The Business of College Consulting Liz Murphy: Business Growth and Money Mindset
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Feb 5, 2024 Liz Murphy, founder of Liz Murphy College Advising, shares insights from her journey in scaling a college advising practice. She discusses utilizing part-time coaches and the power of relationship marketing over traditional methods. Liz tackles the challenges of money mindset, revealing her transition to industry-standard pricing after improving her financial management. With a focus on simple tech tools and effective team structure, she reflects on the importance of managing parent involvement in the advising process and the value of mentorship from her IEC peers.
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Facebook Group Began As Small Help Forum
- Liz started the IEC's Growing Our Business Facebook group in 2019 to ask basic business questions like "What is a profit and loss statement?".
- The group grew to ~1,100 members and hosts an annual mini-conference on running IEC businesses.
Team-Based Scaling Model
- Liz's firm includes her plus five part-time staff: an assistant and four college coaches.
- She scales by assigning coaches routine tasks while she maintains overall oversight for ~40 students per class.
Delegate Routine Tasks To Coaches
- Delegate routine application work to skilled college coaches so you can focus on high-value tasks like final essay editing and strategy.
- Assign each student a coach for research, activity lists, and brainstorming while you keep oversight.