In today’s issue, I want to focus on something that can truly make or break your success as a business consultant.
It’s something that can either limit your income, and keep you from ever hitting the six-figure mark, or something that can virtually remove all limits on your income… period.
It’s really THAT important.
But before I tell you what this “something” is, let me ask you a question:
“Just how many clients do you NEED to make six-figures as a consultant?”
Think about that for a moment.
Before you give me your answer, I have to confess…
This is a trick question. It’s not a bad question, it’s just the WRONG question to be asking if you’re trying to increase your income as a business consultant.
Here’s the reason:
Success in consulting is NOT about the NUMBER of clients you have, it’s about the amount of value each of your clients receives.
The more value you provide, the more you can charge.
There’s just one catch:
You Need to Be Working with Clients
Who Have the Cashflow to Pay You
This might sound like common sense. And it is. But in my experience, it’s hardly common.
One of the MOST common reasons that new consultants struggle is because they spend their valuable time working with clients who should never really be clients in the first place.
Here’s the recipe for a GOOD client:
1. A good client has a business problem (ideally a few of them) you can help solve.
2. A good client knows, likes and trusts you. In other words, it’s someone who perceives you as an expert, not a hired hand.
3. A good client has sufficient cashflow to pay you the fees you charge.
If you have those three ingredients, you’re going to have no trouble hitting six-figures.
Choosing the RIGHT clients is the “something” that can make or break your success.
So why do so many consultants get stuck working with clients who don’t qualify as “good” clients?
It is a simple matter of CONFIDENCE. Confidence that you can provide value to your client.
The good news is this:
CONFIDENCE can be learned.
The funny part is, you usually build confidence by making mistakes and learning from those mistakes.
That’s really what makes the TopLine System (a system that’s been proven to work time and time again) so valuable.
You have a system that pretty much takes the guess work out of delivering VALUE to your clients. And it puts you light years ahead of most of the other consultants out there who are just “winging it” on their client’s dime.
But the system can’t ask for the money for you. That’s something that you have to do.
It gets easier the more you do it.
To charge monthly retainers of $4000, $8000 or even $10000 (which is simple to do when you are working with the RIGHT clients), you need to be working with clients for whom that amount of money is NO BIG DEAL.
Never forget that.
Every week, I get many questions about what it really takes to succeed in the consulting business. And in each issue of this newsletter, I’ll tackle a new question.
Here’s the question for today:
“If the economy is so bad… if businesses are struggling so much, how could they possibly have the resources to pay ME high fees for consulting?”
The answer to this question goes right back to the focus of this issue:
It’s not how many clients you have, it’s WHICH clients you have that matters.
If you’re dealing with a business with revenues somewhere between $2-10 Million dollars, “struggling” can mean their profits are down 80%.
In that example, they’re not even losing money. So while they are technically “struggling,” they’re not about to close their doors.
Would a business like this invest $20-$50,000 for help in recovering those lost profits… profits which could easily be over a million dollars?
Of course they would. Wouldn’t you?
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