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Corporations have billions budgeted for consultants.
5 min read
Last year, according to Bloomberg, corporations paid outside consultants $39.3 billion dollars. Corporate consulting is one of the highest margin business opportunities available. The average business or marketing consultant generates $175,000 a year, according to USA Today.
For soloprenuers, freelancers, agency owners and entrepreneurs who can train, it’s an opportunity to generate multiple income streams in an industry that has billions set aside to spend. You can take your skills, knowledge and expertise into the corporate consulting space. Even though corporations have employees who can do various tasks that you would consult on, they prefer an outside perspective and fresh strategy. I know this because I do corporate consulting gigs in 25 countries a year. I’ve seen firsthand how much corporations are willing to invest in training.
If you are going to enter the corporate consulting space -- or you’re already in it -- here are six income streams you can and should create. It’s always smart to have multiple income streams and passive income.
1. Training
As a corporate consultant, what you’ll mostly do is training presentations. You’ll teach a corporation's employees your special skillet and knowledge through a one-off or series of lectures. Consultants get paid for the strategy and knowledge -- they aren’t tied to the result. They don’t do the actual work. That is what an agency or freelancer does. You will train and walk out with a payment. You can train at various corporations if what you teach is a little more general (think personal development, digital marketing, wellness, etc).
Related: How to Start a Consulting Business
2. License Courses
These days, lots of entrepreneurs create online courses that they sell through their email list, social media and paid traffic. You can take those same courses into corporations or create courses specifically for corporations. Either way, instead of selling them a course that they then let all of their employees access, you should make them buy licenses per employee. It’s a lot more money in your pocket.
You can create a course that teaches your topic and use software such as ClickFunnels to host it. When you negotiate your corporate contracts, add the option to license any courses you have as follow up training and the next steps. This is a solid passive income source.
Related: Why Building a Consulting Business Is Harder Than It Initially Seems
3. Executive Coaching
Executive coaching for individual entrepreneurs has become popular over the years. You can do the same thing with corporate executives. This type of coaching is valued by corporations and they pay big bucks to make sure their executive team has all the training they need. This a lucrative revenue stream if you have the ability to coach. You can coach executives on a wide range of topics and create more opportunity for your business.
Related: Why Executive Coaching Is a Critical Part of the CEO Journey
4. Setting Up Training Programs
These programs take a lot of time but the opportunity is great. You can also charge for the upkeep of the program. Some examples are a health & fitness consultant setting up a wellness program. A sales consultant setting up a sales training program. A personal development consultant setting up a program that covers the major areas of personal development. You get the point. Training programs are a must for any consultant and can lead to passive income. Here is an example of what this could look like.
Related: 4 Things Besides Pay Consultants Need to Negotiate in Contracts
5. Content Creation
Corporations pay for a variety of content creation. They need videos, podcast episodes, newsletters, blog content, social media content, and more. As a consultant, you have the ability to book content projects in your deals. You can either do the work yourself or hire subcontracts. Since you will have done a training at their company, you’ll be in touch with their needs. If you hire subcontractors, you can create semi-passive income for your business.
Related: Entrepreneurs Are Paying Wikipedia Editors to Create Profile Pages
6. Done-For-You Projects
There are some things companies can’t do with just training. They will want help with the implementation and more hands-on help. For this, they can hire you for done-for-you projects. Some examples could be setting up a corporation’s podcast, managing their social media accounts, etc. These projects will undoubtedly involve you having to hire help if you don’t have a team in place. Either way, make sure this is an option you negotiate into your proposal.
There are many ways to generate active and passive income in the corporate consulting space. You can create multiple revenue streams that lead to explosive growth in your business. If you’re not sure how to get started in corporate consulting, here is an article that breaks it down. These are six income streams you can create. Use this article as a guide and get to work.
Opinions expressed by Entrepreneur contributors are their own.
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