I’ve had so many projects in the works, that my blog has definitely taken a hit, but I’m back and ready to drop some knowledge.
If you haven’t noticed, consulting businesses are the new “in” thing.
And, quite honestly, I love consulting. I do it. I have awesome clients. I help them make more money. They love me in return.
And. I think it’s a very profitable business model. If. Done. Correctly.
Here is the thing. I see a lot of people wanting to do this, and claiming to be a consultant, but they don’t really know what to do, and don’t end up making any money.
There are some specific reasons why this happens, and I’m going to reveal those to you.
And give you some solutions on how to fix it, ASAP.
I never heard anybody say that they went into business to be broke. So let’s make some 💰.
#1 Reason Why Your Consulting Business May Not Be Making Money
Most people I speak with have not figured out what they do and who they help.
Have you ever heard the term, “Riches in Niches”.
This term is correct.
The big money lies within a specific niche.
You don’t want to help everyone,in fact you can’t, not very well at least. You want to help a specific market, accomplish a specific thing, which causes a specific benefit.
When you can find your market, and you can create your message to communicate with this market, then you can gain high paying clients. And there, my friends is the money spot.
#2 Reason Why Your Consulting Business May Not Be Making Money
When you decide on a specific market. You want to first make sure this is a profitable market and that there is a need for your services.
But while you are doing this, find markets that have more money to spend.
The high ticket niches.
This is usually in B2B services.
And if you think you don’t have anything to offer, you can easily learn something that brings value to these businesses.
And the beautiful thing is that when you get really good at a specific skill, that you offer to this niche, it’s easy to duplicate into all the businesses within that niche. Winner, winner, chicken dinner.
#3 Reason Why Your Consulting Business May Not Be Making Money
Okay, now that you have found your niche, created your message and you have a specialized skill to offer, let’s make sure that your pricing your services correctly.
9 times out of 10, people I speak to don’t understand the value of their services, and usually charge by the hour.
I am AGAINST charging by the hour.
I am FOR pricing your services according to the value you bring to your client.
Think about what you bring to them, that they can’t do on their own.
What positive benefit does that bring?
I recently did a podcast with Vicki Irvin about the problems we see within consulting business and what you can do to get to 6 or 7-figures. You can click here.
I want to help you build a profitable business. The fact is, the system is simple, if implemented correctly. If you want to jump on a call with me, click here and let’s talk about how we can help your business grow.
I’ll leave you with this. Everyday, we should be taking steps to grow and build our business. Take it personal, as if your family depended on it, because they do.