Can you earn $1,000,000 annually by selling consultations? Let’s check. On the assumption that we want to generate $1M of income, it’s about $83,333 a month, and (assuming 168h a month) it results in $496 per hour of our work.
Is that amount unattainable? It depends on the industry of our specialization. Based on my experience (IT domain), I can openly say that such an amount is achievable for every good specialist. However, let’s go a step further. What if our industry doesn’t allow us to achieve such a level of price per hour? We can scale horizontally. What does it mean? Building a team. If, in your domain, the average price per hour is $90, you will need 5 specialists that will generate $450/h for you.
Certainly, in this case, there is an additional issue of the costs connected with maintaining a team, but still, it’s within the reach of your capabilities. If you properly take care of the process of obtaining and caring for customers, then you can certainly achieve that goal. However, it’s worth to approach it in a smart way.
Where is it good to start your adventure with consultations? I recommend walking through the list of steps below, that will allow you to better realize the possibilities of the market you specialize in.
First and foremost, remember to facilitate your clients reaching out to you. If I can set an under-impulse meeting with you at 2 am, then you win with competitors to whom I could contact only after 9 am, when the emotions settle.
Act smart and good luck
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