you and your clients and I’ll lay it out on a silver platter for you tomorrow.
Obsessed with your coaching success,
PS. It’s Tuesday…. STOP what you’re doing. Turn off the phone, turn off the music, stay away from your emails or any notifications.
Go somewhere insanely peaceful and quiet…. Write down your goals and commitments for the rest of this week.
FOLLOW THROUGH ON THEM AND STOP GETTING IN YOUR OWN WAY DUE TO FEAR.
LIKE MY BUDDY ‘MADDOG’ ON THE CLIFF WHEN HE WOULDN’T JUMP AND ALL THE GIRLS WERE CALLING OUT TO HIM “JUMP”.
Sorry for all caps… too tired to change it and I kinda feel like yelling after my pug PISSED ON MY OFFICE FLOOR.
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Karl Bryan gets clients for Business Coaches...period. He is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Leader Publishing Worldwide, home of the largest private community of Business Coaches (24 countries and counting) in the world.
His goal is straight forward… to help serious coaches/consultants get more clients.