I'm getting my feet wet with offline marketing, and I have just realized one extremely important factor that determines how much you make in your offline marketing consultant efforts.
Now, this is nothing new, and I got to think of it thanks to a great email from Shaun O'Rielly. (Get offline clients list)
I'll use myself as an example in this case, as it's extremely relevant for me now, and it have increased my profit potential by a whole lot.
Here it is:
The amount of money you can make, is determined by your niche, and their spending power.
As for myself, my niche was creating websites and marketing them for small to medium-sized offline businesses. I would then create the website itself if they didn't have one, and then market it online for them for a decent sum.
So far, doing that have made me under $1000, and it's has been LOADS of work, as I'm not a webdesigner or anything. I've had several meetings, bugs on the website etc etc. - And people only ask me to do webdesign for them, based on referrals. Not marketing, which is what I want to sell. I have just been forced to take the jobs to make some money.
But recently, I have discovered 2 key factors, that depends on how much I work compared to how much I earn.
1. I don't need to do it myself. I'll network a bit, get a few good partners, and have them do it. Then I can focus on my main skills, while still making money and getting referrals. - WAY less work for me, and when I'm able to do what I'm best at, I can charge more, and get better results.
2. The niche decides my salary.
Last week, I was going to a meeting regarding my online marketing services.
It ended up with getting the task to create an automated online/offline hybrid order system, with a budget of $8k. (He also told me he had previously offered $25k for the same system, gotten rejected, and drawn back his bid. It was a little too expensive after all)
I talked to a friend in the business, and he could do it for that price.($8k) And he suggested I charged $11k total. That leaves me with $3k pure profits, and all I have to do is being in charge of the project, giving updates to my client etc.
So where am I going with this? - Well, For less than half of the work I had to do for $1k, I will make $3k now, doing more fun work, making a client really happy, and building a better relationship with the guy doing it.
Win,win,win. So what task will I choose to do next? - Probably something similar. Maybe even selling the same system to other business owners in the same niche, for the same price, as long as they are not competitors. Next time, it will be much more profits to me, as I already have the system. Not only that, but I will help the same client with marketing online.
I hope this was inspirational, and that it might make you reconsider your niche if it's a low-paying one. - Getting into a higher paying niche is not necessarily harder, but still pays much better.
Good luck with picking a niche!
P.S. I haven't sealed the deal yet, but I will do so very soon, and regardless if I make it or not, it has still opened my eyes for new, much more profitable jobs to do.