Revenue Sources

Revenue Sources

 

David A. Fields shares a post designed to help the independent consultant accelerate revenue growth.

If you’re having trouble accelerating your consulting firm’s revenue growth, it could be because you’ve forgotten to create a stable revenue base.

“Bread and Butter” work (outlined in this classic article) is the most common and straightforward path to establish a solid, bedrock of revenue for your consulting firm. However, you have another interesting option:

Your consulting firm houses a treasure trove of assets, all of which are sellable to create a steady revenue stream that supports your consulting work.

A half-dozen assets that you could possibly leverage into cash flow are outlined below:

People

You can rent out your people to clients at a fee-for-time rate. This is staff augmentation, not consulting, and it’s a tried-and-true revenue generator.

In some industries, such as IT, staff augmentation margins are razor thin; however, some of our clients earn north of 50% margins on staff augmentation engagements.

Processes

Clients hire your consulting firm in large part because of your approach to solving their problems. You understandably guard your approach jealously and view it as a secret sauce that you don’t want to share. However, that precious resource could also line your coffers.

Licensing or franchising your consulting firm’s approach can yield generous income streams while potentially boosting awareness and demand for your services.

 

Key points include:

  • Developing freestanding software content
  • Developing an online academy
  • Monetizing connections

Read the full post, Alternative Revenue Sources For Your Consulting Firm, on davidafields.com.