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Is Making Millions as a Freelance Management Consultant Possible?

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Published:
October 30, 2020
Reading Time:
8 minutes
Leo Saini
Experienced copywriter who spends a lot of money at restaurants and regrets it later.

Is it conceivable to make an enormous income as a freelance management consultant?

Like hundreds of thousands of dollars, or maybe even a million.

If you’re an ambitious consultant, chances are, you must have thought about this at some stage.

And to understand the answer, we must add a bit more detail to the question.

So, you want to make a million? But by when? In 10 months, or in 5 years?

Are you thinking about a million bucks in revenue or profit? (Don’t forget the taxes and overhead costs.)

Well, this is getting very thought-provoking, isn’t it? In this article, we’ll have a discussion about the possibilities and strategies for earning a really high income as a consultant.

The best freelance management consultants are doing it already. You could do it, too.

Keep Taking the Right Action

There’s a difference between knowing how to do something and actually doing it. The quote by Sun Tzu is very relevant to this discussion. The people who have the potential to become the best freelance management consultants are usually experienced in managing high-budget projects for big companies. They know people who make millions, they also know how those people make their millions, and they also have some ideas of their own to make millions.

However, without action, there is no reaction. Creating a strategy is easy, but staying the course and executing it until the end is difficult. So, what’s your strategy to close big projects? Are you going to focus on inbound marketing to attract customers? Are you going to go to networking events? Are you going to sign up with a freelance consultant platform? Whatever you decide to do, take massive action and stay enthusiastic throughout the journey—even when things aren’t going too well. Set priorities in your career and focus on the most important ones first.

“One may know how to conquer without being able to do it.” - Sun Tzu, The Art of War

Focus on Growth Hacks

If you’re an expert in your field and have enough consulting experience, it’s not difficult to become a freelance consultant. But as Peter Drucker said, “Efficiency is doing things right; effectiveness is doing the right things.” It’s not always about hard work, it’s also about smart work. It takes a lot of hard work to climb a mountain. But what if you reach its peak and find out that you climbed the wrong one? Ouch!

The same applies when you become a freelance consultant. Being busy with ten different projects and working 80-hour weeks don’t necessarily generate a very high income. You should rather focus on finding a hack to minimize effort and maximize gain.

For example, if you always charge $10,000 for a freelance project, it’ll take you a hundred projects to make a million. However, if you change your pricing model a little, you could shorten your path to success. For example, if your cost-reduction strategy is helping a client save $1 million per year, and you charge 10% commission on the results you’re helping them produce, you could earn $100,000 instead of $10,000.

And this is just one example. The point is: Keep experimenting and figure out a way to do things in a smart way. Smart work is better than hard work.

To Make a Million Dollars, Solve a Million-Dollar Problem

Consultants are well-known for their advanced problem-solving capabilities. It’s a very well-known fact that your income is directly proportional to the magnitude of the problem you solve. You kind of know where this is going, right?

best freelance management consultants, Is Making Millions as a Freelance Management Consultant Possible?

If you want to become a freelance consultant who consistently generates six figures, you have to actually take on big challenges and help companies achieve their goals. But there’s a catch: To have companies trust you with big problems, you need to have a track record of success. Case studies and testimonials of previous clients also help a lot.

The best freelance management consultants don’t become the ‘best’ overnight. It might take years of consistent progress and discipline, along with a bit of luck.

Send Your Portfolio to a Freelance Consultant Platform

What’s the number one reason why freelancers fail? It’s not having enough clients. As a freelance consultant, the type of clients you work with will ultimately determine your pay scale. Now, there are several ways of finding work. You could attend networking events, have the ‘open to work’ sticker on your LinkedIn profile picture, go through online job boards, or go for paid ads on your social media.

All these methods do work. But there are several limitations to all of them. For instance, you can only meet a limited number of people in a networking event, and not all of them would be even open to the idea of hiring consultants. Social media is a game of luck, and online job boards, well, you’ll probably not find clients who are willing to pay the top dollar there.

Therefore, if you’re a freelance management consultant, you should most certainly approach a freelance consultant platform without waiting for another second! Tell them about your expertise, your ambitions, and the type of clients you want to work with. That’s all you need to do! They’ll take care of the rest. As in, when your ideal client approaches them, they’ll give you a call to tell you the good news.

However, you should still keep using other lead generation tactics, such as staying active on social media or attending networking events. But if you’re taking your freelance consulting career seriously, and want to close big clients who are ready to make a big investment, then you should definitely be a member of a freelance consultant platform. These platforms have a rich portfolio of lots of clients on their hand and can introduce you to several clients when required.

Conclusion

The best freelance management consultants do make a very high income. So, it is 100% possible for you to do the same. However, if it was easy, everyone would do it. That’s why taking smart action is necessary—emphasis on ‘smart’ work, not ‘hard’ work. If you brainstorm and figure out some growth hacks, you could make more money for the same work. Connections are also really important. That’s why it’s crucial to be active in the online consulting marketplace and seek help from freelance consultant platforms who can connect you with the right clients.