Here are some tactics to increase and diversify the income of your consulting business.
1. Increase Sales to Existing Clients
Instead of wasting all that time and money attempting to get new clients, why not try to sell more services to your existing clientele?
For example, if you operate an accounting and tax consulting business, you most likely have clients that need assistance with their documentation and record keeping. In addition to your year-end tax services, might you offer your client monthly bookkeeping and financial statements, accounting system configurations, accounting software training, or other services?
Monthly services, in addition to annual fees, can help you reduce seasonality in your business and improve cash flow.
2. Make Your Services a Product to Spread the Word About Your Advice
Could you make a special report, newsletter, folio, video, audio cassette, e-book, or course? If so, it might be fun to make money even if you aren’t billing for your time. You can be earning extra money from the sale of your information products when you’re on vacation or asleep.
Sell these products through direct mail, mail order, exporting, and Internet marketing (your own website, affiliate programs, eBay auctions, etc.).
In addition to producing passive, residual income, information items can help you establish your authority credentials. As a result, you have more opportunities to consult.
3. Take Part in Group Consulting
By hosting seminars, workshops, and teleclasses, you may help a lot of people at a fair price. In addition to paying for admission, attendees might purchase some of your informational things or perhaps become frequent consulting clients.
4. Look at Other Markets
Would your consulting services be of interest to the federal, state, provincial, or local governments? Could you provide an expert witness statement?
If you counsel with local clients, could you use the Internet and phone to reach clients across the country or overseas?
You can use these few ideas as a starting point to think through every possibility for dramatically raising your consulting income.