5 Money-Generating Activities To Diversify Revenue For Your Consulting Business
You’re clear about your services, you’ve delivered solutions and clarity for your clients, and you’re getting referrals. You know there are other ways to generate additional revenue for your independent consulting business, but you don’t know where to start.
You can and should offer discounts to returning clients, increase your prices when necessary, and offer a price incentive for new clients but if you’re looking to diversify the sources of revenue, I got you.
Here are just five of the many activities you can use to generate additional revenue for your consulting business. Each of the five recommendations will require time and capital. You may also need to step outside of your comfort zone, but you’re an entrepreneur and stepping outside your comfort zone is something you’re accustomed to.
Create and Sell Digital Products
Digital products go beyond the tried-and-true downloadable checklists and templates. Digital products include paid webinars, paid courses, tutorials, guides, and custom software. By itself, online learning, including online courses, grew to over $240 billion in 2022 and is expected to grow to $325 billion by 2025.
However, before you begin promoting the product, it is essential that you protect your intellectual property (IP). This is a common theme in the Ready Set Go Consult Accelerator training and coaching sessions. We can’t stress enough the importance of protecting your IP. Not sure how to do it? I recommend hiring an IP attorney and paying the fees. It will be worth it.
Join the Speaking Circuit
It goes without saying that becoming a paid speaker in your industry is great for your bottom line. But it is also a significant boost for the overall positioning of your company and a brand building bonus for you as a subject matter expert. In its most recent annual State of the Industry Report, SpeakerFlow reported $114 million in revenue earned by thought leaders including coaches, consultants, professional speakers, and authors—anyone who positions themselves as a thought leader.
Positioning yourself as a subject matter expert and as a thought leader is part of the five-step system we teach in the Accelerator. Be on the lookout for the next time we open the doors for the next cohort.
Host An In Person Event
Let’s start by acknowledging that hosting an in-person event can be a time-consuming and capital-absorbing undertaking, but it doesn’t have to be. You’ll need to develop an effective agenda that makes it clear to prospective attendees that it will be worth their time, book a low-cost venue with the ambiance and audio-visual capabilities needed, offer light snacks, and, of course, charge a registration fee that will generate a healthy profit.
Launch a Paid Newsletter
This isn’t for everyone but if you have an established and engaged audience for your existing newsletter, you may be able to offer up exclusive content to them via a monthly subscription. This will take some time to transition, especially if your audience is used to getting tips for free. However, if you’re able to demonstrate how paid access to exclusive expert content will add even more value, you may be able to benefit from what’s billed as the consumer subscription economy.
Write And Publish An E-Book
According to Gitnux, e-book sales will top $4.23 billion in 2023. As a consultant, writing reports is likely a key component of some of your services so writing a 20-50-page e-book packed with value for your target audience is within reach. Luckily, there are also a host of sites that make designing and selling the finished product much easier than before.
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