How to earn your first $150,000 as an independent consultant

If you have 5+ years of experience in any white collar profession, you can absolutely start your own independent consulting business.

In this newsletter I’m going to explain how to go from $0 to your first $150,000. It’s simpler than you think, and you can absolutely do it.?

First - a reminder. There are three phases to growing your independent business:?

1. FREELANCER PHASE - this is your first $0 to $150,000
2. SOLOPRENEUR PHASE - this when you mature your business into multiple six figure revenue (usually $150-500,000)
3. ENTREPRENEUR PHASE - this is when you truly start to scale your business and grow beyond $500k to 7 figures.?

These revenue ranges may vary based on the type of work you do and the industry you’re in. But the phases are still relevant in helping you determine the action to take (and not take) based on where you are today.?

Today I’m focusing on Phase 1 - FREELANCER PHASE.?

This phase is absolutely the scariest because you don’t have any evidence yet to prove that you can do it. The risk will feel high. Your fear will be through the roof. That’s normal.?

Calm yourself down to the best of your ability and follow these 4 steps:?

1. Start calling yourself a consultant?
2. Tell everyone you know and everyone you meet that you’re going independent. Use your conversations to uncover opportunities (word of mouth, organic marketing)?
3. Research and apply to contract roles in your field as a way to generate immediate revenue streams; also connect with small firms who may want to use you as a subcontractor. Say “yes” to these opportunities even if they’re not perfect.??
4. Use the money from your contract gigs to fuel the growth of your business and move into Phase 2 - SOLOPRENEUR, where you’ll create even greater alignment between your passion, purpose, and income.?

During Phase 1, you will also want to avoid spending your time and energy on:

• Endlessly researching the market to determine needs / fit / audience
• Trying to identify your “unique value proposition”?
• Creating a perfect website / brand / online presence?
• Complex online marketing (funnels, ads, growing your social media audience)

These things are a waste of time when you’re new to the game. Instead, focus on meeting people, telling them you’re a consultant, and offering to help them.?

This approach works because:?

• It requires no monetary investment from you or anyone else
• It allows you to convert your existing skill set into a service you can charge for
• You can generate immediate revenue to get the business off the ground.?

When you do this you will start making money quickly which will build your confidence and allow you to continue growing your business.?

You can also expect that your time will quickly get claimed by clients who are eager to pay you for your services. This has pros and cons.?

In terms of pros, it will feel great to have money coming in. Your confidence will grow and so will your capacity to deliver better, faster results for your clients.?

In terms of cons, it’s easy to get stuck in freelancer mode and never progress into Phase 2 or 3. It’s easy to accidentally recreate the same terrible working conditions that you were probably trying to escape when you first went out on your own.?

But fear not, tomorrow I’ll walk you through how to avoid this trap and successfully move from phase 1 to phase 2.?

Until then,?

Chris

Thanks For Reading!

I am on a mission to help driven people find clarity in the fast lane – making great money doing work they love, on their own terms.

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