Is your goal to replace your corporate income as an independent consultant?
It’s common that consultants set their financial goals based on what they were making in corporate, either to replace their corporate income or to make what they would have been making had they stayed in corporate.
In Episode 166 of the “Grow Your Independent Consulting Business” podcast, Melisa Liberman addresses a common and critical error that many consultants make: setting their revenue goals based on their past corporate income.
Melisa delves into how this approach can inadvertently cap your growth potential and limit your business’s success.
Why is it risky to anchor your revenue goals to your past corporate income?
It’s more nuanced than it might appear. Melisa explains that anchoring your goals to past earnings can create a psychological barrier that prevents you from seeing the true potential of your consulting business. This mindset ties you to the past, hindering your ability to innovate and unnecessarily creating a revenue ceiling for you.
Common pitfalls of this approach and how to avoid them.
Many consultants fall into the trap of ‘corporate hangover,’ where they continue to view their income potential through the lens of their previous jobs. This mindset can lead to setting safe but limiting financial goals that do not reflect their current capabilities or the value they provide as consultants.
What to do instead of basing your revenue goals on your past or estimated corporate income.
Melisa provides practical advice on breaking free from past constraints by re-evaluating what you truly want from your consulting practice financially and professionally. She encourages consultants to set ambitious goals that challenge their perceptions of what’s possible, pushing them to strive for more than just a comfortable replication of their corporate salary.
Rethinking your approach to setting goals can lead to transformative growth.
This episode is packed with actionable strategies designed to help you rethink how you set financial goals. Melisa’s insights are aimed at encouraging consultants to break away from outdated benchmarks and embrace a vision that aligns with their aspirations and potential in the consulting world.
Whether you’re new to consulting or looking to revamp your business strategy, Melisa’s guidance in Episode 166 provides a roadmap for setting goals that are not only achievable but also inspiring.
Tune in to shift your mindset around your business goals.
KEY POINTS IN THIS EPISODE:
- [00:03:42] – Setting Revenue Goals: Melisa explains the common practice among consultants of basing their revenue targets on what they used to make in the corporate world and why this approach may backfire.
- [00:05:42] – Subconscious Influences: Melisa dives into how this goal-setting based on corporate earnings often happens subconsciously and the importance of recognizing and addressing it.
- [00:08:03] – Companion Resource Mentioned: Melisa highlights the companion book Grow Your Consulting Business, encouraging listeners to read Chapter 4, which focuses on setting effective business visions and goals.
- [00:10:31] – Exploring Revenue Goals: Discussion on why consultants often anchor their revenue goals to their corporate income and the implications of this approach.
- [00:12:52] – Risks of Corporate-Based Goals: Melisa discusses the risks and limitations of anchoring revenue goals to past corporate income, emphasizing the need for a mindset shift towards viewing oneself as a business owner.
- [00:17:27] – Breaking Free from Corporate Constraints: Melisa provides insights on how consultants can redefine their self-perception and detach their revenue goals from their corporate past.
- [00:21:54] – Practical Exercise and Examples: Melisa shares a practical exercise and real-life examples of how consultants have successfully recalibrated their revenue goals to reflect their consulting business’s true value.
- [00:24:21] – Setting Ambitious Goals: Discussion on the importance of setting goals that challenge consultants to exceed their past earnings and rethink what is achievable outside the corporate framework.
- [00:28:50] – What To Do Instead: Melisa explains how consultants can set revenue and financial goals in a way that fully detaches from the corporate comparison and opens up the ability to make more money doing work that’s fulfilling and sustainable.
MENTIONED IN THIS EPISODE —
- Chapter 4 of the Grow Your Consulting Business: The 14-Step Roadmap to Make Your Independent Consulting Goals a Reality: Melisa discusses how Chapter 4 focuses on setting an effective business vision and goals, which is relevant to the episode’s theme of setting ambitious revenue goals detached from corporate benchmarks.
FOR MORE RESOURCES SPECIFIC TO THE INDEPENDENT CONSULTANT —
- Discuss working with me as your coach – Click here to schedule your consultation.
- Buy the book – Grow Your Consulting Business: The 14-Step Roadmap to Make Your Independent Consulting Goals a Reality
- Watch my YouTube Podcast Channel
- Website
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