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Passive revenue for consultants…is it actually potential?
Sure. It completely is.
We’ve performed it ourselves and we’ve taught our Clarity Coaching clients to create passive revenue.
Nonetheless, creating “true” passive revenue — revenue that requires no ongoing work — takes lots of labor upfront.
On this article, I’ll share…
- What passive revenue appears like within the context of entrepreneurial consulting
- 7 examples of passive revenue methods for consultants
- And the way to get assist establishing a worthwhile passive revenue supply on your consulting enterprise.
Bear in mind: as an entrepreneurial consultant, you’re not only a advisor.
You’re an entrepreneur.
And meaning you’ve the liberty to be artistic about the way you generate your income.
You possibly can provide greater than conventional consulting services.
It’s your online business, you are able to do what you need!
Able to determine this out? Let’s dive in…
“Should you don’t discover a solution to earn cash when you sleep, you’ll work till you die.”
– Warren Buffett
What Is “Passive Earnings?” (Consulting Enterprise Context)
Passive revenue — within the context of a consulting enterprise — refers to income that you just generate when you’re not working.
For instance, delivering your typical consulting undertaking is not passive. You’re getting paid for the work you’re offering.
Now consider a product like our consulting book referred to as Consulting Success. We’ve offered hundreds and hundreds of copies of this.
I took a number of months to jot down the ebook, after which, after some promotion and distribution, the work was performed.
When folks purchase your ebook, you generate income.
Promoting a ebook lets you generate income when you’re not working. You can also make ebook gross sales when you sleep.
This is only one easy instance.
Passive revenue for consultants is about creating productized variations of your experience that lets you earn income 24/7.
It’s additionally helpful to consider not simply passive revenue, however passive lead stream.
For instance, you would possibly get new leads everytime you go to a convention.
And you may also get leads by publishing content material in your web site.
The previous methodology requires you to repeatedly do the work to get leads.
The latter requires you to do the work as soon as — and regularly profit from that work.
That’s to not say it is best to by no means interact in “lively” lead stream nor must you cease going to conferences.
Attending conferences the place you’re actively going out and having conversations with best shoppers might be an effective way to construct your pipeline and enterprise.
Nonetheless, it’s vital that you just additionally take a long-term method to your advertising and marketing.
This implies partaking in actions with no speedy payoff (like authority building & SEO) however will reward you with passive lead stream with the precise technique and consistency.
Passive revenue for consultants is about creating productized variations of your experience that allow you to earn income 24/7.
7 Confirmed Passive Earnings Strategies For Consultants
Under are among the passive revenue methods which have labored for us and a few of our extra superior Clarity Coaching shoppers.
1. Consulting Retainers
What it’s: Consulting retainers are a charge paid upfront to retain your companies on a month-to-month or annual foundation, permitting shoppers entry to your experience once they want it. Retainers create a predictable and constant income stream and are much less “hands-on” in comparison with a typical consulting undertaking.
Instance: An IT consultant would possibly provide a fractional “Chief Know-how Officer” service the place, for a charge, their shoppers have entry to the advisor’s experience every time they want it — with out lively, day-to-day administration.
In Our Expertise: The Consulting Success® book generates 5-figures per 12 months for the corporate. It’s offered via Amazon and is totally passive income. And it’s one of many prime lead turbines for our Clarity Coaching Program.
2. Books & Audiobooks
What it’s: By writing books or creating audiobooks, you possibly can bundle your experience and promote it to a broad viewers. This methodology includes plenty of effort upfront. However it might probably result in ongoing gross sales and royalties with out further work. It additionally serves as a robust advertising and marketing software on your consulting gives.
Instance: Erin Mies & Kristen Ireland of Folks Spark Consulting, an HR consulting agency, are publishing a ebook to share what they know. They’ll be capable of promote their ebook independently or on Amazon or Audible, reaching a worldwide market and producing passive revenue.
3. Affiliate Advertising
What it’s: Internet online affiliate marketing includes partnering with firms to advertise a services or products to your community. When somebody makes a purchase order via your referral, you earn a fee. Since consultants typically suggest instruments or sources, this could be a pure extension of your recommendation.
Instance: A management consultant would possibly associate with a software program firm, recommending their enterprise planning software to shoppers. They obtain a share of any gross sales generated from their referrals.
4. Programs
What it’s: On-line programs will let you train and share your experience with shoppers world wide. When you’ve created your course and uploaded it on an academic platform, shoppers can buy entry at any time, producing revenue past your preliminary time invested in creating the course.
Instance: A monetary advisor develops a complete course on funds administration for small companies after which sells it on platforms like Udemy or Teachable. Their shoppers are capable of take the course — or make investments extra to work straight with the advisor.
In Our Expertise: Our newest launch of Momentum generated over $6-figures in income. The marketing campaign itself was plenty of upfront work, so the advertising and marketing aspect was not passive. Nonetheless, as soon as offered, there was primarily no “supply” work. Programs (like something) take work to market, however the advertising and marketing is the work since you don’t have a “undertaking” to ship.
5. Productized Consulting Gives
What it’s: Productized consulting offers are while you bundle your companies into standardized merchandise with fastened costs. These might be workshops, toolkits, or consulting classes that require minimal customization, permitting for scalability with out considerably rising workload.
Instance: A leadership consultant would possibly provide a one-day intensive workshop on management growth for center managers that shoppers can ebook on demand. They provide it as a stay workshop, document it, after which promote the recording later to shoppers who’re .
In Our Expertise: We regularly host stay workshops for entrepreneurial consultants. Lately, we packaged up a number of of the workshop recordings and offered them as a bundle. With a number of brief emails, we generated over $10K in income. There are numerous methods to bundle, productize, and bundle your numerous choices.
6. Licensing/Certifications (“Prepare The Coach Mannequin”)
What it’s: Right here, you create a structured program different professionals might be licensed to ship. They pay for the certification after which can present your confirmed methodology to their shoppers.
Instance: A PR consultant would possibly develop a battle decision program that different PR consultants practice for after which ship underneath license. With this mannequin, you assist your trainees with supplies, coaching, and updates for an annual licensing charge.
7. Efficiency Agreements With Purchasers
What it’s: With this consulting fee structure, as a substitute of charging solely a flat charge, you create an settlement the place you additionally earn primarily based on the outcomes of your work. It incentivizes efficiency and may result in greater earnings with out further time dedication.
Instance: A gross sales advisor takes a smaller upfront charge and features a clause within the contract that grants them a bonus primarily based on the rise of their consumer’s gross sales figures following the implementation of their methods.
By constructing one (or extra) of those passive revenue strategies into your consulting observe, you’ll diversify your income streams and earn extra whereas liberating up time.
It’s about leveraging your experience in scalable methods.
As an added bonus, many of those passive revenue strategies may also generate curiosity in your “higher-ticket” consulting gives.
Get Assist Constructing Passive Earnings Sources
Are you in search of personalized assist constructing passive revenue sources inside your consulting enterprise?
Not solely have we constructed passive revenue into our personal enterprise (via packages like Momentum), however we’ve additionally helped our Readability shoppers do the identical.
NOTE: Creating passive revenue is a sophisticated technique. We suggest you get a stable basis in place first (readability round your best consumer, magnetic message, advertising and marketing engine, and getting wonderful outcomes on your shoppers) earlier than you begin eager about passive revenue.
In our Clarity Coaching program, we’ve helped over 1000 consultants to construct a extra strategic, worthwhile, and scalable, consulting enterprise.
LEARN MORE ABOUT CLARITY COACHING
We’ll work hands-on with you to develop a strategic plan after which dive deep and work via your best consumer readability, strategic messaging, consulting gives, charges and pricing, enterprise mannequin optimization, and show you how to to arrange your advertising and marketing engine and lead technology system to persistently appeal to best shoppers.
You’ll learn the way to make more cash with each undertaking you tackle — and the way to land extra shoppers than ever earlier than. Learn more about Clarity Coaching and get in touch to talk about your situation and goals.
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