The beginning of this month marked my sixth anniversary of becoming a solo consultant. I don’t regret my decision and cannot imagine ever giving up solo consulting. I was essential in the implementation of some really interesting projects like infotainment systems for cars and driver terminals for sugar beet and forage harvesters. The income from these projects gives me the financial freedom to enjoy life more than ever before.
I took my anniversary as the cause for reflecting about what I should have done differently. I learned three main lessons.
- Hourly billing runs against the best interest of your customers. As a solo consultant, you have no interest in becoming more productive. The longer hours you work the higher your income. You can only change this, if you Don’t Bill by the Hour but charge a value-based fee.
- Charging customers for the value you provide becomes much simpler if you have a strong brand. A strong brand will Make Potential Customers Call You. You don’t have to search for projects any more, but projects will find you.
- Productised Services are part product and part service. The product part is the same for all customers, whereas the service part is specific to each customer. You maximise your profit by minimising the time you spend on the service part.
I will heed the conclusions drawn from these lessons and implement them step by step. How about you?
Read More »Lessons from Six Years as a Solo Consultant