The great advantage that the digital economy offers independent consultants and entrepreneurs is the opportunity to complete with established firms by leveraging the very affordable power of digital technology.
We've all heard the high profile success stories of Uber and others, but beneath those is a layer of tens of thousands of individuals who are generating more income through their digital revenue channels than most corporate executives take home as a salary.
These entrepreneurs are combing their expertise with digital tools, and generating digital revenue, which is not limited by time, availability, stock or geography. Some are 16 years old, while others are in their 70s. For independent consultants of any nature, this provides the opportunity to not simply rely on selling hours for dollars.
The digital economy has changed all that, but only a fraction of people are actually taking advantage of it. While millions talk about the digital world, most are only spending in it, or helping other companies profit from from it. Only the minority are extracting profits from “their own” digital revenue channels. The rest are trailing behind and still yet to fully capitalise on the digital economy.
Earlier this year I was asked to contribute to a new book called; “Phantom Ex Machina – Digital Disruption’s Role in Business Model Transformation“. My chapter is called “How Digital Democratized Consulting” and in it I explain how the McKinseys of the world are having their markets eroded. It might not yet be as extreme as the “death by a thousand cuts” that the banking industry is suffering from, but you get the point.
Take me for example. While I still provide my services as a consultant to customers, I have also digitised my knowledge in the form of online courses. After all, paying a consultant's day-rate is not within reach of many companies, but investing in an online course created by that consultant is something that almost any company can afford.
I invested a lot of time and effort to create my digital product and market it, but now almost every day, I wake up to digital sales. If you have knowledge that is valuable to others, you can do the same …providing you can blend that knowledge with some entrepreneurial spirit and a willingness to learn about creating digital revenue channels.
I'm writing this post from the Marriott in Riyadh, and about to head off to SAP's Saudi headquarters where I'm helping them with transformation. But at the same time, my digital product sales continue.
It's not only the Ubers and Amazons of this world that can take advantage of the digital economy by selling to a global audience at a fraction of what this used to cost.
Spend some time thinking about how you too could digitise your knowledge and become a seller or a facilitator in the digital economy, as opposed to only a buyer. I'll share the full blueprint to doing this in my Digitised Consultant Course which is currently in the making.