3 Fundamental Offerings Your Consulting Clients Are Willing to Pay Big Bucks For
Focus on these 3 and watch your 1-Man consulting practice’s revenue grow
Do you know what your consulting clients actually want to buy?
No, it has nothing to do with products. And no, the answer is not services either.
You see, 1-Man consultants often miss the forest for the trees. The reason is simple.
We are biased towards our products and services. We think our stuff is the best.
An inappropriate analogy I can provide is this. Our products and services are like our children.
We think they are angels. But… only we will think so. Have you ever asked other parents whether they are willing to pay millions for your children?
They won’t. Because other parents think their own children are worth billions.
Yours? Maybe not.
So… Where Are the Big Bucks?
Many 1-Man consultants will tell you that solving our clients’ problems brings money home. That is not wrong. It is simply incomplete.
Consulting clients, especially the high-ticket ones, are willing to spend big bucks on the following.
- Someone who knows something
- Speed of issue resolution
- Giving them what they want
These are the big-ticket items consulting clients will pay for without batting an eyelid. And all 3 items point to one common denominator.
A peace of mind.
Success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to become the best of which you are capable.
I will add one more line. Consulting clients who understand their strengths and weaknesses enjoy a peace of mind more often than others.
Be Someone Who Knows Something
No consulting client wants a pure noise generator.
I mean, look. Clients want someone who knows what they don’t. I call it skillset compensation.
I used to work for a consulting client on a website design project. What I say next may surprise you.
They have website designers. Say what?
Yup. But they are website developers. They code stuff. But they do not understand what needs to go into the website.
And so, they added tabs after tabs, features after features, and words after words.
The entire website appears clunky at first glance. And there is no call-to-actions or contact information.
If you know how to or have prior experience turning an e-commerce website into a digital sales machine — You will earn.
Solve Pressing Issues, Fast.
Speed is the ultimate premium in the world of consulting.
Many 1-Man consultants think that multi-year contracts are the way to go. Yes, that is true because it provides income certainty during economic downturns.
But, but, but.
Our ability to deliver a speedy resolution for burning issues commands a high consulting premium. Don’t understand? See the examples below.
- That technology geek who can code a robot in 2 hours when you need 20 days
- That freelancer who can complete the 10-page assignment due in 2 hours
- That plumber who can fix a leaky sewage pipe in 2 minutes
Mark Cuban is right. The asset we cannot buy back or more is time. Whoever can solve our consulting client’s problems in record time gets the deal.
And be handsomely rewarded for it.
Focus on Giving Clients What They Want And Your 1-Man Consulting Practice Will Never Go Out of Business
Let me share a personal story of mine.
I was on a work trip to Bali many years ago. I decided to head out to the Komodo Dragon (giant lizard) nature park for an excursion.
That venue is 4 hours away from my resort. My jaws crashed to the ground upon reaching the foot of the mountain.
There is a long queue to enter the park.
I asked the park attendant how long is the waiting time. He said 3 hours.
No way, dude. I am getting out of here.
A native (probably the top consultant of that island) approached me. Malek offered to put me on his private truck to tour the park on wheels. He quoted me USD 50 for 2 hours.
I told him this.
“I will pay you USD 120. Can you show me one Giant Lizard and then send me back to my resort in an hour?”
I could tell he wasn’t expecting a counter. And he thought more time spent equals more money.
The reverse is true. When we give our consulting clients what they want fast, they pay.
Don’t let your consulting clients wait on purpose. Treat them like hungry patrons waiting for their dinner in a 1-star Michelin restaurant.
They get frustrated if there is no end to their waiting time.
And then, they walk away.
Parting Keynotes
I know we derive revenue from our consulting services and products. But that is not what we sell.
We sell our consulting clients a peace of mind.
And that is supported by our ability to complete tasks our clients cannot, resolve issues at record speed, and get our clients what they want in double-quick time.
We earn more as a 1-Man consultant when we start doing that.
As a content contributor, I write my observations from daily life and my business exposure. Because our life experience is the bedrock of our unique perspectives.
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