The 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. The 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 in 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 your services.
There are several fields in that consulting are popular. Financial consulting is especially popular. A financial consulting merchant account is a great way to combine your knowledge of finance and merchant accounts, and loans.
Let us help you with your consulting business. We can lock in your financial consulting merchant account.