How To Build A Seven Figure Consultancy Business
So you want to know how to build a 7 figure consultancy business, yes?
The good news is, if you can build a six figure consultancy business, it does not take a huge amount more effort to build a seven figure consultancy business.
So that is going to be my starting point.
I am going to assume that you are already a consultant with your own business, and that you are either well on the way to generating a 6 figure consultancy, or you have already gone past that point.
If you have not yet, have a look at my Guide To Setting Up A Consultancy.
Once you have reached six figures, it is completely possible to progress to a 7 figure consultancy, and it only actually takes one word: Leverage.
Now that you have built a six figure consultancy business, the next and crucial part is that you ‘leverage your expertise’. This leverage can be performed in two different ways (and often it is a combination of these which gets you to a 7 figure consultancy business).
1. Leverage You
If there is only one of you in your consultancy business and you want to get to 7 figures, you are going to have to go all Austin Powers and create some mini-you’s. If you already have a six figure consultancy business, adding eight or nine more of you to the equation will create your seven figure consultancy business.
How do you create more of you?
- Franchise your business model. If you have reached six figures, there will be a lot of consultants out there who can only ever dream of reaching that figure. If you ensure that all of your procedures are highly automated and systemised, suddenly you have a business model that can be replicated. The benefit here is that you can sell your systems for a lump sum, but then you continue to generate a percentage share of the turnover from each of your franchisees.
- Employ more consultants across the country. This way costs more initially but allows you to keep more of the profits generated.
2. Leverage Your Expertise
The other way to grow to a 7 figure consultancy is to leverage your expertise. This is achievable in a number of different ways:
- Create products or software that your existing clients need to make their lives easier;
- Sell other people’s products or services, either by white labelling or selling them on and receiving a commission for each sale generated from your clients.
You may think that that is either too complicated or too simple. In fairness, it is probably a combination of the two.
You are absolutely going to have to put in the work required if you genuinely want a seven figure consultancy.
“If it was easy they would all be doing it” is one of my favourite sayings.
Nothing could be truer when it comes to generating your 7 figure consultancy.
There are tens of thousands, if not hundreds of thousands of consultants who would be happy to reach six figures let alone seven, so if you really want to create a 7 figure consultancy, you absolutely are going to have to put the work in.
But is it possible to create a 7 figure consultancy. Totally.
Will you? Over to you!
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