Many professionals grow weary of the corporate nine-to-five grind and seek greater financial rewards and freedom through consulting. Yet, true success in solo consulting extends far beyond financial gains. It requires overcoming steep learning curves, accumulating diverse experiences, and building skills that can influence countless lives.
Alan Weiss’s Million Dollar Consulting serves as a masterclass for those aspiring to create a thriving consulting business. This summary will guide you through the essentials of establishing your own firm and securing the high-value clients needed to grow a million-dollar enterprise. Along the way, you’ll discover counterintuitive strategies that distinguish truly successful consultants.
I will share:
- Why the best consultants sometimes fire their clients,
- How prioritizing relationships over money can ultimately make you wealthier,
- The art of confidently asking for $50,000 (and more),
- Why negotiating with gatekeepers is a mistake, and
- How free time is your greatest asset.
Unlock these invaluable insights and take your consulting career to new heights.
Million Dollar Consulting Key Idea #1: A consultant adds value to their customers’ cause.
Becoming a doctor or lawyer requires fulfilling a strict set of requirements, from passing exams to completing practical training. In contrast, anyone can label themselves a consultant. But what does it truly mean to be one?
A consultant brings a unique skill set that fills the gaps in their clients’ business. The value they provide stems from two main areas: content expertise and process expertise.
Content expertise refers to specialized knowledge and experience within a particular field, your professional “comfort zone.” This expertise is critical when consulting for niche industries, such as providing expert testimony in legal cases.
On the other hand, process expertise transcends industries, allowing you to apply your methods to various contexts. For solo consultants, process expertise is often more valuable as it can be applied across a wide range of industries.
Million Dollar Consulting Key Idea #2: Get discovered by making yourself visible.
Attracting clients is one of the biggest challenges when starting a consulting business. How do you get clients to notice you? Two key ways are word-of-mouth referrals and building an impressive body of work.
Word-of-mouth marketing, driven by client recommendations, is incredibly powerful. While it’s largely out of your control, you can influence it by consistently delivering top-tier work and nurturing long-term client relationships.
Beyond that, maintaining a visible and valuable portfolio is essential. Record your successes, publish articles, speak at events, and develop intellectual property to enhance your visibility. Demonstrating the value you’ve added to others’ businesses is the best way to attract new clients.
Million Dollar Consulting Key Idea #3: Focus on the big picture and don’t let your job get in the way of your career.
Many consultants fall into the trap of measuring success by tasks—number of meetings, reports written, or hours spent. However, the only metric that truly matters is the value added to the client’s business.
Success in consulting means focusing on the end result, not the methods. Build agreements with clients where outcomes take precedence over the process. Set clear objectives from the beginning and measure your work by the impact on the client, not the hours invested.
Million Dollar Consulting Key Idea #4: Be crystal clear about your strategic goals.
What sets your consulting business apart from the competition? Vague mission statements won’t cut it. Successful consultants articulate clear, specific strategic goals.
For example, instead of saying, “We help clients achieve the best results,” be more concrete: “We improve customer service through feedback-driven workshops that create measurable behavior change.”
Your strategic goal must revolve around adding value and distinguishing your service. Moreover, always ensure that every assignment helps you grow—whether financially, professionally, or personally.
Million Dollar Consulting Key Idea #5: Sometimes you need to fire clients in order to grow.
Like a doctor advising patients to cut out unhealthy habits, consultants must be willing to drop unproductive clients. To grow, you need to focus on high-value projects, not on those that sap your time and energy without delivering significant returns.
Aim for quality over quantity. One $50,000 project is often more beneficial than multiple $5,000 engagements. Regularly evaluate your client list and trim the bottom 15 percent to make room for more valuable opportunities.
Million Dollar Consulting Key Idea #6: Consulting is a “relationship business,” so a likeable brand is crucial.
In consulting, branding and relationships are everything. It’s not just about the skills you offer but how you present yourself. Ensure your personal brand is professional, consistent, and easily recognizable. Your logo, name, and even how you dress contribute to how potential clients perceive you.
Beyond branding, long-term success in consulting hinges on trust. Clients must feel confident in your ability to act in their best interest. Small gestures, like giving clients access to your private contact number, can reinforce trust and build lasting partnerships.
Million Dollar Consulting Key Idea #7: Focus on value and partnership when negotiating with a potential client.
Many consultants fail to close deals because they don’t communicate the value they provide. Never negotiate with gatekeepers—those who lack the authority to approve a deal—and always insist on negotiating with the decision-maker.
When potential clients raise objections like “no money” or “no need,” shift the conversation to value. Demonstrate how your work will solve their problems or improve their business, making your fee justifiable and necessary.
Million Dollar Consulting Key Idea #8: Don’t charge for time, but instead for value.
Charging clients based on time spent on a project is counterproductive. Clients don’t care how long a task takes—they care about the value you deliver. Instead, base your fees on outcomes. The more value you bring to a client, the higher the fee you can command.
Practice confidently quoting high fees to align your value with your compensation. Ultimately, it’s the results that matter, not the hours you clock.
Million Dollar Consulting Key Idea #9: Don’t be fooled by immediate success, and always keep your pipeline evenly filled.
Don’t get caught up in immediate success—think ahead. Your consulting pipeline should contain a mix of long-term, short-term, and repeat projects to ensure a steady income stream. An uneven or dry pipeline will force you into accepting lower-value work, which can stifle your growth.
Keep your pipeline balanced by nurturing relationships with past clients and maintaining a strong presence in your market.
Million Dollar Consulting Key Idea #10: Diversification and investment are the best protections against bad times.
Economic downturns can devastate many businesses, but some consultants thrive by diversifying their services and client base. To protect your consulting firm, invest in different industries and regions that perform well during booms and busts.
In slow periods, focus on marketing, maintaining client relationships, and building your intellectual property. Your competitors may cut back during crises, but you can seize opportunities to expand your business.
Million Dollar Consulting Key Idea #11: Think long term and wise up if you want to hold on to your dream client.
Your goal as a consultant should be to become irreplaceable. By gaining a deep understanding of your client’s business, you’ll increase your value over time. Take time to immerse yourself in their organization—learn their culture, interact with their teams, and gain insider knowledge.
As you accumulate expertise in their business, you’ll be able to proactively suggest projects and improvements, ensuring a steady stream of future work.
Million Dollar Consulting Key Idea #12: Balance work and life – your real wealth is your free time.
Many consultants chase financial success at the expense of their personal lives. But true wealth lies in the time you control, not just money. A balanced, fulfilling life not only improves your creativity and energy but also makes you a more effective consultant.
Break down the barrier between work and life. As an independent consultant, you have the freedom to shape your schedule. Embrace variety, stay healthy, and reward yourself regularly to maintain a holistic, rich life.
Key Takeaways: Million Dollar Consulting Summary
Consulting is a “relationship business,” where no one cares about your methodology or degree. The only thing that truly matters is the value you add to your client’s balance sheet. As you continue to grow on your journey toward success, keep in mind that it is your free time – not mere money – that is your true wealth.
Actionable advice:
Always think in terms of value, not in tasks.
Your clients are not interested in the number of tasks you must complete to finish a project. They are only interested in one thing: the results. Consequently, it is better for you – and for them – to approach your fee structure from the perspective of the value you add to their organization, rather than the number of hours it will take you to complete the project.
Put potential relationships before money.
While sealing a $50,000 deal is a great thing indeed, it’s far better for you to develop the kinds of professional relationships that will lead to repeated $50,000 deals. Your success and your fortune are highly dependent upon others’ perceptions of you.
Reading suggestion:
If you liked this book summary, try What Great Brands Do by Denise Lee Yohn, who further elaborates on how to create specially customized value for your customers.
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