This Will Make The Next Generation Of Millionaires

There's a massive creation of wealth coming in 2025. People are taking advantage of the digital consulting business model that Forbes estimates will hit $350 billion a year. The next generation of millionaires won't come from real estate like in the '90s, nor will they come from retail like in the early 2000s.

The next generation of millionaires is a whole different bunch, making six to seven figures a year working from their kitchen tables, wearing pajamas lol. The purpose of this article is to give you a head start and show you the exact FOUR steps on how to tap into this business model starting today.

Even better, if you execute these four steps properly, you can monetize your skill, hobby, job, or expertise with literally close to 100% profit margins. This means there's no cost to acquire clients, no cost to deliver anything; hell, you don't even need a website. You can easily do this while having a full-time job, a family, kids, or while you're waiting for GTA 6 to drop.

The Joker once said, "If you're good at something, never do it for free." So, young 20-year-old Max took this surprisingly eloquent advice to heart and made his first million at age 26. And yep, that was kind of my first version of a digital consulting business in the dating and personal development niche. I literally had no idea what I was doing, but there I was, 26 years old, making over a million a year.

So, let me show you how I did it, but also how my private clients are making 10K a month, 20K a month, and some of them are even at that seven-figure level.

Step 1: Find what people can pay you for

It all starts with an exercise that will give you clarity on which of your skills you can monetize the most effectively. And yes, this also works if you think you have no skill.

This is actually taken from my paid mentoring course, see it as a sign of goodwill that I'm sharing it here for free. It all starts with a very, very simple sentence: you basically take the challenges that you have overcome in your life and start with "I was... I had... I couldn’t... and now I’m able to..."

For example: "I couldn’t sell, then I attended seminars, practiced doing sales calls, and now I’m able to analyze my potential clients' situations and needs very well, and I can support them in making a decision to buy."

You do this with every single challenge that you’ve overcome in your life. Pay attention here because a lot of times you're going to think, "Okay, this is an easy challenge I've overcome. Nobody's going to pay money for this. Everybody else can overcome these challenges easily as well." No, no, no... Just because it was easy for you doesn’t mean it’s also easy for others struggling with that right now ;)

An example for me was: I used to be ultra shy, super socially awkward. I thought you either have it or you don’t. So, I read a bunch of books, watched content on the internet, took all the advice, put it into action, and was able to talk to strangers, talk to someone attractive, get their phone number, go on dates, all that fun stuff. I wasn’t the new Casanova or freaking Ryan Gosling, but I got some good results. I then started posting about my journey, and people actually said this is super helpful. So be careful with that—you probably have a bunch of skills within you that other people would love you for, probably even pay you for.

Do this exercise with every single challenge that you've overcome, no matter how small they are. The next step after that is you rate each and every challenge that you've overcome with four main ratings.

1. Problem Magnitude: How big of a problem is that for other people? Give it a rating from 1 to 10. One means it's not a problem at all; nobody else on this Earth has ever had this problem. 10 means almost everybody has that problem.
2. Confidence Level: How confident are you in fixing that problem? This basically means how confident you are in your expertise within that problem. If you say, "Look, I studied nutrition, I read every nutrition book there is, I watch YouTube videos on nutrition all the time, I know everything there is to know," that means you're probably close to a 10. If you say, "Hey, I don't know anything," that means it'll be more like a 1.
3. Buying Power: The people who suffer from this problem, how much buying power do they have? For example, if you're really good at leadership and can help leaders become better leaders and inspire more people, those folks are going to have a lot of money. It's probably going to be predominantly managers in higher-paid positions. If you say, "Well, I help you go through puberty and have less acne in your skin," those folks probably have less buying power because they're predominantly teenagers.
4. Passion: How passionate are you about this topic? 1 means you hate it, you're not passionate about fixing this problem at all. 10 means you love it.

Give these ratings from 1 to 10, then calculate all the numbers together. The challenge with the highest number is probably the challenge you want to be choosing as your niche to start a consulting, coaching or service providing business in. Maybe you even have three or four different options—that's great too. That's definitely more helpful than just having a single one.

Step 2: Create your first offer

Now that we've defined our skill or we have three or four options, we need to package it in a presentable way. This is important because it will help us position ourselves in a way that clients will want to come to us.

1. Define an End Result: This will come in handy later when people pay for it. You don’t just want to be a nutrition coach or a dating coach; you actually want to deliver a specific end result. For example, "I can help you build more muscle," or "I can help you lose 20 pounds," or "I will help you find your dream partner or get three dates per week." That's a specific end result.
2. Define Your Ideal Audience: The key here is the ideal audience, not just anyone. This is a little counterintuitive because a lot of people think, "Well, the more people I can help, the better." No, not really. You want to specialize in an ideal audience. Who is your ideal audience? It's people that actually want to change, people that actually want to take action, ideally people that have some sort of track record of working hard in any other field already, except for the field where you can help them. And, of course, it's people that can actually pay you.

As a little helper, here's an overview of the so called Five Mega Niches where your ideal audience will ALWAYS be willing to spend money in:

1. Money, Career, Business: Anything that helps people or businesses make more money directly or indirectly. For example, helping monetize a skill, hobby, or expertise.
2. Physical Health: Anything that directly or indirectly makes people fitter or healthier, giving them a healthier feeling.
3. Mental Fitness and Spirituality: Anything that helps people feel more mentally balanced or cope better with everyday life challenges and stress.
4. Relationships: Anything that helps people lead to high-quality relationships with friends, family, or sexual partners.
5. Hobbies and Irrational Passions: Anything without a practical purpose for which people develop irrational passions and are ready to invest money.

Believe it or not: Competitors in your niche are like a GUARANTEE that you'll make money

What if there was a guarantee that people would actually pay us for this? You probably don’t want to waste your time fleshing out a niche that doesn’t end up working. Well, there is a guarantee, and here's how it works: 99% of digital consulting businesses start in an already existing niche, meaning a niche with competitors. That's a great thing because if someone else is already making money with what you want to be doing, it means the market is ready.

For example, one of my very first clients when I was still a 20-something-year-old dating coach was a guy named Sasha. He was a lawyer, and he once told me, "Max, I love what you're doing, you're really helping me out here, but you're not charging enough money." I was charging 130 to 150 euros per day. He said, "I almost didn’t take you seriously because the price is too low. I have a lot of single lawyer friends who would easily pay you $1,000 to $2,000 each for what you’re doing here." That clicked in my head, and I thought, "Why don’t I focus on these folks who have a great track record and can pay high amounts of money?"

For you, this means focusing on competitor research and buying power. Check if people with the problem you can help with have money. For example, consulting people on having better posture probably attracts people in sedentary office jobs, who have money. Consulting kids on how to pass math exams might not work unless you consult their affluent parents.

Step 3: Get your first clients

To get clients, start with social media. You don't need a website anymore; it's all done on social media. You need a single platform like Instagram, LinkedIn, or Facebook to make your 10K to 20K a month to start. We call this the Flywheel Hybrid method, which gets the ball rolling. Imagine your business as a giant heavy flywheel that's difficult to start at first, but once it spins, it becomes easier and easier.

To make the flywheel spin, you first need test clients. These test clients help you generate ideas for posts since you’re working with them and learning about their problems and goals. They can be free or paid clients. They will also provide testimonials, giving you authority. These testimonials, along with other posts about your expertise, will attract more test clients, creating a cycle where your business grows increasingly easier to manage.

Now you're generating income and getting paid to grow and improve as a digital consultant. But you might worry about being stuck coaching clients all the time. This is where automation comes in.

Most of digital consulting can be automated. There are two pillars of automation: delivery and sales/marketing.

Delivery: Start by delivering coaching one-on-one because it's easier to charge high prices in the beginning. Over time, you'll notice patterns in clients' problems. Record videos addressing these common issues and send them to new clients. This way, you build a video course over time, making your coaching more automated. Later, you can hire virtual assistants or co-coaches to help with delivery.

Sales and Marketing: The flywheel effect attracts more clients, and as your brand grows, sales get easier. Deliver results to your clients and build a small but profitable micro-brand. When the flywheel spins, add paid advertising to speed it up. Reinvest some income to create more income, and consider hiring virtual assistants for administrative tasks so you can focus on the fun parts, like social media or consulting.

In conclusion, the digital consulting business model offers ultra-high profit margins, real impact on people, and the opportunity to build a crisis-proof personal brand. By following these steps, you can join the next generation of millionaires.

If you read it all the way - phew! - you're committed! I'll post more long form hands on instructions in the future, drop a like and comment if you found it helpful (so far ;)).

GG, Max Tornow