Is Making Millions as a Freelance Consultant Possible?
Is it conceivable to make an enormous income as a freelance management consultant?
Like hundreds of thousands of dollars, or maybe even a million.
If youâre an ambitious consultant, chances are, you must have thought about this at some stage.
And to understand the answer, we must add a bit more detail to the question.
So, you want to make a million? But by when? In 10 months, or in 5 years?
Are you thinking about a million bucks in revenue or profit? (Donât forget the taxes and overhead costs.)
Well, this is getting very thought-provoking, isnât it? In this article, weâll have a discussion about the possibilities and strategies for earning a really high income as a consultant.
The best freelance management consultants are doing it already. You could do it, too.
Keep Taking the Right Action
Thereâs a difference between knowing how to do something and actually doing it. The quote by Sun Tzu is very relevant to this discussion. The people who have the potential to become the best freelance management consultants are usually experienced in managing high-budget projects for big companies. They know people who make millions, they also know how those people make their millions, and they also have some ideas of their own to make millions.
However, without action, there is no reaction. Creating a strategy is easy, but staying the course and executing it until the end is difficult. So, whatâs your strategy to close big projects? Focus on inbound marketing to attract customers? Go to networking events? Sign up with a freelance consultant platform ? Whatever you decide to do, take massive action and stay enthusiastic throughout the journeyâeven when things arenât going too well. Set priorities in your career and focus on the most important ones first.
Focus on Growth Hacks
If youâre an expert in your field and have enough consulting experience, itâs not difficult to become a freelance consultant. But as Peter Drucker said, âEfficiency is doing things right; effectiveness is doing the right things.â Itâs not always about hard work, itâs also about smart work. It takes a lot of hard work to climb a mountain. But what if you reach its peak and find out that you climbed the wrong one? Ouch!
The same applies when you become a freelance consultant. Being busy with ten different projects and working 80-hour weeks doesnât necessarily generate a very high income. You should rather focus on finding a hack to minimize effort and maximize gain.
For example, if you always charge $10,000 for a freelance project, itâll take you a hundred projects to make a million. However, if you change your pricing model a little, you could shorten your path to success. For example, if your cost-reduction strategy is helping a client save $1 million per year, and you charge 10% commission on the results youâre helping them produce, you could earn $100,000 instead of $10,000.
And this is just one example. The point is: Keep experimenting and figure out a way to do things in a smart way. Smart work is better than hard work.
To Make Millions, Solve Million-Dollar Problems
Consultants are well-known for their advanced problem-solving capabilities. Itâs a very well-known fact that your income is directly proportional to the magnitude of the problem you solve. You kind of know where this is going, right?
If you want to become a freelance consultant who consistently generates six figures, you have to actually take on big challenges and help companies achieve their goals. But thereâs a catch: To have companies trust you with big problems, you need to have a track record of success. Case studies and testimonials of previous clients also help a lot.
The best freelance management consultants donât become the âbestâ overnight. It might take years of consistent progress and discipline, along with a bit of luck.
Send Your Portfolio to a Freelance Consultant Platform
Whatâs the number one reason why freelancers fail? Itâs not having enough clients. As a freelance consultant, the type of clients you work with will ultimately determine your pay scale. Now, there are several ways of finding work. You could attend networking events, have the âopen to workâ sticker on your LinkedIn profile picture, go through online job boards, or go for paid ads on your social media.
All these methods do work. But there are several limitations to all of them. For instance, you can only meet a limited number of people in a networking event, and not all of them would be even open to the idea of hiring consultants. Social media is a game of luck, and online job boards, well, youâll probably not find clients who are willing to pay the top dollar there.
Therefore, if youâre a freelance management consultant, you should most certainly approach a freelance consultant platform without waiting for another second! Tell them about your expertise, your ambitions, and the type of clients you want to work with. Thatâs all you need to do! Theyâll take care of the rest. As in, when your ideal client approaches them, theyâll give you a call to tell you the good news.
However, you should still keep using other lead generation tactics, such as staying active on social media or attending networking events. But if youâre taking your freelance consulting career seriously, and want to close big clients who are ready to make a big investment, then you should definitely be a member of a freelance consultant platform. These platforms have a rich portfolio of lots of clients on their hand and can introduce you to several clients when required.
Conclusion
The best freelance management consultants do make a very high income. So, it is 100% possible for you to do the same. However, if it was easy, everyone would do it. Thatâs why taking smart action is necessaryâemphasis on âsmartâ work, not âhardâ work. If you brainstorm and figure out some growth hacks, you could make more money for the same work. Connections are also really important. Thatâs why itâs crucial to be active in the online consulting marketplace and seek help from freelance consultant platforms who can connect you with the right clients.