How To Turn Your Genius To A Profitable Business Consulting With Ease
Business consulting sounds intimidating and daunting especially if you are not a master’s degree or have an IB diploma.
It was one weird exhausting summer in Thailand I was thinking how bad it is leaving my 8-5 job.
And with my definite sense of job uncertainty and frustration, I could not see what my future would look like.
The imminent downgrade of my ex-pat lifestyle and my daughter’s education is terrifying.
What if I would have chosen to believe everyone in my life who said, and I quote, “you would be foolish to give up a steady pay-check and corporate job security to take a chance on something new?”
I could also be part of those people who have lost their job due to the COVID-19 pandemic.
This is for anyone with specialized knowledge, experience, or skills that you know something well enough to teach or train, speak about or write about so others will compensate you for that knowledge.
5 Top Reasons Why You Need To Turn Your Expertise To Income
1. The freedom of making a living with your passion
Before you jump into your fantasy of believing that you will earn millions of dollars in your first year in the consulting business, you will need to be realistic about what it means to be a business owner.
Entrepreneurship means devoting significant time, resources, and energy to your business.
You should not create a business just because you see someone else has had success doing it. You need to understand that being passionate about what you do translate success.
Because other people’s success will not guarantee you the same results.
I love this business startup model because even if I’m traveling, it gives me the full flexibility to serve my clients.
As long as there’s an internet connection, you are good to deliver your service because technology has made it easier to do so.
2. You can start without a business plan
In Consulting, what’s important is…
- See how the market reacts when you put your message
- Be visible to ONLY those people who need your help, and
- Provide the value they expect from you
The fact is, you truly don’t know what type of product is accepted by the marketplace or how many units you can produce.
When I began my consulting business, I purposely didn’t start with a complex business plan.
Because I knew that I would only get a sense of real income once I tested my business idea in the marketplace.
So once you have a list of things that you are passionate about doing, test your idea, and see how the market reacts in exchange of what you can provide them.
And in a short period of time, you will maximize yourself because you cannot serve more than 5 clients alone in a month.
This is where productizing your service will come into play by creating your online courses or digital products around your expertise and have an army of affiliates.
You will see that people that I don’t even know is helping me promote my product. This is how you can make passive income even when you are sleeping.
3. You improve your problem-solving skills as you go
Service based business is adaptable and flexible than a product-based business.
When you’re using your expertise and skills rather than a physical product, you are providing a transformational journey to your clients on a more personal level.
When you specialize in providing a solution to a specific problem, the faster you become an expert in your field and easier to create your own online omni presence.
People prefer to work with an expert and specialists earn more.
4. Low-cost business startup
With consulting business you can start with almost no cash.
You can land to your first high-paying client even without an office space, following, or website.
So money is not a good excuse not to start a business. Entrepreneurs will often have amazing business ideas, but they put them on hold due to a lack of capital.
With consulting you get your business off the ground immediately as long as you have the knowledge that others are willing to pay for that generates a benefit to the individual, small businesses or big businesses.
5. No ceiling income
This is what I love with business consulting – there’s no ceiling income. You can choose who you want to serve, how many clients you want, have control on your price, and choose how much or little you want to work.
Ways to decide what to charge.
- Per hour basis
- Monthly fees
- Per project
- Progress billing
Conclusion
Business consulting is about the simplicity of putting together what you know (experience or knowledge) and finding a match with what people’s needs.
This is by far the best and the most efficient way to start and grow an expert around your expertise.
I hope that this post has helped you!
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