Via CP Development, here's a list of five ways to make money using data extracted from the web.

I'm not entirely convinced by #1:

1. Extract a list of your prospective customers (from a business directory, professional association website, competitor's reference list ...) and employ sales force to offer your products&services via email, telephone or postal mail. Sweep the entire prospective market for as low as $1,000!

I've been in marketing for a long while. I'm not sure you can do a *great* job of sweeping the entire market for $1,000. It takes time to find, filter and clean data and more time to contact that market. Most people won't convert on a single "touch". But it may depend on your market and how you go about contacting people.

It's Friday 5 time -- a top 5 list to kickstart the weekend. Via Business Week, here's a list of the top 5 don'ts for a downturn.

Those of you who know how I feel about consulting fees won't be surprised that I agree with #4:

4. Don't discount.

Cutting your rate just makes it look like you were joking the first time around. Either you're serious about your fees or you aren't. Send your market a consistent message -- by being consistent with your fees.  

Via Flying Solo, I found a list of ways to set business goals. I loved their example list for making more money:
As a consultant, I've pursued several of those ideas -- while my revenues have soared. I raised my fees. I started teaching. I came up with products. I went after higher end clients. I started reselling other people's services. And I moved many of my marketing efforts online, cutting my advertising costs. Last month, I billed more than I've billed in years -- and I just had a baby in the fall. Yeah, baby!

Although my consulting income tends to be pretty stable, I sometimes have months where I earn more than I expected. I have an emergency fund and enough cash flow that I don't need to bank all the extra money. I recognize that some people have feast or famine cycles, but I've been working long enough for things to be steady.

So, what do I do in the months where I have extra money? Here's a top 5 list of my "spends" for the first half of this year:

• I bought a Roomba -- a robotic vacuum that sweeps and vacuums my house while I'm working, playing with the kids or out and about.
• I paid down my mortgage. (That is, I made extra payments.)
  
• I topped up my kids' college funds.
• I topped up my retirement fund.
• I bought a new LCD TV, which is great for projecting PowerPoints, demoing my work, watching the news, or, on occasion, for personal TV viewing.

What would you do with unexpected earnings?

After the post on invoice factoring, many readers wanted to know if they should hire an invoice factoring company. As with many other questions, it depends.

Do you need to hire an invoice factoring company?

• You have poor cash flow.
• You spend a lot of time on invoice processing.
• You waste time in chasing unpaid invoices.
• You frequently run into clients who are slow to pay -- or who don't pay at all.
• Your clients are reluctant to pay deposits, but you need cash in hand to buy supplies, hire subcontractors or pay for other necessities (like your rent).
• You feel stressed out when you have to wait for an invoice to be paid.
• You can see opportunities to make more money by investing the payment now, rather than waiting.
  

An invoice factoring company may charge a 20% fee (or more or less), but, depending on your unique circumstances, you may find that a bargain.

When you want to thank a client, it's tempting to treat them to lunch. Good food, good wine, good conversation -- they all go a long way toward making a client feel great. But, if you can avoid it, don't do it.

At least, don't do it if you want to improve your tax situation. Meals & entertainment only result in a 50% tax write off. You can write off gifts worth up to $25.

Passive income is one of those concepts that eluded me until I was in my mid- to late-20s. I grew up in a family of modest means. I figured that, if I went to university and worked hard, I'd be able to get ahead in life. Along the way, I realized that taking control of my own destiny -- by becoming a consultant -- would allow me to enjoy a richer life. But I was in the middle of my MBA before I realized the power of passive income.

You see, if you're a freelancer or consultant who goes from job to job, you're someone who owns an outsourced job. And there's nothing wrong with that. But the best way to make money is to discover ways to turn that outsourced job into passive income.

Now I'm not suggesting you give up on consultant. No way. But I am suggesting you find ways to create efficiencies in your work. As a consultant, you're an information broker. Look for ways to sell that information over and over again. Templates, books, hotlines, websites, articles, seminars, lectures, courses and so on.

There's no need to strive for all those things at once. Once you've established yourself as a consultant, look for other ways to build on your success. Tackle one project at a time. And, hey, you don't need an MBA to do it.

Passive income idea of the week -- here's a great idea for generating passive income (money that comes through the door without requiring you to lift a finger).

If you often find yourself recommending services to your clients and colleagues, check into referral fees. For example, marketing consultants often recommend copywriters, graphic designers, web developers and printers. And real estate agents often recommend everyone from home inspectors to painters. Find out if you can capture a small share of revenue -- between 5 and 15 percent -- for successful referrals. You'll make money for something you're doing anyway.

I recently overheard a marketer say:

"If you're in business to make money, you've got it dead wrong. You're not in business to make money. You're in business to meet needs."

When I started out in marketing, I thought this was true. But, over the years, I've realized that it's not quite true. It should sound something more like:

"You're not in business to make money. You're in business to meet needs in a profitable way."

You see, if you focus just on meeting client needs, you'll have happy clients, but you may not have a sustainable business model. You definitely need to find a fit by selling to the right clients. But sometimes you need to fire a few customers. If you get wound up in serving the needs of customers who aren't profitable, you're going to have a hard time breaking even. And then you won't be able to meet anyone's needs.

Remember: you're in business to make money. If you want to be able to meet the needs of your clients, you have to consider return on investment. Ultimately, meeting the needs of your clients means making sure that you're able to help yourself, too.

Passive income idea - looking for an idea to help you generate passive income? Whether you're working a regular job or self-employed as a consultant, it's frustrating to work hard every day, only to have to start again tomorrow, so that you can have an income come in.

Passive income idea generates ongoing revenue

Creating a passive income means you've found a way to make money without working harder. For example, one graphic designer I know has created a successful invitation template business. Whereas graphic design jobs are usually one-off projects, a template is something she can sell over and over.

Some consultants make money by selling advertising space on their websites. By partnering with other vendors, they make money without needing to show up to do the work.

Have you got a passive income idea you'd like to share? Comment below or contact me.

Turning off your TV can make you money. Seriously. Over at TheSecondDollar, there's an excellent article about reducing TV time and increasing your cash flow. I especially liked this tip:

Start a second business. I keep this blog running on less time than I used to spend watching television each night and it is earning some money. I also started a computer consulting business, where I fix people’s computers locally. This has opened up two solid revenue streams for me that, added together, approximate what I made from my job before. This has made me feel much less stressed about work - I do my job, but it no longer has the paralyzing “Oh my God what if they downsize?” fear that it used to have.

When I first became a consultant, I launched my business on a part-time basis. When I did that, I scaled back on watching TV. If you currently spend a couple of hours watching TV each night, you've actually got about 60 hours a month you could be using to run a consulting business. Even if you just worked 20 percent of the time and billed just $50 an hour, you could be making $600 a month -- $7200 a year.

Wow. Turn your TV off a couple of nights a week and make an extra $7200 a year...or more. Sounds like a "get rich quick" scheme, but it worked for me.

Money making hobby -- it may sound like a new idea, but making money from a hobby has helped people for generations. With the advent of the Internet, the money making hobby has shot to the forefront -- but it's hardly new.

For example, people like the Bronte sisters made money from writing, one of the few socially acceptable ways for women to make money back then. Today, millions of people around the world work as freelance writers.

And Thomas Edison made money from inventions. Gadgets are hardly a 21st century idea!

And many people have made money from art, crafts, writing, woodworking, cooking, music and other hobbies. My good friend, Rhona-Mae, makes money with her piano. My brother and his wife sell plants at farmers' markets in the summer. My brother's friend turned his love of tropical fish into a money-making hobby business that cleans and maintains aquariums for businesses, institutions and individuals.

In a way, my consulting business is a money-making hobby. Although I make most of my living from marketing consulting, part of my business spills into freelance writing. Since I love reading, writing and research, this is a great way to get paid to do what I'd do anyway.

Do you have a money-making hobby?

Related to money making hobby

• Setting consulting fees

Money making hobby -- it may sound like a new idea, but making money from a hobby has helped people for generations. With the advent of the Internet, the money making hobby has shot to the forefront -- but it's hardly new.

For example, people like the Bronte sisters made money from writing, one of the few socially acceptable ways for women to make money back then. Today, millions of people around the world work as freelance writers.

And Thomas Edison made money from inventions. Gadgets are hardly a 21st century idea!

And many people have made money from art, crafts, writing, woodworking, cooking, music and other hobbies. My good friend, Rhona-Mae, makes money with her piano. My brother and his wife sell plants at farmers' markets in the summer. My brother's friend turned his love of tropical fish into a money-making hobby business that cleans and maintains aquariums for businesses, institutions and individuals.

In a way, my consulting business is a money-making hobby. Although I make most of my living from marketing consulting, part of my business spills into freelance writing. Since I love reading, writing and research, this is a great way to get paid to do what I'd do anyway.

Do you have a money-making hobby?

Gruesome retirement ahead? The Motley Fool says that's the kind of retirement for which many people are headed. About one in three people would rather scrub a bathroom than plan for retirement! And about 2 in 5 people aged 55 and over have less than $25,000 saved. Yikes!

If you're looking to step up your retirement savings contributions, consulting's a good bet. Even consulting part-time can allow you to throw an extra $200 or $1000 a month into your retirement coffers. And you can use consulting as a transition to retirement. You could start out consulting full-time, then three-quarter time, then half-time, quarter-time, sporadically and so on. This is a great solution for people who want to take early retirement but will still have kids in college or high school, too.

A retirement calculator can be a good (but sobering) way to check your numbers. (I tried Googling for one, but all I could find were Canadian versions. What's with Canadians and retirement planning?!)

Are you planning to consult during retirement? Drop me a line.

Mini storage rental? As in self storage space? A growing number of small businesses are turning to mini storage rental as a way to avoid leaving their existing offices.

A few years ago, I did some marketing work for a self-storage company. I'd always thought mini storage was for people on vacation, homeowners with little storage space, or students away for the summer. It had never occurred to me that a huge number of mini storage users are small businesses.

Why use mini storage rental space?

• Space for excess inventory
• Seldom-accessed records, like those tax returns from five years ago
• Seasonal products
• Seasonal promotional materials
• Tradeshow exhibits
• Product samples
• Rarely used equipment

Some mini storage facilities accept deliveries and even provide 24-hour access.  Why rent more office space when you could rent small or large storage units on a no-lease basis? Mini storage sounds like a great idea.

Related posts:

• Is it time to leave your home office?.

Degrees in business management come with various options. Students can pursue two-year, four-year or graduate-level degrees in business management – in person, online or through correspondence. These degrees include:

Associate Degrees

Associate degrees – the lowest degrees in the hierarchy – indicate that a student has completed two years of introductory business management education. They are awarded by community colleges, junior colleges, polytechnic institutes, and some four-year universities and colleges. Holders of associate degrees transfer to bachelors degree programs or may pursue entry-level employment.

Bachelors Degrees

Bachelors of Business Administration (BBA), Bachelors of Commerce (B.Com) and Bachelors of Management (B. Mgmt) are the usual undergraduate education options. They are awarded by universities and four-year colleges. These four-year degrees introduce students to economics, business law, organizational behavior, marketing, finance, taxation, statistics, accounting, and management information systems.

MBAs and Graduate Degrees

A graduate degree is the highest level of business management education. A doctorate (PhD) is the pinnacle in the academic world, although an MBA (masters in business administration) typically garners more prestige. Students planning on an academic career usually complete a masters in management or an MBA, then go on to the PhD or Doctor of Business Administration (DBA). PhDs and DBAs require the student to become an expert in a field, generate original research and write and defend a 100,000-word thesis, which may take three or more years. But those with business careers in mind almost always pursue an MBA. An MBA provides graduate-level education in the core business management areas of finance, marketing, human resources, accounting, and strategy. An MBA is a one- or two-year program.

Business management degrees are available on campus, online and via distance education. Some programs even allow students to pick and choose among these options. Nervertheless, the traditional on-campus format remains the most popular choice for people pursuing a degree in business management.

This article was originally published on Suite101 by Andrea Coutu of Become a Consultant at ConsultantJournal.com.

Do you need an MBA to consult?

Here's a gem from Donald Trump:

"If you're going to be thinking, you may as well think big."

Sounds great, doesn't it? But I'm going to go out on a limb and tell you to think small for a change. Too many prospective consultants get hung up on thinking big:

• How am I going to make $100,000 a year?"
• How will I find Fortune 500 clients?
• How will I get rich?
• How can I become an authority in my field?
• How long till I can rely completely on word of mouth marketing?

Think small - don't think big. You definitely need to have goals for your consulting work, but you'll achieve those goals one step at a time. Instead of focusing on making $100,000 a year, concentrate on making your first $100, $1000, $10,000 -- whatever you can achieve. By passing each milestone, you'll feel more confident and more capable. And that will come through in everything you do.

I started out aiming for $500 a month, then $1000, $1500, $2000, $2500 and finally, the amount I was making in my old job. Meeting each of those goals was exhilerating and gave me the confidence to press on.

Posts related to thinking big:

• First steps in consulting: now what?

"Donald Trump on thinking big" from Become a Consultant at ConsultantJournal.com.

Part-time job for retirement. If you're considering a part-time job during retirement, take a look at consulting. As a part-time job for those in retirement, consulting provides significant rewards.

Consulting as a part-time job for retirement offers you the chance to:

• work as many or as few hours as you want
• fit work around extended vacations
• work from home, so that you can join a retired spouse without giving up your career or income
• top up your retirement income
• come up with money for gifts and little indulgences
• keep busy while earning money
• have more power than a volunteer

Take a look at how to become a consultant. If you can't believe you have skills that would suit you to consulting, try filling out a personal inventory workbook.

"Part-time job for retirement | Retirement job" from Become a Consultant at ConsultantJournal.com.

How to build wealth by consulting. Looking to secure your financial future? Wondering how to build wealth? Consulting offers you the opportunity to secure your financial future.

What does it mean to build wealth?

Before we start talking about consulting, let's take a look at how to build wealth. Your net worth is made up of your assets minues your liabilities. Wealth-creating assets, like real estate and bonds, are supposed to increase in value or provide income. Liabilities -- or debts -- are made up of money you owe, like credit card debts and mortgages.

How do you build wealth?

To build wealth, you need to increase your net worth. You can do that by increasing the value of your assets and by reducing your debts. (And even though it may be tempting to buy cars and big screen TVs, those are are assets that depreciate or drop in value. So you should strive to avoid those.)

How can consulting help build wealth?

Let's say you take up consulting under one of the following circumstances:

• a second job while you're working at regular employment
• a work-from-home job while you are a stay-at-home mom (or dad or grandparent)
• a part-time job while you're in college
• a lifestyle job while you're in early retirement
• a hobby-type job for to make money in your free time

By working from home as a consultant, you can earn a high hourly consulting fee while doing professional work. You can then use that money to get out of debt or add to your asset base. One consultant I know billed $30,000 last year *on top* of her regular job. Talk about a way to get ahead in life!

Posts related to building wealth

• Personal finance for consultants FAQ
• Setting consulting fee rates
• Best ways to pay down debt

"How to build wealth by consulting" from Become a Consultant at ConsultantJournal.com.

The lastest in The Art of Money Getting, by PT Barnum -- here's the importance of perservance in making money.

When a man is in the right path, he must persevere. I speak of this
because there are some persons who are "born tired;" naturally lazy and
possessing no self-reliance and no perseverance. But they can cultivate
these qualities, as Davy Crockett said:

"This thing remember, when I am dead: Be sure you are right, then go
ahead."

It is this go-aheaditiveness, this determination not to let the
"horrors" or the "blues" take possession of you, so as to make you relax
your energies in the struggle for independence, which you must
cultivate.

How many have almost reached the goal of their ambition, but, losing
faith in themselves, have relaxed their energies, and the golden prize
has been lost forever.

It is, no doubt, often true, as Shakespeare says:

"There is a tide in the affairs of men, Which, taken at the flood, leads
on to fortune."

If you hesitate, some bolder hand will stretch out before you and get
the prize. Remember the proverb of Solomon: "He becometh poor that
dealeth with a slack hand; but the hand of the diligent maketh rich."

Perseverance is sometimes but another word for self-reliance. Many
persons naturally look on the dark side of life, and borrow trouble.
They are born so. Then they ask for advice, and they will be governed by
one wind and blown by another, and cannot rely upon themselves. Until
you can get so that you can rely upon yourself, you need not expect to
succeed.

I have known men, personally, who have met with pecuniary reverses, and
absolutely committed suicide, because they thought they could never
overcome their misfortune. But I have known others who have met more
serious financial difficulties, and have bridged them over by simple
perseverance, aided by a firm belief that they were doing justly, and
that Providence would "overcome evil with good." You will see this
illustrated in any sphere of life.

Take two generals; both understand military tactics, both educated at
West Point, if you please, both equally gifted; yet one, having this
principle of perseverance, and the other lacking it, the former will
succeed in his profession, while the latter will fail. One may hear the
cry, "the enemy are coming, and they have got cannon."

"Got cannon?" says the hesitating general.

"Yes."

"Then halt every man."

He wants time to reflect; his hesitation is his ruin; the enemy passes
unmolested, or overwhelms him; while on the other hand, the general of
pluck, perseverance and self-reliance, goes into battle with a will,
and, amid the clash of arms, the booming of cannon, the shrieks of the
wounded, and the moans of the dying, you will see this man persevering,
going on, cutting and slashing his way through with unwavering
determination, inspiring his soldiers to deeds of fortitude, valor, and
triumph.

Having worked as a consultant for more than 10 years, I'm no stranger to perseverance. I really believe that it's worth it -- just look at the reasons why someone would become a consultant.

Related Books

• The Art of Money Getting by PT Barnum.

Get rich quick -- can you do that as a consultant? Marnie from Lethbridge, Alberta wants to know if consulting is a get rich quick business. I suppose it depends on how you define get rich quick.

There are tons of work from home scams out there that promise to bring you thousands of dollars for next to no effort. Consulting isn't like that. It takes effort to make money as a consultant. And you probably won't earn $10,000 in your first month.

However, consulting can really pay off. For starters, it's a great side job that can complement the work you do elsewhere. It's an additional income stream if you're retired, putting kids through college, staying home with kids, paying down debt or trying to save for a trip. It's flexible -- something you can do when you want, where you want.

As a full-time business, consulting may take some time to build up to a six-figure income. But it is absolutely possible if you put in the effort and have the right background and business model. Since going full-time as a consultant, I haven't looked back -- and I'm really pleased with how I'm doing. And, beyond my monetary success, I'm thrilled with the overall richness of my life. If I didn't believe that consulting was the best place to focus my efforts, I'd be doing something else.

"Get rich quick | quick, get rich!" from Become a Consultant at ConsultantJournal.com.

PT Barnum's The Art of Money Getting was written in the 1800s. However, as I noted last week, The Art of Money Getting is as interesting today as it was then. Here's a very important piece on why young people should avoid debt.

Young men starting in life should avoid running into debt. There is
scarcely anything that drags a person down like debt. It is a slavish
position to get in, yet we find many a young man, hardly out of his
"teens," running in debt. He meets a chum and says, "Look at this: I
have got trusted for a new suit of clothes." He seems to look upon the
clothes as so much given to him; well, it frequently is so, but, if he
succeeds in paying and then gets trusted again, he is adopting a habit
which will keep him in poverty through life. Debt robs a man of his
self-respect, and makes him almost despise himself. Grunting and
groaning and working for what he has eaten up or worn out, and now when
he is called upon to pay up, he has nothing to show for his money; this
is properly termed "working for a dead horse." I do not speak of
merchants buying and selling on credit, or of those who buy on credit in
order to turn the purchase to a profit. The old Quaker said to his
farmer son, "John, never get trusted; but if thee gets trusted for
anything, let it be for 'manure,' because that will help thee pay it
back again."

Mr. Beecher advised young men to get in debt if they could to a small
amount in the purchase of land, in the country districts. "If a young
man," he says, "will only get in debt for some land and then get
married, these two things will keep him straight, or nothing will." This
may be safe to a limited extent, but getting in debt for what you eat
and drink and wear is to be avoided. Some families have a foolish habit
of getting credit at "the stores," and thus frequently purchase many
things which might have been dispensed with.

It is all very well to say; "I have got trusted for sixty days, and if I
don't have the money the creditor will think nothing about it." There is
no class of people in the world, who have such good memories as
creditors. When the sixty days run out, you will have to pay. If you do
not pay, you will break your promise, and probably resort to a
falsehood. You may make some excuse or get in debt elsewhere to pay it,
but that only involves you the deeper.

A good-looking, lazy young fellow, was the apprentice boy, Horatio. His
employer said, "Horatio, did you ever see a snail?" "I - think - I -
have," he drawled out. "You must have met him then, for I am sure you
never overtook one," said the "boss." Your creditor will meet you or
overtake you and say, "Now, my young friend, you agreed to pay me; you
have not done it, you must give me your note." You give the note on
interest and it commences working against you; "it is a dead horse." The
creditor goes to bed at night and wakes up in the morning better off
than when he retired to bed, because his interest has increased during
the night, but you grow poorer while you are sleeping, for the interest
is accumulating against you.

Money is in some respects like fire; it is a very excellent servant but
a terrible master. When you have it mastering you; when interest is
constantly piling up against you, it will keep you down in the worst
kind of slavery. But let money work for you, and you have the most
devoted servant in the world. It is no "eye-servant." There is nothing
animate or inanimate that will work so faithfully as money when placed
at interest, well secured. It works night and day, and in wet or dry
weather.

I was born in the blue-law State of Connecticut, where the old Puritans
had laws so rigid that it was said, "they fined a man for kissing his
wife on Sunday." Yet these rich old Puritans would have thousands of
dollars at interest, and on Saturday night would be worth a certain
amount; on Sunday they would go to church and perform all the duties of
a Christian. On waking up on Monday morning, they would find themselves
considerably richer than the Saturday night previous, simply because
their money placed at interest had worked faithfully for them all day
Sunday, according to law!

Do not let it work against you; if you do there is no chance for success
in life so far as money is concerned. John Randolph, the eccentric
Virginian, once exclaimed in Congress, "Mr. Speaker, I have discovered
the philosopher's stone: pay as you go." This is, indeed, nearer to the
philosopher's stone than any alchemist has ever yet arrived.

Like Barnum, I've never been a fan of debt. In fact, the only debt I have is for my home, and it's a small mortgage, in relation to the value of the property. I encourage others to avoid taking on debt. If you're in debt, considering using consulting to get out of debt -- think about a side job.

Related Books

• The Art of Money Getting by PT Barnum.

P.T. Barnum's The Art of Money Getting is an interesting read. Some of the principles of money getting are just as true today as they were in the 1800s. And, heck, Barnum was pretty successful as a business person. Here's what Barnum has to say about the importance of having a calling or vocation:

The safest plan, and the one most sure of success for the young man
starting in life, is to select the vocation which is most congenial to
his tastes. Parents and guardians are often quite too negligent in
regard to this. It very common for a father to say, for example: "I have
five boys. I will make Billy a clergyman; John a lawyer; Tom a doctor,
and Dick a farmer." He then goes into town and looks about to see what
he will do with Sammy. He returns home and says "Sammy, I see watch-
making is a nice genteel business; I think I will make you a goldsmith."
He does this, regardless of Sam's natural inclinations, or genius.

We are all, no doubt, born for a wise purpose. There is as much
diversity in our brains as in our countenances. Some are born natural
mechanics, while some have great aversion to machinery. Let a dozen boys
of ten years get together, and you will soon observe two or three are
"whittling" out some ingenious device; working with locks or complicated
machinery. When they were but five years old, their father could find no
toy to please them like a puzzle. They are natural mechanics; but the
other eight or nine boys have different aptitudes. I belong to the
latter class; I never had the slightest love for mechanism; on the
contrary, I have a sort of abhorrence for complicated machinery. I never
had ingenuity enough to whittle a cider tap so it would not leak. I
never could make a pen that I could write with, or understand the
principle of a steam engine. If a man was to take such a boy as I was,
and attempt to make a watchmaker of him, the boy might, after an
apprenticeship of five or seven years, be able to take apart and put
together a watch; but all through life he would be working up hill and
seizing every excuse for leaving his work and idling away his time.
Watchmaking is repulsive to him.

Unless a man enters upon the vocation intended for him by nature, and
best suited to his peculiar genius, he cannot succeed. I am glad to
believe that the majority of persons do find their right vocation. Yet
we see many who have mistaken their calling, from the blacksmith up (or
down) to the clergyman. You will see, for instance, that extraordinary
linguist the "learned blacksmith," who ought to have been a teacher of
languages; and you may have seen lawyers, doctors and clergymen who were
better fitted by nature for the anvil or the lapstone.

I'm no PT Barnum, but I agree that it makes sense to do something that hearkens your passions. Of course, I also think it's important to try to do what you love for profit.

Related Books

• The Art of Money Getting by PT Barnum.

This week, I realized that I'd been working with one of my clients for 10 years. Wow! That's a real milestone. When you're self-employed, it's often easy to overlook milestones. One of the first milestones for many consultants involves cashing your first check from a client.

I still remember the excitement of my first check from a paying client. It was from The Ottawa Citizen, a major Canadian newspaper. Although it was only $80, I was just 20 years old and I was absolutely thrilled that a major newspaper had deemed me worthy of an above-the-fold article in its editorial section. Getting the check wasn't about getting the money. It was the moment that, for me, marked my transition from "wannabe freelancer" to "real freelancer".

Prize your milestones and celebrate them. I'm celebrating 10 years with my client by having her over to my home. After this much time, we're friends.

"Cashing your first check" from Become a Consultant at ConsultantJournal.com.