Marketing Mondays: How to Create Recurring Consulting Income

On a coaching call the other day a consultant wanted me to review his pricing plan on a new service he was planning to offer his clients.

It looked good, he had followed the pricing strategy I recommend (and that you can learn more about in the Consulting Fees & Pricing Guide).

I made some additional suggestions about raising his fees in one area and offering less in another to make his offer more compelling. He liked the idea.

About half way through our call I realized he was leaving a lot of money on the table.

10 clients = $50,000 in additional income.

His consulting service could be positioned to allow him to make on-going monthly revenue from his clients.

Within 20 minutes I’d laid out a plan for him to create an additional add-on ‘maintenance and support’ package that he could offer his clients.

It will likely earn him an additional $5,000 per year, per client. (In his case it was a $420/mo add-on for his clients)

10 clients = $50,000 in additional income!

But it is money often left sitting on the table. You just need to find it, package it, and offer it to your clients.

I don’t know about you, but I can think of many ways to spend an extra $50K a year!

Let’s just say the price he paid for the coaching call was well worth it.

You too can likely find a way to package a product or service so that your clients will pay you an on-going fee.

It doesn’t mean that it’s passive income and that you can take off your shoes, kick back and lounge by the pool all day. You’ll still have to work for that money.

But it is money often left sitting on the table. You just need to find it, package it, and offer it to your clients.

Cheers to new streams of income : )

 

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  • Leo

    Indeed a great idea Michael! Thanks.