Client Pipeline Finance


7. Using Recurring Revenue to Build a Million-Dollar Consulting Business

A portfolio of recurring revenue is the foundation of your million-dollar consulting business.

Knowledge in a few high-demand or high-value areas can be leveraged into recurring revenue. Instead of personally delivering your consulting you can “productize” your knowledge and value and delivering it through multiple channels.

The business of consulting is rapidly changing. In the past consultants worked one-to-one or with a small group, but now consultants deliver their value over the internet at any time, in many formats, to any location. These consultants, even if they are one-person consultancies, have a significant advantage over their competitors.

One-Person Consulting Firms Have an Advantage

Consulting is a relatively new business, starting in the early 1900s it grew slowly until exploding from the 1960s until present. Until recently consulting was a business where large consulting firms served large clients and one-person or small consulting firms served small and mid-size clients in a local area. Both large and small consulting firms used a business model where they work was face-to-face with executives and managers.

The world of consulting has changed. Even one-person independent consultants can’t ignore the changes. In fact, one-person consulting businesses can use the change to their advantage.

Three forces are driving the massive changes in consulting,

  • Widespread access to knowledge over the internet
  • A massive shift to hiring freelancers for knowledge-specific short term projects
  • Globalization of businesses and organizations

This new, internet-based agility gives new consultants an advantage over consultants using the old model. In the past consultants traded their personal work for income. When a consultant stopped putting in the hours, value delivery and revenue stopped. The old consulting model demanded young people, high energy, and long exhausting hours.

With the new models of consulting you can deliver your value as products or services through multiple channels. The one-person consulting business can agile and connect with their niche clients anywhere in the world. With the new business models independent consultants can deliver value and earn recurring revenue while enjoying dinner aboard a Viking Cruise down the Rhine River.

Productizing Consulting Assets for Multiple Channels

Delivering consulting and niche-specific knowledge no longer has to be done one-to-one or to a small group. You can now produce your one-person consulting value with the aid of freelancers and online tools and then deliver it over the internet as,

  • Niche-specific leading-edge reports or analysis
  • Instructional and How-To blogs and emails
  • One-on-one and small group coaching
  • Online live or recorded membership webinars
  • Distributed webinars to associations
  • Interviews with leading edge experts
  • Podcasts created from blogs or interviews
  • Hosting online niche-based membership-only communities
  • Project and team management
  • Kindle books
  • Print on Demand books
  • Traditionally published books
  • Online training
  • Knowledge bases and support libraries
  • And more...

Once you have found a high-value niche and validated the demand for your products or services you can develop assets, republish those assets in different media, and deliver them world-wide at minimal cost.

Creating Multiple Assets from a Single Consulting Asset

Smart consultants leverage their value by turning a single asset they deliver into multiple products delivered through multiple channels.

Build Recurring Income Faster by Leveraging One Asset into Multiple Products and Channels

As an independent consultant you can turn one asset into many different products or services if you know a few key software products. Most of these software products can be freely downloaded or are available as Software as a Service online for a few dollars per month.

With the proper workflow and tools you, or a freelancer you hire, can turn one asset into multiple products. The key to doing this quickly and effectively is to identify your most effective medium, a good workflow, and the right tools.

As an example, imagine that you like to speak to industry groups. You might start by creating a solution-specific presentation for an industry association meeting. 

From that one product, your speech and slides, you could use the following workflow to create multiple products. Your workflow might look like,

  • Outline your speech and create slides.
  • Record your speech with your Smartphone as you deliver it.
  • Hire a freelancer to transcribe the recording.
  • Edit the transcription into multiple blogs.
  • Remove high-value content from the slides and post it with brief notes to Slideshare with links to your website.
  • Edit or rerecord the speech into a podcast.
  • Create an outline for structure, then hire a freelance editor to compile multiple speeches and blogs into a Kindle book.
  • Use the Kindle or PDF book as a lead generation offer on your website.
  • Create a print on demand (POD) hardcopy from the Kindle book.
  • Charge the "cost of shipping" for the POD book and use its purchase to qualify prospects.  
  • Edit the speech and slides to become a module of online learning.

Consulting Checklist: Recurring Revenue

Repurpose your existing consulting assets to create high six-figure and million-dollar recurring revenue streams.

Create Your Core

  • Create high-value assets using your most comfortable and productive medium (writing, speaking, slides, …).
  • Identify the channels and media your niche buys from.
  • Create, test, and refine a Minimum Viable Product.
  • Expand your Automated Marketing Machine to enable online sales. 
  • Repurpose, distribute, and price your product using the Critical to Success Product Pricing Matrix and the Marketing Funnel Calculator.

Quick Wins

  • Turn low profit products into sales enhancers and lead generation offers.
  • Create online courses and podcasts. Use the Critical to Success resource lists to find the best service providers.

Expand and Refine

  • Accelerate production by outsourcing the repurposing of assets to freelancers.

The Best Time for a Thriving Consulting Business  is Now!

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