Hello, this is Ron G Holland again.
We’re still continuing the theme about mentoring, and specifically how I help existing consultants increase their revenue, their profits and make more money. And today the topic that I’m going to be talking about for consultants who are already in the industry, I’m going to be talking about multiple streams of income, so how you can maximize your consultancy business and get the money flooding in. And I thought it will be a good thing for me to do, to just show you how my own consultancy works just so you can get a few ideas. Obviously, when I work with different consultants the model is always slightly different, but let me tell you what I do.
So my consultancy practice and mentoring practice revolves around a couple of things primarily – raising money and cost effective marketing.
What I always do with my clients:
I always get a mobilisation fee. If you can’t get a mobilisation fee, a commitment fee or an upfront fee off of your client, then you’re on a hiding to nothing. That’s absolutely crucial. I will not start work without a mobilisation fee. That’s the first stream of income.
Second stream of income, got to have it every month – A monthly retainer. That could be whatever it is. $1000, $2000, $10,000…it all depends how big the deal is, how big the contract is – but a monthly retainer fee. And normally minimum I would work on is 6 months. And then there could be a Success fee at the end of the project.
Success fee of the end of the project. Most of my projects include raising money, a $1 million plus, that’s my starting point. We’ve normally get 5% of the money that we raise. So in other words, for every $1 million raised for somebody, there’s a success fee of $50 grand, 5 percent.
So three things there.
Then I’m looking for royalties, another stream of income. Obviously, I’ve got lots of books. Those books are in manual format, pdf, paperback, hard copy, audio, mp3. Royalties from, I don’t know how many publishing contracts I’ve got, but it’s lots. So that’s another thing that you’ve got to be thinking of.
As you introduce your client to outside people, whether they’re accountants or lawyers or whatever, providing the law allows them to do so, always get a commission for that introduction. It could be for insurance, building insurance, it could be all sorts of things. Even some of the banks will pay commission if you introduce your clients to different banks, so again, that commission revenue is crucial.
Right now, I’ve given you few ideas there. Obviously I get speaking fees as well. All consultants, ought to be getting speaking royalties, all of these things, commissions.
I’ve given you a few ideas there today. If you get involved with me, I will have a look at your business and structure it in a way so that you have got multiple streams of income. So again, from Ron G Holland top biz guru, Have a look at my latest website http://strategicbusinessmentoring.com and fill out the form.
Look for the hearing from you soon. Thank you!