How to Become a Business Consultant - Neil Wilkins Podcast

Becoming a business consultant is an exciting journey, but it comes with challenges, especially for those transitioning from employment. In a recent episode of the Neil Wilkins Podcast, the host spoke with Robin Waite, founder of Fearless Business, about how aspiring consultants can build a sustainable and profitable practice.

Neil Wilkins has spent over 35 years navigating the highly extroverted world of marketing as a self-identified introvert. With a global reach of around 5,000 students, he specialises in guiding individuals and business professionals at pivotal moments in their careers and personal lives, helping them gain clarity and direction. As a Psychology graduate, Neil has a deep-rooted interest in mindfulness, self-awareness, and personal development, integrating these principles into his coaching and support. He is also the host of The Neil Wilkins Podcast, where he engages with insightful guests to explore topics related to mindful living and mindful marketing, inviting curious listeners to subscribe and learn more.

What We Discussed on the Neil Wilkins Podcast

1. Avoid Charging for Time: Hourly or daily rates limit income potential and scalability. Instead, focus on pricing based on value rather than time spent.
2. Productise Your Services: Creating structured consulting packages with fixed fees improves revenue predictability, scalability, and client perception of value.
3. Use Goal-Focused Pricing: Set financial targets, determine package prices, and assess feasibility to ensure profitability while maintaining a manageable workload.
4. Overcome Pricing Fears: Confidence in pricing grows with experience. Recognising the real value delivered helps consultants justify higher rates.
5. Niche Down for Success: Specialising in a micro-niche builds authority, attracts high-value clients, and increases referrals, making client acquisition more effective.
6. Break Free from the ‘Sales Cycle of Doom’: Fixed-fee, long-term consulting packages prevent the constant chase for new clients, creating a stable business model.
7. Commit to Lifelong Learning: Stay updated through industry content, networking, and real-world experience rather than excessive certifications that don’t add direct value.

The Problem with Charging for Time

Many new consultants make the mistake of charging hourly or daily rates, mirroring their previous employment model. However, Robin emphasises that time is a finite resource, limiting earning potential. Instead, consultants should focus on productising their services and pricing based on value rather than hours worked.

Why Time-Based Pricing Fails

• Limited billable hours: Consultants often imagine working 20 days a month, but reality includes time spent on marketing, networking, admin, and personal commitments.
• Income unpredictability: Fluctuations in workload lead to inconsistent revenue.
• No scalability: Since time is limited, income growth is constrained.

The Solution: Productising Your Services

Robin suggests packaging consulting services into well-defined products with fixed fees and clear outcomes. This approach offers:

• Predictability in revenue and workload
• Better scalability by removing the dependence on billable hours
• Increased perceived value for clients

Goal-Focused Pricing: A Smarter Approach

Rather than guessing pricing, Robin recommends a goal-focused pricing strategy:

1. Set a financial goal. For example, earning £100,000 in the first year.
2. Determine the price per package. If each consulting package is priced at £1,000, you need to sell 100 packages.
3. Assess feasibility. Can you realistically serve 100 clients? If not, adjust your pricing upwards.
4. Refine the offer. Increase value to justify higher fees while maintaining client satisfaction.

This method ensures that pricing aligns with both business goals and the consultant's capacity.

Overcoming Imposter Syndrome and Fear of High Prices

Many new consultants struggle with confidence in pricing, fearing clients will reject their fees. Robin emphasises the importance of shifting mindset by:

• Recognising the true value delivered to clients
• Understanding that confidence grows with practice
• Using a structured pricing exercise to find a comfortable but profitable price point

A Practical Pricing Exercise

Robin guided Neil through a pricing test:

• Start with an initial price (£300 in Neil’s case)
• Gradually increase the number and observe physical or emotional reactions
• Identify the price point where confidence and value align (£1,200 for Neil)
• Test the new pricing with real prospects and adjust based on feedback

This simple method helps consultants break free from underpricing their expertise.

The Importance of Niching Down

Broadly targeting clients might seem logical, but Robin argues that micro-niching creates better results. Specialising in a niche allows consultants to:

• Develop deep expertise in a specific area
• Attract high-value clients seeking specialised solutions
• Increase referrals and authority within the industry

Additionally, Robin highlights the three tiers of client acquisition:

1. Tier 1: Direct connections (warmest leads, easiest to convert)
2. Tier 2: Referrals from Tier 1 (trusted recommendations)
3. Tier 3: Completely new clients (hardest to acquire, but where true business growth happens)

Success lies in transitioning from Tier 1 to Tier 3 effectively through referrals and reputation-building.

Avoiding the ‘Sales Cycle of Doom’

Low pricing often leads to an exhausting cycle of sell, deliver, repeat, with little time for strategy and growth. Robin advises structuring consulting packages to create more stability:

• Offer fixed-fee packages instead of hourly rates
• Avoid monthly billing where possible; opt for quarterly or annual commitments
• Provide lifetime value through ongoing access to resources and community support

These strategies help create a sustainable business model rather than one that constantly chases new sales.

Lifelong Learning and Continuous Growth

Ongoing education is vital for consultants. Robin shares his journey of rediscovering learning through audiobooks and conferences. He warns against unnecessary certifications as a distraction from real business growth.

How to Keep Learning Effectively:

• Follow industry leaders and consume their content
• Attend relevant events to network and stay updated
• Learn from experience, not just books and courses
• Avoid certification overload unless it directly benefits your consulting practice

Final Thoughts: Be Fearless in Your Business

Robin’s advice throughout the podcast is clear: be fearless in business. Consultants must:

• Charge what they’re worth and avoid underpricing
• Productise their services for scalability and sustainability
• Continuously refine their approach based on real-world feedback
• Invest in lifelong learning to stay ahead in the industry

By adopting these strategies, aspiring consultants can build a profitable, fulfilling business while delivering incredible value to their clients.