Million Dollar Consulting

There aren't too many books I've read that have had a real and immediate impact on my income prospects for the next 3 months. Alan Weiss' Million Dollar Consulting is one of them.

As a consultant, I was stuck in the rut of having to work as many hours as I could to earn money on per diem contracts, ones that pay only for each hour you work. I was also pretty dependent on a small number of clients, whom I felt would begrudge me looking for work at other clients.

Two things I have learned from this book. 1 - Switching to "value-based pricing" for contract work is easier than I thought, giving much more earning potential. 2 -writing a proposal that "gets accepted every time" is much easier than I thought.

For me, I enjoy having a variety of types of work going on at one time. When I am on a single contract that focusses on one thing, my mind starts to wander, making it harder to focus. When I have two or more contracts, I work on what my mind knows is most important. That gives me a chance to balance work on each contract. Value-based pricing fits well here because it does not demand that I work a certain number of hours per day on a particular contract.

Other things I expect to learn from this book, and a set of audio CDs I've ordered from Alan, are how to create "Intellectual Property" and sell it as part of my marketing efforts. I can see everything starting to feed on itself. I am very excited about my own field of work; much more than I was a year ago.

I recommend this book for any consultant looking to take the stress of "feast or famine" out of the equation.

Feast or Famine

I have been doing consulting for almost 3 years solid, with no noticeable breaks. The money has been good. But as contracts come to an end, there's always a time when you think about what might happen if you couldn't get work for a while.

While the economy is good, and I have very marketable skills, this is the first time I have had to look for work. I'm realizing that it would have been easier today if I'd been doing more marketing on an ongoing basis.

So, based on what I've learned from the Joint Ventures Forum at www.dollarmakers.com, I have started to look for ways to put significantly more leverage into my consulting practice marketing. I am looking to partner with complementary businesses for referrals. I am also starting up an industry-based forum on Yahoo, where referral fees are encouraged.

One thing that you may not think about much, but when you take a leadership role in creating a community of interest, your value grows quickly. People start to think of you as the point person for things in your industry.

I have a lot of ideas on what I can do with my business, and have a bit of time now to get some things started, while at the same time, becoming visible as a leader.

I've also started reviewing old CDs and tapes from people like Robert Kiyosaki and Zig Ziglar. The stuff is motivating the first time you listen to it, and you remember a few key phrases. But even with the good ones, it's not until you listen to them a few times, and come back to them after you've read or listened to others, that things start to come into perspective.

One guru I have had trouble listening to on CD is Michael Gerber. He's the author if The E-Myth, which everyone says is good for entrepreneurs. I understand the idea of working ON your business, and not IN your business. But the tape set "The E-Myth Revisited" is very slow and introspective. It just makes me want to punch the CD player and make him get to the point.

Anyway, I feel that a lot of good things are going to come from this work break. While it's scary to think that each day I don't work is costing me a lot of money, I have faith that it will come if I keep my mind on succeeding.

I just noticed in the past few days that when I debated calling someone or going to see someone about my needing to line up more work, I almost always come away with a new lead.

Every decision you make leads you to where you are today. It becomes easy to sit and search the Web for information, or to update my Website (or blog). But the real payoff comes from meeting and talking to people. Try to take every opportunity to talk to people. But do it with a mindset of "what opportunities am I learning about when I meet with this person?" Of course my previous post about spending time with people who will help you grow is still relevant.

So, during the so-called "Famine" period, I'm gearing up my marketing in several fronts. My plan is to maintain as much activity as I can during the "Feast" period to keep the funnel full, and build my reputation as a leader in my field.

... Scott

Passive Income

Passive income is simply income that your investments generate each month. It takes no additional work for it to happen. If you invest in assets that generate cash each month with no money from you, then eventually, the passive income stream will exceed your monthly expenses. When that happens, as long as your monthly expenses don't keep increasing, then you have "infinite wealth", meaning you can retire and live off of your investments.

Oops, My Expenses Grew, Too!

I mention "as long as your monthly expenses don't keep increasing" because I realize that if you don't make a conscious decision to budget and pace your spending it gets very easy to change your lifestyle to match your new passive income. There's nothing wrong with increasing your standard of living as your means increase, but just realize that you won't be able to retire until you make an effort to live within your means.

OK, There's Still a Bit of Work...

So, the way I look at it, if you are looking to retire on passive income, the only work you should need to do to "stay retired" is to manage your expenses to stay within your means.

For more discussion on passive income, please read the link below posted on Robin J. Elliott's blog.

Passive Income at Real Success Blog.

Should you decide to go further with Robin Elliott, and join the Dollarmakers.com Joint Venture Forum, which explains how to generate passive income with no money and no risk (but some education and a small amount of time), please indicate that you found him through "Scott at Money Mindset Blog".




Thanks,

... Scott