According to data provided by Bloomberg, in the last year, corporations paid $39.3 billion dollars for outside consultancy. Indeed, corporate consulting is considered by many as one of the most profitable business ventures in the market. So much so that USA Today made an estimate that on average, business/marketing consultants generate about $175,000 a year.
For those flying solo in their trades, either as freelancers or agency owners, there’s an opportunity to train and generate increase income streams in an industry that obviously has too much to spend when it comes to seeking top-notch consultancy services. Corporations like seeking outside counsel in order to gain fresh take and perspective on things, thus, why they are willing with so much money in the first place.
Stateschronicle.Com has some fantastic segments where they highlight some of the top practices in the finance scene. We’ve highlighted a couple of the top income streams one should focus on creating in the corporate consulting scene.
Training
Training presentations are usually the order of the day for most corporate consultants. They walk in a room, find a number of employees eager to hear what they have to say, then, they dispense out information to the masses.
Importantly, the focus is on the strategy and the knowledge, not the result. Agencies and other freelancers are mandated with the actualization of the project. Some general training presentations like digital marketing, personal development and wellness are easy to come by.
License Course
Instead of selling online courses to the masses in the social media domain, entrepreneurs can leverage their full potential by selling their courses to corporations looking to keep their employees in the know.
To maximize their potential, it is recommended that one should sell the licenses separately i.e. one license per employee. Websites like ClickFunnels can host courses that consultants have. Ideally, during the negotiation stage of corporate contracts, is when one should add the option to license their courses for follow up training and the next steps to take.
Executive Coaching
Because executives tend to have little time at their disposal, more often than not, corporations will be willing to part with large sums of money to get their top executives in the know. The topics can range from management tools, practices,and the latest emergent trends. Having this gig in one’s portfolio is a sure way to boost revenue streams.
Training Programs
While these kinds of programs typically take long to set-up, they offer great opportunities for entrepreneurs to make a name for themselves while cashing-in some decent funds. Once the training program is ready, one can charge for the upkeep/maintenance of the program.
Examples of the training programs can be wellness programs, when one dabbles in the health and fitness consultancy industry, sales training if one dabbles in the sales consultancy industry and personal development programs.
Content Creation
Corporations need an array of content provided to them for personal consumption and distribution. The content can take the form of podcast episodes, blog content, videos, social media content,and newsletters. As a consultant, one has the freedom to hire sub-contractors to help them out in the content creation process. At the end of the day, it’s all about having a passive income for the business.