Starting a Consulting Business

Jul 18, 2014
Businessman using laptopThe market is opening up for consultants of all fields. Businesses rely on consultants for many reasons and in 1997 U.S. businesses spent more than $12 billion on consulting. As such perhaps starting a consulting business could be a good source of revenue that will allow you to use your talents while working independently.

A consultant is defined as an expert in a particular field, they generally work advising a company or an individual. Consultants merely need to be knowledgeable, and in some cases certified, in their particular field of expertise. Once that field is determined it is relatively simple to set up a consulting business.

There are a few things though to consider before starting a consulting business. First, it is important to consider which certifications and licensing are necessary for your field. Next qualifications are important to attract clientele and provide service that is up to date with the industry. Organization is a key factor in consulting due to the time management necessary for running a business. Networking is also crucial as consultants must use their contacts to generate business.

After deciding that starting a consulting business is right for you there are factors to consider such as location and employees. In regard to the location, Typically home offices are the best way to begin as they require low overhead expenses, flexibility and minimal traffic. Employees likely won’t be necessary until your business grows but then it is a matter of selecting the best service or person to meet your administrative needs.

Income and billing are also important factors that can make or break the success of your business. To find a good rate to charge clients look to your competition and determine what is fair based on your needs and the clients’ needs. Offering multiple options such as hourly rates, project fees or working on a retainer basis might help clients feel more comfortable.

Attracting clients can be tricky so marketing is definitely important for any consulting business. You can market using brochures, scripted cold calls, and emails or letters. Advertising for your business will be a determining factor of your success and in your budget. Advertising in trade journals, magazines, newspapers and newsletters can help get the word out.

Public speaking is also a great way to find new clients and earn a reputation. Offering services at luncheons and dinners, community events, organizations with monthly meetings and public events can help spread the word regarding your services. Also, word of mouth and referrals are very important ways to get clients so be sure to network and keep people talking about out your services.

There are several fields that consulting is popular in. Financial consulting is especially popular. Financial consulting merchant account is a great way to combine your knowledge of finance and merchant accounts, loans.

Let us help you with your consulting business. We can lock in your financial consulting merchant account.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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