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.
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,
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.
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,
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.
Smart consultants leverage their value by turning a single deliverable into multiple products delivered through multiple channels.
Build Recurring Income Faster by Leveraging One Deliverable into Multiple Products and Channels
As an independent consultant you can turn one deliverable into many different products or services if you know a few key concepts. Most deliverables can be turned into workshops, online webinars and information products that leverage the your customer value so it is delivered to multiple clients with minimal time on your part.
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 speech you could use the following workflow to create multiple products. Your workflow might look like,
Repurpose your existing consulting assets to create high six-figure and million-dollar recurring revenue streams.
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