When it comes to consulting models, there are a whole host of different ones on the internet that claim to guarantee success. There are far fewer, however, that are proven to be successful.
It can be difficult to find the right consulting model for your business, as there is a lot of conflicting information on the internet.
Advertisers will claim that you need to set up passive income (see also: How To Make Passive Income On Amazon)streams, or high ticket offers. But is this really the case?
Below, we’ve compiled some real business consulting models that are reliable and effective. Simply read through each of them, and see which might be a good fit for you.
Things To Consider
Before we jump straight in and take a look at some of the best consulting models, first, we need to cover a few key points.
In order to choose the right consulting model for online success, you’ll need to identify some key things about your business.
Identifying and considering these will help you make the decision about which is the best business model for you.
Each business is different, and has disparate goals, therefore, the business model that you choose should be unique to you.
Revenue Goals
One of the first things that you should consider when choosing a business model, is what your revenue goals are. For example, do you want to create half a million dollars, a million dollars, or more?
What kind of income would you like to see come from your business? In addition, do you care more about profit, or holding up larger payments?
All of these items will have an impact on the type of business model that you choose.
Size
The next thing that you’ll need to consider is what kind of size you’d like your business to be. Are you going to do your consultancy independently, just by yourself, or would you prefer to work alongside a team of professionals?
Depending on the number of people that you employ, this will have an impact on your business model. In addition, you’ll need to assess your experience in managing an entire team, is this something you’re comfortable with?
Experience
Another thing that you’ll need to factor in is experience. Managing a large team can be incredibly challenging and complex, as there are so many different moving parts. Is this something that you think you can handle?
Also, do you want to spend your time creating products for people to purchase, or do you want to focus on client relationships? All of these questions will need to be answered when choosing a business model.
3 Expert Business Consulting Models
Now that we’ve taken a look at some of the key questions that you should be asking yourself, we can move on to discuss some consulting models.
These have all been proven to work effectively for businesses, and could help yours to become a success too.
Keep reading to find a suitable business model for your company.
1. Collaborative Model
The collaborative model involves employing a whole range of different people with different levels of expertise. It will also mean collaborating efficiently with other firms, all of whom deliver a specific kind of service or skill.
These could include digital expertise, or marketing. Different people in the network will team up to work on projects, and this could shift around depending on the specific requirements.
It’s all about generating each person’s specific skill set to achieve business goals.
With each firm working together, they can help deliver on projects much faster and more efficiently than before, or when working alone.
This business model has become increasingly popular in recent years, due to the large network of experts and professionals online.
Business leaders are able to easily hire specific people that they think might be able to help on a particular project or subject.
2. Solo Model
The solo, or independent model, involves one consultant working alone, without a broader team to assist in projects or client management.
This will mean that the business developer will be working on each aspect of the business, including the advertising, and the individual client relationships.
With this type of business model, the clients are typically higher paying. There will be less projects, because there is only one person to maintain them, but those that are undertaken will be incredibly lucrative.
It can be an incredibly successful business model if you’re willing to put in the time and dedication.
These types of business owners will set their own hours, and work at the pace that they’re comfortable with.
The only difficulties are having to market the company, because after all, you are the face of the business, and you’ll be responsible for making it sell.
3. Productized Model
Now we move on to our third business model, the productized model. This one is incredibly popular, and involves solving one specific problem that many different clients face.
You will need to identify a common issue that many people will require consultancy on, and then each person who asks for your services will be tailored to that issue.
You won’t need to spend lots of time identifying and solving individual issues, as each of your clients will be facing the same problem.
You can spend time effectively building your problem solving skills related to your niche, until you’re able to offer the best solution and service possible to potential clients.
You can then hire your team accordingly on a freelance basis.
This model has a lot of potential benefits, including being highly saleable, with the potential for steady and consistent growth and revenue.
The only drawback of the productized model is that some people find it tedious, because you’re essentially solving the same problem again and again.
It is however, an incredibly reliable, as well as tried and tested business model.
What Are The Top Three Consulting Firms?
Researching other consulting firms can be incredibly beneficial, as you can research and read about how they started out, and how they became so successful.
There are three firms which are highly regarded in the consulting industry, and include McKinsey and Company, Boston Consulting Group, and Bain and Company.
All three are incredibly prestigious, and are actually nicknamed the ‘big three’. The consultants that they hire are of the highest standard, and in addition, are paid the highest salaries.
Those who have joined the company from a graduate position, will have a minimum starting salary of 80 thousand dollars.
Final Thoughts
To sum up, there is not one perfect business consulting model that will work for everyone. Instead, each company will have specific goals that they want to achieve, as well as different capabilities.
Each of the business models above are tried and tested, and have been proven to be successful for many consulting businesses.
