Making a seven-figure income is a dream for many, but it's not out of reach. Quitting your corporate job to create a 7-figure coaching or consulting business is one of the most rewarding experiences you can have. Not only can you have a massive impact and change people's lives, but you can also do it on your own terms: making the money you want, working the hours you want, and creating your life by design. The amount of a 7-figure income a person earns varies from industry to industry and job to job. It includes doctors, consultants, and athletes, among others.
You may think that these jobs are only for the elite or those with an established background in these fields. However, this is not necessarily true. So how do you earn a 7-figure income? It all starts with your personal finances. You should start by controlling your spending, getting rid of anything unnecessary, and investing in the right places. An external consultant can provide specialized knowledge and quick and efficient solutions for a company to obtain the results it seeks. Although there are ways to save time and minimize availability, consulting is not “100% passive”.
If you were promoted to a high-level position at your company, you have real-world experience, valuable knowledge and insight, and a set of skills that can translate into a coaching or consulting business. These well-paying positions include people in the fields of law, finance, marketing, engineering, and consulting. Keep in mind that companies hire consultants because it's often much more cost-effective than hiring an employee. On the contrary, with most consulting contracts, solid “core” revenues can be generated from day one in the initial phases of the project, even before moving to the performance-based phases. And it's much easier to make a living comfortably (basically right from the start) with consulting than trying to get big business customers. Jessica Yarbrough has quickly earned a reputation as one of the best business strategists for coaches and consultants who want to sell and expand high-end services.
Although having done some consulting or running an agency in the past is an advantage, it's certainly not a requirement. If you are planning to create a consultancy or agency, understand that this model will be a great advantage for you right from the start. It is very attractive for a company to hire consultants instead of diverting the attention of its current employees from their projects or trying to hire a new person. In conclusion, quitting your corporate job to create a 7-figure coaching or consulting business is one of the most rewarding experiences you can have. It all starts with your personal finances and having real-world experience in high-paying positions such as law, finance, marketing, engineering, and consulting. Companies hire consultants because it's often much more cost-effective than hiring an employee.
With most consulting contracts, solid “core” revenues can be generated from day one in the initial phases of the project.