As a consultant, increasing your influence and diversifying your revenue streams go hand-in-hand. By leveraging tools like podcasting, writing, and public speaking, you can boost your visibility and create multiple income channels. Discover how these strategies work together to build authority, grow your business, and create sustainable success in my latest blog.

Diversify and Conquer

As a consultant, two of the most powerful things you can do are to increase your influence in the marketplace and diversify your income streams. Now this might sound like a lot of work (and it is!). However, you will be pleased to hear that, in many ways, these two processes go hand in hand. Common methods of amplifying your visibility, such as podcasting, writing a public and public speaking, can all double as alternative revenue streams. Let us briefly explore these two concepts separately before considering the synergies between them. 

Building Multiple Streams of Revenue 

Building multiple streams of revenue is great for your consulting business for a collection of reasons. For one, it allows you to transform your expertise into a range of increased income flows without the need to learn a great deal of new knowledge.  Furthermore, having multiple income streams allows you flexibility with the direction in which you will take your business and mitigates against the risk of one of your income streams taking a hit. 

The first step in building multiple revenue streams is evaluating market demand and identifying the needs of your potential clients. This will involve conducting market research, gathering an understanding of your target audience's pain points and packaging your expertise into solutions for your client’s problems. With this knowledge at hand, you will be able to create a diversified revenue plan balancing your high ticket and low ticket offers. 

There are countless avenues you can take towards adding an additional revenue stream. You simply have to ask yourself how you can package your expertise in a manner that offers value to clients. Some common options to consider include: 

• One-on-one Consulting Services 
• Group Coaching and Workshops 
• Online Courses and Digital Products 
• Speaking Engagements and Training Sessions 
• Affiliate Marketing and Partnerships  

Increasing Influence and Visibility 

A key element in increasing your influence is building your authority as a thought leader within your field. It is important to note that the process of building your authority is typically a slow one. You must consistently ensure that you are doing the right things and putting out valuable content to your audience and over time you will elevate yourself to the position of thought leader. When you are seeking to expand your influence within your chosen field, you also must ensure that you are networking with important decision makers. This can be done by building relationships with influencers and leaders (online and in person), attending networking events and joining organizations relevant to your profession. The more people start to recognize your face within these circles, the more your influence will grow. 

Exploring the Synergy

As aforementioned, there are many activities that serve the double purpose of increasing your influence within your field and acting as an additional revenue stream. Many of these simply involve packaging your expertise in a certain manner and positioning it in front of your potential clients. There are many routes available to you in doing this, but some of the most common include: 

Podcasting

Podcasts have become one of the most popular vessels of content delivery in recent years, with Forbes estimating that over 100 million Americans listen to at least one podcast a week. Starting your own podcast allows you a platform with which to share your insights, increase your brand visibility, attract new clients and position yourself as an expert in your field. Over time and with enough downloads, you can begin to leverage podcast sponsorships as a mode of income. If you aren’t quite ready to start your own podcast yet (and even if you are), consider appearing as a guest on other industry leader’s podcasts to share your unique insights. 

Write a Book (Or a Blog!)

If you’re an expert in your field, why not write a book about it? As with podcasting, book writing is an excellent way to share your expertise with the world. Book sales may not comprise your highest income stream, however its worth in positioning you as a thought leader is invaluable. 

Similarly, blog posts may not be your route to an early retirement (although they may open up sponsorship opportunities). Nonetheless, providing your audience with weekly value is an excellent way to establish your brand and attract new clients. Alternatively, you may wish to package your weekly insights as a newsletter which you send out to your mailing list. 

Professional Speaking 

Speaking publicly is synonymous with building your brand. Giving keynote speeches on your field of expertise goes one step further in establishing yourself as an authority, funneling clients towards you and adding to your credibility. What’s more, the more established that you become, the more that you will attract more lucrative public speaking roles. Experienced public speakers (especially those who have written a book) can expect to earn $5,000 - $25,000 per speaking engagement. (And if you can’t think of anything more daunting than speaking publicly - be sure to check out Cadence Speakers Academy!). 

Growing Influence Whilst Diversifying Revenue Streams

Growing your influence and diversifying your revenue streams are two undeniable keys to your success as a consultant. As such, they must be tackled separately where appropriate. When it comes to growing your influence, you need to invest time in developing relationships with industry decision makers and attending networking events. On the other hand, when diversifying revenue streams you must conduct market research, gaining an understanding of demand, client pain points and what you can offer as a solution. However, it is also critically important to explore and exploit the powerful synergies between the two. The more you get your expertise out into the world in paid mediums, be it via a book, a podcast, or speaking engagements, the more you will position yourself as an influential thought leader. In this way, these two powerful components of success will feed into one another creating an ongoing cycle of growth.