There’s really only a couple of ways to get rich in consulting. Of course, this all depends on how you define “rich.”
Consulting offers many benefits
You have the ability to work when and where you want. You can go to sleep and get up as you please. And you can work with practically any client you want and turn down those that you’re not interested in.
Its challenge however, if you want to get rich, is developing assets – other than your intangible knowledge – that can be leveraged, scaled or sold for millions.
There are really only two ways to get rich from consulting.
The first involves charging a handsome hourly rate.
This is the route some of the most successful professionals use. To do this you need to have a heck of a lot of experience under your belt or you better be able to provide a very valuable solution that your market desperately needs.
Generally this first option is reserved for the top consultants or professionals in each industry.
The second option is all about performance.
In this case you get paid by the results you deliver. And you may only work for one or two clients at a time.
This is the ‘put your money where your mouth is approach’. You only get paid when revenues climb or production costs drop or some other specific result is achieved.
The payoff here is that you’ll create an agreement with your client that pays you for a period of year or a lifetime on the results you achieved. This can add up to hundreds of thousands of dollars if not more.
Create that sort of relationship with a client or two every couple of years and deliver and you’ll be raking it in.
Can you think of any other ways that consultants can make a mint?