Before we begin, this is not an email about bragging.
This is about showing you the art of the possible. If I can do it, so can you. I don’t have any magical powers that you don’t have. I simply don’t limit myself to common perceptions.
That being said, one way to break your income ceiling is to offer a retainer advisory service.
This means providing access to your mind and to your expertise. Some clients will pay top dollar to access your knowledge. Someone who has seen successful and failed projects, and understands the driving forces for both.
If you can position yourself as a subject matter expert (SME), you can market your expertise. This moves the conversation from, “I can do this” to, “I know how to do this”.
For example, I once had a client building a high-risk project. They felt the need to reduce their risk and hire an advisor to oversee the work done by their internal team. We agreed on a fee of $10,000 / month, and I made myself available any time.
As it turned out, they didn’t need me very much. I ended up, on average, attending about 2 hours of meetings per month, over 4 months. This resulted in an effective hourly rate of $5,000/hour.
Keep in mind I was always available, they just didn’t need more of my time. They felt reassured that I was there to keep things on track, and they were a happy client.
The takeaway
Advisory retainers are a fantastic way to raise your income to heights you might never thought possible as a solo consultant.