“Making Money as a Consultant: Three Legs to Stand On”
The rise of the Oprah era empowered us to believe in ourselves in ways we never thought possible. Add the Oprah Era Effect to the explosion of technology which led to the surge in entrepreneurship and we are all instantly experts at one thing or another. The beautiful part of this is we all are truly experts in one thing or another, or three others. The ugly part of this happens when we tap into a way to monetize ourselves and fall flat on our faces in front of the entire screen which is called social media because we are not ready.
Let’s dive into a common question that micro or budding entrepreneurs have: “How do I monetize myself or my skill sets if I do not offer a tangible product?” Taking a page from corporate America, we must have some best practices and even more strategically, we should find ourselves weaving in the three-legged stool approach. Entrepreneurially, speaking, this approach can be easily translated into your three must-have income streams.
Entrepreneurs who are operating in this lane often don’t have tangible or retail items that they sell; rather they sell their time, knowledge and experiences. Not only can this be hard to price, it can be hard to sell. Making money in these three ways will give you a robust platform from which to build your income streams.
Consulting is a great way to capitalize on your years of knowledge, but it should be stretched out in 3 ways: SPEAK, SALE, SLEEP
- SPEAK- Presentations. Position yourself in your industry as a niche speaker. Use your longevity to become a sought after speaker or presenter on that particular subject matter. Be prepared to present yourself to colleagues, networks and even former clients as a panelist, guest speaker or columnist for various mediums. Prepare a media or press kit that includes a bio and professional headshot, structure speaking engagement fees, create professional contracts and expect to be compensated.
Note: When starting out, don’t be afraid to speak for free in exchange for an opportunity to promote an event or product. Be warned though, you don’t want to stay in the ‘free-zone’ long. Other future potential paying opportunities may get wind that you speak for free and circumvent your ability to leverage your presentations at cost.
- SALE- Products. From your expertise create a tangible product that can be purchased on site during speaking and presentation events. This can range from a book, workbook, apparel or other related items that compliment your niche topic. Be sure to brand your products with your unique professionally created logo and contact information. Take time to invest in the presentation of your product table or booth with professional graphics, banners and a smooth way to make transactions. Training at least one other person to manage your product table will free you up to make important contacts after your presentation without losing out on sales.
- SLEEP – Passive Income. Capturing the momentum of your events or speaking engagements has the potential to create passive or residual income. While you sleep, customers can access your materials, subscribe to your webinars, connect with your blogs, or tap into pre-recorded offerings for inspiration. A comprehensive website with those features is the most sustaining leg on your stool. It will be the same point of resource for future connection opportunities but will also speak in your absence or while you sleep!
Branding yourself starts with you! Be sure that you are ready to accept every opportunity that will come your way with these small and simple strategies!
About Kira Cheree’
After more than ten years as a small business consultant, EBB (Entrepreneur Business Basics) founder and creator, Kira Cheree’, saw a disparity in minority business development. The gaps between minority entrepreneurs accessing resources for solid business creation are dismal. As a result, she wrote a curriculum that addresses those gaps and created a program to implement the tools necessary for startup businesses. Not only is this a passion for Kira, but also an assignment she feels mandated to complete.
“We often have small business resources that come to our communities, but never effectively get through our communities. EBB solves the problems of who, what, and most importantly how to begin a business the right way. We’ve created a system, training modules and an opportunity for entrepreneurs that remove language barriers while incorporating the tools needed for entrepreneurs to work on their business and not just in their business.”
Comprised of three delivery methods, participants can choose from a structure that best fits their needs including: EBB 8-Week Session (an intense co-hort that meets weekly for eight weeks thoroughly constructing a business plan), EBB 3-Day Summits (a traveling tour that offers a comprehensive set of workshops for new and start up entrepreneurs), EBB 1-Day Events (designed to serve as introductions to different business components, i.e. – social media, networking, branding).
“Our participants always walk away with direction about their business. Which way they choose to go is up to them. Entrepreneurship is a hard decision. It’s hard to start and even harder at times to stay in business. Through effective method of delivery, EBB helps to eliminate some potential pitfalls for an already challenged venture.”