When starting a consulting or coaching business, it’s important to think about not just how to bring in initial clients, but also how to create multiple revenue streams to sustain and grow your business.
One of the first things I did before leaving my full-time job and going it alone, was to create a vehicle to drive recurring revenue into my business. I did this by building a membership, which today, is my pride and joy. In fact, I loved the experience so much, I created another. Not so much because of the revenue, but because of the community.
Having a membership is super useful, especially during the quiet months when clients were scarce… or when I got covid and was unable to work for a couple of months!
But, I have more than one revenue stream inside my consulting business, I have a mix of digital products, consulting packages and group offers, and I am working on a couple more.
In the early days of me just starting out, I wasn’t told to get multiple revenue streams. I wasn’t told to focus on creating different income strategies. I fingered it out, mainly because my corporate experience was in finance and strategy so I guess I had a heads-up! But, I’m a strong believer in, each one, teach one, (or teach many), so sis, I want to share a few different strategies you can use to introduce and increase revenue streams in your consulting business. Are you ready?
Let’s get into it…
Offer different levels of consulting or coaching packages: Most of the time, when you are starting out, you focus on creating one offer. This can be useful, especially for neurotypical brains, but one package doesn’t necessarily mean one level. Let me explain. You can create a consulting package which has different levels of commitment and exposure, which allows flexibility in payments, thus opening up different avenues that cater for different budgets and the different needs of your clients. This can include a variety of options, such as a one-time consultation, a package of sessions, or ongoing monthly consulting.
Create and sell digital products: This can include e-books, online courses, webinars, and other digital resources and done-for-you services that your clients can access at any time. These products can serve as an additional source of income and can also serve as a lead magnet to attract new clients. But don’t be fooled into thinking this means extra work. One of the things I love to help my clients to do is, to use strategies that allow them to maximise their time and re-purpose materials, utilising my favourite LIVE to Sale Strategy in the Consultant Start-Up Incubator.
Group Programmes: Group Programmes can be challenging sometimes, and personally, I would recommend it only after you’ve got experience successfully
running 1:1 programmes, unless using my Beta Strategy. However, once this is under your belt, I would definitely urge you to consider offering group consulting programmes for clients. This can also be a great way to offer a community aspect to your consulting business and can also help to scale your business.
Create a membership program: Well, I touched on this as it was something I did straight away. By creating a membership program, you can provide your clients with ongoing support and resources. This can include access to a private community, exclusive content, discounts on your products and services and so much more. I went through an amazing and highly successful mentor called Desislava Dobreva, whose programme was instrumental in me learning how to build my first membership.
Leverage affiliate marketing: This is something I am working on for my own business, but, full transparency, the link I provided to join Des’ Recurring Revenue Programme is an affiliate link as I am one of her launch partners. I stand by what she teaches as it led me to build my own membership which is why I am proud to be one of her affiliates. I strongly believe in being an affiliate for services I have used or am well versed with, it just allows me to be fully in my integrity. But one thing for sure is that partnering with other businesses and promoting their products or services to your clients can also be a great way to bring in additional revenue.
It’s important to note that different niches will have different revenue stream options, so do your research and understand your industry and client enough to know which options will be most viable for you. Also, when you have a good understanding of your business and the lay of the land, don’t be afraid to experiment, try new things and be open to new opportunities.
To bring in recurring income, it is beneficial to focus on building a strong, loyal client base and providing them with excellent service. This can lead to repeat business and positive word-of-mouth recommendations, which can in turn lead to more clients and more revenue. A large part of my business is actually down to referrals and word of mouth. I think people might underestimate how powerful this is, but returning clients and their outward expression of your offer WILL make up one of the largest areas of your business revenue.
This is why it is super important to really get to know your ideal client, and what their needs and desires are. This knowledge will help you to create no-brainer offers that are relevant and will speak directly to your client, which will in turn make it more likely for them to purchase from you.
I also believe when you are first starting out, you can easily get ‘in your head’, not necessarily realising that, when you first start out, a strong network is KEY and can also unlock new revenue streams. Connecting with other consultants, entrepreneurs and industry leaders can open up new opportunities and possibilities, not only can you share their audience and get wider exposure, but you have an opportunity to showcase your portfolio and share your success stories which are brilliant social proof and key to attracting new clients.
Lastly, remember that starting and growing a business isn’t easy. Especially if you are doing it while still holding down a full-time job. It takes courage, empowerment, action, and growth. It takes working through my 4Step Value System. You see, don’t make the mistake of thinking it is only professional skills you need. When stepping out on your own into the big bad world to reposition yourself from employee to entrepreneur, you need to build your mindset as much as anything else. In fact, I’d probably say, at times, your mindset might be the only thing that keeps you going.
Some final words of encouragement for you, don’t focus on success, focus on patience, persistence and consistency. Success will naturally follow! And do not give up when things get tough. When I was first starting out, the world got hit with a Global pandemic and went through lockdown. I was running an in-person, 1:1 coaching business and knew no other way. For me to continue, I had to pivot. And it was the best thing I’ve ever done. When things don’t work out as you planned, don’t listen to your first thought that tells you to quit. If you get into strife, or just get lost in your head and need clarity, well, that is why we are here. Book a call and let’s get you fixed up with a well-structured strategy and a clear understanding of your ideal client, and help you to build a strong network so you can increase your impact and your income to build a thriving consulting business.