Designing A Scalable Consulting Business Model For Your Thought Leadership Practice
Launching a consulting or advisory practice is a significant step – but an important one. If you’re considering it, then you’re likely already an expert in your field. But starting your practice requires more than just expertise in your field. It also takes strategic thinking, a clear value proposition and, maybe most importantly, the right business model.
Your consulting business model is the foundation for every success that you’ll have as a consultant or thought leader. It impacts how you attract clients, deliver services, scale your work and it helps you create sustainable impact and revenue.
In this article, we’ll talk about how to get started on your own consulting business model. But first let’s chat about the different types you may have heard about.
Types of consulting business models
There are quite a few different types of consulting business models, but only one style that I recommend and that really works for thought leaders and consultants who are looking to elevate to thought leadership.
Independent consultant model
This is what most consultants think of when they first branch out on their own. This is where you’re the heart of the business. Clients will seek your consulting services because they identify with your values and personal brand. This will be an aspect of the
Consulting firm model
This business model requires you to assemble a team of consultants to provide services to clients. The workload and responsibility is shared, as opposed to an independent consultant model where everything falls on one person’s shoulders.
A typical consulting firm model would see a team of employees with various areas of expertise offer more complex services. This is not typically workable or desirable for a thought leader.
Productised consulting model
Where the two models above are centred on direct, personalised consulting, this model focuses on scalable product offerings. For example, providing workshops, digital courses, subscription content and keynote speeches.
When you have a thought leadership practice, elements of this model will come into play, and they’ll help you extend your reach and generate higher profits for your time
Hybrid model
Of course, your business model doesn’t have to be an all-or-nothing approach. Diversifying your offerings and blending direct consulting with scalable products could help strength your consulting business model. It’s all about balancing your time, impact and income streams strategically.
The thought leader & consultant business model
In fact, as a thought leader, there’s really only one business model that I recommend – and that’s the hybrid model. And that’s because you’re not really just a consultant. You’re an expert and a consultant, an innovator and a deliverer. You have to think about your clients’ needs and meet them, as well as think about the future of your industry and conceptualise ideas related to that future.
The hybrid model allows you to do that. It allows you to engage different audience segments and revenue streams, while reinforcing your thought leadership. To maximise impact and scalability, consider how these elements can feed into each other.
For example:
Keynote speeches – you may use keynote speeches to build your audience and generate leads.
Coaching – you may offer coaching to deepen your client relationships. Group coaching or a tiered program structure could be introduced as your practice grows.
Corporate delivery – allows you to create larger-scale impact and recurring revenue on a single cluster of thought leadership, such as a signature workshop or training series.
Digital products – allow you to serve more clients without burning out.
Structured programs or frameworks – allow you to license your IP, so it can be consistently delivered by you or by trained facilitators.
A hybrid model can help you to leverage your expertise beyond one-on-one consulting. One client I worked with started out offering direct, personalised consulting services. She gradually introduced group programs and digital products, which allowed her to serve more clients and scale in a sustainable way.
Within six months she’d built out two programs to offer at the corporate level and had almost a full calendar for coaching clients. Her business was growing, but it never felt out of control, because she had the right systems in place to support her.
Getting started on setting up your consulting business model
To get started setting up your consulting business model, you should start by focusing on a few essential elements.
1. Get crystal clear on your personal brand
Define your expertise, the specific problems you solve and who you serve best. Take some time to think about your typical customer. What do you think they’re looking for from a consultant? Would they rather connect and engage on a personal level, or do they simply need to consume the information? Would they have the finances needed for a long-term service, or are they more likely to choose a quick fix?
2. Build out your IP
Your IP is the engine room of your practice and it’s what makes your work unique, structured and scalable. Codify your expertise into frameworks, models or methodologies – these will be your signature tools and will not only position you as a thought leader, but will also give your clients something tangible to engage with.
3. Create content
As a thought leader and a consultant, you need to be offering consistent, valuable content that positions you as a trusted authority and attracts your ideal audience.
4. Establish effective support systems
Systems are consistently underrated, but it’s these that allow you to manage your practice efficiently, allowing you to focus on delivering impact and growing your influence.
5. Find your people
The right support people will make all the difference – no successful practice is built alone. Finding these people will help you with your operations of course, but will also be the source of inspiration, accountability and growth.
Consider your VAs, marketing and admin support, but also your mentors, coaches and peers. You need people who believe your vision, challenge you to level up and help you stay focused on what matters.
6. Scale your offerings as you grow
As your practice grows, structure it to include a mix of scalable programs like workshops, masterclasses and licensing your IP, alongside coaching and mentoring, one-on-one at first, and then growing to groups.
This blend allows you to serve organisations at different levels while creating multiple revenue streams and maintaining your thought leadership presence.
