One good thing about working a job is the chance to grow into a subject matter expert. It is tough to prove yourself as an expert without some kind of social proof.
For example, I have been an Air Traffic Control Electronics Technician in the Marine Corps for 23 years. I deployed to multiple countries and States, establishing ATC services.
I can now parlay this knowledge and experience into a consulting business. I can work with contractors looking to understand expeditionary air traffic control.
Use an Automated Business as Your Wealth Generator
Towards Passive Income. Starting a consulting business is a great way to leverage your years of experience while becoming your own boss. However, as a consultant, you exchange time for money—we like passive income on this channel.
Today we will discuss starting a consulting business with the end goal of building systems, automating, and training associates to remove you from the day-to-day grind. Let’s get started.
First, you’ll need to read books. The first thing you should do is grab some books on transitioning from the workforce to entrepreneurship. Changing your employee mindset to an entrepreneurial one isn’t as easy as you think.
The first book I recommend is “Before You Quit Your Job.” This book will ensure you formulate the right mindset and plans before you make the jump.
The next one is weird, so bear with me. I recommend reading “How to Blog for Profit” because it explains the flow of running your own business.
What if Your House Paid You Dividends?
Most people don’t understand that a business needs an audience. You have to reach people to start your sales funnel. You can get people in a few ways: advertising, marketing, creating content, and word of mouth.
I never realized how intense running your own business could be until I read “How to Blog for Profit.” You will become an all-in-one source of advertising, management, scheduling, and promoting—this rings especially true as a consultant.
Finally, I recommend reading a book on consulting (duh). I read “Consulting Success” by Michael Zipursky. This book gives us a deep look inside the life of a consultant.
Making the move. You’ll have to make the jump into becoming a full-time consultant at some point. You will be 100% in control of your time and energy. For some people, this will be amazing, and for others, not so much.
You see, as a consultant, there are many ways to stay busy in your office. However, not all work pushes the needle towards you making money. Consultants need clients. So redesigning your websites 20 times doesn’t necessarily help you build your client base.
Relationships in the Metaverse
To gain clients, you need to make phone calls. I learned from the book that there is roughly an 80% success rate of gaining business after seven contact calls to potential clients. Yes, seven calls.
Most consultants fail because they give up after two calls. You’ll have to be persistent. You’ll also have to learn not to barter with people who aren’t the final decision-makers.
Money in consulting. The book tells us that you can make a lot of money as a consultant. The sky is the limit; however, you’ll need a results-based business model.
For example, you can guarantee that you can increase advertising conversion rates by 25%. When you can show measurable (quantifiable) data, your work speaks for itself.
It’s typical for consultants to make over $100,000 to $200,000/year. In fact, the best can make over $1 million/year. Again, you’ll need to be on the top of your game with advertising, marketing, and getting positive results.
Roth IRA vs. Municipal Bonds
Passive income in consulting. Yes, we could spend the rest of our lives as consultants—while earning a great wage. However, how can we create passive income streams from our work?
As a subject matter expert, you’ll have the best documents, products, tools, reports, and information in the business.
You can leverage all this data to build a huge base of passive income products, tools, and courses. Let’s explore.
Digital products. First, you can create and sell digital products you use throughout your consulting work. For example, the book describes a template for sales calls.
You can also sell products for templates, planners, conferences, legal paperwork, letterheads, waivers, etc. We take so many things for granted as subject matter experts that others would love to leverage.
Productivity tools. Throughout your time as a consultant, you will begin to create great workflows. You can sell your workflows and other systems you make.
For example, I write an article, create artwork, and make a book every day for my business. It took me a year to get all this into a fast, smooth workflow. I can sell this workflow and products to others interested in using a similar model.
How to Thrive in a Gig Economy
Online Courses. Finally, you can create online courses. You can create courses teaching your subject matter, becoming a consultant, or starting a business. There is always someone looking to learn from you.
There is no clear-cut way to be a great consultant—most people figure it out as they go. Your course can help them organize their thoughts and gain clarity.
Content Creation. An excellent way to advertise and build brand awareness (you are the brand) is through creating content. You don’t have to give away all your secrets, but people can begin to know, like, and trust you via your content.
Life as a consultant. By building passive income streams, you can stabilize your career. Consulting can be a feast or famine type of business. You will need to save and invest in protecting yourself from tough spots.
She Only Wants You for Your Money
Once you get a battle rhythm, consulting can be a very lucrative business without requiring you to put in 80-hour weeks. You can have your content, digital products, and online courses doing a lot of the heavy lifting.
You can choose to work with clients and businesses that respect you and your work. You’ll be in the ideal situation. Let’s not forget that it will take time (and hard work) to get to this position.
Conclusion. It can be a fantastic journey from employee to consultant to passive income hero. It is possible to travel this path, but ensure you understand how to create an automated business from the start.
Many people will consult for the long-term because they love this business. That’s an amazing life—love what you do and do what you love. Hopefully, we can all get to this point in our lives.
You’ll have a better chance of loving what you do as your own boss. Therefore, consulting is a step in the right direction if you have the discipline and mindset for success.
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