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How to Start a Consulting Business

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Starting any kind of business is a challenge, but starting a business where your goal is to help others run their own more efficiently is doubly challenging.

A niche tends to be a good place to look when determining how to start a consulting business, whether your area is HR (managing the workforce of a company, including sourcing, selection, hiring, and ensuring compliance), strategy (improving performance, perhaps through workflow management), technology (delivering and implementing new software solutions), or some other consulting service that will help other businesses improve and grow.

In any of these categories, the client wants guidance but doesn't want to bring on the advice-giver full time. That’s where you come in. If you've got expertise and knowledge to offer and you like the idea of being your own boss, then you could be on the brink of starting your own consulting business.

How to start a consulting business in 9 steps

As work processes become more complex and our economy becomes increasingly globalized, the need for good consultants has never been greater. According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020.

“It’s hip right now to tell people you’re an independent consultant,” says Christy Hopkins, the founder of 4 Point Consulting in Chicago. “I do human resources consulting for various small businesses throughout the country, and I provide various services that change depending on the client. The same thing can be done different ways if the culture and needs are different.”

Once you identify a niche for the kind of consulting you do, consider the following steps to establishing yourself as a leading voice across the industry.

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Step 1: Assess your strengths and skill set

Often, consultants are hired to solve problems that businesses can't solve themselves. Otherwise, why would they pay you, someone who doesn't know anything about their company, to come in and tell them what to do? When starting a consulting business, it's important to have deep knowledge in a specific area so that you can offer value to your clients.

There are many different kinds of consulting that you can consider for your business. For example, if you know a lot about computers, you can set up shop as a computer or IT consultant.

There are also plenty of opportunities for PR mavens, accountants, digital marketers, and people who have a mind for business strategy.

Assess your strengths to figure out where you can be of help. It's also worth taking an objective look at any weaknesses or missing skills you may have so that you can work on filling those gaps. Also keep in mind that, depending on your area of expertise, you may need special certifications or licenses before becoming a consultant. For example, if you're a fundraising consultant it helps to have a certification from the National Society of Fund Raising Executives.

Step 2: Figure out what your market needs

Once you've identified your niche, think about what kinds of questions, problems, and pain points businesses in your chosen area of expertise have. It's not enough to simply have a strong skillset and a lot of knowledge in your field. If businesses don't have problems that your consulting business can solve, then you will find yourself treading water.

The best way to figure out what your market wants and needs is to ask. Start by doing an online search for blogs in your niche. What are the thought leaders writing about? Where does there seem to be a lot of confusion? Is there heated debate in any forums or comment sections over a particular topic?

You can also find pain points in your market by tapping your network. For example, if you want to start a digital marketing consultancy, then who can you think of that either owns their own business, works closely with digital marketers, or is a digital marketer themselves? Chances are, you know a lot of people. Ask them about challenges they face in meeting their short and long term goals. Then figure out how you and your business can help.

Step 3: Ride the organic marketing train

As an independent consultant, it will be all on you to grow your client base and make sure the business rolls in at a consistent pace. This is best done with marketing—but as always, the best marketing is organic marketing.

Hopkins started her business with a simple post on Upwork , the freelancer site that a few years ago was less well-known and had, according to Hopkins, more lucrative contracts. Hopkins says her first client is still with her today, and she has grown almost exclusively without having to advertise.

“I’ve been very fortunate that my business has built organically. I don’t know if that’s typical, but my personal experience is that I do the best I can. I’m very honest, I’m ethical, I don’t overcharge, I’m willing to work within budgets, and that has led to a lot of organic referrals,” she says.

Business owners have two distinct advantages with organic marketing. The first is that business owners tend to know each other and can make referrals for you. Like tends to be with like, so if you work well with somebody, you’ll probably work well with one of their friends.

The second upside with organic marketing is the cost—there isn't any. “I’m biased on how well it works for business, because it’s free,” Hopkins says with a laugh.

Step 4: Invest in the tools of the trade

Hopkins built her business with technological tools of the trade that let her forge and maintain connections with clients, prospective employees, and her assistant.

“I use three types of recruitment software—web-based software that helps you to post jobs,” she says. There’s MightyRecruiter, which has a system that feeds to Indeed, Monster, LinkedIn, and all the job sites you can think of, which saves time and concentrates applicants into one space. There’s ZipRecruiter, which is good for low-level jobs. LinkedIn has a two-tiered recruiter service for propositioning applicants or referrals.

MightyRecruiter is $300 a month, while ZipRecruiter is $1,000 for the year. LinkedIn’s RecruiterLite is $150 and Corporate is $700. In total, Hopkins pays about $500 a month for these recruiting tools, which give her access to people searching for everything from culinary jobs to data scientists.

Hopkins also recommends video conferencing software, at about $200 per year, for making a better connection with clients.

“They click in and they feel like they know me," she says. "They know I’m 5'2", big personality, blue eyes, talk with my hands, and they get all that even though I don’t have an office space.”

Beyond these consultant-specific tools, new consultants should also invest in the kinds of things almost all new small business owners do: develop a website ($2,000 for a great, navigable site plus around $200 for hosting), order business cards, set up an LLC (prices vary from state to state), open a business checking account and business credit card , and hire an accountant to check on the books and file taxes (around $700 annually for a small business).

Step 5: Staff wisely

Whether you need (or want) a staff to help you depends on the amount of work you have to do. Working seven days a week and 12-hour days isn’t sustainable no matter how zen you might be, and is certainly a possibility if you’re successful at growing your company.

Hopkins personally doesn’t see the upside in taking on more work than she can handle at this point. She did hire an on-demand assistant, who lives overseas and handles the dirty work of consulting on a part-time basis.

“I can do the work with the client, get the spec [job description] together, and he can find the résumés, the people, the LinkedIn profiles, which is the arduous uphill battle, and I can outsource those hours to him,” she says. “He has his own business, as well, and we have a B2B relationship. Some months he logs 50 hours to me and some he logs none.”

She communicates with her assistant via Skype, since he’s an American living in Budapest. She wouldn’t normally hire someone outside the U.S. since “there's a ton of talent right here,” but the two of them hit it off right away over Skype. She might otherwise hire an intern or two from her old graduate school to help with sourcing.

Step 6: Practice your elevator pitch

There's no use in having an impressive skill set, a rock solid marketing plan, and the most up-to-date tools if you can't make and close the sale. Convincing potential clients to choose your consulting business starts with your elevator pitch.

Your elevator pitch should be a short and sweet explanation of your target audience's problem, the solutions you offer, and how you are different from the competition. Although you may be very passionate about the services you offer and the industry problems you see, it's important to keep your pitch to around three sentences max.

A big-picture way of looking at your elevator pitch is that it is your value proposition. Once you deliver the concise version of your value proposition and a potential client wants to learn more, you can proceed to tell your story and talk about your consulting services more in-depth.

Step 7: Write client proposals

Often, the final step in bringing on a new client is writing a client proposal. This tends to occur right before the client signs on, effectively closing your sale. As such, writing proposals is an important part of getting business for your consultancy.

Client proposals are your chance to illustrate how you can serve your client and solve their problem. As such, it's necessary to be clear about what the project is, why you're lending your consulting services, and when you'll complete the project. It's also important to be very clear about all the details that will go into the project, including deliverables, budget, and how you'll measure results. Be clear, be convincing, and close that client.

Step 8: Set your pricing

Along with your proposal, you'll need to include a price. When starting out in consulting, it can be difficult to know how to price your services. Luckily, Hopkins has a pretty easy formula to follow.

“When I first started moonlighting, I took my HR manager salary and turned it into an hourly rate. For a consultant, that’s undercharging. Now I charge double that hourly rate, and that’s been a progression,” she says.

When it comes to progressing past that starting converted hourly rate—because as an independent, you are assuming more risk and should be billed higher than an in-house option—Hopkins suggests showing clients just how much value you bring to their company.

“For [existing] clients I had... I made each of them a cost/benefit write-up to show them how much money they saved versus either working with a traditional recruiter or a different independent consultant," she says. "From there, I told them my rates were going up 25%, this is the new hourly rate, and every single one of them said 'done, fine.' I just showed them the math. Now... I’ve only pitched clients at the new rate and no one has told me I’m overpriced. I’m probably still undercharging, but I like to work with small businesses and startups, and if I want to work with them, I can make it work. If they have a good mission and vision, if they’ll be ethical and treat the new hires well, I want to help them because I know there are a lot of recruiters and consultants that won’t.”

Step 9: Stay organized and deliver results

Once your consulting business is on track, be sure to stay organized and deliver results so that you can get repeat clients and referrals. Staying organized is important to ensure that you don't lose valuable information, deliver past deadlines, or forget to remind clients to pay you. Start by seeing where you can automate certain processes. Perhaps you can get paid electronically rather than by check or switch to an online bookkeeping system such as QuickBooks. Software such as Infusionsoft can help you manage your clients. If all else fails, consider hiring a virtual assistant.

Delivering results is a bit harder to give advice on, but very important to the vitality of your consulting business. Be sure to stay on top of industry trends, and to check in with your clients to be sure you're delivering results that they want and that help their businesses achieve their objectives. If you successfully help your clients achieve their goals, then your consulting business will be set up for success.

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Consulting niches to consider

Say you have expertise that applies to multiple industries—how do you pick an area to specialize in? When you're just starting out, you might want to consider focusing in a space that has consistent demand. On the other hand, you could identify an emerging field of business, and hone your reputation as an expert in that industry. Here are some suggestions for consulting niches to consider specializing in:

Yes, being an independent accountant is a type of consultant. As an accountant, you'll help businesses manage their books and financial needs. It helps to be a CPA if considering striking off as an accounting consultant, but anyone with a bookkeeping background is eligible to enter this field of consulting.

As a brand consultant, you can work with businesses to identify and refine their brand voice and image. As a brand consultant, you'll work to learn about a business's customers, then craft a brand that will help the business resonate with its target market. To become a brand consultant, it helps to have a background in marketing.

Another area of need for many businesses is web design. As a web design consultant, you'll work with businesses to create a website that is on-brand and functions to their specifications. A background in computer engineering is helpful here.

Human resources

Like Hopkins, you can become an HR consultant—assisting businesses with their staffing and employee management responsibilities, and advising them on best practices for keeping their workforce happy and engaged. This job could include everything from writing job descriptions to helping with onboarding.

Green living

As more and more businesses commit to going green to protect the environment, consulting on how to lower carbon emissions can be a lucrative field without a lot of competition. As a green living consultant, you can help businesses accomplish a variety of tasks that lower their carbon footprint, such as developing more green-friendly office environments or manufacturing processes.

Organization

Organization consultants advise individuals and businesses on how they can reduce organizational red tape, clutter, and distractions in order to operate more efficiently. This is an area of increased focus, as technology has created new distractions and blurred the lines between work and home life.

The bottom line

Whether your consulting business is going to be big or small, brick-and-mortar-based or online-only, expensive or economical, you need to have the experience, resources, and confidence to help other business owners get back on track. Everything else is about managing workflow and expectations.

On a similar note...

How To Start A Consulting Business In 2024 (6 Steps & Study)

This is the ultimate guide — with data — on how to start a consulting business in 2024.

By the end of this guide, you’ll know how to turn your skills and expertise into a profitable and successful consulting business .

Let’s dive right in.

(If you want to read our “ How To Start A Consulting Business Study “, click here to scroll down to that section)

Step 1: Choose Your Consulting Business Model

First, let’s define the term consulting.

Consulting is “the business of giving expert advice to people working in a professional or technical field.”

For example, I’ve spent over 21 years being a consultant.

I’ve spent 10,000+ hours on marketing , sales , fees , proposals — and everything else that consultants do.

So, I’ve accrued experience that enables me to give expert advice to people in the consulting field.

If you can provide advice that helps business-to-business (B2B) or non-profit organizations based on your past experience, you can consult.

People and organizations will pay you for your advice to help them get results.

Results like more sales, a lower employee turnover rate, a risk-free software project, help with executive decision making — the list goes on.

But before you start consulting, it’s important that you choose your consulting business model first.

Why should you do this first?

At Consulting Success®, we believe that your consulting business should support your lifestyle — and not the other way around.

That means that you should build the type of business that helps you live the lifestyle you want to live.

I’ve seen too many people end up building consulting businesses that trap them into a lifestyle that’s just like their 9-5 job…or worse.

To avoid that, you’ll aim at the type of consulting business you want by choosing the right model for you.

Watch the video below for an introduction to the 4 proven consulting business models :

Let’s talk about each model.

The Solo Consultant Model

As a solo consultant, you work closely with your clients and complete the project work yourself.

For example: Martin Krumbein is a strategy consultant who helps companies implement the right strategy for growth, enabling them to scale.

The solo consulting model is great for you if you want a lean, profitable, and flexible consulting business — a “lifestyle” business.

The solo consulting model is not right for you if you intend to sell your business (because you are the face of it), and if you don’t like the fact that if you stop working, it will be challenging for you to generate revenue.

Six-Figure Blueprint

The consulting firm model.

In the consulting firm model, you are responsible for running the firm instead of just working on client projects.

For example: Amanda runs an HR consulting firm , where she helps technology companies with culture, hiring, and talent retention. Instead of working on client projects, she manages a team of consultants who are implementing projects for their clients.

The consulting firm model is great for you if you don’t want to be focused on the “day-to-day” work, want to build a business that runs without you, and would like to sell it one day.

The consulting firm model may not be the right fit for you if you don’t like managing people, don’t like the idea of a lower profit margin, and if you would feel stressed about making payroll.

The Productized Consulting Model

The productized consulting model is where you turn your expertise into a “ productized service ” — a repeatable series of steps that deliver a predictable outcome for clients.

For example: Kristen’s provides brand consulting for food and beverage brands. After years of delivering custom branding projects, she’s turned her expertise into a process. She’s branded this process, has put a fixed price on it, and delivers that instead of custom branded projects.

The productized consulting model is great for you if you want to build a business that scales , you want to create a saleable asset, and you want to remove yourself from the day-to-day work.

The productized consulting model might not be a great fit for you if you want to work on new projects or you don’t like managing or training people to deliver your productized service.

It also takes years of experience and delivering custom projects before you’re ready to turn it into a repeatable process that delivers a predictable result.

The Hybrid Consulting Model

The hybrid consulting model is a mixture of the previous 3 models.

You pick and choose what you like about the other models and combine them into your own unique hybrid.

For example: Our business, Consulting Success®, is a hybrid consulting business. We offer a digital course, Momentum , and a training program, the Clarity Coaching Program that includes personalized coaching and consulting with it.

The hybrid model is ideal once you’ve been running your consulting business for a few years. After a few years, you’ll know what you like, what you don’t like, and can start to customize your business model into what works best for you and your clients.

After reading those descriptions, examples, and pros & cons, which model excites you the most?

Remember: you can always change your consulting business model later.

But it helps to get clear on the type of consulting business you’d like to build from the start.

With that, let’s move on to the next step and think about your ideal client.

Step 2: Get Clear On Your Ideal Client

Who will your consulting business serve?

This is one of the most important questions you’ll answer to start a consulting business.

And it’s one that many people skip over.

As a result, it’s very hard for them to attract clients, price their services, and win consulting projects.

Pay particular attention to this step and take the time to get it right.

Watch the video below to learn why being crystal clear on your ideal client is critical to your consulting business:

Here’s how to think about choosing your ideal client.

The “Big Fish In A Small Pond” Mindset

Imagine that you’re dealing with severe back pain.

You’re looking for a physiotherapist who can help get rid of your back pain — so you can get back to living a healthy, active lifestyle.

So, you begin searching for physiotherapists to help solve your problem.

You find one clinic called “ActiveFit Physiotherapy.” They’re a generalist physiotherapy clinic that helps people with all types of pain.

After that, you find a clinic called “SpineExperts Back Pain Specialists.” They’re a clinic that specializes in helping people with their back pain.

Given your specific problem — your back pain — which clinic draws your attention?

Which one are you most likely to attend?

You’re more likely to go with SpineExperts because they speak to your exact problem.

It feels like they are talking directly to you — your pain, your problem, and the results that you want.

This example shows how important it is to get specific on who your ideal client is.

As a consulting business, you provide your expert advice to people or organizations.

Who are those people or organizations, exactly?

The more specific this “who” is, the more your business will stand out to them.

Without standing out, your ideal clients won’t pay attention to your messaging and content (which is marketing).

They’ll be less receptive to having a call with you about how you can help them (which is sales).

To start a consulting business, you want to start by being the big fish in a small pond.

You’ll stand out more, garner more attention, and become an expert faster.

It will make it much, much easier to get clients. And clients are what you need to start a consulting business.

So how do you actually figure out who your ideal client should be?

Brainstorm & Write About Your Ideal Client

The next step is to brainstorm about the niche that you’d like to serve in your business.

A niche is an industry or type of client.

For example, Nic Campbell works with nonprofit and philanthropic organizations.

Jason Fearnow of Prime Contract Solutions works with mining companies.

Husain Shekhani of Ultrasonic Advisors works with companies in the ultrasonic device industry.

None of these consultants target “businesses” or even “small businesses.” These are far too general.

Instead, they serve a specific niche.

To start a consulting business, you must pick your niche.

How do you actually do that?

In our Clarity Coaching Program , we instruct clients to use the Niche Scoring Method.

Here’s how it works.

Pick a couple of niches that you’re interested in serving.

If you can’t think of any, pick the industries that you’ve worked with before. What industry does the company you work for now belong to? What about companies you’ve worked with in the past? Or, how about companies you applied to work at?

Once you’ve picked out a few of these industries, score them on the following factors on a scale of 1-5 — with 1 being weak, and 5 being very strong:

• Experience : How would you rate your experience with this niche?
• Expertise : How would you rate your status as an expert within this niche?
• Results : How would you rate your confidence that you can deliver results for this niche?
• Potential : How would you rate this niche’s growth and how willing they are to hire consultants?
• Interest : How would you rate your interest in this niche?
• Access : How would you rate your ability to speak with ideal clients in this niche?

Then, you add up the total scores for each niche.

Pick the one with the highest score to start with.

And pay attention to the “Interest” score.

You’ll enjoy your work more if it’s an industry or niche you are passionate about helping.

You can always change your niche later. But if you want to start a consulting business, you must pick a niche, and then go on to the next step.

Once you’ve made your selection, you’ll start talking to people about the potential of this niche.

Validate Your Ideal Client Potential

Picking your niche is the first step.

And now, it’s crucial that you validate your niche.

By validate, I mean going out and talking to people in that niche and learning about their problems and results that they desire in their organization.

People pay consultants to solve their problems and help them get their desired results.

Instead of guessing what those are, you validate your niche’s potential by asking them about these problems and desired results.

Use a tool like LinkedIn Sales Navigator to make a list of 10-20 ideal clients — people in the industry you’d like to serve.

Then, send them a connection request. In your connection request, send a message that introduces yourself, and that you’re connecting with people in your niche.

For example, if your niche is “Financial Services”, and you are connecting with Andrew, a CFO at a financial services company, you might say:

“Hi Andrew, you do great work at COMPANY NAME — would be great to connect with another person in the INDUSTRY NAME space.”

Notice how you’re not pitching anything like most people do.

You’re simply mentioning the person’s company, and that you’d like to connect with people in a similar space.

Tweak this example so that it suits your style.

The next step is to ask them a question. What are they working on? What’s new with their company?

Ask them something you are genuinely curious about.

If they are receptive and open to talking, you can ask them for a 5-10 minute call to learn more about that.

What you’re trying to do on this call is to learn about the industry — the problems they have, the type of projects they work on, and the results that they are working towards.

And if they have the types of problems that you’re interested in, can solve (or have solved before), then that is evidence that you’ve found a good niche to target.

Go and set-up these short, introductory calls with 10 ideal clients. Take notes on the call and record their feedback.

After you’ve done 10 calls, review your feedback.

Is this a niche that has problems that you have experience solving?

Is this a niche that works on the types of projects that you can deliver?

Would you enjoy working with this niche?

You want to select a niche where you can answer “Yes” to the questions above.

Now, reaching out to connect with ideal clients and then asking them for a call might scare you or make you uncomfortable.

If starting a consulting business was easy, everyone would do it.

To start a consulting business, you’ll have to embrace this discomfort.

You’ll have to take imperfect action.

Reaching out to prospects and calling them is a big part of marketing and sales, which we’ll get to later on in this article.

If you can’t do that, then you might be more comfortable sticking with a 9-5 job.

However, if you make your outreach more about your prospect instead of about you or your services, you’ll be surprised about how willing they are to connect and speak with you.

So, who’s your ideal client?

What industry are they in?

What’s their job title?

How big is their company, and where are they located?

By brainstorming and validating your ideal client, you’ll write specific answers to these questions.

Your ideal client — who you serve and add value to — is the foundation of your consulting business.

Once you’ve got that foundation down, you’re ready for the next step.

You’ll write messaging that attracts these ideal clients to you.

Step 3: Write Messaging That Attracts Clients

I once had a friend who was looking into joining a weekly yoga class to work on his flexibility.

He worked a desk job, and outside of some running, he didn’t do a lot of stretching.

However, he was intimidated by most yoga studios.

They looked as though they were all for experienced yoga practitioners.

On their website and their advertisements, they showed off impossible-looking poses, ridiculously fit instructors, and all kinds of spiritual mumbo-jumbo.

He almost gave up his search.

But then, he came across one Yoga studio that spoke to him:

“Yoga For Stiff Guys — Get More Fit & Flexible With Our Relaxed Classes For Beginners”

This message attracted him like a magnet.

It spoke to what he wanted — yoga for beginners — but also who he was: a stiff guy.

That’s what good messaging does.

It makes your ideal client feel as though your marketing is speaking specifically to them.

It makes them take interest in your business and want to learn more.

Watch the video below to learn more about creating a magnetic message that attracts clients :

In this step, you’ll learn how to put together your magnetic message — and how to put it on display so that your ideal client starts to notice you.

Problems/Action/Results

Your ideal clients have problems they want to solve.

You, as the consultant, take actions to solve those problems.

As a result of those actions, your expertise creates results for your clients.

Problems, Actions, and Results are essential components of a magnetic message.

For example, let’s say you’re a sales consultant who helps enterprise software technology companies.

• Problem : Your ideal client’s sales team is performing poorly.
• Action : You offer a 6-week sales training program.
• Result : On average, your program increases the sales team’s performance by 33%.

Consultants — especially beginners — tend to focus too much on the actions.

But if you really want to get the attention of your ideal clients, focus on results.

Your ideal client wants results, not just actions.

Do this exercise now.

Write down 10 problems that your ideal client has.

Write down 10 actions you can take to solve those problems.

And then write the result of each of those actions.

If you’re unsure of what problems they have, then you haven’t done enough validation from the previous step. That’s where you learn about the problems your ideal client is facing.

By writing down problems, actions, and results, you have the building blocks of a magnetic message.

Now, we’ll put these blocks into a formula.

The “Magnetic Messaging Formula

We designed the “Magnetic Message Formula” to help you write a simple, effective message to draw the attention of your ideal client.

Here’s how it looks:

I help [WHO] to [solve WHAT problem] so they can [see WHAT result]. My [WHY choose me]…

Inside the square brackets are your “variables.”

You fill them in with the right words to match who your ideal client is, the problem you solve for them, the results you create for them, and why they should choose you.

For example: I help enterprise software companies with underperforming sales teams so that they can boost sales and revenue. My 10 years of experience and 6-step program has helped over 20 clients boost their sales by an average of 33% in 6 months.

• WHO : Your ideal client (ex: enterprise software companies).
• Solve WHAT problem : The problem that you solve for your ideal client (their sales team’s underperformance).
• See WHAT result : The result you create for your ideal client (ex: boost sales and revenue).
• WHY choose me : Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months).

The Magnetic Message has everything you need to draw the attention of your ideal client.

Its purpose isn’t to win the sale. It’s to simply get them interested in you and want to learn more.

Use the example above to write your own Magnetic Message.

Your first message won’t be perfect. Instead, aim for “good enough.”

You’ll make it better once you make it public and start gathering feedback.

Applying Your Magnetic Messaging

Once you’ve written your Magnetic Message, it’s time to make it public.

It won’t draw the attention of your ideal clients unless you’ve put it in places where they can see it.

First, put it in your email signature.

That way, everyone you email will be aware of what you’re doing, who you’re serving, and how you can help them.

This is great for when you reach out to your ideal clients. It’s also great for creating referral opportunities.

You’ll interact with many people who don’t need your consulting service — but they know someone who might.

Second, put it in your LinkedIn profile.

Make your magnetic message your tagline.

Unlike your job title or the type of consultant you are, your magnetic message is more about your ideal client.

It’s about what you can do for them and the results you can create for them.

If ideal clients see your tagline, you want them to take interest and click to read your profile.

Finally, you want to put your magnetic messaging into your consulting website .

It should be one of the first things your ideal clients read when they visit your consulting website’s homepage.

And throughout the website, you back up your magnetic message with articles, testimonials, case studies, and other forms of content that demonstrates your expertise.

Your magnetic message won’t do you any good if it’s on a piece of paper in your drawer.

Put it out there and make it work for you.

Ask people to give you feedback.

Keep making it better and better until your ideal clients can’t help but want to learn more.

Once you start getting the attention of your ideal clients, you’re ready for the next step, creating your strategic offer — and pricing it.

Step 4: Create & Price Your Consulting Offer

By this point, you’ve chosen your consulting business model, gotten clear on who your ideal client is, and have written messaging that attracts that ideal client to you.

Now, you need to create and price your strategic consulting offer.

Remember: Your ideal client has a series of problems.

You, the consultant, have the expertise and experience to carry out actions to solve those problems.

As a result of your actions, you’re able to create your client’s desired results.

Your strategic offer is those actions you take to create your client’s desired results.

And your consulting fees are what your ideal clients must invest for you to work with them and achieve their desired result.

Creating and pricing your offers is a very nuanced topic. There are strategies for beginners and for more advanced consultants.

We’ll focus on beginner and intermediate strategies for now.

If you want to learn more about advanced strategies like value-based pricing , discovery offers , and retainers , check out our Momentum or Clarity Coaching Program .

Let’s start with a popular topic: setting your consulting fee .

Set Your Consulting Fees

Why do you pay for products or services?

Because you want to get a result.

If you purchase a massage session, you want your body to feel better.

If you purchase accounting software, you want an easier time managing your money.

Now, how much you invest depends on many factors.

• How painful is the problem?
• How reliable is the product or service?
• How will getting this result impact your life?
• How much money do you have to invest in it?

Your clients are paying for your service because they want a result.

And much they are willing to pay depends on these factors.

Consultants in our programs regularly charge $25K, $50K, or even $100K+ for a single project.

That might sound crazy to you.

But if you think about the results their clients are getting, these prices become much more understandable.

As a beginner, the easiest way to set your consulting fee is by using the hourly method or the project-based method.

(See our consulting fees guide for a more in-depth tutorial on how to set your fees using these methods.)

With the hourly method, you charge your client by the hour.

It’s a good option for your first few consulting projects.

For example, let’s say you earn $80 dollars per hour in your day job.

Take your hourly fee and double it for your consulting projects.

You’ll charge at least $160 for consulting.

As a new consultant, you’re not working 40-hour weeks with your clients.

You have to spend just as much time (if not more) to actually go out and win business.

Your fee must account for this.

If it doesn’t, you won’t be able to do your best consulting work.

Clients are happy to invest higher fees if it means working with an expert and feel certainty about getting the results they want.

With the project-based method, you charge your client a fixed price.

It’s a better option than hourly because your clients know exactly how much they are paying upfront.

With the hourly method, they don’t have this same certainty.

For example, let’s say your consulting service will take 30 hours to deliver.

Take your hourly rate, and times it by 30.

$160 x 30: $4800.

Then, times that by 1.5.

Projects will take longer than estimated when starting out.

This multiplier helps account for revisions, scope creep, and any add-ons.

Once you’ve chosen a pricing strategy and set your fee, you’ll begin to create some options for your clients.

Create Three Options

Buyers like options for getting their desired results.

And when you offer them options, their thinking shifts from “Should I use you” to “How do I use you.”

So now, you’ll create three options to help your clients get their desired result.

NOTE: You will customize these options after speaking with each ideal client. You design your options to help your client get the specific results they want.

By having some stock options, you have a foundation.

It will be much easier for you to craft and customize your offers when you aren’t working from scratch.

Here’s how to think about your three consulting offers.

Option 1 – $

• Basic offer
• Minimum effort required
• Provides value
• Lowest investment

Option 2 – $$

• Helps them get their result quicker than option 1
• Provides more value than option 1 (ideally, without having to spend more time)
• Highest investment

Option 3 – $$$

• If money isn’t an issue
• Best results
• Shortest time to result

For example, let’s say you’re a marketing consultant who serves accounting businesses.

Your client, Acme Financial Services, wants to win 3 new clients per month.

Each client is worth $500 per month recurring revenue to the client.

You offer her client 3 options:

Option 1 – $6000

• Brand positioning overhaul
• Website messaging audit
• Direct outreach sequence

Option 2 – $15,000

• Website content strategy
• LinkedIn content + outreach plan

Option 3 – $30,000

• Search engine optimization
• Lead-magnet development & implementation
• Direct mail campaign

Notice how as the options increase in price, the value for the client increases.

The more they invest, the quicker they get their desired results, and the more certainty they get about achieving those results.

Think about it this way: your offer is a series of actions you take to deliver your client their desired result.

By offering multiple offers, you give the client about how they’d like to get their desired result.

Next, we’ll “brand” your offers and make them more intriguing to your ideal client.

Brand Your Offer

You don’t just offer “consulting.’

You offer more sales, increased efficiency, cost savings, stress reduction, etc.

So it’s important that your consulting services reflect that.

Branding your offer means to make them more memorable, unique, intriguing — and easier to sell.

No clients will be excited about a “sales workshop.”

But a 1-Day Sales Revolution Workshop?

That’s going to get people’s attention.

But how do you come up with a branded name for your offer?

Start by looking at your Problems/Actions/Results — specifically, your results.

Like a good headline, you want to include the result your clients want in the title of your offer.

For example, if your consulting services increase sales, then you want to incorporate that into the name of your offer.

Then, think about the format in which you deliver your consulting service.

Is it a workshop? Ongoing consulting? A bootcamp? One-off?

Add the format to the title as well.

Then, you’ll want to add a power verb to it.

Power verbs are action words that add color and force to your offer.

So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.”

With these three steps in mind, you’re ready to start brainstorming your offer’s name.

Here’s the formula: result you create + power verb + how you deliver it.

Example: 1-Day Sales Revolution Workshop.

Have some fun with this one.

Make it eye-catching. Make it original. Make it reflect your personality and style.

That’s what branding is all about — attracting the right people for you and your business.

Once you’ve created a few consulting offers, you’re ready to begin the marketing process.

It’s time to tell the world what you’re up to, and how you can help your ideal clients.

Step 5: Rev Up Your Marketing Engine

Early on in your consulting business, you can’t expect your ideal to come knocking on your door and asking to work with you.

You’ll have to find and approach them.

This is what marketing is for consultants: getting your ideal clients to know you, like you, and trust you.

When they know you, like you, and trust you, they’ll want to have a conversation with you about how you can help them.

At this point, you’ll start putting all of your work to the test.

Marketing is a complex topic — but in this step, we’ll make it easy for you to start reaching out and generating conversations with your ideal clients.

The Marketing Engine Mindset

Should you be on Instagram?

Is YouTube the way to go?

What about paid Google or Facebook ads?

There are thousands of ways to get the attention of your ideal clients.

However, most of these are shiny objects and tactics.

Some of them work, some of them don’t.

But if you don’t focus on what actually creates conversations with your ideal clients, you’re stuck in “no-mans land.”

Here’s what you want to focus on with your marketing:

1. Outreach : reaching out directly to start having meaningful conversations with your ideal clients.

For example, a direct LinkedIn message or email sharing valuable content with an ideal client to add value to their lives — and to get them interested in what you offer.

2. Follow-up : following up with ideal clients and adding more value.

For example, sending a direct mail to them — something they would find interesting, meaningful, unique (like a case study or white paper), and prompts them to reach out to you to learn more.

3. Authority-building : Publishing content to position yourself as an authority and to support your outreach/follow-up efforts.

For example, using your consulting website to publish articles that help your ideal clients.

If you combine outreach, follow-up, and authority-building, your marketing will be effective and fulfill its purpose: to build relationships with your ideal clients and to create conversations with them.

Now, reaching out to ideal clients might sound intimidating to you.

But this exercise will help.

Magic Number Exercise

People who write down their goals are much more likely to achieve them.

If you know your monthly revenue target, how much your average project is worth, and how many conversations with ideal clients it takes to win a project, you can be VERY specific on what it would take to reach your monthly goals.

For example, let’s say you want to make $50K per month in your consulting business.

Your average project is worth $25K.

And 1 out of every 4 conversations with an ideal client leads to a project.

That means you need to win 2 projects per month.

That’s 8 conversations with ideal clients per month — or, 2 conversations per week.

Now, the question is…

What are you doing TODAY to have 8 conversations this month?

We’ve created a simple spreadsheet for you to do this exercise and plug in your numbers:

Magic # Exercise Spreadsheet

Click File > Make a copy to save a copy of the spreadsheet for yourself so you can adjust the numbers.

This exercise makes it crystal clear as to what you need to be doing to reach your monthly revenue target.

It’s all about having more meaningful conversations with your ideal clients.

Now, how do you actually reach that number of conversations?

That’s what we’ll cover next.

Daily/Weekly/Monthly Plan

You need a plan — a daily list of activities — that will help you create X number of conversations with your ideal clients.

Remember your three key marketing activities: Outreach, Follow-Up, and Authority-Building.

You should be doing Outreach, Follow-Up, and Authority-Building EVERY DAY.

Early-stage consultants will spend more time reaching out to clients and following up with them.

Writing content to build authority is a longer-term strategy, whereas outreach and follow-up can create conversations very quickly.

You need to wake up each day and know exactly what to do every day in order to hit your numbers.

Doug Nelson , one of our Clarity Coaching clients, put his magic # everywhere around his home.

His day wasn’t finished until he had his required number of conversations with ideal clients.

As a result, he grew his consulting business to over $2M dollars.

Here’s a sample daily plan you can use to start your Marketing Engine:

• 8:00 AM: Start your Marketing Engine outreach in the morning
• 8:30 AM: Follow up with any potential clients from the previous day
• 9:00 AM: Make warm follow-up calls
• 10:00 AM to 2:00 PM: Client work
• 2:00 PM: Marketing Engine conversations/Authority Building
• 3:00 PM to 4:00 PM: Client calls and meetings
• 4:00: Daily review (focus on the most direct path and stage of your marketing maturity)

If you follow this plan, you’ll be reaching out to ideal clients, following up with ideal clients, and creating content for your ideal clients — every day.

This is what it takes to reach your magic # and hit your revenue goals.

With your marketing engine up and running, ideal clients will start scheduling calls with you.

They’ll want to learn more about your offers and how you can help get them results.

This brings us to the final step of starting your consulting business:

Having meaningful conversations with ideal clients — and winning consulting projects.

Step 6: Generate Meaningful Conversations (& Win Your First Consulting Project)

You’ve created your consulting offers .

You’ve started up your marketing engine.

What’s the sign that it’s all working?

Your ideal clients are receptive. They want to learn more about how you can help them.

Of course, you help them through your strategic offers.

But how do you bridge the gap?

How do you take someone who’s interested in your services to say “yes” to your offer and send you the check?

That’s where sales come in.

Just the word “sales” might make you feel icky.

But in consulting, “sales” take on an entirely different meaning.

The Truth About Consulting Sales

When people who are uncomfortable with selling think about sales, they think about the loud, aggressive car-salesman who doesn’t care about the customer.

They just want to “close.”

The good news is that effective selling in consulting takes the opposite approach.

As a consultant, sales is about having a meaningful conversation with a buyer to learn about their situation and needs.

If you help improve their situation and add value, then you can tell them about your offer.

You’re not trying to “close.”

Instead, you’re trying to help the client get clear on their desired situation, what’s holding them back — and then (and only then) if you can help, you make them an offer.

So, what do you ask a client to have a meaningful, valuable conversation that leads to the sale if the fit is right?

Meaningful Conversation Sales Framework

To figure out if there’s a fit between you and an ideal client, you have a conversation with your ideal client that’s about their business, their goals, and their challenges.

This conversation is meaningful but it prompts the client to get crystal clear about the problem they are facing, where they want to be, and what’s holding them back.

If your expertise can help solve those problems and get them to where they want to be, then you introduce your offer.

We’ve created the Consulting Sales Conversation Framework, which is designed to create three outcomes:

• The client accepts your offer on the call
• The client says they will review your proposal at an assigned future date
• The client says no to your offer.

Here’s a loose outline of the framework.

• Part 1: Establish rapport. Ask your client a few questions about where they are from and what they are up to this week.
• Part 2: Set the agenda. Give them an outline of the meeting, that you’ll explain your offer if there is a fit, and confirm that it sounds good to them.
• Part 3: Learn about their current business and important details. Ask them questions about their problems, why it’s important to fix, and the impact it’s having on their life.
• Part 4: Ask where they want to be. Ask them about their key goals in the next 6-12 months and what they want their future to look like.
• Part 5: Uncover the main challenges . Ask them where they need the most help.
• Part 6: Discovery “why now?” Ask them why it’s important for them to fix this now.
• Part 7: Make your offer. If you feel as though your offer can help get them to where they want to be, explain how it helps solve their problems — and present your investment options.

After you finish guiding a client through this framework, they’ll often have questions — or “objections.”

When clients ask you questions about your service, it’s a good sign.

Objections just mean they’re interested.

Objection handling is all about answering truthfully which minimizes the risk the client is feeling.

After you hear an objection, write it down. Then, after the call, write your best answer to it.

After many calls, you’ll know all the objections your ideal clients have, and you’ll be able to handle them with ease.

Now that you’re having these calls with your clients, it’s important to track each one with the consulting sales pipeline.

The Simple Consulting Sales Pipeline

There is a very clear progression to take a prospect and turn them into a paying client.

The consulting sales pipeline is a series of stages that outlines this progression.

By using a CRM and pipeline to track this progression, you’ll have a much easier time understanding your “lead flow” — the amount of consulting business you have in the works.

What gets measured gets managed. Manage your pipeline, and you’ll have an easier time closing consulting business.

You can break the consulting sales pipeline down into 5 columns:

• LEAD . You’ve identified the prospective client and have begun reaching out to them to set-up a conversation.
• CONVERSATION . You’ve had a sales conversation with the prospective client.
• PROPOSAL . You’ve sent a proposal to the prospective client.
• WIN . The prospective client has accepted your proposal and you won the business.
• LOSS . The prospective client has declined your proposal and you lost the business.
• NURTURE . Most people you reach out to won’t be ready to buy or make a decision right away. In fact, even people who say ‘No’ to a proposal now, may buy from you later as long as you stay top of mind through your nurture process.

By having your leads organized in these columns, you’ll understand what aspect of your marketing or sales you need to work on most.

Remember: consulting is a long-term sales cycle.

That nurture column is very important.

We’ve had clients who have followed us for years before they were ready to invest in our programs.

If you consistently nurture and follow-up with your leads, then you create top-of-mind awareness. So when the need for your service arises, they’ll think of you.

Selling is an integral part of starting a consulting business.

If you can’t sell your consulting projects, you can’t earn revenue.

If you don’t have revenue, you don’t have a business.

But by following this 6-step guide, you know how to identify, message, market, and sell your ideal clients.

And that’s how you start a consulting business: by winning your first few clients.

Once you can do that, the logistics of starting will be easier.

What Comes Next? Start A Consulting Business Checklist

Getting clients is where consultants — especially new ones — struggle the most.

If you start your business by mastering this crucial skill, you’ll be in much better shape.

That said, there are some other considerations for starting your consulting business.

We’ve put together a simple checklist to walk you through the logistics.

Remember: focusing on your office or accounting before you can win clients is a bad idea.

Your ability to win new business comes first.

Start A Consulting Business Checklist

There are a few things you’ll need to set up a professional consulting business.

5 factors you must consider:

• Incorporation

We’ve put together a checklist to help you start a consulting business and cover these 6 areas.

Equipment For A New Consulting Business

You don’t need much equipment to start a consulting business, but you’ll need a few logistical things.

• An office space (can be a home office)
• Telephone with voicemail
• Mailing address
• Computer/laptop with high-speed internet

Do You Need To Incorporate A Consulting Business?

In most cases, you don’t have to incorporate a brand new consulting business. But you should consider it.

• I’ve incorporated my consulting business (recommended only if you are making far more than you need to live on — or if you’re at risk of litigation)

Accounting For Your Consulting Business

Trying to do my own accounting was one of my biggest mistakes as a young consultant.

Make sure you hire an accountant and set up a separate business account for your consulting business.

The return on your investment in time saved and with regards to your taxes will be worth it.

• I’ve hired an accountant to do my invoicing and taxes
• I’ve set up a bank account for my business

Legal Considerations

As a newfound consulting business owner, connect with a lawyer who understands small businesses. Then, if you have any questions, you can call them for help.

• I know a lawyer who can help me with any legal questions I might have

Your Consulting Office

You don’t need a fancy office — but you do need a quiet space where you can do deep work.

My office space is distraction-free: where I can think, work, and make calls.

My temporary consulting office while in Japan. You can run a million-dollar consulting business from an office space like this

Now, you know everything you need on how to start a consulting business.

Follow these steps in order and get started!

Get Help To Start Your Consulting Business

Feeling a bit overwhelmed?

I get it. There’s a lot to this article.

If you’ve been excited about starting your own consulting business, you might even be feeling a little discouraged at this point.

That’s OK. There’s a lot of work ahead of you.

But now, you know how to start a consulting business the right way.

You now have a guide that gives you the process of building a profitable consulting business.

And if you’re still reading, taking notes, and not discouraged by the work ahead, then you’re serious about becoming a successful consultant.

If you’d like our help to guide you through this process so you can avoid spinning your wheels and hoping that you’re going about it the right way, get in touch.

Our Coaching Program For Consultants

We’ve helped over 500 consultants from all around the world in all different industries grow their consulting businesses and add six and seven figures to their annual revenues along the way.

Coaching has been the single best investment for our consulting business — and it’s the same for our clients.

So, are you ready to accelerate your success and realize your true potential as a consultant?

If you’re interested in learning more about our coaching program for consultants go here now: Clarity Coaching Program .

Why are you interested in starting a consulting business and becoming a consultant?

What are the biggest challenges you’re facing right now in getting your business off the ground?

Let us know and join the discussion in the comments below.

And if you enjoyed this guide, please take a minute right now to share it with others through social media!

How To Start A Consulting Business Study (2024)

Want to see the data on how to start a consulting business?

We sent out a survey to consultants asking how they started their consulting business — and over 500 people responded.

We analyzed the data and used it to help inform our 6 steps to start a consulting business.

If you want to learn how to start a consulting business based on data from real consultants, this study is for you.

QUICK LINKS

• Key Findings

Reasons To Start A Consulting Business

Transitioning from corporate to entrepreneurial consultant, consulting business operations, consulting fees, marketing, & proposals, consulting demographics, key findings from our “how to start a consulting business” survey.

Let’s start with our 12 key findings from the survey data.

1. For 60% of consultants, their first consulting client is a referral from their network .

2. Consultants find mentorship/coaching more helpful than any other form of learning.

3. 63% of consultants cite networking and referrals as their most powerful marketing channel , followed by social media (25%).

4. Marketing, sales , and fees are what consultants feel the least prepared for before starting their consulting business — and are the most challenging part of the business.

5. 63% of consultants win less than 60% of their consulting proposals . Consultants who discuss their proposals with the client on Zoom are twice as likely to win 60%+ of their proposals .

6. Over 50% of consultants reach their previous income level as employees within 2 years of starting their consulting business .

7. The most common average dollar value (in USD) for consulting projects is $5000-$15K and $15K-$50K . 33% of consultants’ average project value is in the $15K-$50K range. 6% of consultants’ average project value is over $100K. In North America, $15K-$50K+ projects are much more common.

8. The majority of consultants (63%) state this as their long-term goal: “ I want a profitable business to provide a great lifestyle for me (and my family) ”

9. The most popular pricing models for consultants are project rate (36%), followed by value pricing (26%) and hourly fees (23%). In our previous 2022 study, the breakdown was project rate (37%), value pricing (26%), and hourly (21%).

10. When compared to male consultants, female consultants were more than twice as likely to answer “ Fees : figuring out what to charge and why” as their biggest challenge in consulting .

11. Consultants who have invested in mentorship or coaching are more than twice as likely to use value pricing .

12. Over 50% of consultants quit their jobs and then started their consulting business compared to 25% who started their business while still at their job.

Now let’s take a closer look at the data.

We began the survey by asking respondents WHY they decided to start a consulting business.

The #1 Reason People Start A Consulting Business

People decide to start a consulting business for many different reasons:

• Realize my potential (26%)
• Be my own boss (22%)
• Flexible schedule (14%)
• Was laid off from my job (12%)
• Other (10%)
• Unlimited income potential (9%)
• Ability to work from anywhere (7%)

Starting a consulting business offers you the opportunity to create more freedom, wealth, and impact than traditional employment.

Were Consultants Unhappy With Their Former Careers?

42% of consultants were dissatisfied with their former job.

25% of them were very dissatisfied.

However, 33% liked their jobs.

Upon further analysis of the data for this survey question, here’s what we found:

• Of consultants who were dissatisfied with their jobs, the most popular answer for why they started their consulting business was “Be my own boss.”
• Of consultants who were not dissatisfied with their jobs, the most popular answer for why they started their consulting business was “Realize my potential.”

How Long Consultants Thought About Starting Their Consulting Business

45% of consultants had thought about starting their business for a few years.

26% had been thinking about starting their own business for more than 5 years.

And 29% had been thinking about starting their own business for less than a year.

In 2024, starting a consulting business has never been easier.

• Consultants who had been thinking about starting a consulting business for more than 5 years were more than twice as likely to start their business while still employed compared to those who had thought about starting a consulting business for less than a year.

What Consultants Felt MOST Prepared For Before Starting A Consulting Business

We asked consultants what they felt most prepared for before starting their business:

• Project Delivery : delivering on projects for my clients (49%)
• Operations : setting up and running the business (accounting, legal, etc) (12%)
• Sales : turning conversations with prospective clients into paid projects (10%)
• Prioritization : Knowing what to focus on and when (9%)
• Marketing : generating conversations with prospective clients (8%)
• Time Management & Organization : getting everything on my to-do list done (7%)
• Emotional : loneliness and frustration with starting a new business (3%)
• Fees : figuring out what to charge for my services and why (1%)

When starting a consulting business, the biggest challenge isn’t delivering projects.

It’s winning those projects.

What Consultants Felt LEAST Prepared For Before Starting A Consulting Business

Here’s what consultants felt least prepared for:

• Marketing : generating conversations with prospective clients (31%)
• Sales : turning conversations with prospective clients into paid projects (22%)
• Fees : figuring out what to charge for my services and why (16%)
• Prioritization : Knowing what to focus on and when (7%)
• Emotional : loneliness and frustration with starting a new business (6%)
• Project Delivery : delivering on projects for my clients (3%)
• Time Management & Organization : getting everything on my to-do list done (2%)

Marketing and sales are the hardest part of starting a consulting business.

That’s why they are a major focus in our Clarity Coaching Program (get in touch if you’d like help taking your marketing and sales to the next level so you can see greater growth in your consulting business).

How Families Feel Before You Start A Consulting Business

If you decide to start a consulting business, how will your partner/family feel?

For 46% of consultants, their partners were very confident and happy to support their decision.

42% said their partner was somewhat confident and happy to support their decision.

11% said their partners were somewhat unconfident and unhappy to support their decision.

And 1% said their partners were very unconfident and unhappy to support their decision.

Support from your partner or family is important to your level of success as a consultant.

• For consultants whose partners were very supportive of their decision to start a consulting business, 38% of them reached their previous level of income as an employee within 1 year (compared to 14% of those whose partners were unconfident and unhappy to support their decision).
• For consultants whose partners were somewhat unconfident and unhappy to support their decision, 61% of them are still working on reaching their previous level of income as an employee after 3 years (compared to 30% of consultants whose partners were very confident and happy to support their decision).

So, you’re in a corporate job and want to start a consulting business.

How do consultants actually make this transition?

Here’s what they had to say.

Did Consultants Start Consulting On The Side Or Quit Their Job?

51% of consultants quit their job and then started their consulting business.

24% started their business while they were still at their job.

Both of these are valid transition strategies.

Which one you choose depends on your risk tolerance, financial runway, and network

(25% of consultants selected “Other” on whether they started consulting on the side or quit their job and went all in)

Upon a deeper analysis of this question’s survey data, we found that…

• Consultants who quit their jobs and then start a consulting business reported a higher level of income than those who started their consulting business on the size.
• Consultants who quit their jobs and then start a consulting business reported a higher average revenue per engagement than those who started their consulting business on the side.

How Consultants Get Their First Consulting Client

Getting your first consulting client is a critical first step.

• 60% of consultants get their first client as a referral from their network.
• For 12% of consultants, their first client is their previous employer.
• 7% of consultants also get their first client from an outbound marketing method.
• 7% of consultants’ first client is a previous employer.
• 2% of consultants get their first client via an inbound marketing method .

(12% of consultants selected “Other” for how they got their first consulting client)

Consulting is a relationship business.

Getting your first client by tapping into your network is a powerful approach that has worked well for hundreds of consultants and it’s what we teach in our programs.

Do The Skills You Learn In Your Career Help As A Consultant?

84% of consultants say that the skills they learned in their former career helped “a lot” as a consulting business owner.

13% said these skills “helped a bit.”

And only 2% said the skills “didn’t help at all.”

Sharpening up your consulting skills is a high-ROI move. You’ll need more than what you learned in your corporate role.

The Biggest Challenge For New Consultants

Here are the biggest challenges for new consultants:

• Marketing : generating conversations with prospective clients (36%)
• Sales : turning conversations with prospective clients into paid projects (26%)
• Fees : figuring out what to charge for my services and why (13%)
• Operations : setting up and running the business (accounting, legal, etc) (9%)
• Prioritization : Knowing what to focus on and when (5%)
• Emotional : loneliness and frustration with starting a new business (4%)
• Time Management & Organization : getting everything on my to-do list done (3%)

Consultants accurately predicted what would be their biggest struggles once they’ve started their business: marketing, sales, and pricing.

Do Solo Consultants Ever Feel Lonely?

If you’re transitioning from corporate to consultant, you might find yourself dealing with newfound feelings of loneliness.

36% of consultants have felt lonely and still do at times.

21% of consultants felt lonely in the past, but no longer do.

And 43% of consultants never felt lonely as solopreneurs.

Upon a deeper analysis of this question’s survey data, we also found that…

• Consultants who feel lonely running a consulting business are more likely to have been dissatisfied with their former jobs.
• Consultants who don’t feel lonely running a consulting business reach their previous income level faster compared to those who do feel lonely. For consultants who don’t feel lonely, 40% of them reached their previous level of income within 1 year. For consultants who do feel lonely, 48% of them are still working to reach their previous level of income after 3 years of consulting.

How Long Does It Take Consulting Business Owners To Exceed Their Previous Income?

32% of consultants reached their previous income in less than 1 year.

21% reached their previous income within 2 years, and 10% within 3 years.

But 37% of consultants are still working on reaching their previous income level as an employee after 3 years.

The quickest shortcut to replacing (and exceeding) your previous income level is to invest in a program by consultants, for consultants .

Do Consulting Business Owners Invest In Courses, Coaching, Or Mentoring?

42% of consultants invested in courses, coaching, or mentoring and found it very helpful.

21% of consultants found these resources somewhat helpful.

37% of consultants have not invested in courses, coaching, or mentoring.

Upon a further look at the survey data for this question, we also found that…

• For consultants who have invested in mentorship and coaching, the most popular answer for what form of learning they found was most helpful was “mentorship.”
• For consultants who have not invested in mentorship or coaching, the most popular answer for what form of learning they found most helpful was “free online content.”
• Consultants who have invested in mentorship or coaching are more than twice as likely to use value-based pricing.

How do consultants run their business — and what are their goals?

Here are a few questions we asked about their current stage

Consultant Annual Income

How much money do consulting business owners make?

• 27% make less than $50,000
• 21% make $50K-$99K.
• 18% make $100K-$149K.
• 16% make $150K-$249K.
• 14% make $250K-$499K.
• 1% make $500K-$999K.
• 2% make $1M-$3M.

We have many high-six and seven-figure consultants in our consulting community.

Of consultants who are earning mid-six figures or more…

• 60% of them quit their jobs and then became a consultant instead of starting their business while still at their jobs.
• Over 50% invested in courses, coaching, or mentorship.
• Over 50% of them have at least an admin/assistant on their team (or more team members).
• The most helpful form of learning/resource was mentorship and coaching.
• 66% of them get on Zoom (or the equivalent) to review their proposals with the client.

Do Consultants Have Teams

As a consultant, there are a few different consulting business models to choose from.

63% of consultants do not have a team and do everything alone.

22% of consultants have a team of 2-9 employees or contractors.

10% of consultants have an assistant/admin to help them stay organized.

4% of consultant business owners have 10 or more employees or contractors.

Resources Most Helpful For Consultants

What form of learning do consultants find most helpful?

• 29% said that mentorship and coaching is most helpful .
• 25% said free online content .
• 18% said books .
• 12% said courses .
• 12% said communities .
• And 6% said “other.”

There is an endless amount of information on the web about consulting.

But it can be challenging to find actionable information.

That’s where we focus on our content and programs: helping you implement the information and get the results you desire.

Primary Consulting Goals

What are the primary goals of consulting business owners?

52% want growth : to build a team, get systems in place, and grow the business.

29% want productization : to earn more while working less.

11% want maintenance: they’re happy with where they’re at.

7% have an “other” goal.

And 1% want to sell their consulting business .

Long-Term Goals For Consultants

So, what do consulting business owners want in the long term?

63% want a profitable business to provide a great lifestyle for them and their families.

18% want to keep growing and making more money, but they haven’t thought about selling their firm.

12% plan to sell their business one day.

And 7% haven’t given their long-term plan much thought.

Consulting fees, marketing, and proposals are always hot topics.

Here are some specific questions we asked about these topics.

How Consultants Set Their Consulting Fees

There are a few different ways you can set your consulting fees .

Here’s how consultants do it:

• 36% use a project rate.
• 26% use a value-based rate .
• 23% use an hourly rate.
• 14% use monthly retainers .
• 2% use a performance-based model.

Over 50% of consultants use a pricing method we DON’T recommend: project rate and hourly.

One of the highest ROI moves you can make is to switch to value-based fees .

• Consultants who use a value-based fee report a higher consulting proposal win percentage over those who use an hourly rate.
• Consultants who use a value-based fee are much more likely to review their proposal with their client on Zoom instead of emailing their proposal to the client.
• Strategy consultants are the type of consultants most likely to use value-based fees.
• Management consultants are the type of consultants most likely to use an hourly rate.
• A higher percentage of men (68%) use value-based fees compared to women (32%).

What Marketing Channel Works Best For Consultants

How do consulting businesses get their clients?

• For 63%, networking/referrals is their best marketing channel.
• 25% said social media is their best marketing channel.
• 9% said speaking/presentations are their best marketing channel.
• 3% said cold email/cold calling.
• 1% said Blog/SEO.
• 0% said either paid advertising, videos/youtube, or podcasting.

A good marketing strategy for consultants will have you doing a bit of each.

But, it’s important to put your energy into the channels that are working best for your particular business.

What % Of Proposals Do Consultants Win

24% of consultants win less than 20% of their proposals.

22% of consultants win 40-59% of their proposals.

21% of consultants win more than 80% of their proposals.

17% win 20-39% of their proposals.

And 16% win 60-79% of their proposals.

Consulting proposals are a critical part of winning consulting projects.

Here’s our consulting proposal template to help you win more proposals.

At the very least, you should be winning 60%+ of your proposals.

• Of consultants who win 80% of their proposals, 43% of them reached their previous income level within a year.
• Of consultants who win less than 20% of their proposals, 54% of them are still trying to reach their previous income level after 3 years.
• There is virtually no difference in the pricing model used by consultants who win 80%+ of their proposals versus those who win 20% or less (which suggests it’s about sales skills, not the pricing method).
• For consultants who win 80% of their proposals, 53% of them review their proposal live with the client on Zoom (as opposed to 29% of consultants who win less than 20% of their proposals).

How Consultants Deliver Their Proposals

49% of consultants review their proposals with the client on Zoom (or equivalent).

34% of consultants email their proposal to the client.

And 17% of consultants meet the buyer in person to review the proposal.

We recommend that you get on a call with buyers to review the proposal together. This will drastically increase your win rate.

Upon further analysis of this data, we also found that consultants who get on Zoom to deliver proposals are…

• 104% as likely to win 60%+ of their proposals.
• 133% more likely to use value-based fees.
• Have a higher average dollar value of typical client projects.

Average Consulting Project Value ($USD)

How much do consulting business owners make per project?

• 33% make $15K-$50K per project.
• 29% make $5000-$15K per project.
• 18% make less than $5K per project.
• 14% make $50K-$100K per project.
• 5% make $100K-$500K per project.
• And 1% make $500K per project.

Upon further analysis of the survey data for this question, we also found that…

• Consultants with an average project value of $50K-$100K have a much higher annual income than those charging $15K or less.
• For consultants who are charging $50K-$100K+ per project, the most popular answer for what form of learning they found most helpful was mentorship (43%).

We also asked consultants some basic demographic questions.

Here are their answers:

Types Of Consultants

There are many different types of consultants . Here is a breakdown of the type of consulting that people who took part in this study identify as…

• Management consultant (24%)
• Strategy consultant (21%)
• Other (16%)
• Operations consultant (10%)
• IT/Tech consultant (5%)
• Marketing consultant (4%)
• HR consultant (4%)
• Non-profit consultant (4%)
• Sales consultant (4%)
• Financial advisory consultant (4%)
• Science/Pharma Consultant (2%)
• Data consultant (2%)
• Design/branding consultant (0%)
• E-commerce Consultant (0%)

On our client results page , we have stories about helping ALL types of consultants start, grow, and scale their businesses.

How Many Years Have You Been In The Consulting Business?

We saw everyone from consulting business “newbies” to consulting business veterans.

• 26% of consultants have been in the business for 1-3 years.
• 21% have been consultants for 15+ years.
• 19% have been consultants for 4-6 years.
• 15% have been consultants for less than 1 year.
• 11% have been consultants for 7-10 years.
• And 8% have been in the business for 11-14 years.

Age of Consultants

There are consulting business owners within every generation.

• 37% of consulting business owners are 50-59.
• 29% of consulting business owners are 60+.
• 25% of consulting business owners are 40-49.
• 8% of consulting business owners are 30-39.
• And 1% of consulting business owners are 20-29.

You can be a successful consultant at any age.

Consulting Gender Demographics

63% of consultants we surveyed are male.

37% are female.

Here are some additional insights on the gender differences in consulting:

• Female consultants were twice as likely to say that they were very dissatisfied with their former jobs when compared to male consultants.
• When compared to male consultants, female consultants were more than twice as likely to answer “Fees: figuring out what to charge and why” as their biggest challenge in consulting.
• Female consultants were nearly twice as likely to list “Productization” as their primary goal as a consultant compared to male consultants.

Where Consultants Live

You can start a successful consulting business from anywhere in the world. Here are where the 500+ respondents of this study live…

• 64% of consulting business owners are in North America.
• 11% are in Western Europe, and 2% are in Eastern Europe.
• 7% are in Africa, and 7% are also in Asia.
• 5% are in Australia/New Zealand.
• 4% are in South America.

As a consultant, your demographics don’t matter.

As long as you can solve problems and create results for your clients, you can be successful in this business.

31 thoughts on “ How To Start A Consulting Business In 2024 (6 Steps & Study) ”

Great article Mr Michael, truly to establish a successful consulting business requires strategy, tactics and a proven mindset. I have been fortunate to be part of your mailing list, following your blog post and listening to your podcast for quite some time and it has truly helped me. Thank you so much for what you do. I will like to ask, how do one create a discovery offer? Is creating a discovery offer possible for all consulting practices?

Otobele, you’re very welcome and glad you’ve been finding value. Yes, every business can develop a discovery offer. We go deep into this in the Clarity program: https://www.consultingsuccess.com/coaching-for-consultants

Thank you Michael, as one new to the consulting business, I look forward to registering with your program once am able to raise the fee. I appreciate you

Really enjoying all of your articles and podcast. So helpful in getting my consulting business off the ground. Thank you Michael.

Appreciate the comment Janice and glad to hear you’ve found the resources here helpful. Wish you great success!

This is super helpful. Did you really have a consulting practice for 18 years?

Hi Andrea, glad you found it helpful. I’ve been consulting and building consulting businesses for going on 19 years and have been working with consultants to help them grow their businesses for the last 10 years. Wish you great success with yours.

This is very nice information. Thanks for sharing this informative information.

You are very welcome glad it’s helpful.

Hello Mr.Michael, I am a 25yr old student pursuing my masters, i have experience of a year in the field of finance and accountancy and i am very much driven to start a consulting business, as i am excited towards helping a business grow and be profitable,so i just wanted to ask you that am I in a position to start a consulting business with this much experience or do i have to wait some more years to go ahead with consulting? Awaiting your reply. Thanks.

Huzefa, don’t wait for anything. Go after what you desire. I started my first consulting business my first year in university. I had a lot to learn and still do. Focus on your strengths and where you can provide value. That’s your starting point. From there work on developing your skills and expertise. Keep at it.

Your article shows the best practical way to start a consulting business. Novice will gain more knowledge from this.

Thanks for your comment Anthony.

I’ve been in the restaurant business since I was five. I’ve continued to expand in a food service Industry in different areas. I’d like to further my career by becoming a consultant. Not only to help others but to learn more.My question is what is my first step to get started?

Hi Andrew! That’s great you’ve been in the industry since age 5! Here’s where to start: Identify your ideal client and who you want to serve that you can bring value to. Then go and have conversations with them to validate what they want and how you can help. If you’d like a proven guide to follow step by step to launch your consulting business use this: https://www.consultingsuccess.com/momentum

Loved the information as I am in the process of forming a consultancy. Please feel free to send further guidance in particular regarding financials as I require assistance in that area.

Glad you loved it. Appreciate the comment Leighton

To start any business, it is very essential to make proper planning, set the budget, check out various issues that can happen later, risks involved while opening a business, etc.

Glad this helps Kartik

My former supervisor sent me this when I shared my intention of starting an HR consultancy outfit with him. He mentioned he wished he had come across this before he started off his and now I know why! Thank you so much this is very useful since I am just starting!

Glad to see this is helpful Femi – wish you great success!

Very Nice content

Glad it resonates Aman!

Very much helpful Michael. I hope to start consulting in refugee camps in Uganda. I’ve always helped some local CBOs and refugees on finance and business respectively. Though not much paying, but its worth helping.

I’m glad it’s helpful Alison. Wishing you great success!

I appreciate the story of you and your cousin … particularly the “dark period” and having relinquished the “dream job”, to come out on the other side.

I just taught a workshop with a segment about being world class. Your story resonates with those principles.

Appreciate the thoughtful comment Kent and nice to hear the story resonates. Great to have you in the community here.

Really nice article! Thanks for that. I’m a web developer working for companies for 10 years (began to code 20 years ago) and I’ve worked quite a lot with CMS. I was thinking being a remote and international consultant, helping non-profit with their content (strategy and technical). Of course I’m afraid, I feel I don’t have enough expertise; so many things I don’t know… I’m definitely considering momentum though, it looks great!

Glad to hear that Matthieu and welcome to the community!

Is it possible to start as a side business to eventually wean out the current employee status? If so, how?

Hi Stuart, it is very possible and we’ve helped many people do exactly this. Take a look at our Momentum course for a self-study option or our Clarity Coaching program if you want to be coached through the process. Happy to help.

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Start a Consulting Business in 6 Steps [+Ideas for Your Venture]

Learn about the types of consulting and how to start a lucrative, successful consulting business.

8 FREE CONSULTING TEMPLATES

Access 8 templates for consultants in The Complete Consultant's Success Kit.

Updated: 02/08/24

Published: 02/08/24

Did you know the strategy consulting market is expected to grow by $70.08 billion between 2022 and 2027? This is great news for those wanting to start their own consulting business this year.

A career in consulting may be a good fit for you if you’re passionate about helping others in your industry succeed and you are considered an expert in your career field. In fact, consultant jobs are predicted to increase by 11% from 2021 to 2031, making consultants more in demand than ever.

We’ve compiled this guide to dig deeper into the world of consulting and how to start marketing your own consulting business. Learn about the types of consulting and how to start a lucrative, successful consulting business.

Table of Contents

What is consulting?

How to start a consulting business in six steps, the 16 different types of consulting, how to grow your consulting business.

Consultants are experts in their field. They possess knowledge so valuable that someone else — an individual, department, or entire organization — is willing to pay for it. Consulting can include many activities beyond simply giving advice , including problem diagnosis, data collection, feedback, strategy-building, and implementation.

“The defining characteristic of a consultant is their talent. It’s an intrinsic capacity to look beyond the apparent, make connections that others might miss, and motivate people to take initiative and be confident,” says Hrair Tcholakian , founder of eksperts.net.

Sometimes, business leaders need a new set of eyes when approaching an issue. As a consultant, you can provide that unbiased perspective. Consultants and consulting firms are highly sought after for their fresh perspectives on a pressing business problem or challenge. Simply put, consultants work to make their clients more successful.

Consultant vs. Contractor

You may have heard the words consultant, contractor, and even freelancer used interchangeably. While all of these parties work with businesses and aren’t full-time employees, that’s where their similarities end.

• Contractors (including freelancers ) are self-employed workers that companies contract to provide services.
• Consultants, however, primarily offer assessments and their expert advice. They can be self-employed or employed by an outside consulting firm.

However, if, as a consultant, you were asked to provide a service or deliverable, you could be hired into a contractor-type role.

Now, let’s explore how to begin your own consulting business.

• Assess your skills and strengths to choose your niche.
• Analyze your market needs and pain points.
• Develop your brand, website, and service offerings.
• Open your business.
• Market your business to attract new clients.
• Stay organized and scale.

Are you specialized in a certain field or niche industry and believe you could offer quality advice to others? You may consider opening your own consulting business. Here are six steps to follow to start a consulting business that helps both you and your clients succeed.

1. Assess your skills and strengths to choose your niche.

A good first step to starting your consulting business is to brainstorm and define which valuable skills and strengths you have that make you a great consultant. Ask yourself these questions:

• What makes you an expert?
• What do you love to do and talk about?
• If you had to stand in front of a classroom and teach any subject, what would that be?
• What do your friends, family, and coworkers ask for your advice on?

I consider myself to be an expert in content marketing, so during this step, I would explore which skills I’m often asked about, such as SEO, website and user optimization, and more. Consider what skills were key in getting you hired in the past, as these could be your most lucrative offerings.

2. Analyze your market needs and pain points.

Once you establish your consulting niche, you should better understand what industry and market you’ll be targeting.

Narrowing your market as a consultant allows you to understand your potential clients’ needs, challenges, and pain points. This can help clarify how you can use your skills to provide solutions.

For example, content marketing is a wide field, but my niche experience is in tech content marketing, like SaaS companies and cybersecurity firms. I can position myself in a niche industry because this is where I will do the most good.

Just as you specialize in a certain skill set as a consultant, you should also specify what services you provide for your clients. This information can also help you better market to clients, which we’ll talk about below.

3. Develop your brand, website, and service offerings.

Next, create the external-facing components of your business, including your website, branding , and services. These resources can help clients distinguish you from competitors.

Whether you identify your business with your name or with another name, you should give it an official name and website to boot. Ask yourself what you bring to the table that makes you so valuable, and highlight this offering.

Another important part of this step is outlining how much your consulting costs. Be clear about what services are included in your price.

4. Open your business.

This step is more complicated than flipping a proverbial sign from Closed to Open.

First, consider the legal structure of your business. Legitimizing your business gives you credibility and direction when it comes to taxes, staffing, and other legal details.

Next, consider what tools you need to conduct business and connect with clients. These might include tools to help find new clients and jobs — like a LinkedIn membership — and video conferencing software like Zoom or Skype.

In my experience, the more hype you can generate around your new business, the better. Ask your friends, LinkedIn contacts, previous clients, and others to share your new business. Consider offering a discount on future services if they do.

At this stage, you should also open a business bank account, invest in an accountant (and eventually an assistant), and order business cards with your branding and information.

8 Free Consulting Templates

• Management Consulting Plan Template
• Business Plan Template
• Sales Plan Template

You're all set!

Click this link to access this resource at any time.

Download The Complete Consultant’s Success Kit to access eight free templates for planning, researching, and client onboarding.

5. Market your business to attract new clients.

Now that you’ve opened your business, it’s time to grow . Marketing yourself correctly is key to reaching new clients.

Consulting marketing can adopt a variety of marketing methods:

• Podcasting .
• Speaking and teaching.
• Social media marketing.
• Print or digital advertising.
• Cold calling and emailing.

Regardless of how you promote your consulting business, invest in consulting marketing methods that will get you in direct contact with your potential clients.

Methods like blogging, podcasting, and social media marketing don’t necessarily draw a direct line to new revenue, but they are powerful for growing awareness and establishing expertise. Content marketing is often a marathon, not a sprint, so be sure to create a consistent publishing schedule.

Once you get in front of potential clients, have an established elevator pitch and client proposal template ready to go. Half the consulting “battle” is providing advice. The other half is selling your advice in the first place.

As you grow your client base, use a CRM like HubSpot’s all-in-one CRM platform (which comes in a free version for small-to-medium businesses or a paid version for enterprises). It can help you keep track of client information as well as the context of your relationship with each client.

6. Stay organized and scale.

As you grow and master your consulting business, stay organized and consistent. High-quality results are the best way to incite referrals from previous clients — and referrals can be your best source of new sales .

In fact, as you build successful relationships with clients, don’t be afraid to ask for referrals for new leads.

Once a month or so, sit down and analyze your consulting business. Look at your client list, software tools, and other business practices. Analyze what’s working and what’s not.

Understand where you can cut extra effort and resources to ultimately save money. Lastly, subscribe to industry trends to keep your business relevant to the challenges and trends your clients face.

6 Free Blog Post Templates

Save time creating blog posts with these free templates.

• "How-to" Post
• "What is" Post
• Listicle Post

Download our free guide to starting a successful blog and receive an 8-part planner to get your blog up and running.

Another source of great blog content is your client base. Pay attention to what issues or questions your clients face and gather feedback about what information would be helpful to write and share.

In the same vein, blog content can also serve as sales enablement content — sharing a popular blog post or two with potential clients can help them understand why they should hire you.

4. Share thought leadership content.

Like starting a blog, publishing thought leadership content can help you establish your authority. Consider platforms like Medium that already have an audience. Publish your most authoritative, data-driven content on there to boost your brand awareness.

You can also use tools like HARO to connect with journalists and bloggers looking for expert quotes, anecdotes, and stories for their content. Respond to queries to get your voice featured as a thought leader in your consulting niche.

5. Network and make new connections.

Between social media, dedicated Slack channels, and online masterminds, you are the only thing standing in your way of making new connections and friends online.

Networking in person is pretty straightforward. But networking online can be tricky. Thankfully, with today’s technology, there are countless ways to network and make new connections.

One of my favorite spots to network is on Twitter. It’s the easiest platform to engage with folks and start interesting conversations. I’m also reminded of old connections that I can revive with a short Tweet or email.

Angelique Rewers , founder of Premier Global Community, argues that clients need a compelling ROI story.

“Employee experience is reportedly on the budget chopping block this year, as are a lot of other things. That means every dollar companies invest needs to go a long way. Decision makers need and want to see big, visible dents being put in their problems quickly, and they want to see those results last for longer than sizzle on a steak,” Rewers says.

When you network, you need to share what exactly organizations will get from their investment in you.

Test a few platforms and programs and see which one helps you get connected, attract clients, and build a community.

Start Consulting Today

Consulting may be a fascinating, lucrative career, but it’s also a mindset. Successful consulting businesses begin with an individual or team of experts passionate about helping others.

Regardless of your firm’s size, keep your passion and expertise centered, and you’ll always find success. Top consultants are great at planning, presenting, and marketing their services. Start your consulting business plan by downloading our free consulting templates below.

Don't forget to share this post!

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How to Start a Consulting Business: The Definitive Guide for 2024

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You’ve become an expert in your field after years of dedication, countless hours of work, and relentless pursuit of excellence.

So, what’s next?

Imagine leveraging your expertise and time into a rewarding venture – starting a consulting business .

What is consulting?

Consulting is the art and science of offering specialized advice, sharing opinions, and crafting strategies to help clients excel. Consultants aren't just advice-givers; they wear numerous hats. They diagnose problems, gather data, offer constructive feedback, build strategies, and participate in implementation.

According to Statista, the information technology consulting industry in the U.S. grew by over 30% between 2011 and 2019, amounting to more than $600 billion in 2022. Similarly, the management consulting sector is projected to hit $343.4 billion by 2025 from an estimated $330 billion in 2023.

And these are just two pieces of the enormous consulting pie.

Leveraging my extensive experience of over a decade as an attorney, alongside a 15-year journey mentoring numerous entrepreneurs, I’ve had the privilege of collaborating with hundreds of consultants and consulting firms. I’ve also hired many consultants for my businesses.

Moreover, crowdspring has served as a vital springboard for tens of thousands of ambitious consultants and aspiring small business owners for the past fifteen years. Our team has amassed a rich repository of insights, practical tips, and industry best practices essential for kick-starting and successfully sustaining a consulting venture.

This definitive guide shares this collective wisdom, hard-earned experiences, and insightful learnings with you.

Consultant vs. contractor vs. freelancer

As you stand on the cusp of launching your consulting business, it’s essential to understand where you fit in the professional landscape. The terms ‘consultant,’ ‘contractor,’ and ‘freelancer’ are often used loosely and interchangeably, but critical differences exist.

While consultants, contractors, and freelancers offer their services to businesses, their roles diverge beyond this similarity.

Contractors, including freelancers, are self-employed professionals contracted by companies to provide specific services. On the other hand, consultants are specialists who offer expert advice and assessments. They can either be independent or part of a consulting firm.

However, the lines can blur.

You could be asked to deliver a specific service as a consultant, making your role somewhat akin to a contractor. For instance, imagine you’re hired to evaluate a customer service team’s performance. Post-assessment, you suggest a new strategy and training plan. If you’re asked to develop and present this strategy, your role will expand to include elements of a contractor’s job.

Consulting is a vast field with opportunities across virtually all sectors. So, let’s delve into the diverse consulting specializations you can consider.

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How to Start a Consulting Business

• Choose your niche and define your services
• Write a business plan
• Choose your legal business structure
• Set up business accounting and bookkeeping
• Assess your finances and secure startup capital
• Develop your brand identity
• Create an effective fee structure
• Launch your website and market your business
• Grow your consulting business

Additional resources for consultants

• Frequently Asked Questions (FAQs)

1. Choose your niche and define your services

When someone utters the word “consulting,” what springs to mind?

Is it a seasoned expert offering priceless advice or a niche firm with razor-sharp strategies to tackle business challenges?

Consulting is a thriving industry revolving around knowledge – the commodity businesses are willing to pay for.

Business leaders often navigate complex problems; sometimes, the much-needed solution is a fresh perspective. That’s precisely what consultants bring to the table. Their unbiased viewpoint helps reduce the noise and find the best approach to tackle business problems.

In a nutshell, consultants are problem solvers. They work tirelessly to make their clients more successful, a commitment that makes the consulting business rewarding and lucrative.

Here are some of the reasons that businesses hire consultants:

• Businesses hire consultants because of their expertise. Suppose a company is raising funding or adopting a new software system. In that case, it pays for them to hire a specialist who has raised millions or has already implemented the same software system.
• Businesses hire consultants to supplement their staff. Companies often engage consultants for their specialized skills and flexibility. This approach eliminates the costs and commitments of full-time hires, particularly for temporary projects.
• Businesses hire consultants to identify problems. It’s not uncommon for employees to struggle to resolve an issue inside an organization. Having seen a similar situation across many organizations, an experienced consultant might have the necessary expertise to help.
• Businesses hire consultants to promote change. Often, companies get stuck trying to change their internal organization. Outside consultants are often used to facilitate the transition.
• Businesses hire consultants to teach. Training programs, retraining programs, technical software implementation, and other areas require specialized skills only experienced consultants offer. And remember, age is simply a number. Even if you’re over 60 or have been living the good life for a while, there’s never a wrong time to kick off your consulting gig. You’ve got a lifetime of lessons under your belt, and believe it or not, people are always hunting for that kind of seasoned insight.
• Businesses hire consultants to make tough decisions. If a company needs to downsize, it will often bring in consultants to make the tough decisions to deflect blame for letting people go.
• Businesses hire consultants to influence important decision-makers at other companies. For example, if you’re trying to reach a deal with another company and find a consultant who knows that company well, the consultant may be the X factor in putting the deal together.
• Businesses hire consultants for ideation. Sometimes, a company hits a rough patch and has a hard time finding new ideas. Consultants can help bring new energy to the business and help ideate products and services.
• Businesses hire consultants to create new companies and products. Some specialized consultants help others create (or buy) new companies’ products and services.

When choosing your niche, you can start by assessing your skills and strengths and brainstorming the general consulting services you’d like to offer.

How to assess your skills and strengths for consulting:

• Start by identifying your transferable skills. What skills have you gained from your education, work experience, and personal life that can be applied to consulting? For example, if you have experience in sales, you may have transferable skills such as communication, persuasion, and negotiation.
• Reflect on your past experiences. Think about the projects and tasks that you have successfully completed in the past. What skills and strengths did you need to be successful? For example, if you successfully managed a complex project, you may have demonstrated organization, time management, and problem-solving skills.
• Survey your network. Ask your friends, family, and colleagues for feedback on your skills and strengths. What do they see as your assets? What areas do they think you could improve?
• Take a skills assessment test. There are several online and offline skills assessment tests available. These tests can help you identify your strengths and weaknesses in various areas, such as communication, problem-solving, and critical thinking.
• Complete a personal SWOT analysis. A SWOT analysis is a framework for identifying your strengths, weaknesses, opportunities, and threats. This can be a helpful exercise for assessing your skills and strengths as a potential consultant.
• Create a portfolio of your work. This could include samples of your writing, presentations, case studies, or other work products. A portfolio is a great way to showcase your skills and strengths to potential clients.
• Volunteer your services to a nonprofit organization. This is a great way to gain experience and test your skills in a real-world setting.
• Shadow a consultant. This is a great way to learn about a consultant’s day-to-day work and see if it is a good fit for you.
• Take a consulting course or certification program. This can help you to learn the essential skills and knowledge needed to be a successful consultant.
• Network with other consultants. Attend industry events and connect with other consultants on LinkedIn. This is a great way to learn from others and to get your foot in the door.

By following these suggestions, you can better understand your skills and strengths and start to develop a plan for becoming a successful consultant.

Just as you’d consider different business ideas when starting a business, you must nail down the specifics of your consulting business before you work with any clients.

This is vital for three reasons:

• You must articulate your consulting service to potential clients to convince them that your services are valuable.
• You’ll need to charge fees that let you run a sustainable business.
• Specificity helps to set realistic expectations for your clients and potential clients.

This last point benefits both you and your clients. Your clients can make comfortable, informed decisions. And you can avoid clients taking advantage of you.

While you can’t prevent “scope creep” entirely, being clear about what a client is paying for upfront (and getting it in writing) will help set realistic, workable boundaries both parties can agree to. And, importantly, this will also clearly define the value proposition for your consulting business.

If you’re struggling to identify what your niche or specialty might be, consider these techniques for narrowing it down:

• Identify any underserved specialties in your field.
• Consider what specialties will continue to be underserved by a suitable consultant over the long term.
• Determine which areas in your field clients and potential clients struggle with the most.
• Ask yourself if your unique background and niche expertise provide you with rare knowledge not easily found in the job market.
• You’ve probably informally helped friends solve their business problems and pain points. What areas have you focused on when working with your friends?
• Is your consulting business limited to helping clients in the United States, or will you provide services to clients worldwide?

Here’s a detailed look at the most popular consulting niches. For each niche, we’ll outline the essential skills required, provide insights into the typical clientele, and discuss the frequent challenges small businesses face.

Types of consulting:

• Management consulting
• Strategy consulting
• I.T. consulting
• Operations consulting
• Business consulting
• Financial strategy consulting
• Sales consulting
• Human resources consulting
• Marketing consulting
• Career consulting
• Financial consulting
• Environmental consulting
• Real estate consulting
• Risk management consulting
• Education consulting
• Legal consulting
• Digital transformation consulting
• Sustainability consulting
• E-commerce consulting
• Healthcare consulting
• Diversity, Equity, and Inclusion consulting (DEI)
• Public relations consulting
• Brand consulting
• Nonprofit consulting
• Food service consulting
• Retail consulting
• Franchise consulting
• Agriculture consulting
• Hospitality consulting
• Logistics consulting
• Payroll management consulting

1. Management consulting

Management consultants play a critical role in helping businesses improve their overall performance. They meticulously assess existing organizational issues, devise strategic improvement plans, and aid in the execution of those strategies. Their solutions typically span various business functions, including operations, H.R., finance, and IT. They also collaborate with international contractors to ensure a global perspective is incorporated into their recommendations and to navigate the complexities of international contracting.

Skills needed: Problem-solving, business strategy, change management.

Typical clients: Large corporations like McKinsey and Bain & Company, where they may work with C-suite executives to streamline business processes.

Common SMB Problems: A local restaurant chain struggling to manage operations across multiple locations; an online retailer failing to optimize its supply chain efficiency.

2. Strategy consulting

Strategy consultants are the architects of high-level, strategic business decisions. They help companies devise growth strategies, enter new markets, and make informed business choices. They analyze a company’s strengths and weaknesses , assess market conditions, and help formulate a winning strategy.

Skills needed: Strategic thinking, industry-specific expertise, decision-making.

Typical clients: Large-scale organizations such as Coca-Cola and IBM, where strategic decisions have far-reaching consequences.

Common SMB problems: A brick-and-mortar bookstore considering expansion into the e-commerce space; an artisanal coffee shop struggling to differentiate itself in a competitive market.

3. I.T. consulting

I.T. consultants are technical wizards that help businesses implement and manage new technologies. They tackle system integration, software development, enterprise architecture, cybersecurity, etc. Their work is essential in today’s digital age, where technology plays a pivotal role in business success.

Skills needed: Technical knowledge, problem-solving, and project management.

Typical clients: Tech companies, manufacturing firms, and educational institutions.

Common SMB problems: A local bookstore trying to set up an online sales platform; a small travel agency experiencing difficulties with their booking system.

4. Operations consulting

Operations consultants are the mechanics of business processes. They help organizations streamline operations by enhancing supply chain management, procurement, manufacturing, and service delivery. They identify bottlenecks, propose improvements, and may even assist in implementing these changes.

Skills needed: Project management, process improvement, analytical thinking.

Typical clients: Large logistical companies like Amazon and FedEx, where efficient operations directly influence the bottom line.

Common SMB problems: A local craft brewery struggling with inventory management an online fashion boutique experiencing difficulties with order fulfillment.

5. Business consulting

Business consultants wear many hats, depending on their clients’ needs. They could advise on financial matters one day and resolve operational bottlenecks the next. Their ultimate goal is to help businesses run more efficiently and profitably.

Skills needed: Business understanding, problem-solving, and communication skills.

Typical clients: Small to medium-sized businesses, entrepreneurs, and startups.

Common SMB problems: An independent fashion retailer struggling with business growth; an online fitness trainer unsure how to scale their business.

6. Financial strategy consulting

Financial strategy consultants guide businesses in making sound financial decisions, focusing on corporate finance, risk management, financial restructuring, and real estate. Their expert financial advice helps companies maximize returns, manage financial risks, and comply with legal requirements.

Skills needed: Financial acumen, risk management, understanding of laws and regulations.

Typical clients: Multinational corporations, financial institutions, and property developers .

Common SMB problems: A growing neighborhood bakery unsure of how to manage its financial growth; an online health supplement retailer struggling with pricing strategy.

7. Sales consulting

Sales consultants are sales performance enhancers. They develop effective sales strategies , refine sales processes, and boost team morale, aiming to optimize sales team performance and, ultimately, increase revenue.

Skills needed: Sales expertise, communication skills, motivational abilities.

Typical clients: Companies with sales teams, ranging from technology firms to consumer goods manufacturers.

Common SMB problems: A small electronics store with stagnating sales figures; an online handcrafted jewelry shop failing to meet sales targets.

8. Human resources consulting

Human resources consultants are experts in managing a company’s most valuable asset—its employees. They guide H.R. processes, such as talent management, conflict resolution, training and development, benefits administration, and compliance with employment laws.

Skills needed: Understanding H.R. practices, interpersonal skills, and knowledge of employment laws.

Typical clients: Corporations of all sizes, startups, and nonprofit organizations.

Common SMB problems: A family-owned grocery store grappling with high employee turnover; a small digital marketing agency striving to develop a comprehensive employee benefits program.

9. Marketing consulting

Marketing consultants work magic with a company’s marketing strategy , enhancing brand visibility , customer engagement, and sales conversions . They specialize in diverse areas, including digital marketing, content creation, SEO , social media marketing, and more.

Skills needed:   Marketing expertise, creativity, analytical skills.

Typical clients: Any company needing marketing help, including tech startups, retail businesses, and service providers.

Common SMB problems:   A small café struggling to attract customers; an online clothing boutique experiencing low web traffic.

10. Career consulting

Career consultants serve as career architects, helping individuals set career goals and build successful careers. They assist with skill development, resume writing and enhancement , job applications, interview preparation, and market understanding.

Skills needed: Job market knowledge , interpersonal skills, H.R. expertise.

Typical clients: Job seekers, career changers, and businesses looking to support their employees’ career growth.

Common SMB problems: A small architectural firm looking to improve employee skillsets; an online tutoring company wanting to assist tutors with professional development.

11. Financial consulting

Financial consultants help individuals, families, and businesses manage their finances. They offer guidance on investments, budgeting, tax planning, insurance, and more. They help their clients make financially savvy decisions to achieve their monetary goals.

Skills needed: Financial knowledge, analytical skills, trustworthiness.

Typical clients: Individuals, families, entrepreneurs, and businesses of all sizes.

Common SMB problems: A family-owned bed and breakfast struggling with budgeting; an online art store owner uncertain about investment strategies.

12. Environmental consulting

Environmental consultants help businesses assess and minimize their environmental impact. They offer advice on sustainable practices, regulatory compliance, waste management, etc. Their work often intersects with the construction, energy, and real estate sectors.

Skills needed: Knowledge of environmental regulations, scientific expertise, and analytical skills.

Typical clients: Construction companies, energy producers, and manufacturing firms.

Common SMB problems: A local brewery looking to reduce water waste a small online furniture retailer aiming to source more sustainable materials.

13. Real estate consulting

Real estate consultants provide expert property buying, selling, and management advice. They analyze market trends, assess property values, and help clients make informed real estate investment decisions.

Skills needed: Deep understanding of the real estate market, analytical skills, and negotiation skills.

Typical clients: Individual investors, real estate developers, and commercial property firms.

Common SMB problems: A local coffee shop considering expansion and needing advice on location selection; an online business ready to establish a physical headquarters and requiring guidance on property acquisition.

14. Risk management consulting

Risk management consultants are the fortification experts of an organization. They identify potential threats to a business’s financial health, operational efficiency, or reputation and devise strategies to mitigate these risks.

Skills needed: Risk analysis, strategic planning, problem-solving skills.

Typical clients: Financial institutions, manufacturing companies, and businesses exposed to significant risk.

Common SMB problems: A small construction company grappling with safety compliance issues; an online travel agency struggling with data security risks.

15. Education consulting

Education consultants work with schools, educational institutions, or individuals to enhance learning experiences. They advise on curriculum development, educational policies, and strategies to improve student performance.

Skills needed: Knowledge of educational systems and policies, curriculum development, and interpersonal skills.

Typical clients: Schools, universities, and educational technology companies.

Common SMB problems: A local private school struggling to improve student outcomes; an online tutoring platform seeking advice on curriculum enhancement.

16. Legal consulting

Legal consultants provide expert advice on legal matters. They help with contract drafting, legal compliance, dispute resolution, and other legal complexities businesses may face.

Skills needed: Legal knowledge, analytical skills, attention to detail.

Typical clients: Businesses across industries require legal guidance without a full-time attorney.

Common SMB problems: A small brewery facing difficulties understanding licensing laws; an e-commerce platform unsure about customer data usage compliance.

17. Digital transformation consulting

Digital transformation consultants help businesses adapt to the digital age. They guide companies in integrating digital technology in all operations, enhancing efficiency and competitiveness.

Skills needed: Proficiency in digital technologies, change management, and strategic planning.

Typical clients: Traditional businesses looking to digitize their operations and tech companies aiming to update their digital strategies.

Common SMB problems: A local bookstore wanting to create an online presence; an established online clothing retailer seeking to streamline order processing with advanced technologies.

18. Sustainability consulting

Sustainability consultants assist businesses in incorporating sustainable practices into their operations. They help clients reduce environmental impact, comply with sustainability regulations, and build a green brand image.

Skills needed: Understanding environmental science, corporate sustainability strategies, and regulatory compliance.

Typical clients: Manufacturing companies, energy firms, and businesses aiming for greener operations.

Common SMB problems: A local organic grocery store wanting to reduce its carbon footprint; an online eco-friendly clothing brand needing help with supply chain sustainability.

19. E-commerce consulting

E-commerce consultants guide online businesses toward success in the digital marketplace. They assist in website optimization , digital marketing, customer journey mapping , SEO consulting , and conversion rate improvement .

Skills needed: Digital marketing, SEO, UX design, data analysis.

Typical clients: Online retailers and businesses transitioning from brick-and-mortar to online.

Common SMB problems: A small local artisan wanting to sell their products online; a niche online beauty store struggling to increase site traffic and conversion rates.

20. Healthcare consulting

Healthcare consultants focus on optimizing the operations and outcomes of healthcare organizations. They scrutinize all aspects, from personnel and profits to processes, offering valuable insights to enhance efficiency and tackle complex challenges.

Skills needed: Deep understanding of healthcare systems , analytical skills, and problem-solving abilities.

Typical clients: Hospitals, clinics, healthcare tech companies, and pharmaceutical firms.

Common SMB problems: A local dentist office struggling with patient scheduling efficiency; an e-health startup looking to improve their telehealth service delivery.

21. Diversity, Equity, and Inclusion consulting (DEI)

DEI consultants promote diversity, equity, and inclusion within organizations. They bring an unbiased perspective to companies’ equity issues and help devise strategies that nurture an inclusive and respectful workplace culture.

Skills needed: Deep understanding of DEI issues, sensitivity to cultural differences, and practical communication skills.

Typical clients: Businesses across all sectors committed to improving diversity and inclusivity.

Common SMB problems: A local bakery with a culturally diverse staff experiencing communication issues; an online software development company aiming to build a more inclusive work culture.

22. Public relations consulting

P.R. consultants are crisis managers and image guardians for organizations. They strategize how to present the company in the best light, deal with potential crises, and facilitate effective communication with the public and media .

Skills needed: Excellent communication skills, crisis management expertise, and ability to think independently.

Typical clients: Enterprises, celebrities, political entities, or organizations needing to maintain a positive public image.

Common SMB problems:  A small town family restaurant facing negative press over a food safety issue; an online retail brand dealing with customer complaints going viral on social media .

23. Brand consulting

Brand consultants act as brand sculptors, carving out a company’s brand identity in the market. They conduct competitor analysis , initiate market research, and devise creative strategies to enhance brand perception and customer loyalty.

Skills needed: Creativity, market research skills, and understanding of consumer psychology .

Typical clients: Businesses looking to launch, rebrand , or strengthen their market position.

Common SMB problems: A local gym failing to differentiate its brand from competitors; an online pet supplies store struggling to connect with its target audience .

24. Nonprofit consulting

Nonprofit consultants assist charitable organizations in achieving their mission and improving their effectiveness. They help with fundraising strategies, volunteer management, marketing efforts, and organizational structure.

Skills needed: Understanding the nonprofit sector, fundraising strategies , leadership, and management skills.

Typical clients: Charitable organizations, educational institutions, and advocacy groups.

Common SMB problems: A small local animal shelter struggling with volunteer retention; an online nonprofit aiming to improve donor engagement and fundraising .

25. Food service consulting

Food service consultants advise restaurants, cafeterias, and other food establishments. They help with menu development, supply chain management, health and safety compliance, and operational efficiency.

Skills needed: Understanding the food industry, culinary expertise, and supply chain management.

Typical clients: Restaurants, hotels, catering businesses, and food delivery services.

Common SMB problems:  A small town café needing menu innovation to compete with larger chains; an online food delivery service struggling with logistical and supply chain issues.

26. Retail consulting

Retail consultants work with businesses to optimize their operations, sales strategies, inventory management, and customer service. They help brick-and-mortar stores transition to e-commerce and cope with the challenges of the digital era.

Skills needed: Understanding the retail industry, sales and marketing expertise, and knowledge of e-commerce trends.

Typical clients: Retail stores, e-commerce businesses, and department stores.

Common SMB problems: A local bookstore struggling to compete with online retailers; a clothing store facing inventory management issues.

27. Franchise consulting

Franchise consultants guide businesses through becoming franchisors or help potential franchisees select the right opportunity. They help with legal matters, business plans, marketing strategies, and location selection.

Skills needed: Franchise business models, legal expertise, and business development skills.

Typical clients: Potential and existing franchisors and franchisees.

Common SMB problems: A small fast-food restaurant looking to franchise their business; an online tutoring service considering becoming a franchisee.

28. Agriculture consulting

An agriculture consultant assists farmers and agribusinesses in making informed decisions that improve their farm operations’ profitability and sustainability. They can provide expert advice and assessments on crop management, soil health, livestock care, sustainable farming practices , and modern farming technologies.

Skills needed: Deep knowledge of farming techniques, environmental regulations, and agricultural economics. Furthermore, an understanding of biotechnology and data analysis proficiency can be beneficial.

Typical clients: Farm owners, agribusinesses, agricultural technology firms, agrarian nonprofits, and government agencies.

Common SMB problems: A small family-owned vineyard might struggle with soil health affecting their grape yield. Alternatively, an organic vegetable farm could explore ways to enhance sustainable farming practices to meet increased demand without compromising its organic status. These situations call for an agriculture consultant’s expertise.

29. Hospitality consulting

Hospitality consultants assist businesses in the tourism and lodging industries. They help with business development, customer service strategies, facility management, and creating memorable guest experiences.

Skills needed: Understanding of the hospitality industry, customer service expertise, and facility management skills.

Typical clients: Hotels, resorts, travel agencies, and event planning businesses.

Common SMB problems: A boutique hotel struggling with online booking management; a local tour agency facing marketing challenges in attracting tourists.

30. Logistics consulting

Logistics consultants help businesses streamline their supply chain, distribution, and transportation processes. They assist in optimizing warehouse operations, reducing shipping costs, and improving delivery times.

Skills needed: Supply chain management, transportation logistics, analytical skills.

Typical clients: Manufacturing companies, e-commerce businesses, and logistics providers.

Common SMB problems: A local craft brewery having issues managing distribution logistics; an online clothing retailer struggling with international shipping costs and regulations.

31. Payroll management consulting

Payroll management consultants streamline and optimize a business’s payroll process, ensuring employees’ accurate and timely payments. They help create efficient payroll structures, integrate payroll systems, ensure regulatory compliance, and manage payroll taxes.

Skills needed: Extensive knowledge of payroll systems and payroll services , tax regulations, auditing skills, numerical proficiency, and a thorough understanding of local and international labor laws.

Typical clients: Any organization that manages a workforce, from small businesses to multinational corporations, across industries.

Common SMB problems: An e-commerce startup might struggle with managing payroll for its remote workers across different states or countries, creating issues with tax compliance and payment schedules. In another scenario, a local retail business may experience errors in calculating overtime, leading to discrepancies in employee pay.

Finally, don’t forget to consider the size of your target market. Not every niche will be lucrative. You can make more informed decisions once you understand each niche’s total addressable market (TAM) .

2. Write a business plan

Starting a new business is quite an adventure, and like any good journey, it can be helpful to have a map. That’s where a business plan comes in.

It’s not a must-have, but it can help clarify your thoughts and dodge some rookie mistakes.

Believe it or not, studies show that folks who take the time to jot down a business plan when kick-starting a business are 2.5 times more likely to see their dreams turn into reality. Not only that but crafting a business plan also helps you sharpen skills that’ll be a tremendous asset down the line.

Don’t sweat over making every little detail perfect in your business plan.

You certainly don’t need to lose sleep over writing a 100-page document. There are tons of practical one-page business plan models out there that can guide you in writing a concise, one-page business plan.

Different consulting business models

The independent consultant model.

As an independent consultant, you are the captain of your ship. You work directly with clients, deliver projects single-handedly, and manage all aspects of your business operations.

This model is an excellent fit if you prefer maintaining flexibility and having hands-on involvement in every project. It requires a high level of expertise in your niche and solid business and time management skills.

The consultancy firm model

In the consultancy firm model, you set up a team of consultants, each contributing their unique expertise. You focus on leading the organization and contributing to client projects.

This model allows for scalability and an expanded service offering, making it a viable option if you’re targeting large businesses and complex projects. However, it also comes with increased team management responsibilities, including hiring, training, and retention.

The productized consulting model

Productized consulting takes a unique approach to consulting services.

Instead of delivering bespoke advice and solutions, you build a standardized “products” suite based on your expertise. These could range from online courses and digital tools to books and webinars. You sell these to clients at a fixed price, creating a scalable source of passive income.

This model allows you to leverage your knowledge and reach a wider audience, but it requires product development and marketing skills.

The hybrid consulting model

A hybrid model is a fusion of two or more models tailored to your preferences and business goals. For example, you could combine independent consulting with productized services, delivering personalized consulting while offering pre-packaged digital resources.

This model gives you the flexibility to design a business that aligns with your skill set, work style, and the needs of your target market.

The networked consulting model

In the networked consulting model, you collaborate with other independent consultants, forming a network of specialists. You refer work to each other, collaborate on projects, or even pitch together as a virtual firm for more significant contracts.

This model allows you to extend your service offering and reach without the overheads of running a firm. It requires strong networking skills and forming mutually beneficial professional relationships.

The subscription consulting model

In this model, instead of charging per project, you offer your consulting services for a regular subscription fee. Clients get a certain amount of your time or specific services each month.

This provides steady recurring revenue and allows you to form deeper client relationships. It suits consultants whose services involve ongoing work, like business coaching, digital marketing, or I.T. support.

Each of these models has advantages and challenges, so choosing a model that aligns with your goals, preferred working style, and the needs of your target clients is crucial.

Need some help getting started? Check out our no-nonsense guide to writing a business plan . It’s packed with insights and free downloadable business plan templates designed to help you take your business from a dream to a reality.

3. Choose your legal business structure

Embarking on your consulting business journey, you’ve got to make a few critical decisions – like the kind of business type you want your business to be.

It might seem a bit dry, but this stuff is essential, as it affects everything from tax filings and liability to local, state, or national rules you need to follow.

There are different legal business structures to choose from, and for those starting, it can feel like trying to order food in a foreign language.

Here’s the thing – don’t feel pressured into registering your business immediately. Sure, becoming a sole proprietor might be easy on the wallet and quick to set up, but it could leave you open to more risk and potentially create a tax headache.

Forming a Limited Liability Company (LLC) could be smarter for most consulting gigs.

Invest some time into researching the business structures that could suit you. Consider which will benefit your business now and align with your future professional and personal ambitions.

Let’s look at the four main types of business entities:

• Sole proprietorship. This is the simplest entity. As a sole proprietor, you’re the lone ranger responsible for your business’s profits and debts.
• Partnership . This is when two or more people team up, sharing liability and responsibility for a business.
• Limited Liability Company (LLC). This structure allows owners, partners, or shareholders to limit their personal liability while reaping a partnership’s tax and flexibility perks.
• Corporation . This is a separate legal entity from its owners. A corporation can own property, get sued, pay taxes, and enter into contracts.

Consider what will work best for your current needs and future ambitions.

Hire an expert to form your company and save time. Our trusted partners can help: Northwest ($39 + state fee) or Bizee ($199 + state fee) . We recommend Northwest. After evaluating the leading registration companies, Northwest stands out as our top choice due to its competitive pricing, exceptional customer support, and commitment to privacy. Pay just $39 + state fees and you'll get a free year of registered agent service, articles of organization, privacy, and client support from local experts.

And a heads up – in most states, if you’re planning to run your consulting firm under a different name than your legal business name, you need to register this with the secretary of state or county clerk.

For instance, if your registered company is an LLC named “Three Brothers, LLC,” but you’re selling services as “Three Tigers,” you might have a problem. That’s because your registered name and your trade name don’t match.

But don’t worry, this is not as scary as it sounds. You can sort this out by registering your trade name with your state (and or local government) by filing a “doing business as” (DBA) certificate. Also known as an “assumed name,” “fictitious business name,” or “trade name.” Need help? Check out this super handy resource that breaks down what a DBA is, the state requirements for a DBA, and how to file a DBA in all 50 states and U.S. territories .

3. Set up business accounting and bookkeeping

Let’s talk about something I find less cool but super important – business accounting and bookkeeping. This stuff is vital to understanding your cash flow and filing taxes correctly.

Accounting is all about recording, organizing, and presenting your financial info. It’s the backbone of your business’s financial health, helping you make informed decisions.

Bookkeeping is more about recording, storing, and retrieving your financial data.

Sure, the two overlap. But the significant difference? Bookkeeping is about recording and categorizing financial info, while accounting uses that info for analysis, strategy, and tax planning.

Hire a bookkeeper – your new best friend

Unlike accountants, bookkeepers have a simple mission: keep things organized, pay bills, track an invoice financing loan , and prep work for the accountant. They’re typically more wallet-friendly than CPAs (certified public accountants) and can handle day-to-day transactions, bank account balancing, basic reports, and keeping your financial records tidy.

Many consultants hire an external bookkeeper, paid hourly, who swoops in regularly to manage entries, bills, invoices, and receivables. The best part? They don’t need to be in your office 24/7. They can work remotely or drop by every couple of weeks.

An experienced bookkeeper isn’t just handy; they’re a lifesaver, especially when setting up invoice financing to speed up client payments. Plus, with the help of tools, a free invoice template , or invoicing software from Billdu for creating and managing invoices, they can help you be more efficient and less stressed.

Organize your financial information

Every business generates heaps of data; if it’s not organized and accessible, it’s as useful as a chocolate hammer. This is doubly true for your consulting gig. Even a few weeks of unrecorded transactions or a month of unmailed invoices can drown a small business.

A sharp bookkeeper can help you set up a filing system, keep bills organized, ensure invoices are sent out promptly, and introduce a disciplined, organized approach. They can even help set up and track invoice financing loans if clients are slow on payments.

Perform an annual health check

Don’t underestimate the value of a yearly review of your bookkeeping, accounting, and tax strategies. Give a hard look at your systems and the people managing them, and ask some critical questions.

Are you being cost-effective and productive with your accounting? Does your CPA understand your industry enough to give solid advice? Is your tax preparer skilled enough to keep you on the right side of the law? Most importantly, can you trim expenses while maintaining high-quality controls?

Take the time to reevaluate and bolster your accounting strategy. It might seem like a chore, but trust me, it’s worth it!

4. Assess your finances and secure startup capital

Let’s talk money. Assessing your finances is super important – it’s not just about tracking sales and profits but getting a complete picture of your financial health.

So, here’s the rundown on business finance:

Business finance is like your company’s personal trainer. It uses your financial data to help you manage your funds, making your operations profitable and sustainable.

And you’ve got plenty of business financing options.

You must figure out how to fund your business and fuel its growth. You’ll struggle to build a sustainable, profitable business if you’re not on top of your numbers.

Starting a business is exciting, but don’t let the excitement push you to overspend. Be careful with your funds and make purchases that make sense.

Expensive and unnecessary equipment? That’s a no-no. They might seem cool, but they could put your small business’s survival on the line.

Your startup costs may include the following:

• your brand design (logo, business cards , and website)
• any license or permit fees
• deposits and rent for a physical work location (if you plan to lease your own office space)
• basic infrastructural costs like VoIP phone and internet service, scheduling and invoicing software , etc. You can reduce costs by picking invoicing software that includes automated tax compliance.
• marketing and advertising costs

Here’s the upside – most successful consultants can run their businesses with low costs until they’ve built a solid client base, then they can spend more on equipment and supplies.

Securing startup funding

Securing sufficient capital is a major hurdle for new businesses. While self-funding is ideal, it’s often not feasible, making business partners or outside investors essential.

Before engaging potential partners or investors, clarify your expectations:

• What do you want from this partnership or investment?
• How involved should they be in decision-making?
• Is the relationship short-term or long-term?

Your partnership can take various forms: pure capital investment, cost-sharing, leads generation, or associating with a reputed brand. Knowing your goals upfront helps in selecting the right partner or investor.

Consider these relationship options:

• Crowdfunding. Platforms like Kickstarter and Indiegogo allow raising funds from the public without granting them business control. However, it requires fulfilling commitments made to backers. Crowdfunding may not suit consulting businesses, but its growing popularity, projected to exceed the global venture capital industry, makes it worth exploring.
• Angel investors and venture capitalists. These traditional funding sources suit those planning a consulting agency. Convincing investors about your business viability is challenging, particularly for startups. However, finding investors becomes easier if you have a profitable consulting business looking to scale, particularly in technology. Remember, they may want significant involvement in your business to safeguard their investment.
• Partnerships. True business partnerships involve an equal investment of finances, resources, and labor. Alternatively, you can establish temporary partnerships with existing brands or consultants who complement your services. Here are two examples: (a) Partner with a consultant in a related field to offer combined services to a broader client base; (b) Collaborate with a software business in your field to create a lead exchange program, driving well-qualified leads to each other. The crux is finding a partner who shares your goals and fostering mutual motivation to succeed.
• Strategic alliances. This is a collaboration where you and another business agree to combine resources to achieve a common goal. For example, a marketing consultant might form a strategic alliance with a graphic design firm . Together, they could offer a more comprehensive service to their clients. Both businesses retain their independence but might share costs, risks, and rewards.
• Joint ventures. A joint venture (J.V.) is a business agreement in which parties agree to pool their resources to accomplish a specific task or business activity. Unlike a strategic alliance, a J.V. often results in the creation of a new business entity. For instance, two consulting firms might create a J.V. to tackle a market segment neither could own. This type of arrangement typically involves more commitment and investment than a strategic alliance but can lead to greater rewards due to the combined strength of the partners.

Finally, remember that accounting and bookkeeping system we discussed earlier? It’s back in play here. You need to set up one to keep tabs on your finances. It’s essential for understanding cash flow and filing taxes, but it also helps you track income, expenses, capital expenditures, profit, loss, EBITDA, and so on.

5. Develop your brand identity

Think brands are only for the big corporations?

They’re super crucial for small businesses, especially independent consultants.

A solid brand adds a layer of professional polish that can be tricky for small outfits to establish. So, don’t leave your brand identity to fate – building a successful consulting biz requires serious attention to branding .

Let’s rewind – your brand is your company’s public persona. Ideally, it should reflect your business’s best and most vital traits.

For consultants, credibility is king. A lackluster brand identity undermines that.

Good design isn’t just a luxury – it’s essential for you and your clients.

Picture this – you’re selling $10,000 projects and want to double the price. To do that, you must articulate the value differently, and design can help.

Before you dive into networking, ask yourself some key questions. What persona do I want my brand to project? Who needs my services? What unique value do I offer? What are my brand values ? What’s the core part of my client’s experience? Your answers will shape your brand’s core and influence your future branding decisions, from your company name and logo design to your website design.

And remember, you don’t have to break the bank to create a strong brand identity. Here’s a guide to help you figure out the sweet spot for pricing:

• How much should a logo design cost?
• How much does a business card cost?
• How much should brochure design cost?
• How much does website design cost?

These guides cover various price points, so you’ll find something that fits your budget.

Ultimately, building a successful consulting business is about brand authenticity and connection . A compelling brand can make that happen. Whether you’re starting or thinking about a rebrand , take the time to think about your brand. It might make all the difference.

For more on establishing and maintaining a consistent brand identity, check out Grow Your Small Business with Consistent Branding .

Marketing psychology can help you increase revenues

Marketing Psychology can help you boost your revenues by incorporating psychological principles into your marketing strategy.

6. Create an effective fee structure

Creating an effective fee structure starts with understanding your operating costs – rent, utilities, subscriptions, taxes, supplies, and salaries. But don’t forget to factor in profit, which is crucial for business sustainability. And remember to pick a an appropriate consulting model.

Envision how you want to run your consulting business – a brick-and-mortar agency, a home office, or a global setup while traveling. Your fees should support this style. For various strategies, see this article by Andrea Coutu of Consulting Journal.

Thoroughly dissect your operational costs, which stretch beyond fixed and variable expenses like rent, utilities, and supplies, to incorporate aspects like:

• Time investment. Calculate the non-billable hours spent on marketing, administration, and skill enhancement.
• Risk mitigation. Factor in a buffer for unforeseen circumstances or potential risks, such as project overruns or unexpected costs.
• Profit margin. Explicitly ascertain a profit margin that compensates for your expertise and ensures business growth.

Next, conduct a robust analysis of:

• Competitor pricing. Understand competitors’ pricing strategies and identify market gaps or opportunities.
• Clients’ paying capacity. Evaluate the financial bandwidth of your target audience and what they’re willing to pay for your services.
• Unique Value Proposition . Gauge how your unique offerings and expertise can justify a premium or competitive pricing strategy.

Your pricing should resonate with the tangible and intangible benefits clients derive. To augment your perceived value:

• Showcase expertise. Use case studies, testimonials, and certifications to validate your expertise and results.
• Brand positioning . Ensure your branding, from website design to communication, exudes professionalism and competence.

Next, explore, understand, and select a pricing strategy that aligns with your services and client expectations:

• Hourly rate. Transparent and straightforward, this method is often suitable for consultants with clearly definable hourly services, such as legal consultants or I.T. troubleshooters. However, tracking hours is essential; questions may arise if work takes longer than estimated.
• Project rate. Ideal for projects with clear deliverables and defined timelines, like marketing campaigns or project management services. This could be risky if the work takes longer but beneficial if completed quicker. Adjustments may be needed for scope changes.
• Retainer. Suitable for ongoing, long-term services, such as H.R. consulting or business advisory, where clients require access to your expertise over a period.
• Value-based pricing. Charging is based on the value provided to the client, which can be highly profitable for consultants who significantly impact client revenues or costs, such as business strategy consultants or revenue growth advisors.

Additional revenue streams

Beyond direct consulting, explore alternative revenue avenues:

• Online courses. Leverage your expertise to educate others, ensuring a revenue stream decoupled from your consulting hours.
• E-books or guides. Create comprehensive guides or e-books based on your area of expertise, providing a low-cost option for those unable to afford your full services.
• Affiliate marketing. Recommend tools or services and earn a commission for each sale made through your referral.

Periodic review and adjustment

Ensure your fee structure remains viable and competitive through:

• Client feedback. Understand client perceptions and reservations about your pricing.
• Market trends. Stay attuned to shifts in market rates or emerging pricing strategies.
• Business evolution. As your expertise and offerings evolve, ensure your pricing reflects these advancements.

For more on fee setting, check out this online mini-course by Consulting Journal.

Consider offering online courses if you have unique expertise. It’s another revenue stream for your consulting business. Here’s a guide on how to sell online courses .

7. Launch your website and market your business

Your business website is not just a digital address; it’s your brand ambassador. Use your site to effectively communicate your brand ethos, values, and services to your target audience.

It’s crucial that your website truly personifies your consulting brand. For example, suppose you’re running a leadership consulting service emphasizing transparency and innovation. In that case, the site should have a modern, clean design with easy-to-navigate menus and transparent information about your services.

The website’s visual design elements should resonate with your brand’s voice and identity. For instance:

• Use your brand’s colors. If your brand colors are turquoise and white, these colors should be prominently displayed in your site’s design. For example, a sustainability consulting company might use green and earth tones to reflect their environmental commitment.
• Feature your company logo. Your logo is a visual shorthand for your brand, and it should be prominently displayed, preferably in the header or corner of every page.
• Write marketing copy for your target audience. Your website copy should speak directly to prospective clients’ needs and interests. If you’re a technology consultant, use language that tech-savvy visitors will appreciate and understand.
• Showcase your consulting style. Whether you’re more hands-on or prefer to guide from the sidelines, ensure this is evident. For example, a dynamic, interactive website may indicate a more engaging consulting approach.

Beyond these design elements, your website is an ideal platform to highlight your consulting achievements.

Feature testimonials and case studies from past clients to showcase your expertise and success. For example, a healthcare consultant might include a case study on how they helped a hospital streamline its processes for better patient care.

Including an online store on your website can be a strategic move, especially if you have proprietary consulting tools, books, or digital resources to sell. For example, a marketing consultant might sell eBooks or webinars on the latest marketing strategies.

Passive income can bolster your bottom line and is an important safety net for lean seasons.

Marketing your consulting business

Being an exceptional consultant is only half the battle; marketing yourself effectively ensures your talents don’t go unnoticed.

If you’re not selling your services, there’s a good chance that no one is. So, you’ll complete your current contracts to find an empty calendar with no income looming ahead. As a result, you’ll miss many opportunities to generate ongoing online marketing income and may need to start from scratch.

Establishing a steady pipeline of clients and potential clients involves spreading the word about your consulting services to your target market.

Ultimately, you’ll write many client proposals , so get used to doing so early in your consulting practice.

Client proposals are your chance to show how you can help clients solve their problems. You’ll need to be clear about the project’s scope, the services you provide, what you’ll charge for the services, the deliverables, and the time frame, and use an electronic signature tool to bind clients legally. And be sure you show how you and the client can measure the results.

One proven method to gain traction in consulting and attract clients is to share your expertise extensively.

Networking at industry events relevant to your clients can be a goldmine for insights about industry trends, networking with current and prospective clients, and leveraging word-of-mouth referrals to generate fresh consulting leads. For example, if you’re a technology consultant, participating in tech expos or conventions can put you directly in contact with potential clients.

Participating in events catered to the consulting industry could also be beneficial, as you can build connections with other consultants and potential clients. This could also expose you to different approaches to delivering a persuasive value proposition when offering your consulting services to clients.

When attending these events, carry business cards and brochures about your services, complete with contact information, including a phone number. While email communication is prevalent,   other tactics like an email signature can help strengthen your business communication and establish trust with prospective clients.

In your marketing collateral, include the following:

• A comprehensive overview of your services
• A persuasive argument about why you’re the best choice
• Convincing reasons to hire you
• A concise biography containing relevant information
• A snapshot of your existing client portfolio

Also, consider exploring content marketing strategies tailored for consultants. Writing an ebook about your field of expertise or maintaining a regular blog can help establish you as an authority in your niche, improve your search ranking through SEO practices, and gather email leads. For example, a leadership consultant could blog about the latest trends in leadership and management, drawing from their own experiences and insights.

As a burgeoning business owner, capitalize on the exposure offered by social media marketing . Platforms such as Twitter , Facebook, and LinkedIn can help build an audience of followers.

Regularly post helpful tips, insights, and articles related to your services. By engaging with your followers and participating in relevant discussions, you present yourself as a subject matter expert, reinforcing your reputation as a knowledgeable and reliable consultant.

Invest in a social media management tool like Buffer for scheduling posts beforehand, freeing up your day to focus on clients. However, regular check-ins are essential to address client inquiries promptly.

Consider collaborating with micro-influencers in your industry, as aligning your brand with theirs can boost credibility and accelerate growth.

Here are other marketing strategies and tactics that can help you grow your consulting business:

Host free workshops or webinars

Free educational content through workshops or webinars can exhibit your expertise and attract potential clients.

Best for: I.T. consultants, marketing consultants, and management consultants. Not good for: Legal consultants, financial advisors, medical consultants.

Collaboration and partnerships

Join other consultants or businesses to expand your client base by providing complementary services. Best for: Technology consultants, business strategy consultants, marketing consultants. Not good for: H.R. consultants, independent financial consultants, health & safety consultants.

Whitepapers and case studies

Publishing in-depth whitepapers and client case studies demonstrates your skills and past successes. Best for: Data analytics consultants, research consultants, and financial consultants. Not good for: Image, lifestyle, or social media consultants.

Leverage client testimonials

Use your positive feedback and testimonials from past clients in your marketing materials to build trust. Best for: Management consultants, education consultants, H.R. consultants. Not good for: Cybersecurity consultants, legal consultants, crisis management consultants.

Join online forums and groups

Engage in online communities related to your niche, offering advice and establishing your expertise. Best for: Tech consultants, SEO consultants, freelance writing consultants. Not good for: Medical consultants, corporate strategy consultants, or tax consultants.

Implement a referral program

Reward existing clients for referring new clients to your consulting business. Best for: Career consultants, small business consultants, fitness consultants. Not good for:  Forensic, industrial safety, and agricultural consultants.

Pitch to local media

Offer your expertise for free to local media in exchange for publicity.

Best for: Personal finance consultants, relationship consultants, wellness consultants. Not good for: I.T. consultants, biotech consultants, energy consultants.

Speak at conferences

Presenting at conferences can establish you as an authority and help network with potential clients.

Best for: Environmental consultants, scientific researchers, marketing consultants. Not good for: Personal shopping, etiquette, or hobby consultants.

Engage in direct email marketing

Sending targeted emails with valuable content to a segmented audience can generate leads. Best for: Sales consultants, digital marketing consultants, and e-commerce consultants. Not good for: Grief consultants, child behavior consultants, or art consultants.

Local business community involvement

Engaging with local business communities or chambers of commerce can help foster local client relationships. Best for: Retail consultants, local marketing consultants, and hospitality consultants. Not good for: International trade, space, and research & development consultants.

Sharing regular posts about industry insights or tips showcases your expertise and improves your website’s visibility on search engines. Best for: Marketing consultants, career coaches, nutrition consultants. Not good for:  Privacy consultants, forensic consultants, chemical consultants.

Hosting online seminars can display your knowledge to a wide audience and attract potential leads. Best for: Financial consultants, I.T. consultants, marketing consultants. Not good for: Art consultants, fashion consultants, or local retail consultants.

Creating or participating in podcasts can help you reach new audiences and discuss industry trends and insights.

Best for: Personal development coaches, financial advisors, and health consultants. Not good for:  Cybersecurity consultants, data privacy consultants, industrial consultants.

Speaking and teaching

Leading workshops or courses and speaking at events can build your reputation and network. Best for: Business consultants, educational consultants, leadership consultants. Not good for:  Legal consultants, risk management consultants, chemical safety consultants.

Social media marketing

Using platforms like LinkedIn, Twitter, and Facebook to share content and engage with followers can enhance your online presence and credibility.

Best for: Social media consultants, branding consultants, travel consultants. Not good for:  Data security consultants, industrial safety consultants, forensic consultants.

Print or digital advertising

Placing ads in newspapers, magazines, or online platforms can promote your services to a broader audience.

Best for: Event planners, small business consultants, real estate consultants. Not good for: Scientific research consultants, aerospace consultants, and biomedical consultants.

Cold calling and emailing

Directly contacting potential clients might generate quick leads, but it might also have low conversion rates.

Best for: B2B service providers, sales consultants, and marketing consultants. Not good for:  Childcare consultants, mental health consultants, art consultants.

Remember, marketing becomes more straightforward once you’ve established a client base. According to this study , “43.7% of consultants reported that referrals were their top-earning marketing strategy”. Don’t hesitate to ask satisfied clients for referrals, as they can be a significant marketing asset.

Starting out, covering as many marketing channels as possible is wise. As you grow, you’ll naturally discover what methods work best for your consulting business.

8. Grow your consulting business

Starting a consulting business is thrilling, but it’s just the beginning. Here are five exciting steps to take your consulting business to the next level:

Study your competitors

Get your magnifying glass out and take a good, hard look at what other consultants or firms in your space are up to.

You’ll uncover their secrets to success and spot areas they’ve missed, carving out unique opportunities for you. Notice their marketing approach, service offerings, and how they price their services. A competitive analysis will give insights into your customers’ journeys and ways to make your service the top pick.

Be a storyteller

Starting a blog is like opening a window into your consulting world. It gives your business a voice, helps you become a trusted authority in your field, and boosts your online visibility.

If you’re scratching your head about what to write, your clients are your best inspiration. Address their challenges and questions in your blog posts. Plus, sharing these posts with potential clients can convince them of your expertise.

Be the thought leader

Beyond blogging, sharing your insights on social networks can amplify your reach. Use platforms like HARO to connect with journalists and bloggers who can quote you in their stories. This way, you can gain your consulting niche’s recognition as a thought leader.

Broaden your horizons

Your competitive analysis might reveal services your competitors offer that you don’t. Can you fill these gaps?

For example, if you’re a content marketing consultant, could you extend your services to include email or social media marketing? But remember, only add services that align with your expertise.

Make friends

The world is full of potential connections, and they’re only a click away from the internet. Networking online might seem tricky, but with platforms like Twitter and LinkedIn, you can spark conversations with industry peers and potential clients. Regular interaction can rekindle old connections and forge new ones.

Test these strategies and find the ones that boost your client base and help your consulting business thrive. Remember, it’s not about copying others but learning from them and building a brand that reflects you.

Grow your team

The life of an entrepreneur can often feel solitary, especially when you’re launching your consulting business. While the journey may start with you at the helm, remember the goal is to grow and expand, which calls for additional hands on deck.

After all, time is a finite resource, and you can’t run a successful consulting business burning the midnight oil every night. As your business scales up, you must delegate tasks to ensure you continue delivering exceptional service to your clients.

However, expanding your team doesn’t mean hiring without a strategy. Each new member should bring immediate value to your business. This decision is highly specific to your business, as every consulting venture has unique challenges and requirements.

Reflect on your strengths and weaknesses to determine who your first hire should be.

For instance, if marketing isn’t your strong suit, consider hiring a marketing manager to help map your business plan. Just ensure you validate their credibility, perhaps through references or evaluation letters , to guarantee they’re the real deal.

If dealing with numbers gives you a headache, a billing specialist could be your saving grace, managing accounts and ensuring payments are collected on time.

In essence, your first employees should fill the gaps in your expertise. Building a well-rounded team ensures a sturdy foundation for your business.

For many entrepreneurs, the first hire is often a part-time virtual assistant – a jack-of-all-trades ready to dive in, learn, and grow with the company. This person should be reliable, proactive, and have a strong work ethic. Having someone dependable on your side will make your journey less stressful and more enjoyable.

So, take a moment to reflect: what does your business truly need? Who could help turn your weaknesses into strengths and pave the way for your consulting business to thrive?

Start your consulting journey today

Venturing into entrepreneurship, especially after years of enjoying the safety of a salaried job, can be daunting.

The fact that you’ve made it this far in the article indicates a spark within you, a desire for something more fulfilling, more liberating.

Starting a consulting business can be a transformative journey, not just a decision. It’s a courageous step, a move that speaks volumes about your passion, expertise, and readiness to shape your destiny.

Are you ready to embrace this adventure, empower others with your knowledge, and define your own path?

The world of consulting awaits your unique perspective and innovative solutions. Will you rise to the challenge and create your own consulting legacy?

Associations

• Airport Consultants Council
• American Marketing Association
• Association of Management Consulting Firms
• Canadian Association of Management Consultants
• Canadian Marketing Association
• Direct Marketing Association
• Direct Selling Association
• Information Technology Association of America
• Institute of Management Consultants USA
• International Advertising Association
• International Association of Registered Financial Consultants
• International Association for Wedding Professionals
• International Branding Association
• IWA – International Webmasters Association
• National Retail Federation
• Professional & Technical Consultants Association
• Public Relations Society of America
• Search Engine Marketing Professional Organization
• SMEI The worldwide professional association for sales & marketing
• The National Association of Sales Professionals
• The Society of Professional Consultants
• Word of Mouth Marketing Association

Frequently Asked Questions (FAQs) about consulting

1. where can a consulting business identify government contracts to pursue.

You can find government contracts on official government procurement sites such as SAM.gov in the U.S. This platform lists federal business opportunities. Remember, each country has its own respective platform.

2. Can I establish a consulting business while still employed elsewhere?

Absolutely! Starting a consulting business as a side venture is possible. It allows you to test the waters and build a client base without risking your current employment. Just ensure that there’s no conflict of interest with your present job.

3. Which are promising sectors to launch a consulting business in?

The best field for your consulting business depends on your skills, experience, and passion. However, industries like I.T., H.R., business strategy, healthcare, and environmental sustainability are seeing high demand for consultants.

4. What credentials are required to start a consulting business?

While there are no specific requirements to start a consulting business, having relevant qualifications, certifications, and experience in your chosen field will boost your credibility and attract potential clients.

5. How can I price my consulting services?

Pricing can be based on factors like market rates, the complexity of the work, the client’s budget, and your experience. You can choose an hourly rate, a per-project fee, or value-based pricing.

6. How do I market my consulting business?

Multiple channels to market your consulting business include networking, social media marketing, blogging, speaking engagements, and email marketing. Highlight your unique value proposition and expertise.

8. Is a business plan necessary for a consulting business?

It’s not necessary but highly recommended. It provides direction, helps you understand your market and competition, and is necessary if you seek funding.

8. How can I differentiate my consulting business from competitors?

Differentiating your consulting business requires you to clearly articulate your unique value proposition, leverage your unique skills or experience, specialize in a niche, provide excellent customer service, and build a strong personal brand.

9. Should a consulting business be incorporated?

Incorporation can provide benefits such as limited liability, tax advantages, and a professional image. It’s advisable to consult with a legal professional or business advisor to understand the best structure for your business.

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How to Start a Consulting Business: A Step-by-Step Guide

• The Speaker Lab
• April 3, 2024

Table of Contents

Launching a consulting business can feel like navigating uncharted waters, but it doesn’t have to be overwhelming. If you’re wondering how to start a consulting business , this guide will give you the scoop on understanding the industry landscape and pinpointing where your expertise fits best. We’ll also touch on business plans and legal steps for setting up shop, as well as innovative marketing strategies to attract clients. So, if you’re to roll up your sleeves and get to work, we have practical guidance at your disposal. Let’s start transforming those dreams into a thriving consulting business.

Identifying Your Niche in Consulting

Before you can start a consulting business, you first have to find your sweet spot in the consulting world. Navigating the consulting landscape involves matching your fervor with the demands of the market. With industries ranging from management consulting to IT, healthcare, and even DEI and financial consulting, the options are vast. Finding where you shine brightest is key. Let’s look at a couple of these sectors together.

Management Consulting Market Size

The management consulting industry isn’t just big; it’s colossal. As a billion-dollar industry, its breadth encompasses everything from strategic planning to improving organizational efficiency. Like any consulting sector, its size indicates that carving out a niche here requires not just expertise but an understanding of emerging trends and sectors within the market itself. For those with a knack for solving complex business problems or guiding companies through significant changes, this could be your arena.

Growth in IT Consulting

Currently projected to reach over $72 billion in 2024 , revenue in the IT Consulting & Implementation market continues to grow. This number truly shows the critical role technology plays in every aspect of how businesses run today.

This sector thrives on technological advancements and businesses’ ever-growing need to stay ahead digitally. Companies continue seeking expertise outside their core teams for everything from cybersecurity strategies to cloud migrations. So if tech is your turf—whether it’s cybersecurity measures or software development strategies—the growth trajectory of this sector suggests ample opportunities for specialists ready to tackle today’s digital challenges.

Navigating Niche Industries

Picking a niche goes beyond identifying what areas are hot right now. It involves deep dives into industry trends while matching them against your skills set and passion. Looking into niche industries allows for specialized focus which can significantly benefit client outcomes. After all, tailored advice often translates into actionable insights they couldn’t find elsewhere.

To stand out amidst the sea of consultancy services vying for attention means becoming synonymous with excellence within your chosen field. This could include something like optimizing hospital operations as part of healthcare consulting or navigating companies towards more inclusive practices under DEI initiatives.

So, if you’re eyeing the consulting world and searching for your niche, go ahead and get researching. In addition, it’s wise to reach out and network with industry experts. Their insights can help guide you towards areas ripe for innovation and growth, ensuring your consulting journey starts on solid ground.

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Crafting Your Business Plan and Strategy

In the business world, it’s common to hear words like “business plan” or “five year plan” thrown around casually. But how important is it really to create something like a business plan? And how do you even start to create one for your consulting business? If these are the questions you’re asking yourself, stay tuned—we have answers for you.

Importance of a Strong Business Plan

Think of your business plan as the GPS for your consulting journey. Crafting a business plan goes beyond merely listing ideas. It involves creating a blueprint that details how you plan to grow your consulting enterprise. Crafting this robust business blueprint not only meshes with your proficiency and the demands of the marketplace but also serves as a lighthouse during moments of doubt.

A key component to any successful business plan is understanding its structure. A good business plan includes an executive summary, company description, market analysis, organization and management structure, service or product line description, marketing and sales strategies, funding request (if applicable), financial projections, and an appendix. Every section contributes vitally to sketching an all-encompassing portrait for prospective backers or collaborators. For help writing a business plan, check out Forbes’ guide here .

Aligning Your Expertise with Market Needs

To ensure success in the burgeoning field of consulting, identify where your unique skills intersect with client demands. As this article discusses, consulting can extend beyond merely offering recommendations. Instead of waiting for clients to come to you with issues, you can take the initiative by researching specific pain points within target markets first.

Diving deep into industry trends helps uncover niches ripe for innovation or underserved areas requiring expert advice. Such diligence allows aspiring consultants not only to carve out their niche but also strategically position themselves as indispensable assets amidst competitive landscapes.

Setting Up Your Consulting Business Legally

As with any business, it’s important to take the correct legal steps before you can start consulting. Let’s take a look at a couple of these steps together.

Choosing Your Business Structure

The first step to making your consulting business official is deciding on the legal structure. This decision influences not only your tax filing process but also the degree of personal risk you bear and the avenues through which you can secure funding. A popular option for many consultants starting out is operating as a sole proprietor because it’s simple and doesn’t require registering with the state. But simplicity comes at the cost of increased personal risk.

If limiting personal liability sounds appealing, forming an LLC (Limited Liability Company) might be a better fit. It provides more protection against lawsuits and debts related to your business without complicating taxes too much since profits pass through to owners’ tax returns. Then there are S Corporations, which offer similar protections but differ in their tax structures. They’re ideal if you plan on growing quickly or taking on investors.

To help make this decision clearer, weigh pros and cons based on what matters most for your consultancy. For instance, would you prefer ease of setup or potential for growth? As you consider these questions, remember that changing structures down the line, while possible, could get complicated fast.

Opening a Business Bank Account

Once you’ve settled on a legal structure for your consulting firm, opening a business bank account should be next up on your list. Keeping finances separate from personal accounts isn’t just about organization. It’s crucial for protecting yourself legally and financially.

A dedicated bank account makes tracking income easier come tax time or when assessing financial health during quarterly reviews. Ensuring every penny is accounted for becomes all more important in such competitive fields like consulting.

To open one up, gather required documents including EIN (Employer Identification Number), articles of incorporation if applicable, and owner identification. Next, choose between traditional banks or online options based on convenience, needs, and costs involved. Not only does having separate account help manage cash flow efficiently, it also significantly reduces headaches down road should you ever face IRS scrutiny.

Marketing Strategies for Consultants

As a consultant, your expertise can transform businesses. But before you change the world, clients need to find you. If you’re just getting started, we’re here to uncover how to elevate your consulting business’s visibility.

Building an Online Presence

Leveraging digital platforms like social media isn’t just about posting. It’s about brand visibility and engagement. Social media marketing offers a direct line to your target market, letting them see the real value of what you offer. Platforms such as LinkedIn are gold mines for consultants because they allow for networking with other professionals and sharing insightful content directly related to your field.

To start marketing effectively online, consider which platforms host your ideal client base. Are they scrolling through Twitter or engaging in industry-specific groups on Facebook? Identify where they spend their time and craft messages that speak directly to their pain points.

Content Marketing Essentials

Craft content that not only highlights your proficiency but also empathizes profoundly with the obstacles your clientele encounters. This could be through blog posts hosted on sites like Medium, informative videos, or even podcasts discussing hot topics within industries relevant to yours.

Your goal should be establishing yourself as a go-to resource—someone who doesn’t just provide expert advice but also gives practical solutions business owners can implement immediately. Consider leveraging tools like Help A Reporter Out (HARO) to get featured in articles looking for expert opinions in your area of specialization. This is a fantastic way to build credibility quickly.

Leverage Digital Platforms For Brand Visibility

The right social media strategy involves more than consistent posting. It requires interaction with followers, participation in relevant conversations, and sharing thought-provoking content that encourages shares and comments from others within the industry. Your aim should be not just gaining followers but building relationships with future clients by providing snippets of the kind of insight they’d gain from working with you.

Create Valuable Content That Showcases Your Expertise

In addition to social media marketing, consider making guest appearances on established websites or hosting webinars and workshops to showcase your knowledge. This approach allows prospects an inside look at how consultations might proceed while giving them actionable takeaways.

By combining these two strategies, you can not only elevate your profile but also ensure that each step you take is a stride towards building lasting professional relationships and establishing yourself firmly in the industry.

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FAQs on How to Start a Consulting Business

How do i start my own consulting business.

First, pinpoint your expertise. Then craft a detailed business plan. Get the legal stuff sorted and kick off marketing.

How much does it cost to start a consulting business?

Startup costs vary widely but expect initial expenses for legal setup, branding, and tech tools. Often under $5k .

How do I set up myself as a consultant?

Determine your niche and value proposition. Legally establish your business, then build an online presence to attract clients.

Can anybody start a consulting business?

Sure, if you’ve got deep knowledge in a field and can solve specific problems for clients, you’re on track.

Setting out to launch a consulting venture paves the way for an array of possibilities. Having absorbed the essentials, from evaluating the industry terrain to devising your own distinctive approach, you’re well-equipped.

Remember: Identify your niche. This makes you stand out. Craft a solid business plan; it’s your roadmap to success. Legally setting up? It safeguards your dream.

Dive into marketing with gusto. Social media isn’t just for scrolling—it’s where future clients live.

Every step taken is one closer to that consultant title next to your name. Make every move count, listen closely to market needs, and adapt swiftly.

You’re not just starting a business; you’re building an empire—brick by brick, client by client.

• Last Updated: April 4, 2024

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How to start a consulting business in 2024 (in 7 steps)

• 12 min read

What is a consulting business?

• steps to start a consulting business in 2024

Can anybody start a consulting business?

Copilot: how consultants manage their consulting business.

Two years ago, I realized that what I was doing at my 9-5 job could easily be turned into a consulting business where I made my own hours and decided who I wanted to work with.

Time flexibility, autonomy, and income potential were at the top of my list of things I wanted to accomplish.

But, I also noticed that there were many consultants and agencies in my niche giving lackluster advice. I wanted to bring a new approach and be a guiding light to business — which is what essentially allowed me to consistently bring in new clients and help me achieve what I wanted in terms of time freedom and finances.

However, starting my consulting business isn’t something that happened overnight. In fact, when I quit my job, it took me almost a full year to figure out what I was doing and to make any sort of living income.

But, don’t let this discourage you. I clearly made A LOT of mistakes. When I first started, it felt like trying to scale Mount Everest barefoot. Though it seemed like an impossible task, the journey need not be so daunting.

This guide is your sherpa up that mountain, offering practical steps on identifying your niche expertise, creating an effective business plan based on client pain points, and managing finances like a pro. We'll even dive into legal aspects and relationship-building strategies for long-term success.

Intrigued? Let’s make this journey together!

A consulting business, at its core, is about problem-solving. It's where an expert in a specific field offers advice and strategies to individuals or companies who need it.

This kind of business opportunity can be highly rewarding since businesses are always looking for ways to enhance productivity, generate more revenue, and find solutions to intricate issues.

The essence of being a consultant lies not just in having specific knowledge, but also knowing how to apply that knowledge effectively. That's why experience plays such a crucial role here — the more problems you've solved before, the better equipped you'll be to tackle new ones.

In addition to solving problems, consultants often help with implementing solutions too. This might involve coaching team members on new processes or helping set up systems that facilitate improvement.

Consulting spans many industries — from IT and management, all the way to finance and HR. What ties them together? The fact they're built around offering specialist insight others don't have access to.

Now, let’s get into the steps you can take to start your own consulting business. These steps are based on my own experience of starting my marketing consulting business two years ago.

7 steps to start a consulting business in 2024

Here are nine steps on how to start a consulting business:

• Master a craft in a specific niche
• Create a business plan based on pain points
• Setting up your online workspace
• Marketing your business to acquire clients
• Managing cash flow and your finances
• Building relationships and referrals
• Taking care of the legal stuff

Okay, let’s dive deeper into each step.

1. Master a craft in a specific niche

Before you launch your consulting business, hone your skills to become a master in the specific niche. It's insufficient to just be familiar with an industry or field — you need to excel .

Your clients will rely on your expertise and advice for their business decisions. If you aren't fully equipped with deep knowledge of the field, it might lead to ill-advised guidance which can harm both parties involved .

This doesn't mean spending decades working in that particular field before taking the plunge into consulting though. But yes, having years of experience would certainly add credibility.

Finding your niche

Choosing a niche isn’t as complicated as it sounds — it’s all about identifying where your passion meets proficiency. Start by analyzing what interests you most and then look at how proficient or skilled are in that area. Here’s some help if needed.

Becoming an expert

To achieve mastery in any given domain, consistent learning is crucial along with hands-on experience. HubSpot has detailed insights on how anyone can grow from being good at something to becoming great.

Avoid client disservice

If I’m honest here, entering consultancy without sufficient expertise may do more harm than good to your client’s businesses due to its high-stakes nature (depending on the industry). This reinforces why mastering a craft within a chosen niche is non-negotiable when thinking about starting your own consultancy business.

2. Create a business plan based on pain points

Building your consulting venture starts with a solid game plan. A solid business plan addresses the real issues potential clients face in their businesses.

To start, you need to know what keeps your target market up at night. Your expertise should align with these concerns and provide solutions that alleviate them.

The next step is setting goals for your consulting business that directly address these pains. This will not only guide the direction of your services but also show prospective clients how valuable you can be to their success.

You'll then want to map out strategies for attracting new customers who experience these specific problems. The aim here is to position yourself as an expert problem-solver within this space.

Try looking in online communities for what problems and conversations are happening in your niche. Reddit is a great place to start if you’re not sure where your community hangs out. Try Googling something related to your niche and type in “reddit” after to see what conversations show up.

And last but not least, sketch out financial projections considering all these factors into account. Here’s where you’ll outline anticipated income streams and expenses tied specifically to solving client problems — this helps ensure sustainable growth for both parties involved.

Note: Don't forget tools like Copilot make managing finances easier by offering features such as invoice templates and third-party integrations like QuickBooks.

Once you have a general idea of what your goals and objectives are, it’s time to take some tangible action.

3. Setting up your online workspace

If you're about to start a consulting business, getting organized is crucial. But it doesn't mean having papers and sticky notes scattered all over your desk.

Your workspace needs to be as digital and streamlined as possible. This is where Copilot , a modern client portal for service businesses, comes in handy.

The power of Copilot: Everything at your fingertips

Copilot offers an intuitive platform that lets consultants manage everything from contracts , invoices, files, messaging, intake forms, and more in one place. Imagine having a clutter-free desktop but with access to every essential tool needed for your work.

A community you can count on

You might be wondering if this setup works for other consultants too. Absolutely. In fact, one of the largest customer bases of Copilot consists of successful consultants who decided to streamline their operations digitally.

Copilot isn’t just about managing paperwork, it's also about fostering relationships with clients through seamless communication features built into the system. It keeps conversations flowing smoothly while making sure important messages don't get lost in translation or buried under heaps of emails.

Say goodbye to disorganization chaos

To say starting a consulting business can be chaotic would be an understatement. But thanks to tools like Copilot, keeping track becomes less daunting and more efficient — letting you focus on what truly matters: providing exceptional services for your clients.

4. Marketing your business to acquire clients

Realizing who requires your services is the key to advertising them successfully. To stand out in the crowded market, you need a unique selling proposition (USP) . This is what sets you apart from others and makes clients choose you over competitors.

Once you figure out who you want to speak to, and what you want to speak about, it’s time to figure out how you’re going to reach your ideal clients. Many consultants initially take an outbound approach — usually reaching out to prospective clients via LinkedIn.

Social media platforms are excellent places for promoting your consultancy. You can use these channels to share valuable content related to your niche, positioning yourself as an expert.

However, note that taking the “content creation” route on social media can take a while to see some tangible results. This is definitely the route to go down for the long term. But, if you’re just starting out, you need to sign your first client as quickly as possible. And, to do this, many consultants (myself included) do a cold reachout approach.

Email remains one of the most effective ways to reach potential clients directly. An email newsletter filled with insightful advice can be just the thing that converts prospects into paying customers.

If you have the time, you can also go to events related to your industry and network with people. The rate of how efficient this will be depends on your industry. For me, as a marketer, this wasn’t the best option as it is very time-consuming (and I’m sort of an introvert). But, for non-tech-related industries, this is often a great place to start.

Some things you can do to network include:

• Nurture relationships within professional networks such as LinkedIn or industry-specific forums.
• Join local business groups and attend events where prospective clients might hang out.
• Talk at conferences or webinars — sharing knowledge helps build credibility and attract potential leads.

As your business grows, you can shift your focus to acquire clients “passively.” By passively, I mean inbound marketing. Here are some strategies:

• A well-optimized website attracts organic traffic; consider SEO blogging regularly on topics relevant to your expertise.
• Publish whitepapers or case studies demonstrating how you've helped previous clients achieve their goals. It’s proof that gives confidence.
• Copilot's client portal software , a powerful tool used by many consultants like myself, integrates smoothly with other marketing tools, letting you automate processes and focus more on delivering value.

5. Manage Cashflow and Your Finances

Running a successful consulting business isn't just about your expertise. It's also about smart money management. In the early days of your business, you’ll most likely act as the CEO, CMO, COO, and CFO — yeah, it’s a lot. But you’ll gain a lifetime of experience in a short amount of time.

One of the most crucial “roles” early on will be the CFO (chief financial officer). Most businesses die because they run out of capital. So, don’t take this aspect lightly.

When starting out, consider packaging your services . Determine the appropriate pricing for your consulting services that is competitive yet does not undervalue yourself. Don't undersell yourself but make sure you're still competitive.

Invoicing made easy with Copilot

Sending invoices shouldn’t be a chore. With Copilot’s invoicing feature , it doesn’t have to be. Create branded invoices and even set up recurring subscriptions — no sweat.

Also, to manage cash flow effectively, keep track of all expenses – both big and small. From office supplies to travel costs, every penny counts. This is where integrations with your back office platform, like Copilot, comes in handy.

Copilot integrations make life easier

Fumbling between different apps? Let Copilot do the heavy lifting by integrating with third-party applications like QuickBooks for seamless financial management.

6. Building relationships and referrals

You might be wondering how to get more clients for your consulting business. The secret? It's all about building solid relationships.

People trust people, not businesses . So it's crucial that you focus on developing genuine connections with your clients. They're much more likely to recommend someone they like and trust — that could be you.

In my marketing consulting business, after just two years of dedicated relationship-building, I started seeing a consistent stream of client referrals from past customers I'd done great work for. This is the power of word-of-mouth.

The power of networking

Beyond individual clients, don't forget the potential power within professional networks too. Connect with other consultants or professionals in related fields — these contacts can also provide valuable client referrals if they know and respect your work.

Maintaining client relationships

Maintaining those strong bonds even after projects end is equally important because happy clients are the best advertisers for your services. Regular check-ins let them know you value their partnership long-term.

Acing customer service

Finally, ace customer service at every step along the way. Delivering high-quality results is a given but being responsive, respectful, and easy to work with gives added reasons for referral recommendations.

Remember: Happy clients = more referrals.

7. Take care of the legal stuff

To start a consulting business, you'll need to tackle some paperwork first.

Make sure to check your local laws and register your company name with the authorities in your area so they know you're ready to conduct business and pay taxes. Registering your small business with the local government informs them that you're in operation and prepared to pay taxes. It might sound daunting, but it's not as scary as it seems.

Choose your business structure

The type of structure can affect how much you pay in taxes and your personal liability. Do some research or get help from an attorney or CPA. In the US, many consultants operate with an LLC (Limited Liability Company). But, this will all depend on your preference and practice.

You’ll also want to open a separate business bank account to separate your personal finances from that of your business. This will help you avoid headaches when it comes to tax season.

Nail down licenses and permits

You may also need specific licenses or permits depending on what kind of consulting work you do. For example, if environmental consultancy is your thing, certain certifications are required.

Tax obligations

Avoid any unpleasant surprises by understanding tax obligations upfront. Are you aware that consultants often have self-employment tax?

Breathe easy with liability insurance

Last but certainly not least, consider getting liability insurance for peace of mind because accidents happen even when we wish they didn't. This isn't everything there is to starting a consulting biz legally, but these steps will set solid foundations.

Well, the short answer is yes. But it's more about who should. The truth of the matter is that anyone can technically become a business owner and start a consulting firm. You don't need any special license or degree to hang up your shingle and call yourself a consultant.

This may seem like great news for those itching to escape their nine-to-five grind and set off on an entrepreneurial adventure.

However, there's more than meets the eye

Becoming successful in this field requires something money can't buy — expertise. It’s not just about having knowledge; it’s also about being able to apply that knowledge effectively for clients' benefit.

Your success hinges on demonstrating your skills in tangible ways. This could be through past work experience, professional certifications, academic achievements, or even client testimonials praising your abilities.

To really hit home with potential clients and succeed as a consultant you'll need a solid business plan. This helps demonstrate how you're going to solve problems for clients — essentially why they should choose you over someone else.

Above all else though, remember confidence counts. To thrive as a consultant you must believe in yourself before expecting others (clients) will too.

The journey of starting a consulting business is an adventure filled with twists and turns. But one tool that can help smooth out the bumps in this road is Copilot.

Crafting your workspace with Copilot

A well-organized workspace is essential for success, and that's where Copilot shines. This client portal platform lets you keep track of contracts, invoices, files, messaging, and forms all in one place.

Financial management made easy

No need to dread financial management anymore. Copilot makes it simple by letting you create branded invoices and recurring subscriptions right from your dashboard.

Bonus? It even integrates seamlessly with third-party apps like QuickBooks so you have everything under control without breaking a sweat.

Fostering client relationships

I've been running my marketing consultancy for two years now — believe me when I say relationships are key.

If done right using platforms like Copilot can get consistent referrals from past clients who loved working with us because we did an amazing job managing their projects smoothly through the portal.

Growing Your Consulting Business With Confidence

In conclusion, there’s no doubt about it: Starting a consulting firm isn’t easy. But, having tools such as Copilot on your side gives both newbies & experienced consultants the confidence they need to grow their businesses effectively and efficiently.

Launching a consulting startup is a complex adventure that goes far beyond just announcing your readiness to serve. Finding your niche where your expertise aligns with industry trends and new business needs is key.

If you’ve made it this far into the article, you've mastered the art of crafting an effective business plan that's not just a document, but a strategic roadmap addressing the real pain points of new clients. We've dove into client portals, equipping you with robust online workspace setups and innovative marketing strategies to captivate and retain clients.

We navigated the financial landscape, providing practical advice on project management tools like Copilot, designed to streamline your invoicing and financial tracking — crucial for any entrepreneur eager to maintain a healthy cash flow. We also shed light on the significance of relationships in the consulting industry — these connections are not merely advantageous but are the lifeblood for referrals and sustained growth.

Legal stuff? Consider it covered. Everyone is now equipped with the knowledge that diligent attention to legalities and choosing the right business name from the outset can prevent future legal entanglements.

Whether you're eyeing a niche in management, IT consulting, or any of the other types of consulting, this guide has laid the foundation. You're not just starting a new consulting practice — you're sculpting a beacon in the consulting industry.

Launching your consulting business is no longer akin to scaling Everest barefoot — it's an exhilarating climb we've prepared for together. With the toolkit you've assembled, the path to success is clear, and the summit is within reach.

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Eight questions to ask before starting a consulting business

Proactively defining your niche, setting your rates, and expanding your network will set your consultancy up for success.

Companies of all sizes have one thing in common: They all began as small businesses.  Starting small  is the corner for those just getting off the ground. Learn about how to make that first hire, deal with all things administrative, and set yourself up for success.

Becoming a consultant brings many benefits; there’s flexibility in determining where and when you work , the jobs you take on, and the rates you charge for your time. There are minimal overheads to starting a consulting business, and it’s easy to scale up and down to accommodate your lifestyle and financials. 

Despite these advantages, there are important factors to consider in order to give your consultancy the best chances of success. Here are some questions to ask yourself before starting a consulting business, including how to define your niche, set your rates, and grow your client base . 

1. What’s my specialty?

Typically, the best consultants are established experts in their field—people with demonstrated experience across a lengthy career or notable successes in a certain area. Before starting a consulting business, it’s imperative to evaluate the way your experience appears to potential clients, asking yourself questions like, What are my strongest selling points? How does my experience differentiate me from my competition? 

The aim should be to carve out a niche within your consultancy market, showing how your history—both personal and professional—translates into a unique perspective that’s of value to clients. 

For Zaki Hussain—CEO and founder of WeWork member company Clutchgrowth , which curates and runs marketing campaigns for clients—big-picture thinking and an all-encompassing approach to marketing is how he differentiates his company from competitors. 

“From the get-go, we set out to build Clutchgrowth to be relationship-first,” Hussain says. “We partner with our clients for the long-term. Rather than just delivering ads, landing pages, or campaigns, we consult with clients on how to best generate revenue, including how to hire exceptional talent, budget and scale their teams, and strategize for sustainable growth.”

2. Do I need special training? 

While you might be an expert in your field, consulting requires additional skills that can be honed with extra training. As a consultant, you might be called upon to speak publicly , train groups of people, identify problems in struggling teams, analyze and present data, and offer feedback effectively .

“I had a lot of hesitation about launching a business [at first],” Hussain says of his marketing company. “Not only did it take marketing experience, it also needed sales, accounting, and other skills that were outside my realm of expertise.”

While daunting at first, your ability to perform these tasks will likely become a determining factor in your success as a consultant (regardless of your specialty), and courses in public speaking, reporting, and management can go a long way in improving client relations and outcomes. 

There are also business considerations in running your own consultancy: for example, writing a business plan , handling financials, and structuring and scaling operations. It’s helpful to upskill in these areas and properly understand the legal and tax requirements that come with working for yourself. 

Not sure if you should choose a sole proprietorship or LLC business structure? Read our comparison guide here .

3. What industries hire consultants? 

The industries that most commonly hire consultants include finance, technology, human resources, marketing, and business management. (Find more detailed information about industries that commonly use consultants .)

Regardless of your line of work, however, consulting is a viable way to find employment if you can identify the ways other companies or professionals might benefit from your assistance and expertise.

4. How should I charge for consulting work?  

As a consultant, your price point will be a major factor in your ability to attract and retain clients . If your rates are too high, potential clients might be turned off; if they’re too low, potential clients might become suspicious and question your legitimacy. 

It’s always a good idea to audit your competitors to gain an understanding of the services they offer and the rates they charge. Ideally, keep your prices within a similar range to your competitors’, and find a way to differentiate yourself from their offerings. 

Typically, there are three ways consultants charge for their services, including:

Hourly rate

This is a flat rate that’s established as a reflection of your expertise, and clients pay only for the time you spend on their accounts. It’s essential to track your hours using this approach, and clients will likely have questions if the task takes you much longer than initially promised. 

Project rate

With this rate, clients are charged according to the work that’s completed on a project-by-project basis. While this transparency is often attractive to clients, it doesn’t afford you much flexibility when contingencies arise and projects take longer than anticipated. 

This pay schedule is ideal when you’re providing an ongoing service to a client, for example, managing their website or handling their bookkeeping. It means you are paid at a recurring rate for an extended period of time, similar to a regular employee but without employee contributions to tax, benefits, or retirement funds. 

Extra tip: Introductory offers or add-ons with certain packages are popular strategies for client attraction, while rewarding longevity is key in keeping your client book robust going forward. 

Related articles

5. How do I structure my services? 

The same way you must establish fair and consistent price points for your services, you should structure your services in a way that’s clear to clients and easy for you to adhere to—no matter how tied up in a project you become.

“Scope creep” can see you executing on strategy when you only promised the planning, or tracking a project’s performance when you were only paid for its delivery. Be as specific as possible in explaining the scope of your services, and the costs involved in bolstering this work with supporting add-ons. 

Extra tip : It’s important to know when to say no to a job that isn’t right. As a consultant, your reputation and record of success are integral to the health of your business. It’s a good idea to evaluate the potential risks of every client project and, if you’re out of your depth or if a client has unrealistic expectations, it’s sometimes best to turn down the project. 

6. What registrations and licenses do I need?

Depending on your vision and the extent you wish to grow your practice, you can either run your consultancy under your personal name or a fictional, business name. If you’re running operations under your own name, it’s likely you’ll start out as a sole proprietor . This business structure requires no registration with state or federal governments, and is the easiest way to establish a business. The drawback? All income and losses must be filed on your personal tax return.

An alternative is establishing a Limited Liability Company (LLC), in which your company is taxed as a separate entity and your personal assets are not at risk. For more information on the different licenses and registrations required to start your own business, see our nine-step guide to launching a startup. 

7. How do I get referrals and find new clients? 

In building a consulting business, word of mouth is one of the most powerful ways to attract and retain clients. If one customer shares their positive experiences with others, it’s a surefire way to grow your customer base. The opposite, however, is also true—if someone has a negative experience, they’re likely to inform others in their network and your reputation will be tarnished. 

An effective way to encourage people to share positive experiences is to provide incentives to do so. For example, if an existing client successfully refers a new client to you, you might reward them with compensation, free services, or a gift pack.  

Networking is also important , and attending industry events—potentially hosting your own event—is an effective way to forge new connections and pitch new clients. Participating in online communities, speaking at relevant conferences, and sharing advice on social media can go far in establishing your expertise. Plus, conducting outreach on social platforms like LinkedIn, or capturing the emails of people visiting your website, can help fill your sales funnel with qualified leads. 

Extra tip: Designing a buyer’s journey will help you better understand the needs and mindset of potential clients. Identifying your target audiences, their various pain points, and their unique customer journeys will ensure that you approach these prospects with empathy—and solutions that are relevant to their problems.

8. What about contracts? 

A contract is a legally binding agreement between you as a consultant and your clients. It should specify the work you’ve agreed to complete, as well as the amount your client has agreed to pay. Though contract requirements will vary between states, as contract law is bound by state law, all contracts should: 

• Have a specific title
• Identify the parties involved, using the full names of individuals and the contact information and tax identification numbers of companies
• Detail the purpose of the contract and what each party must provide to fulfill the contract
• Define the type and scope of services involved
• Include the amount owed for these services, and when and how this amount will be payable
• Establish the length of the agreement, including start date and end date
• Include a provision on the termination of the contract by either party
• Ensure the contract is agreed upon by both parties and signed by both parties 

Grow your network naturally with a community of innovators 

No matter your industry or previous experience, starting a consulting business will bring unexpected challenges as you begin working with clients and scaling your services. Arming yourself with knowledge will help you handle these contingencies as they arise, and surrounding yourself with a network of supportive professionals is key to driving success and keeping yourself grounded. 

Coworking solutions like WeWork are an ideal milieu for starting a consulting business. With a global network of members, WeWork opens a door to a wealth of potential clients. Plus, frequent community events are an easy way to meet fresh collaborators. More than this, however, WeWork surrounds you with a mix of entrepreneurs, creatives, growing teams, and established companies—professionals who can provide guidance and direction when you need it most. 

In starting a consulting business, you are opening yourself up to new opportunities and you will enjoy ultimate flexibility in when, where, and how you choose to work. There are countless benefits that come with being a self-employed consultant; the key is setting yourself up for success from the get-go. 

For more tips on starting and growing a business, check out all of our articles on Ideas by WeWor k .

Caitlin Bishop is a writer for WeWork’s  Ideas by We , based in New York City. Previously, she was a journalist and editor at  Mamamia  in Sydney, Australia, and a contributing reporter at  Gotham Gazette .

Tom Hewitson, Chief AI Officer at leading AI training company General Purpose , offers tips for small businesses

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How to start a consulting business

Find out what you need to do to start and manage your own consulting business.

Being a consultant is a way you can make a career out of sharing your business expertise with others. It can also be a lucrative side hustle. This guide covers types of consultants, getting expert advice on writing a business plan, choosing your niche, and understanding your target audience.

What do consultants do?

Companies hire consultants for their specific expertise and to bring an outside perspective to problems.

A common misconception is that anyone can become a consultant. Someone who wants to be a consultant needs to be both great in their field and an excellent communicator. You need to be strategic, solution-focused, and want to help other businesses to succeed.

To help you decide if consultancy is right for you, check this list of the top skills that successful consultants need. Consultants need to be skilled in:

• providing specialized expert advice
• devising strategies for other businesses
• helping businesses diagnose problems and create solutions
• assisting with data collection, expert research, and giving feedback
• providing recommendations to help companies to grow and reach their goals

Types of consulting niches

Think about what consulting niche best matches your skills and experience. Some of the most popular ones are:

• Management consulting: This can involve helping companies with anything from operational decisions to team restructures. Management consultants help to solve organizational problems to improve business performance.
• Marketing consulting: This might be your niche if your expertise is in marketing strategy and understanding industry trends. It can involve creating a marketing plan to grow a new business or building brand awareness through social media.
• Human resources consulting: Sometimes an organization needs an independent consultant for support with employment contracts or managing disciplinary action. An HR consultant can bring fresh, unbiased perspectives and additional expertise.
• Financial consulting: Financial consultants are results-driven experts with the know-how to help businesses with their financial strategies, reporting structures, and data analysis.
• IT consulting: IT solutions operate at the center of many businesses, and work efficiently to support staff members. Depending on their background, an IT consultant can help with anything from reworking existing IT systems and networks to supporting the implementation of new software.
• Public relations consulting: Experts in communication and brand visibility may be well-suited to PR consulting. It's about finding the right tactics to improve a brand's presence, from creating compelling press releases to running buzzworthy social media events.
• Strategy consulting: This involves working with high-level managers and executives to create clear strategies that meet business objectives. It's similar to management consultancy, but focuses more on meeting specific goals, rather than improving overall business performance.
• Business consulting: A business consultant needs to have broad business and market knowledge to offer guidance and support. That support can involve writing a business plan to drive change and helping a company to implement that plan.

Consulting for smaller organizations vs. large companies

As well as choosing a niche, consider the size of the company you want to consult for.

Smaller organizations may require consulting work to be more hands-on as they lack the resources and expertise to strategize and implement improvements. They may need you to be more creative with budget, time, and resources when finding solutions in their specific area. You may require project management skills to help implement your recommendations.

Larger companies tend to be richer in resources and knowledge. Consulting for a larger business may require higher-level strategic thinking, as teams are available in-house to implement your recommendations. It's likely to involve more collaboration, working with different teams to get the job done.

Why start a consulting company?

So you're an expert in your field, looking to become a consultant to help other businesses. But why start your own consulting company? It allows you to work when and where you want, but running your own business can come with challenges.

It’s a big step moving from being in a full-time job to being self-employed as a consultant. So you might want to start consulting as a side project while still working full-time. This can be a useful way to learn the consulting landscape, understand if it's right for you, and start building your client base. However, it may not be sustainable long-term, as you balance your time and responsibilities throughout the working week. In addition, you must be sure that your side hustle client work doesn’t interfere with your day job, and that there are no conflicts of interest.

Here are some of the pros and cons of starting your own consulting practice:

• It’s fairly low cost to start
• It can be financially rewarding
• You have control of where and when you work
• You are your own boss
• Job satisfaction as the work can be rewarding
• You have flexibility
• Running your own business can be stressful
• Work can be irregular
• As you are self-employed, there are no employee benefits or safety net
• There are a lot of administrative responsibilities, such as handling taxes
• You can’t have clients that are competitors of your current employer

Step-by-step guide to starting a successful consulting business

Follow our simple step-by-step guide to starting your own consulting business and making it successful.

1. Develop a business plan

The first step is to create a business plan . This helps you clarify your ideas, guides you as you grow, and provides an important document for banks, investors, and accountants.

Your business plan doesn't have to be a lengthy document. Just one page will do. You can use this free business plan template. Here's a list of what you may want to include:

• Executive summary
• Company overview
• Industry analysis
• Customer analysis – likely potential customers
• Competitive analysis – who your competitors are
• Marketing plan – your value proposition and how you plan to market this
• Operations plan
• Management team / Your team
• Financial plan – how you intend to finance getting started and the ongoing business

If you're undecided about what type of consultancy service to offer, start by auditing your skills and experience. How can you make the most of your strengths? What’s the main area of expertise that you can offer to organizations?

As well as thinking about what you can offer, consider the target market you want to work in. What might be the pain points of working in this area? Is it an area you want to excel in? Answer these questions before moving forward.

2. Decide your business structure

You'll need to decide how to structure your business as it can impact the taxes you pay, and your business legal status.

These are some of the common business structures for a consulting business:

• Sole proprietor: Often preferred by single owners for its simplicity in ownership and management. You may work under your own name or file for a DBA (doing business as) if you want to name your company something else. The income taxes for a sole proprietor are generally simple too.
• S-Corp: An S corporation is a corporate entity and any shareholders who work in the business are employees. While this type of entity files its own tax return, income is reported and taxed on the shareholders’ personal tax returns.
• Limited liability company (LLC): An LLC is a flexible legal structure that provides some asset protection for its owners. There are multiple taxation options: it can be taxed as any of the entity types listed above, or as a partnership, depending on the number of owners and any tax elections made.

Read more in this Xero guide to types of business structure .

3. Get an EIN

The next step is registering for an employer identification number (EIN) at the IRS. It can be helpful when opening a bank account and filing for taxes. Sole proprietorships have the option of using their social security number instead.

4. Apply for a business license

If you've decided to set your business up as an LLC or an S-Corp, you'll need to register in the state you choose to operate, and in additional states if you will be working in more than one state. Find out how to register with your state. You may also need to register a doing-business-as (DBA) name if using a brand or trade name.

As permits and licenses vary from state to state, it's best to visit the individual websites to follow the steps you need to take. Find out more about what may be required when registering a business .

Special considerations/certifications may be needed, depending on the state you're operating in:

• You may require a general business license in some states.
• Some cities require a zoning permit.
• Some consultancy work requires proof of certification or qualification, such as for financial services.

It's best to check with local authorities for what permits, licenses, and certifications are required.

5. Define your target market

Once you've chosen your consulting niche, you need to find your target market . The type of clients you work with depends on your area of expertise. Consider who the potential clients are likely to be and what kinds of businesses they come from.

For example, your market may be:

• Small businesses
• Corporations
• Local, state, or federal government
• B2B businesses
• A specific business sector such finance, education, or health

6. Set your prices

How will you set up your pricing structure for prospective clients? You could, for example, charge via hourly rate or project rate. Read about some simple pricing options to work out what might be right for you and your business. It's important to understand the value of what you're offering and how your business can make the most money.

When setting your pricing structure, you'll need to consider the following:

• Your overhead costs, such as office space
• Competitor rates
• The industry you’re working in
• Any travel that’s involved

7. Establish a business bank account

It's a good idea to set up a business bank account for your company. It helps to separate your business spending from your personal expenditures.

It can also be useful if you need to apply for business loans or credit cards for company spending, especially if you want to scale your business. Plus, you can track the income from your company more easily if it's all in one place. If your bank connects to online accounting software like Xero, you can get automatic feeds of bank transactions into your accounts.

8. Build your brand

You'll need to define and build your brand to attract prospective clients to your business.

Start by focusing on your niche and target market, as this helps to tailor your brand to the right clients. You'll need to choose a business name and a logo to go with it.

The next step is to build a website to explain what you do, and showcase your offering. This is where you'll refer new clients for more information about your business, and where companies will contact you for potential work.

If you want to become a thought leader in your industry and set yourself apart from other consultants, think about what else you can do to help build your reputation. You could publish blog articles that share your knowledge and expert opinions. You could speak at events and conferences.

9. Understand business insurance requirements

Having business insurance is essential for the smooth and safe running of your company. Once you understand what you need for your business, make sure you regularly review your insurances, as risks and responsibilities change and evolve.

Start by understanding the different options that are available to you. Some key types of insurance include:

• General liability insurance: This provides support against public injury and damage claims.
• Professional liability insurance: This provides economic support if any mistakes are made that put your business at risk.
• Business continuation insurance: This can help replace lost income if your business has to close or slow for any reason.
• Worker’s compensation insurance: This is required if you have employees, providing financial support in cases of injury or death.

10. Startup financing

The next step is thinking about how to fund your new business venture. The types of funding available for starting a small business include:

• personal savings
• business loan, for example, through SBA
• borrowing from family and friends
• credit card financing
• crowdfunding
• a business partnership or strategic alliance

Some businesses may not require a large amount of funding upfront, but choosing the right funding is important for the longevity of your business. If you need a business loan, read this handy guide to understand what kind you need and how to apply .

11. Market your small business

Once you've set up your business, chosen a company name, and created a website, you need to think about marketing your brand. How will your first clients discover your consulting services? Can anyone provide you with testimonials or a referral to help build trust in your business? You need to communicate your business in the right way to the right clients.

Common ways to market a brand include:

• Word of mouth and testimonials from previous clients
• Social media
• Create a LinkedIn profile for your business
• Establish a Google business profile
• Ensure that your website is optimized for search engines (SEO)
• Advertise in industry publications
• Create business cards to hand out at networking events
• Get a proposal template designed that looks professional

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

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How to Start a Grant Writing Business

Owners of grant writing businesses are adept at finding foundations, government entities and other funding sources and applying for funding on behalf of their non-profit clients. You will, in short, serve as a matchmaker, putting together funding sources and needs. You’ll continually seek grant opportunities and write succinctly, persuasively and in an organized manner in filling out requests for proposals (RFP) to win funding.

You may also be interested in additional side hustle ideas .

Learn how to start your own Grant Writing Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a grant writing business by following these 10 steps:

• Plan your Grant Writing Business
• Form your Grant Writing Business into a Legal Entity
• Register your Grant Writing Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Grant Writing Business
• Get the Necessary Permits & Licenses for your Grant Writing Business
• Get Grant Writing Business Insurance
• Define your Grant Writing Business Brand
• Create your Grant Writing Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your grant writing business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Grant Writing Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your grant writing business?

Business name generator, what are the costs involved in opening a grant writing business.

Your startup costs should be minimal since you can work from your home and without employees at first. Let’s look at some possible startup costs.

• Home office equipment—Your phone, computer and printer can be obtained for $1,000 if you don’t already own them.
• Rent—Your first office is likely to be your home or apartment. If that’s too distractive, seek office space for one person in a modest space. Meetings can be held at client locations, so you don’t have to impress with your office. Depending on where you’re located, rent could be as little as a few hundred dollars a month and shouldn’t exceed $1,000.
• Employee costs—You’ll likely be your sole employee, at least at first. What’s the least you can get by on? You might feel more financially secure if you have a working spouse, have saved a year’s salary beforehand or go into your business with at least one client signed up.
• Professional services—See a lawyer and an accountant before startup to draw up contracts and advise on expenses and taxation issues. This might be a $500 investment or more depending on the complexity of your business.
• Promotional and marketing materials—This includes everything from your website and blog to social media presence, business cards, logo development and collateral sales materials. Much of this can be done at low cost. For instance, your website and blog can be developed cost-free if you have basic digital skills, and you could find a competent graphic designer at your local community college. The investment of $500 to $1,000 should be enough in this area to launch your business.
• Accreditation, memberships and licensing—Networking within your industry can cost as much as $1,000. While not mandatory, this can be a valuable investment in credibility and a source of critical relationships. Ask your lawyer or accountant if you’ll face any licensing or permit fees in your locality.

What are the ongoing expenses for a grant writing business?

Your ongoing expenses can be quite modest until you’re primed for growth. At that time, you’ll need an office (or one that’s larger than your current site) and you’ll undertake employee expenses.

At first, your most pressing need will be to meet your own income and healthcare demands. Other ongoing expenses will include event attendance, lunches, travel, entertainment and other costs associated with meeting clients and funders.

One source estimated that operational expenses for grant writers might take up 25-50 percent of revenue.

Who is the target market?

You’ll want to meet decision makers at non-profit, community and civic organizations, and occasionally even for-profit entities and others seeking to raise funds through grants. While some grant writers seek clients of all kinds, others focus on a preferred type. That might be organizations working to treat specific medical conditions or to advance a political or civic objective, or perhaps non-profits based within your geographic region.

How does a grant writing business make money?

You’ll generate revenue by charging clients a per-hour or flat rate for your various services. As you win grants and your reputation grows, more businesses will come in and you can increase your hourly or project rates.

Grant writers with little experience and few clients might charge as little as $25 an hour, while a rate of between $50 and $100 hourly is earned by those with more experience. Some grant writing businesses charge a flat fee for individual services. For instance, this business charges $3,500 for a grant proposal that can serve as a foundational document for responding to RFPs. The company charges additional fees for RFPs and basic funding-source research.

How much profit can a grant writing business make?

The compensation data website Payscale estimated that in-house grant writers earn an average annual income of about $45,000. Use this as only a starting point, because those who work on their own have more control over their income. It will only be limited by your success in generating clients, nurturing funding source relationships, winning grants and marketing your successes.

How can you make your business more profitable?

Some non-profit organizations employ in-house writers but still need help with other aspects of grant seeking. Consider breaking down your various services and offering non-profits who might not be interested in your full menu of services a cafeteria option. This might include such related services as funding research, training and writing consultancy.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your grant writing business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

In most states, grant writing businesses must obtain business permits. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Services Contract

Grant writing businesses should have a service contract between themselves and their clients to make the exchange of grant writing services for payment transparent.  Here is an example service agreement .

Recommended: Rocket Lawyer makes it easy to create a professional service agreement for your grant writing business when you sign up for their premium membership. For $39.95 per month, members receive access to hundreds of legal agreements and on-call attorneys to get complimentary legal advice.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Grant Writing Business needs and how much it will cost you by reading our guide Business Insurance for Grant Writing Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a grant writing business

Use social media and self-promotional marketing materials to expound on your abilities and to highlight your accomplishments. You’ll also want to spend equal time engaging prospective clients and the funding sources that will serve their needs. Get involved volunteering within your target industry, attend fundraisers, sit on boards and otherwise interact with your audience and get to know decision makers.

How to keep customers coming back

It’s your grantmaking “wins” that will attract new clients and maintain the interest of your existing roster. However, this is only partially within your control. Every grant proposal you write must be comprehensive, logical and persuasive—and you still might not land the grant. That’s because of the intense competition for funding.

This fact underscores the need for self-promotion when strategically beneficial. Use social media to highlight your victories. And be sure to ask your clients to recommend you to others potential clients. It’s a small, insular community, putting you at an advantage if you can offer prospective new clients the commendation of people they know and respect.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

Your talents will involve business writing and a clear understanding of the non-profit and funding worlds. In your writing, you must be able to take direction well because each RFP to which you respond requires clear and direct answers and attention to such details as word or page counts, writing style and, on occasion, even font and type size regulations.

It also helps if you currently volunteer, or have done so in the past, with non-profit organizations, or can network comfortably within that environment.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a grant writing business?

You’ll maintain regular phone, digital and face-to-face contact with nonprofits and grant makers at foundations and other funding sources. You’ll spend significant time researching new funding opportunities and nurturing relationships in the funding community.

You should also have a regular social media presence to salute your nonprofits and foundations with which you’ve established contact and to promote your own achievements in securing funding.

During busy times, much of your day will be spent researching grant makers and filling out RFPs. You should also meet other grant writers at networking events with whom you could strike up successful partnerships or seek contract help during busy times.

What are some skills and experiences that will help you build a successful grant writing business?

Your success will be built upon the proficiency of your writing within this area of expertise and your ability to navigate the nonprofit world. You must be socially adept and able to work the politics of your two communities—nonprofits and funders.

What is the growth potential for a grant writing business?

The more clients you add to your roster, the more income you might generate. Success breeds success in this industry. While every grant request is a longshot since so many nonprofits are competing for the same funding, grant writers who are recognized as being particularly successful are best positioned to win new business. That’s why it’s incumbent upon you to publicize your wins through social media and self-marketing opportunities.

As your business grows, you can consider hiring additional writers or others who are networked into the non-profit or funding communities to help you generate additional clients or grantmaking sources.

Not sure if a grant writing business is right for you? Try our free Business Idea Generator and find your perfect idea.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a grant writing business?

Don’t go into this field unless your business writing skills are impeccable. That said, you should also have entrée in the nonprofit world. You might gain this knowledge with a background in a non-profit organization, working as an in-house writer or in some other area of expertise as either a staffer or volunteer.

Also consider learning more about the specifics of grant writing through various web articles and online training programs or through industry groups and trade organizations. These include National Grants Management Association (NMGA) , Grant Professionals Association (GPA) , and Grant Professionals Certificate Institute (GPCI) .

How and when to build a team

One reason you need to network regularly is to meet other talented writers and insiders in the world of nonprofits and funding sources. You can expand gradually, as opportunity presents itself. If, at first, you have an excess of work, consider contracting with freelance grant writers to undertake parts of projects.

Only when you see that your business growth is ongoing, rather than a cyclical bump, should you consider part-time or full-time hires. You can also explore expansion through partnerships with other successful grant writers as a way to gain access to new client types or funding sources.

Useful Links

Industry opportunities.

• National Grants Management Association
• American Grant Writers Association
• Grant Professionals Association
• Grant Professional Certification Institute

Real World Examples

• New York-based grant writing business

Further Reading

• Start-Up Guide for Grant Business
• Learn about more Online Business Ideas

Have a Question? Leave a Comment!

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How to Start an Online Consulting Business: The Complete Guide

• December 28, 2023
• For Consultants

The decision to start your own online consulting business is a powerful choice. Whether you’re driven by a passion to share your expertise or a desire for the flexibility and global reach that the online world offers, starting an online consulting business can be a transformative step in your life and career. 

We’ve prepared a comprehensive guide to help you start an online consulting business and each section is strategically crafted to provide you with a roadmap to navigate the process of launching and growing your online consultancy. From the initial stages of honing your skills to the moment of promoting your consulting services online, we’ve got you covered.

What Is Online Consulting?

Online consulting is providing professional advice, guidance, or expertise through digital platforms and communication channels. This form of consulting allows you to offer individuals or businesses access to specialized knowledge and services remotely, eliminating the need for in-person interactions. 

Online consulting leverages technologies such as video calls, emails, instant messaging, and collaborative tools to facilitate communication and deliver services. This approach provides flexibility for both consultants and clients, enabling them to connect regardless of geographical location. The rise of digital platforms has significantly expanded the reach of consulting services, making expertise more accessible and convenient for a diverse range of individuals and businesses.

Types of Online Consulting

Online consulting can serve a wide range of industries and fields, including but not limited to:

Business Consulting 

Providing advice on various aspects of business strategy, operations, marketing, and management through online platforms.

Career Consulting

Assisting individuals in career planning, resume writing, job search strategies, and professional development through virtual consultations.

Health and Wellness Consulting

Offering guidance on fitness, nutrition, mental health, and overall well-being through online sessions.

Technology Consulting

Providing expertise in IT, software development, cybersecurity, and other technical areas through virtual consultations.

Financial Consulting

Offering financial planning, investment advice, and budgeting assistance through online communication channels.

Education Consulting

Assisting students with academic planning, career guidance, and college admissions through virtual consultations.

Legal Consulting

Providing legal advice, document review, and guidance on legal matters through online platforms.

How to Start an Online Consulting Business in 14 Steps

• Understand the difference between online and traditional consulting
• Assess and improve your online consulting skills
• Market research and online consulting market fit
• Starting an online consulting business & choosing your niche
• Business structures to consider when starting an online consulting business
• Creating irresistible online consulting solution
• Figure out the booking process for your online consulting business
• Writing an online consulting business plan
• Business licenses and certifications
• Initial and ongoing expenses for online consulting businesses
• Set up prices with a healthy profit margin
• Promoting your online consulting business
• Selling your online consulting services
• Growing and scaling your consulting business

Understand the Difference Between Online and Traditional Consulting

Flexibility.

Traditional Consulting: Typically involves face-to-face meetings and office-based interactions, limiting accessibility and flexibility for both the consultant and the client.

Online Consulting : Embraces the flexibility of virtual communication, allowing consultations to occur from anywhere in the world. This accessibility is a significant advantage for attracting a diverse clientele.

Global reach

Traditional Consulting: Primarily local or regionally focused, with limitations on reaching clients outside geographical boundaries.

Online Consulting: Breaks down geographical barriers, enabling you to tap into a global market. This expanded reach opens doors to a broader clientele and diverse business opportunities.

Cost efficiency

Traditional Consulting: Involves expenses related to office space, travel, and in-person meetings, potentially increasing the overall cost of operations.

Online Consulting: Reduces overhead costs, as virtual consultations eliminate the need for physical office space and extensive travel. This cost efficiency can be a strategic advantage for pricing your services competitively.

Technological integration

Traditional Consulting: Relies on traditional communication methods, with slower adoption of technology in some cases.

Online Consulting: Leverages digital tools, video conferencing, and collaborative platforms for seamless communication and information sharing. Embracing technology is a fundamental aspect of successful online consulting.

Client engagement

Traditional Consulting: Builds relationships through in-person interactions, which may be time-consuming and logistically challenging.

Online Consulting: Prioritizes virtual engagement, utilizing various online channels to maintain regular communication with clients. Effective online engagement strategies are crucial for client satisfaction and loyalty.

Marketing dynamics

Traditional Consulting: Relies on local networking, referrals, and traditional marketing methods.

Online Consulting: Opens avenues for digital marketing, content creation, and social media strategies to reach a broader audience. Understanding the nuances of online marketing is key to attracting and retaining clients in the digital space.

Assess and Improve Your Online Consulting Skills

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The success of your online consulting business depends on your ability to continually assess and enhance your skills. Unlike traditional consulting, where face-to-face interactions dominate, the online consulting industry demands a unique set of capabilities to effectively connect, communicate, and deliver value to your clients. Here’s a comprehensive guide to assessing and improving your online consulting skills:

Communication

Assessment : Evaluate your ability to articulate complex ideas clearly in a virtual setting.

Improvement Strategies: Engage in virtual communication exercises, practice active listening, and seek feedback to refine your communication skills. Utilize online tools for effective collaboration and document sharing.

Tech-savviness

Assessment: Assess your comfort level with digital tools, video conferencing platforms, and collaborative software.

Improvement Strategies: Stay updated on the latest technologies relevant to your industry. Familiarize yourself with popular consulting apps and collaborative platforms. Consider investing time in training sessions or online courses to enhance your technical proficiency.

Virtual presence

Assessment: Reflect on how you come across in virtual meetings – your tone, body language, and overall virtual presence.

Improvement Strategies: Record and review your virtual interactions to identify areas for improvement. Practice maintaining a professional and engaging virtual presence. Experiment with lighting, background, and camera angles to enhance your on-screen image.

Active listening

Assessment: Evaluate your ability to actively listen and empathize with clients during virtual consultations.

Improvement Strategies: Practice mindful listening techniques. Use visual cues, such as nodding or appropriate facial expressions, to convey engagement. Incorporate reflective questioning to ensure a deep understanding of your clients’ needs.

Time management

Assessment: Analyze your time management skills in virtual consultations to ensure efficient use of both your and your client’s time.

Improvement Strategies: Set clear agendas for virtual meetings, allocate specific time slots for each agenda item, and adhere to the schedule. Utilize time-tracking tools if necessary to enhance your time management practices.

Adaptability

Assessment: Reflect on your ability to adapt to unexpected challenges or changes in a virtual consulting environment.

Improvement Strategies: Embrace a mindset of adaptability. Practice handling technical glitches smoothly and be prepared with contingency plans. Stay agile and open to adjusting your approach based on the unique needs of each client.

Building trust online

Assessment: Evaluate how effectively you build and maintain trust with clients in a virtual setting.

Improvement Strategies : Prioritize transparency and reliability. Consistently deliver on promises, communicate clearly, and demonstrate expertise to foster trust. Leverage case studies, testimonials, and an updated online presence to build credibility.

Market Research and Online Consulting Market Fit

Understanding your target market and ensuring your online consulting services align with market demands is crucial for your success. Effective market research lays the groundwork for a strong market fit, enabling you to tailor your services to meet the unique needs and preferences of your audience. Here’s a comprehensive guide to conducting market research and achieving a solid online consulting market fit:

Define your target audience

Identify and analyze the characteristics of your ideal clients. Consider factors such as industry, company size, location, and specific challenges they face.

Ensure your consulting services align with the needs and pain points of your target audience. Tailor your approach, expertise, and solutions to resonate with the identified audience.

Competitor analysis

Evaluate competitors offering similar online consulting services. Identify their strengths, weaknesses, and unique selling points.

Differentiate your services by addressing gaps or offering unique value propositions. Understand what makes your approach distinctive and appealing to potential clients.

Industry trends and demands

Stay informed about current trends, emerging technologies, and shifts in your industry or niche.

Align your services with industry trends and anticipate future demands. Position yourself as a thought leader by integrating cutting-edge insights into your consulting offerings.

Pricing analysis

Research the pricing models and structures adopted by competitors in the online consulting space. Set competitive yet profitable pricing for your services. Consider factors such as your expertise, the value you provide, and the expectations of your target market.

Client feedback and testimonials

Collect and analyze feedback from your current or past clients. Identify patterns, common challenges, and areas of satisfaction. Use client testimonials and feedback to refine your services. Showcase success stories to build credibility and demonstrate the effectiveness of your online consulting solutions.

Emerging niches and opportunities

Explore potential niches or underserved segments within your industry. Identify and capitalize on emerging niches or opportunities that align with your expertise. Be agile in adapting your services to cater to evolving market needs.

Online presence and visibility

Analyze the online presence and visibility of competitors and industry leaders. Optimize your online presence through a professional website, active social media engagement, and content marketing. Ensure potential clients can easily find and connect with your online consulting services.

Regulatory and compliance considerations

Understand any industry-specific regulations or compliance requirements. Ensure your online consulting services comply with relevant regulations. Communicate your commitment to compliance and ethical practices to build trust with potential clients.

Starting an Online Consulting Business & Choosing Your Niche

Selecting a niche for your online consulting business is a critical decision that shapes your brand, attracts your target audience, and distinguishes you from competitors. While the temptation to cast a wide net may be strong, specializing in a particular niche can lead to greater expertise, credibility, and client trust. But how do you choose a niche when starting an online consulting business?

• Assess Your Expertise and Passion:

Identify areas where your skills, knowledge, and passion converge. Assess your strengths and consider the aspects of your work that energize and inspire you.

• Identify Market Demand:

Evaluate the demand for various consulting niches within your industry. Look for gaps or underserved areas that align with your expertise.

• Consider Your Target Audience:

Define your ideal client persona. Understand their challenges, preferences, and specific needs. Tailor your niche to address these factors.

• Analyze Competitor Niches:

Investigate the niches of your competitors. Identify areas where you can differentiate yourself or provide a unique value proposition.

• Evaluate Long-Term Viability:

Consider the long-term viability of your chosen niche. Assess industry trends, emerging technologies, and shifts that might impact the demand for your services.

• Passion vs. Profitability:

Find a balance between your passion and the profitability of the chosen niche. While passion is essential for motivation, ensuring a viable market is equally important.

• Specialization for Credibility:

Specializing in a niche allows you to build deep expertise. Clients often prefer consultants who demonstrate a profound understanding of their specific challenges.

• Align with Your Brand:

Ensure your chosen niche aligns with your overall brand identity. Consistency in messaging and offerings strengthens your brand in the minds of clients.

• Test Your Niche:

Before fully committing, consider testing your niche with pilot projects or a smaller client base. Use feedback to refine your approach.

• Long-Term Commitment:

Recognize that building a strong presence in your chosen niche takes time. Demonstrate commitment and consistency in delivering exceptional value.

• Resist the Urge to Diversify Too Soon:

Avoid the temptation to diversify too quickly. Establish yourself in your chosen niche before considering expansion.

• Flexibility: 

While specializing, remain adaptable. Be open to evolving within your niche based on industry changes and client feedback.

• Branding Strategies:

Craft your brand positioning strategy around your niche. Use targeted language and visuals that resonate with your specific audience.

Business Structures to Consider When Starting an Online Consulting Business

When starting your online consulting business, one crucial aspect to consider is the business structure that aligns with your goals and vision. Choosing the right business structure is a pivotal decision that shapes the legal, financial, and operational aspects of your online consulting business. It’s advisable to thoroughly evaluate the nuances of each model, considering factors such as personal liability, regulatory compliance, and your long-term business objectives. By aligning your business structure with your aspirations, you set the foundation for a resilient and strategically sound consulting business.

Here are some business models to contemplate when determining the optimal structure for your online consulting business:

Sole proprietorship

The sole proprietorship model stands out as the simplest and most straightforward choice for solo consultants. With this structure, you enjoy the ease of setup and retain full control of your business. However, it’s essential to note that as a sole proprietor, you are personally liable for any business debts and legal issues that may arise.

Limited Liability Company (LLC)

Opting for an LLC introduces an additional layer of personal liability protection while maintaining the flexibility reminiscent of a sole proprietorship. This structure is a popular choice for many online consulting businesses, offering a balance between protection and operational freedom.

Partnership

In situations where a business partnership is on the horizon, a partnership structure becomes relevant. There are two primary types: general partnerships and limited partnerships, each carrying distinct legal implications. Assessing the nature of your collaboration will guide you in choosing the most suitable partnership structure. It’s best to opt in for this structure if you have someone who will start an online consulting business with you. 

Corporation

Corporations, while providing robust personal liability protection, come with more intricate administrative and regulatory requirements. This business structure is better suited for larger consulting firms or businesses with multiple owners. Before opting for a corporation, carefully consider the complexity it adds to your business operations.

Nonprofit organization

For consulting businesses with a charitable or educational focus, the nonprofit organization structure might be a great choice. Establishing a nonprofit entity, however, comes with specific regulations and compliance requirements. On the flip side, it offers the advantage of tax benefits for organizations aligned with a broader social or educational mission.

Creating Irresistible Solutions When You Start Online Consulting

Crafting a compelling and irresistible online consulting solution is crucial for capturing the attention of potential clients and establishing a strong value proposition. Your solution should not only address the specific needs of your target audience but also stand out in a competitive market. We’ve prepared a step-by-step guide to help you achieve this:

Understand Client Pain Points:

Conduct interviews or surveys to understand the challenges and pain points your target audience faces. This insight forms the foundation for your solution.

Tailor Your Expertise:

Align your expertise with the identified pain points. Tailor your consulting services to directly address the unique needs of your target audience.

Unique Value Proposition (UVP):

Clearly articulate your Unique Value Proposition. What makes your online consulting solution stand out? How does it uniquely benefit clients compared to competitors?

Clear and Measurable Outcomes:

Define clear and measurable outcomes that clients can expect from your consulting services. Tangible results enhance the appeal of your solution.

Incorporate Technology:

Leverage technology to enhance the effectiveness of your solution. Explore tools, platforms, and consulting scheduling software that can streamline processes and deliver added value.

Scalability and Flexibility:

Design your consulting solution to be scalable. Ensure that it can adapt to the growth and changing needs of your clients.

Transparent Processes:

Clearly communicate your processes and methodologies to clients. Transparency builds trust and helps clients understand the value they’ll receive.

Personalization:

Offer personalized consulting solutions that cater to the specific requirements of each client. A one-size-fits-all approach may not resonate as strongly.

Proven Methodologies:

Highlight case studies and success stories that demonstrate the effectiveness of your methodologies. Social proof enhances the credibility of your solution.

Improvement:

Emphasize your commitment to continuous improvement. Demonstrate your willingness to adapt your solution based on client feedback and evolving industry trends.

Competitive Pricing Structure:

Structure your pricing in a way that reflects the value your consulting solution provides. Emphasize the return on investment clients can expect.

Collaborative Approach:

Foster a collaborative approach where clients feel actively involved in the consulting process. Collaboration enhances engagement and client satisfaction.

Streamlined Onboarding Process:

Develop a streamlined onboarding process that quickly integrates clients into your consulting services. A smooth start sets a positive tone for the entire engagement.

Educational Components:

Integrate educational components into your solution. Empower clients with the knowledge and tools they need for ongoing success beyond the consulting engagement.

Flexible Delivery Formats:

Offer flexibility in the delivery format of your consulting services. Whether through video calls, webinars, or asynchronous communication, adapt to the preferences of your clients.

Figure Out the Booking Process for Your Online Consulting Business

A streamlined and user-friendly booking process is essential for attracting clients and ensuring a positive experience. Your booking system should be efficient, easy to navigate, and provide clear communication. 

Trafft, consulting booking software , stands out as the top choice based on customer reviews, feature-to-cost ratio, customization, and flexibility.

Trafft’s platform perfectly blends basic and advanced features designed to streamline scheduling and enhance your online consulting business operations. It goes beyond mere appointment setting, providing essential business metrics, creating high-converting booking websites, and optimizing repetitive tasks. The result is a seamless and efficient user experience that minimizes errors, eliminates no-shows, and ensures an organized and efficient schedule.

The advanced features of Trafft further elevate its functionality and flexibility. Enjoy 

• Multi-location scheduling, 
• Multi-language capabilities, 
• Recurring appointments , 
• Group bookings, 
• Easy rescheduling, 
• Appointment reminders, 
• Highly customizable booking forms with templates. 

These features empower you to tailor the platform to your specific needs.

Want to grow your online consulting business? Choose Trafft!

Trafft doesn’t stop there; it offers powerful integrations with popular tools like MailChimp, Google Analytics, Stripe, PayPal, and Zapier. 

• Native integrations with Zoom and Google Meet facilitate scheduling virtual meetings. 
• Insightful business dashboards provide essential metrics for data-driven decisions, 
• Customer notes enhance the overall customer experience.

Integrated payment processing ensures timely payments, reducing the risk of no-shows and contributing to effective financial management. Trafft allows flexibility in sharing your booking page, whether through a QR code, an embeddable form on your website, or a simple link.

Despite its feature-rich offerings, Trafft remains budget-friendly, with plans tailored to fit the needs and budgets of all online consulting businesses. 

It even provides an unparalleled free plan with superior features. Trafft’s pricing starts from $29 per month for paid plans, with a free option available for up to 5 members.

Trafft’s stellar ratings speak volumes about its effectiveness:

• 5/5 on Capterra
• Excellent on TrustPilot
• 5/5 on GetApp

Sign up for free now and experience Trafft’s full power!

Writing an Online Consulting Business Plan

A well-structured online consulting business plan is a roadmap that guides your online consulting business toward success. It serves as a strategic document outlining your goals, target market, financial projections, marketing strategy, and operational plans. But how do you write a business plan when starting an online consulting business? We’ve broken it down into steps:

• Executive Summary: Provide a concise overview of your online consulting business. Include your mission statement, vision, and a brief summary of your business concept.
• Business Description: Detail the nature of your online consulting services. Clarify your niche, target market, and the unique value proposition that sets your business apart.
• Market Analysis: Offer an in-depth analysis of the online consulting industry. Include market trends, growth potential, and key factors influencing the industry. Provide insights into their demographics, needs, and preferences. Explain how your services meet their specific requirements. Identify their strengths, weaknesses, and strategies. Showcase how your business will differentiate itself.
• Services and Solutions: Outline your online consulting services in detail. Specify the problems you address, the solutions you provide, and the benefits clients can expect.
• Business Structure: Define the legal structure of your business (e.g., sole proprietorship, LLC, corporation). Clarify ownership and management roles.
• Marketing and Sales Strategy: Describe your target market and how you plan to reach and engage with them. Detail your marketing channels, messaging, and promotional activities. Outline how you will convert leads into clients, including pricing, sales tactics, and negotiation strategies.
• Financial Projections: Specify your revenue model. Outline how you will generate income, whether through hourly rates, project fees, or subscription models. Provide detailed financial projections, including income statements, cash flow statements, and balance sheets. Consider a breakdown for the first few years.
• Funding Requirements: Itemize your startup costs, including equipment, software, marketing expenses, and any initial investments required. Identify potential sources of funding, such as personal savings, loans, investors, or grants. Explain how the funds will be utilized.
• Operations Plan: Describe the operational workflow of your online consulting business. Detail how consultations will be conducted, project management, and client communication. Outline the technology and tools you’ll use to deliver your services efficiently. Address data security and privacy considerations.
• Risk Analysis: Identify potential risks and challenges that could impact your business. Develop contingency plans to mitigate these risks.
• Milestones and Goals Set realistic and measurable milestones for your online consulting business. Establish both short-term objectives and long-term strategic goals.
• Appendices: Include any supporting documents, such as resumes of key team members, market research data, or additional financial projections.
• Executive Summary (Revisited): Revisit the executive summary, summarizing the key points highlighted in your business plan. Emphasize your business’s unique value proposition and growth potential.

Business Licenses and Certifications

Ensuring that your online consulting business complies with legal requirements and industry standards is crucial for building trust with clients and avoiding potential legal issues. Here’s a checklist for starting an online consulting business to help you navigate this process:

• Local Regulations: Research the business licensing requirements specific to your location. Different cities, counties, and states may have varying regulations for online businesses.
• Industry Regulations: Check if there are industry-specific licenses or certifications required for online consulting in your niche. This may include professional licenses or certifications related to your expertise.
• Employer Identification Number (EIN): Obtain an EIN from the IRS, especially if you plan to hire employees or operate as a corporation or LLC. This is also required for certain tax filings.
• State Registration: Register your business with the appropriate state authorities. This may involve filing documents with the Secretary of State’s office, especially if you’re forming an LLC or corporation.
• Industry Associations: Explore whether there are professional certifications relevant to your consulting niche. Earning certifications can enhance your credibility and demonstrate expertise.
• Sales Tax Registration: If your online consulting services involve selling tangible goods or certain types of services, you may need to obtain a sales tax permit. Check the requirements in your jurisdiction.
• Home Business Regulations: If you operate your online consulting business from home, check local regulations regarding home-based businesses. Some areas may require a home business permit.
• Online Business Regulations: Familiarize yourself with laws specific to online businesses, such as data protection and privacy regulations. Ensure that your website complies with relevant online business laws.
• Insurance Requirements: Consider obtaining professional liability insurance to protect your business from legal claims related to errors, omissions, or negligence in your consulting services.
• Stay Informed: Keep track of the renewal requirements for your licenses and certifications. Stay informed about any changes in regulations that may affect your business.
• Legal Advice: Consult with a business attorney or legal advisor to ensure that you understand all the necessary licenses and certifications for your specific online consulting business. They can provide guidance tailored to your situation.
• Document Compliance: Keep detailed records of all your licenses, certifications, and permits. This documentation is essential for demonstrating compliance during audits or legal inquiries.
• Operational Integration: Integrate compliance with licenses and certifications into your standard operating procedures. This ensures ongoing adherence to legal and industry standards.

Obtaining the required business licenses and certifications is a critical aspect of establishing a legal and trustworthy online consulting business. By proactively addressing these requirements, you demonstrate your commitment to professionalism, build credibility with clients, and mitigate the risk of legal complications.

Initial and Ongoing Expenses for Online Consulting Businesses

Understanding the financial aspects when starting your online consulting business is essential for effective budgeting and sustainable operations. Both initial and ongoing expenses play a crucial role in determining your business’s profitability and long-term success.

Let’s see the initial and ongoing expenses you can expect when starting an online consulting business:

Initial expenses

Technology and equipment.

• Computers and Laptops: Invest in reliable computers or laptops for yourself and your team.
• High-Speed Internet: Ensure a stable and fast internet connection for virtual consultations.
• Software and Tools: Purchase or subscribe to essential software for communication, project management, and collaboration.

Website development

• Domain Registration and Hosting: Secure a domain name for your website and choose a hosting plan suitable for small businesses first.
• Website Design: Invest in professional web design workflow to create a visually appealing and user-friendly online presence.

Marketing and branding

• Logo Design : Design a professional logo that represents your brand.
• Marketing Collateral: Invest in business cards, brochures, or other marketing materials.
• Digital Marketing: Allocate a budget for online advertising, social media marketing, and content creation.

Licensing and certifications

• Business Licenses: Pay fees associated with obtaining necessary business licenses.
• Certifications: Budget for any professional certifications relevant to your consulting niche.

Legal and professional services

• Business Registration: Cover costs associated with registering your business entity.
• Legal Consultation: Seek advice from legal professionals to ensure compliance with regulations.

Workspace setup

• Home Office Expenses: If working from home, invest in a comfortable and well-equipped home office space.
• Co-working Space: Consider co-working space fees if you choose to work from a shared office.
• Professional Liability Insurance: Purchase insurance to protect against legal claims related to your consulting services.

Ongoing Expenses

Technology and software.

• Subscription Renewals: Budget for recurring costs of software and tools.
• Tech Upgrades: Plan for periodic upgrades or replacements of hardware and software.

Marketing and advertising

• Digital Marketing Campaigns: Allocate funds for ongoing digital marketing efforts.
• Content Creation: Budget for creating and promoting content to maintain an active online presence.

Professional memberships

• Industry Associations: Pay for memberships in professional associations relevant to your niche.

Training and development

• Budget for ongoing training or courses to stay updated in your field.

Workspace expenses

• Utilities: Cover ongoing expenses for utilities if you have a dedicated workspace.
• Rent or Co-working Fees: If applicable, continue budgeting for workspace rent or co-working fees.

Insurance premiums

• Renewal Premiums: Continue to pay premiums for professional liability insurance and other relevant coverage.

Set up Prices With a Healthy Profit Margin

Setting prices when starting your online consulting services requires careful consideration to ensure profitability while remaining competitive in the market. Here’s a detailed guide to help you set up prices with a healthy profit margin:

Determine costs

• Fixed Costs: Identify all fixed costs associated with running your online consulting business. This includes software subscriptions, website maintenance, insurance, and any other consistent expenses.
• Variable Costs: Consider variable costs that may change based on the number of consultations, such as marketing expenses or fees associated with online platforms.

Calculate the desired profit margin

• Profit Goals: Determine the profit margin you aim to achieve. This should cover your costs, contribute to business growth, and provide a return on your investment of time and resources.
• Competitive Analysis: Conduct a competitive analysis to understand the pricing structures of similar online consulting services. Use this information as a reference point but ensure your prices align with your unique value proposition.

Value-based pricing

• Client Value: Consider the value your consulting services bring to clients. Price your services based on the impact and results clients can expect rather than solely on your costs.
• Specialized Expertise: If you possess specialized expertise or offer unique solutions, factor this into your pricing strategy. Clients often recognize and are willing to pay for specialized knowledge.

Service packaging

• Tiered Packages: Offer tiered packages that cater to different client needs. Each package can include varying levels of service, allowing clients to choose an option that best fits their requirements and budget.
• Custom Solutions: Provide options for custom solutions or additional services beyond your standard packages. This allows you to upsell and capture additional revenue.

Hourly vs. project-based pricing

• Hourly Rate: Calculate an hourly rate that takes into account your desired profit margin, costs, and the perceived value of your services.
• Project-Based Pricing: For specific projects or ongoing consulting engagements, consider project-based pricing. Estimate the time and resources required and set a fixed fee for the entire project.

Consider market demand

• Demand-Driven Pricing: Assess market demand for your services. If demand is high, you may have the flexibility to set higher prices. Conversely, if you’re entering a competitive market, consider pricing strategies that differentiate your services.
• Promotional Pricing: Consider introductory or promotional pricing to attract initial clients and build a client base. Clearly communicate that this pricing is temporary.

Factor in business growth

• Scalability: Ensure that your pricing allows for scalability as your business grows. Consider how pricing adjustments may be necessary as your client base expands or as you offer additional services.

Pricing psychology

• Psychological Pricing: Use pricing strategies that appeal to the psychology of buyers. For example, pricing services at $99.99 may be more attractive than $100.
• Anchoring: Consider offering a higher-priced option alongside your main offering. This can anchor the perceived value of your main service and make it more appealing.

Competitive differentiation

• Value Proposition: Emphasize your unique value proposition in your pricing. Clearly communicate what sets your services apart from competitors and justifies your pricing.

Promoting Your Online Consulting Business

Effectively promoting your online consulting business is crucial for attracting clients and establishing a strong online presence. Here are some consultant marketing strategies to get you started:

• Build a professional website with a responsive design for optimal user experience. Clearly communicate services, expertise, and unique value propositions. Include clear calls to action prompting visitors to schedule consultations, subscribe to newsletters, or engage with your content. To achieve this seamlessly, consider utilizing the best responsive website builders available to ensure your site looks great and functions well across various devices. 
• Incorporate content marketing with regular high-quality blog posts addressing client pain points, industry trends, and solutions. Offer downloadable resources such as ebooks and whitepapers showcasing your expertise. Create engaging video content, including tutorials, client testimonials, or thought leadership pieces.
• Utilize social media marketing by selecting platforms where your target audience is most active. Maintain a regular posting schedule with a mix of curated content, industry updates, and your insights. Actively engage with your audience through comments, direct messages, and participation in relevant discussions.
• Implement email marketing by building a subscriber list and encouraging website visitors to subscribe for updates, tips, and exclusive offers. Segment your email list based on client preferences for personalized communication. Use automated email campaigns for onboarding, lead nurturing, and client retention.
• Incorporate search engine optimization (SEO) by identifying relevant keywords related to your services. Optimize website content for search engines, including meta tags, headers, and image alt text. Seek opportunities for backlink building from reputable websites in your industry.
• Leverage paid advertising through Google Ads for targeted campaigns and social media ads to reach a wider audience. Implement retargeting campaigns to engage with website visitors who didn’t convert initially.
• Explore networking and partnerships by attending virtual industry events, webinars, and conferences. Collaborate with other professionals or businesses in related industries to expand your reach.
• Showcase success stories through client testimonials and case studies on your website to build credibility. Request permission from satisfied clients to share their success stories in your marketing materials.
• Host educational webinars or virtual workshops to showcase your expertise and provide value. Include interactive Q&A sessions to engage with participants and address their specific questions.
• Implement a referral program that incentivizes existing clients or partners to refer new clients to your business. Clearly communicate the terms and rewards to encourage participation.
• Monitor and analyze your marketing efforts using analytics tools to track website traffic, conversion rates, and social media engagement. Regularly review analytics data and adjust your strategies based on what is most effective.

Selling Your Online Consulting Services

Successfully selling your online consulting services involves a strategic approach that emphasizes communication, value proposition, and building strong client relationships. Now is the time to put all the above together and sell your online consulting services right from the start:

• Clearly articulate the unique value your consulting services offer to clients.
• Emphasize the benefits and outcomes clients can expect from working with you.
• Tailor your value proposition to address specific pain points and challenges your target audience faces.
• Maintain a professional and up-to-date website that showcases your expertise and services.
• Optimize your LinkedIn profile and other professional profiles to reflect your consulting experience and achievements.
• Leverage social media platforms to share valuable content, engage with your audience, and build credibility.
• Focus on understanding the unique needs and challenges of each potential client.
• Ask open-ended questions to gather information and uncover the client’s pain points.
• Tailor your sales pitch based on the client’s specific situation, demonstrating how your services provide solutions.
• Share client testimonials, success stories, and case studies to showcase your track record.
• Highlight your industry knowledge, certifications, and any relevant achievements.
• Be transparent about your approach, processes, and what clients can expect when working with you.
• Clearly articulate the services you provide and the value they bring to clients.
• Offer tiered packages or customizable solutions to accommodate different client needs and budgets.
• Provide detailed information on the scope, deliverables, and timelines for your consulting services.
• Develop strong communication skills to convey complex ideas in a clear and understandable manner.
• Listen actively to client concerns and questions, demonstrating empathy and understanding.
• Use language that resonates with your target audience, avoiding jargon that may be unfamiliar to clients.
• Anticipate common objections and prepare persuasive responses.
• Address concerns proactively, demonstrating how your services address specific client needs and challenges.
• Provide evidence or examples that alleviate doubts and build confidence in your ability to deliver results.
• Craft a compelling sales pitch that highlights your expertise, services, and value proposition.
• Create visually appealing presentations that clearly convey information and engage your audience.
• Practice your pitch to ensure confidence and smooth delivery during client interactions.
• Leverage virtual meeting platforms for sales presentations and consultations.
• Utilize video conferencing to establish a more personal connection with potential clients.
• Share relevant documents and visuals during online presentations to enhance communication.
• Introduce limited-time promotions or discounts to create a sense of urgency.
• Clearly communicate the promotional period and any specific conditions for eligibility.
• Develop a systematic follow-up process to nurture leads and maintain communication.
• Send personalized follow-up emails or messages that address any remaining questions or concerns.

Effectively selling your online consulting services involves a combination of strategic planning, effective communication, and a client-focused approach. By consistently refining your sales strategies and staying attuned to client needs, you can build a robust client base and position your consulting business for long-term success.

Growing and Scaling Your Consulting Business

Growing and scaling your online consulting business is a process that involves strategic planning, efficient operations, and continuous innovation. What should you do?

Start by evaluating your current business performance. Conduct a thorough assessment, considering financial metrics, client satisfaction, and operational efficiency. Identify areas of strength and opportunities for improvement.

The next thing you should do is define clear growth objectives for your online consulting business based on performance. This may involve increasing client acquisition, expanding service offerings, or entering new markets. Set measurable and realistic targets for key performance indicators (KPIs) .

It’s a good idea to consider diversifying your service offerings to cater to a broader audience. Introduce complementary services aligned with your expertise and emerging client needs.

Identifying and researching potential new markets where there is demand for your consulting services is crucial. Adapt your marketing and communication strategies to resonate with the specific needs of these markets.

Building strategic partnerships with other businesses or professionals in related industries is also a great idea to help you grow your online consulting business. Collaborate with complementary service providers to offer bundled solutions or joint ventures.

Once you get increased sales, it’s time to implement scalable processes that can accommodate an increasing number of clients and projects. Streamline workflows, automate repetitive tasks, and optimize operational efficiency.

Assessing your workload and hiring additional team members to support business growth is the perfect next step. Identify key roles that can contribute to your business’s success, such as consultants, project managers, or marketing specialists.

Remember: prioritize client satisfaction and retention to foster long-term relationships. Implement client loyalty programs, gather feedback, and continuously improve your services based on client input.

And if you want to scale it’s time to increase your marketing efforts to reach a wider audience. Invest in branding to create a strong and memorable identity for your consulting business.

Once you get enough sales, focus on enhancing your client referral program to incentivize existing clients to refer new business. Consider offering special promotions or discounts to clients who refer successful leads.

It’s important to maintain a close eye on your financial health, regularly reviewing income, expenses, and profit margins. Set aside funds for business expansion and unforeseen challenges. Gather feedback from clients and use it to adapt and improve your services. Be responsive to market feedback and adjust your strategies accordingly.

Final Thoughts on Starting an Online Consulting Business

The successful start of an online consulting lies in a blend of expertise, strategic planning, client focus, and adaptability. You should embrace challenges as opportunities, celebrate milestones, and foster a forward-thinking mindset to be successful in the online consulting industry. As we’ve explored, the key pillars of success are a fusion of expertise and passion, informed market research, and a carefully chosen niche that aligns with both your skills and market demand.

It’s not only about starting an online consulting business, it’s about building a resilient and successful consulting practice .

• Tamara Jovanovic

Tamara Jovanovic is an SEO Content Specialist who enjoys learning about different industries, people, and how to solve problems through content. She is curious by nature and eager to experiment with new ideas that could provide value to readers. Often she spends hours analyzing why things worked or didn’t so she could be equipped with data and improve with every new task. Likes reading, learning, playing games, growing plants, and enjoying a good cup of coffee.

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Written by Ivan Kreimer | August 31, 2020

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If you’re thinking about starting your own consulting business, you need to start with a strong foundation.

There’s a lot you should do before you even consider starting your consulting business or closing your first client. The key is to focus on the things that matter the most and ignore the rest.

If you spend too much time working on the foundation, you may never start building the business itself. So, what should you spend most of your time on?

Here’s our checklist of nine things you need to do before starting your consulting business:

• Define your target audience and offer
• Set up a domain, hosting, and website
• Set up a marketing channel
• Craft a basic sales script
• Create a strategy for responding to typical sales objections
• Put operational systems and procedures in place
• Ensure that you have incorporated your business
• Hire an accountant or bookkeeping service
• Rent or buy an office or specific place of work

1. Define Your Target Audience and Offer

If you’re serious about starting a consulting business, you need to start thinking like a successful business owner.

Business owners must have the ability to define a specific offer that’s relevant to a specific audience.

In order to guarantee success, you need to clearly outline and define your target audience. The way to do this is to start by defining your area of specialization . Think about your existing skills, your past results, your work experience, and your interests.

READ MORE: Psychographics 101: Everything You Need to Know; How It’s Used in Marketing

You need to ask yourself these questions:

• What specific skills do you have that you can use to help other people? For inspiration, research other comparable consultants and check to see how they present themselves and how much they charge.
• What type of results have you brought to previous clients or companies using your skills? Focus on tangible business results you can use to sell yourself and prove you are worth the price.
• What do your clients want? What are they willing to pay for? Talk to potential clients and explore the challenges that they experience.
• What do you enjoy doing? Passion isn’t all that matters when you’re figuring out how to start a consulting business, but it is important.

By the end of your exploration, you should have a positioning statement that clearly summarizes what you want to do, who you want to help, and how to do it.

In his book Crossing the Chasm , Geoffrey Moore offers the following template for a positioning statement:

“For (target customer) who (statement of the need or opportunity), the (product name) is a (product category) that (statement of key benefit – that is, compelling reason to buy). Unlike (primary competitive alternative), our product (statement of primary differentiation).”

2. Set Up a Domain, Hosting, and Website

If you are going to start an online business, you should ideally have a strong online presence.

You need to have a domain that represents your brand, hosting that will give it a home, and a website that highlights what you can offer.

Start by picking a domain that’s representative of your brand. If your company is called “John Doe Enterprises,” ideally, your domain should be “johndoeenterprises.com.”

If you can’t find a .com for your exact company name, then use a variation with the help of a prefix “the” or suffix “agency”. If you need, you can get an alternative top-level domain like a .org or .co.

Then, you’ll need to set up web hosting. While budget web hosting services might seem attractive price-wise, stick to a premium VPS host like WPengine if you’re serious about your online business. Speed and load times are ranking factors that can either make or break your online business.

READ MORE: The 3 Best Low-Cost Businesses to Start with $1,000 or Less (Even $0!)

After this is done, and depending on the nature of your online business, you may need to install WordPress on your site. All of the largest hosting companies, including the ones mentioned above, come with a feature called “1-click WordPress installation,” which does exactly what it says on the tin.

Next, get a premium theme, which you can purchase from companies like ThemeForest and StudioPress . If you can afford it, get a front-end developer to custom design your theme to fit your company.

Now you have all the technical stuff set up, you need to write some basic copy.

Start by explaining what you do and who it serves. This information is known as your value proposition. Make sure to include some examples of past work, recommendations, or previous clients as evidence of your skill.

If you have no past clients, consider your past employers. If you have a day job doing work similar to what you plan on offering as a consultant, ask your former bosses and co-workers for some testimonials.

3. Set Up a Marketing Channel

Word-of-mouth is a great way to get started, and it works even better if you have at least one other clear marketing channel that you can trust (and control) to bring you a sustainable stream of leads every month. These channels include:

• Social media: LinkedIn, Twitter, Instagram.
• Paid ads: Google Adwords, Facebook ads, retargeting.
• Organic search: Google.
• Content marketing: Blogging, guest blogging, webinars, podcasts.

Each of these channels represents a world unto itself, so think carefully before picking one. The key is to focus on just one channel, and master it until you start to get a steady volume of leads.

READ MORE: The Complete Guide to Getting Clients for Your Consulting Business

If you are going to utilize podcasts, round up a few dozen podcast interviews or topics as a backup.

You may not see results right away, most marketing channels take time to gain traction and then to kick in. That’s exactly why you want to start this work before you need the leads. After six months to a year, you should start to attract interest and that’s when your business will start to grow.

A survey by Nielsen on consumer trust on advertising reveal that 84 percent of the people surveyed said they still relied on word-of-mouth recommendations from family and friends. That’s because most consumers trust the recommendations of others over advertising or marketing but this does not mean that other marketing channels should be ignored.

Social media is a particularly critical tool when it comes to communicating with current and potential clients, and the use of social media among e-commerce brands won’t be going away any time soon.

The problem with relying on referrals is that it is not a sustainable or consistent stream for any consulting business. Some months you may have too many clients, and other months you may have none.

In other words, you won’t be in control of your destiny . Setting up and maintaining at least one marketing channel gives you the best chance of securing new clients sustainably and consistently.

4. Craft a Basic Sales Script

Steven Pink, author of the book To Sell Is Human , said,

To sell well is to convince someone else to part with resources — not to deprive that person, but to leave him better off in the end.

Often sales are seen as a zero-sum game, where the salesperson tries to close a deal at all costs.

In the case of a smaller business, it’s often the business owner who is responsible for the sales. For them, it’s all about building trust and delivering on the needs of their leads.

Sales can be a tricky skill to master. Amateur salespeople often fall into the “What-I-Can-Do” pitch, where they talk about the things they can do, rather of focusing on the problems their prospects have.

READ MORE: How Much Should I Charge as a Consultant? A Consultation Fee Breakdown

Instead, you want to lead the conversation and make sure that you identify the client’s needs to see if they align with your skills. After, and only after, you’ve figured out there’s a fit between their company and yours, you can start talking about your services and prices.

A sales script brings structure to this often messy process. It will help you how to start, what to ask, when to ask it, and how to gather up valuable information that you can then use to sell yourself.

Here is an example of a basic sales script:

A sales script doesn’t have to outline the conversation; rather, it should guide you . Some questions you can ask include:

• What do you do?
• What challenges do you currently face?
• If you had a magic wand, what would you change in your business?
• How much money does it cost you?
• How much money are you willing to invest as a solution to this?

The script should be flexible, and some questions may not be required at all. At the end of the day, your intention should be to understand the client.

6. Create a Strategy for Responding to Typical Sales Objections

Throughout the sales process, you will run into objections.

The prospect may think you’re too expensive, they may struggle to grasp what you can deliver or they may think they can solve their problems on their own.

Assuming you want to work with that client and you think you can indeed help them, your job is to overcome their objections.

Among the many sales objections that will arise, your prospect will want you to justify how much you charge for your services. This objection, common among new consultants without proven track records, often drives people to undersell themselves.

READ MORE: How to Write the Perfect Consulting Proposal With The Best Tools and Templates

You may think that because you need a client, you need to lower your price. The problem is that you often end up with less money than you should have, and underselling yourself has the tendency to establish a bad business relationship.

Founder of sales software tool Close Steli Efti says that “When someone tells you your product is too expensive… you simply haven’t communicated enough value.”

If you do good work, identify your client’s needs and fulfill them, ask good questions, and know how to justify your value then you should never underprice yourself.

An often overlooked part of consulting as a business, operations are made up of systems and procedures that allow you to systematize the work as needed. Operations allow consultants to separate themselves from the work and instead focus on making sure their clients can get the desired results.

6. Put Operational Systems and Procedures in Place

For the purpose of your business operations, a system is an interconnected set of tasks that work together in order to achieve a certain goal.

A procedure (also known as SOP, or standard operating procedure) is a set of exact steps needed to achieve a goal. For instance, invoices for your clients, creating reports, carrying out a specific analysis, running of software, etc.

Here is an example of a standard operating procedure:

Many systems can be automated. For example, you can have a system for handling incoming leads, similar to the one Brennan Dunn recommends. Here is a snippet from an automation flow he’s developed:

This automation takes a lead through an automated email sequence that starts by asking them some basic questions that you can use in a sales call.

After filling out this questionnaire, the lead gets an automated link to schedule a call with the consultant, and a follow-up email.

All the consultant needs to do is encourage the lead to complete the questionnaire, the rest is done automatically. This system reduces back and forth associated with scheduling calls, and it helps to reduce the time spent on non-essential tasks.

You can use similar systems using a marketing automation software tool or an all-in-one automation suite like Zapier.

Procedures, similarly, allow you to systematize a specific task (or set of tasks) so you have more time to focus your attention on providing high-quality service. You can write the tasks needed to achieve the goal of the procedure, document everything in detail, and outsource it to someone, to lower your costs, your time, or both. Otherwise, you can carry out the procedure yourself, only with greater ease.

Anything that can be documented and/or delegated can be turned into a procedure, Ryan Stewart, the founder of Florida-based SEO agency Webris, says that procedures have been one of the keys he’s used to growing his agency to over seven figures.

Here’s an Stewart explaining an SOP for his SEO services:

You don’t need to get too caught up with getting your systems 100 percent correct at this stage. Your systems and procedures will change as your business grows. You can adapt as you get clients and you realize what works best for you.

What’s important is that systems and procedures bring discipline and uniformity to your service. Having everything running smoothly also helps you to establish a good reputation and encourages business growth.

7. Ensure That You Have Incorporated Your Business

In theory, you could start generating income from your consulting business quickly. But the risks involved in doing business on your own are high, and it is advised to consider setting up a legal entity that backs you up.

E.J. Dealy, CEO of The Company Corporation, explains that incorporating such a business has many benefits:

• Personal asset protection : A business gives you limited liability, your personal assets are separate from your business, so if you lose a suit, you won’t lose a dime except for the money you’ve invested in your business.
• Additional credibility and name protection : Consumers, vendors, and partners frequently prefer to do business with an incorporated business.
• Perpetual existence : The business can continue existing after you change it or sell it.
• Tax flexibility : Depending on your jurisdiction (the country, state, and county where you incorporate), you can lower your taxes by incorporating in special low-tax jurisdictions.
• Deductible expenses: Both corporations and LLCs may deduct normal business expenses including salaries before they allocate income to owners.

READ MORE: FREE TRAINING: Learn the secrets of starting a business from entrepreneurs who have actually done it!

8. Hire an Accountant or Bookkeeping Service

As an entrepreneur, your energy should be focused on running your business and less focus on administrative tasks like accounting.

Having an accountant that keeps your books organized is a great decision for any new consultant.

A study by Xero found that 53 percent of small business owners don’t use an accountant at all. Even more shockingly, 27 percent use pen and paper to keep track of their finances.

The truth is, there’s no hard rule on how to handle your accounting. As long as you keep your books in good shape and avoid any tax liabilities, you’re good.

But consider the benefits that having an accountant can bring to your business.

Accountants aren’t just experts at tax filing. They give you a complete overview of your finances, identifying oversights, helping you manage expenses and revenues, or suggesting potential tax deductions.

If you feel you’re not ready to work with an accountant, you can still make your own bookkeeping easier with a tool like Xero or Wave. Still, you should definitely make sure you get an accountant’s help before filing your taxes (at least the first time) so you avoid any potential penalties.

9. Rent or Buy an Office or Specific Place of Work

Last but not least, you need an office where you can work. You don’t need a fancy office to run a business, you only need a quiet space where you focus on your work.

Your office should have a fast and reliable internet connection, space for a work desk, and an environment that allows you to concentrate. This can be a quiet place, a coffee shop, your bedroom, or any place that suits you.

As Inc report, the average person spends a third of their life at work, it is important to feel comfortable and relaxed in your surroundings if you want to be able to produce your best work.

You can consider working from home, from a co-working space, or a mixture of both. As long as you can work to the best of your abilities, you can call that place your office.’

Complete Your Checklist, and Blast Off!

Before you start your consulting business, run through this checklist, and make sure you cover all of your bases. Here’s a summary of all of the points we covered above:

Starting Your Consulting Business Checklist

• Develop your target audience and offer
• Set up a domain, hosting and website
• Set up at least one marketing channel

Sales Generation

Operational

Administrative

If there’s anything you need help with or don’t understand, let us know and we’ll be happy to help.

Now it’s time to hear from you:

Are you looking to start your own consulting business? Did your checklist help? Let us know in the comments below!

About Ivan Kreimer

Ivan Kreimer is a freelance content marketer who helps SaaS business create content that commands attention, builds authority, and drives action. His advice has been featured in Entrepreneur , MarketingProfs , KISSmetrics , among others.

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How to start a consulting business

If you're the go-to person on a certain topic, you may be considering turning that expertise into a consulting business. Before you print up business cards, learn the steps to set yourself up as a consulting firm.

Ready to start your business? Plans start at $0 + filing fees.

by   LegalZoom staff

Read more...

Updated on: February 12, 2024 · 18 min read

1. Decide if a consulting career is right for you

• 2. Confirm that you're qualified to be a consultant
• 3. Choose the consulting industry niche that's right for you

4. Conduct market research

5. create a business plan, 6. register your business, 7. build a website and online presence, 8. obtain resources and assets, 9. choose a business model and set prices, 10. market your business, 11. generate more sales leads, the reality of starting a consulting business.

With just a couple years of experience, you can start a fulfilling career teaching business owners how to operate more efficiently. Learn how to start a consulting business and take the companies you help to new heights.

In this guide, we'll tell you everything you need to know to decide if a consulting career is right for you. We'll also explain how to find a niche and what it takes to get up and running.

Becoming a consultant and starting a firm isn't for everyone, but if your personality and goals are a good fit, it could be an advantageous career decision.

The U.S. consulting market is worth $64.4 billion and spans many industries. Some of these markets include:

• Real estate
• Health care

Homing in on an area in which you excel can make you a better consultant, because it'll be easier to monitor industry trends and learn as much as possible about the topic, product, or service.

What are your career goals?

If you like the structure of a nine-to-five, prefer to receive guidance from company leaders, enjoy production more than selling ideas, or don't have much professional experience to lean on, consulting may not be suitable.

But if you can offer data-driven solutions and desire the flexibility to set your own schedule and be your own boss, becoming a consultant could be a smart choice.

Qualities of a good consultant

To become a successful consultant, you must know industry standards, understand the intricacies of the company you're helping, and foster trust with potential clients to win their accounts.

You can win over these prospects by displaying skills and strengths like:

• A customer-first mindset
• Problem-solving skills
• Analytical abilities
• Dependability
• Professionalism
• Communication skills
• Flexibility

2. Confirm that you're qualified to be a consultant

At a foundational level, the purpose of a consultant is to  utilize research, data , and experience to help business owners and managers meet company goals. But to provide high-value guidance and industry insights, you must first obtain a degree, some professional experience, legally required licenses, and  earn certifications  to bolster your credibility.

Educational requirements

Consultants should have a bachelor's degree in a field related to the service they provide or the industry they intend to support.

Some clients may also consider additional CE courses and certifications to be an asset. A master's degree or an MBA is also an excellent asset.

Experience expectations

Generally, companies hire a consultant to fulfill jobs that a senior-level executive would typically complete. This helps them save money or take their time hiring to find a qualified candidate. Others, however, need a filler for general knowledge gaps or an overall staffing shortage.

So when you're starting a new consulting business, you generally have two options:

• Be a jack of all trades so you can help with any issue or task that arises.
• Offer a niche service within their industry that you are an expert in.

Both routes offer value to the company, and you can get started with as little as two to three years of experience.

Certifications, registrations, and licenses

Specific consulting certifications can boost your profile in the consulting industry. They can make you look more credible, give you an edge over competitors, and allow you to charge more for your services.

Enroll in courses for the following statuses to learn more about those subjects and pad your resume:

• Project management:  Agile certified practitioner (ACP) certification, associate in project management (APM) certification, business value-oriented principles (BVOP) certification, certified associate in project management (CAPM) certification
• Sales:  Certified inside sales professional (CISP), certified professional sales person (CPSP), certified sales leadership professional (CSLP), HubSpot inbound sales, RISE Up Sales, Salesforce certified administrator
• Human resources:  Certified professional (IPMA-CP), senior professional in human resources (SPHR), programming in C#, project management professional (PMP), Society for Human Resource Management certified professional (SHRM)
• Management and strategy:  Google Ads, Google Analytics, HubSpot content marketing, HubSpot inbound marketing, email marketing, Facebook Blueprint, AMA digital marketing
• Environmental and sustainability:  International Society of Sustainability Professionals, the Association of Climate Change Officers, LEED Green Associate, Green Globes Professional, Living Future Accreditation
• Financial:  Certified financial planner, certified public accountant, chartered financial consultant (ChFC), financial risk manager (FRM), chartered financial analyst (CFA)

These certifications will qualify you for consulting positions, but the degree you earn in college and your work experience will inform the industry you should specialize in.

3. Choose the consulting industry niche that's right for you

Companies hire consultants because they have particular knowledge the company does not.

For example, Karli Jaenike, founder of Juicebox Marketing, became an expert in search engine optimization. It took her years to master it, but now companies hire her for that deep knowledge. “You can become an expert by working in the field for some time and gaining experience working with companies of different sizes and niches," she says.

Lucrative consulting businesses niches

Generally, tech, finance, legal, and healthcare companies will pay the most for expert consulting support. But if you are knowledgeable about education or compliance, it should still be reasonably easy for you to find businesses in those industries that are willing to pay for your services.

Some of the top consultant niches you can pursue include:

• Strategy:  This may refer to business operations or marketing. Regardless, strategy consultants will evaluate a company's goals, assets, competition, and more to generate a plan for properly allocating resources to complete high-ROI projects.
• Lead generation:  Relating to sales, lead gen consultants are responsible for scaling companies by uncovering business and revenue opportunities.
• Financial advising:  No business can stay afloat without keeping its financials in check. Finance consultants teach business owners and managers how to increase revenue and maximize profits while reducing risks.
• Business operations:  Help companies streamline operations and save money by organizing client management, product delivery, and supply chain initiatives.
• Information technology:  Provide staff and executives with the training they need to properly utilize software and equipment while assessing security risks and active threats.

Once you figure out which industries you will work in, define your target market. You can determine who your market is by conducting research and thinking about who you want to work with.

Ask yourself these questions to see what's most important to you:

• Do I enjoy teaching individuals, small groups, or large organizations?
• Who is open to paying my prices and will celebrate my services?
• Do I prefer collaborating with small business owners, managers, or CEOs?
• Which behaviors do I appreciate and dislike in clientele? What demographics display those traits?
• Who shares similar interests and communication styles with me?
• What problems are these people having that I can resolve?

Jo Barnes, the founder of Your Lifestyle Business, says, “Include both demographics and psychographics in your definition."

How can I tell if there's a market for my consulting services?

Ultimately, if businesses have pain points and you can develop relevant solutions, there will likely be demand for your services. But you can also evaluate the market by determining:

• Who is interested in your services
• The kinds of issues businesses are experiencing
• How far away interested clients live and operate their business
• The number of competitors in your area
• How much people are willing to pay

Research your competitors

Consulting is a competitive field. Thousands of consultants may already be targeting the same clients you are. Before you start a consulting business, you must do your research, says business coach Janet Zaretsky.

“Are there a number of competitors in the space you intend to consult in? A lack of competitors indicates a lack of need," Zaretsky says. “Also, what are your competitors doing? You want to do as much research as possible on how to market offerings that sell as well as have a marketing consultant work on a marketing plan and messaging."

Setting business goals, such as landing your first client within 30 days or sending 10 letters of introduction each week, can help you stay on track.

"Make sure, right from the start, you have set a vision for where you want to head and goals to help you get there," says Carlos Castelán, the founder and managing director of the Navio Group, a management consulting firm.

Creating plans for the present and future will benefit your consulting company in the long run.

“One failure I had initially was not setting goals for my business. I discounted the importance of doing so and, as a result, did not have a clear strategy or path for growth. Setting goals and tracking progress is important to building a business because it helps you make choices along the way that lead you to the desired successful outcome," Castelán says.

Once you understand your goals, write a business plan and include a(n):

• Executive summary:  Tell the reader about your company, its mission, leadership information, plans for growth, and why it will be successful.
• Company description:  Explain who, where, and how your company will serve.
• Market analysis:  Share data about your competitors, industry trends, and areas of demand.
• Offerings:  Outline all of the products and services you intend to offer and why people will choose you over your competitors.
• Target market:  Define your ideal customer, why they're a good fit for your company, and how you can fulfill their needs.
• Strategy:  Explain your ideas for promoting your business and garnering customers.
• Financing needs:  Share how you plan to pay for overhead and recurring expenses. You should also document your intentions for fundraising, getting loans, or financing.

Whether you plan to register your new consulting business as an LLC, sole proprietorship, partnership, or corporation, you'll need to register the business name, obtain a business permit, and register with tax and licensing agencies.

"If you are an individual, starting out as a sole proprietor will be fairly straightforward," Marah McMillan, a consultant to the apparel industry, says. "However, if you plan on setting up a team or you have personal assets that you want to protect, an LLC might be right for you."

When companies need to hire a consultant, many will turn to an internet search.

Create a website that advertises your services and showcases your experience, background, and any certifications or designations you have. Be sure to use the keywords a potential client would use to find you. If you've provided similar services before—even if it was as an employee—ask for feedback and get permission to post testimonials.

"Add your business to as many social platforms as are appropriate for your industry, such as Google, Yelp, LinkedIn, Facebook, Instagram, YouTube, and Pinterest, as well as any other platforms that are applicable for your trade," McMillan says. "Remember that the more places that you show up on the internet with the same brand image and clear message, the better for SEO and customer attraction."

Once you complete your business plan, obtain all the assets you need to meet your goals. This may include things like:

You also need a separate bank account and service contracts for your services that spell out important information like deliverables, timelines, rates, and payment terms.

As a consultant, the services you provide are impactful but also intangible. Deciding what to charge for your knowledge is a challenge.

"One common mistake when starting a consulting company is charging too much or too little," says Scott Cairns, founder and CEO of Creation Business Consultants.

Consumer demand, company expenses, goals, resources, and value proposition all play a role in selecting a business model and landing on a price for services.

"Study your industry's rates, so you know how much [to] charge as a starting rate," Cairns says.

How much do I need to charge to stay in business?

While consulting is a low-overhead business, you should have enough money in the bank to cover your costs until your cash flow increases, and you can create a firm budget.

"It's important to continuously monitor expenses in relation to current and projected revenue to ensure [you're] not making decisions that could jeopardize a business's solvency," Cairns says.

Part of your research will include looking at how competitors price their services. You will also need to calculate your upfront and recurring costs.

According to Michael Garbade, the founder of Education Ecosystem, you should “determine the strategies you will implement to deliver your services and how you will be charging the customers. This could be on an hourly basis or per-project rates."

Generally, new consulting firms should start with competitive pricing and raise prices as demand increases. Just remember to include your expenses in that amount, so you still make a profit.

Hourly pricing model

One option is to charge by the hour, which is a simple way of pricing and is often favored by startups. Set your hourly rate within the range of what others in your market are charging.

Determine your hourly rate

If you plan to work 40 billable hours a week and 52 weeks a year, divide your ideal annual salary by 2,080.

Hourly rate = desired salary ÷ 2,080

If you intend to work different hours, you will need to reflect that in the calculation. A standard template for that equation is:

Hourly rate = desired salary   ÷ number of hours worked in a year

Hourly rate calculation example

If you want to make $200,000 per year, divide that number by 2,080 to get your hourly rate.

200,000   ÷ 2,080 = $96.15

This means you would need to charge clients just over $96 per hour to meet your income goals. That said, you need to make sure your pricing is competitive and you're not charging too much. Otherwise, potential clients may go elsewhere for help.

Pricing per project

You can also charge by the project, which helps clients understand their total cost. This is a good method of pricing if you're delivering a specific service, such as being hired as an IT consultant to set up a remote working network for a company's employees.

Like any pricing model, you will want to ensure your prices align with your competitors and that you're thinking ahead about how much work you need to complete to meet your income goals.

If you can determine how much you can charge per project on average and how much revenue you want to generate each year, you can determine how many projects you need to complete each month.

Retainer rates

A final pricing option is offering clients a retainer. This is a good structure if you provide ongoing support to a client. For example, a website design consultant may charge a retainer to manage a company's website, including any changes to content or running software updates.

The retainer essentially operates as a down payment for future services, so you will hold onto that money without spending it until they require your services. This is considered an unearned retainer fee. Once services are complete, the money will be regarded as earned.

You can choose to charge a monthly or annual retainer fee, or whatever schedule suits you. Just be sure to keep it consistent.

If you're new to the industry, you will likely charge for the work you complete. Once you're more experienced, you can also begin charging for access. This means that anytime a business reaches out to you with questions, you'll make money.

To stay in business, you need to find clients.

While your website and social media platforms can help bolster your visibility and generate leads, one of the most effective things you can do is make real-life connections.

Some things you can do to prepare for your marketing journey:

• Memorize an elevator pitch
• Develop branding materials
• Start a marketing campaign
• Network with the community
• Join referral sites

Promote your business on social media

Don't be afraid to ask your current clients for referrals. Word-of-mouth advertising is golden. Also, participating in industry organizations and events can help you build your network. You may also find that large corporations or government agencies request consulting proposals online, and having a strong digital presence can increase your chances of getting the job.

According to Stephen Gagnon, the founder of CodeWeb, you can post high-quality content about your area of expertise on your social networks and your website. You can also create profiles on social media platforms LinkedIn, Facebook, Twitter, and Instagram. Promote your business with directories such as Google My Business and Yelp.

Barnes agrees, saying, “Pick a platform that suits your personality and works with how you'd like to deliver your content. Don't try to be everywhere at once. Master one platform at a time."

How to get more reviews and referrals

"Write down the [names of ] people who you have relationships with who can be helpful to your company and what role they will be able to play, such as mentor, client, or referral source," McMillan says. "Then start reaching out to your contacts and spreading the word about your new business."

Castelán believes that entrepreneurship can be very rewarding. "Don't be afraid to take a risk and pursue something you've always wanted to do," he says. "What separates consulting entrepreneurs from so many others is the ability to take risks and be comfortable making mistakes."

As more professionals decide to go out on their own, having a solid plan and a commitment to succeed can help you build your thriving consulting company. Being your own boss and helping others can be the best job of all.

"Consulting is all about reputation," McMillan says. "Trying to consult on a topic that you do not know well enough will lead to negative reviews and poor reputation. If you want to be a consultant but do not have an area of expertise, spend time gaining experience and insights. Look for ways to get right in the middle of what you want to be an expert about."

Sales leads include any person or company interested in purchasing the goods or services you sell. It's a bonus if, after meeting, you determine that they fit the profile of your ideal customer and intend to buy. The best ways to find these prospective customers are to:

• Ask current customers for referrals
• Network at conferences and community events
• Utilize social media and online marketing
• Contribute to relevant forums
• Revisit old sales opportunities that didn't pan out
• Cold email prospects who meet your ideal customer profile
• Send out an email newsletter

Tips for a successful sales meeting

Once you've piqued the interest of a potential client, seal the deal with these tips:

• Set a meeting objective
• Create a meeting agenda and follow it closely
• Be personable but don't take over with personal anecdotes
• Stay on schedule
• Listen more than you speak
• Ask them if they have any questions, hesitations, or concerns
• Share ideas and solutions tailored to their testimony
• Plan next steps

How to create a winning sales proposal

If a potential customer is looking into their options and in discussions with several consulting companies, writing a great sales proposal might be just the thing to give you an edge. Follow these tips to write a winning sales proposal:

• Make a brief, reusable sales proposal template
• Tailor the proposal to address the prospect's pain points and reiterate the solutions you can offer
• Emphasize solutions, not just deliverables
• Offer them several service options
• List your most expensive solution first, then continue in descending order
• Use clear, concise, and relevant graphics like flowcharts and tables

What to include in a consulting service agreement?

Before the consultant commences work for the client, the two parties should sign a consulting service agreement to protect both sides in case of nonpayment, failure to deliver services, or problems that arise between the consultant and the client. The agreement also defines the duration of the consulting arrangement and the consultant's compensation.

• Date two or more parties entered into a contract
• Names and addresses of both companies
• Details about the agreed-upon services
• Duration of the contracted agreement
• Terms of termination
• Compensation details
• Noncompete clause
• Intellectual property rights
• Liabilities and exclusions due to unforeseen circumstances
• Signatures and titles from a representative of each company

Tips for nurturing relationships with new customers

Making sales is essential for any consulting business that hopes to scale, but few things are as important as maintaining the relationship of trust and respect that you've already established with new and existing clients.

These clients may continue to be a source of income for you, and if you genuinely make a difference for their company, they may even become your advocates and send more work to you. To continue building a positive working relationship with your clients:

• Deliver what you promised in the master service agreement
• Meet deadlines and communicate when delays arise
• Offer regular updates and encourage feedback
• Include clients in the process
• Personalize your interactions
• Build a reputation for essential values like honesty, integrity, and excellence

When you start any business, you can expect your lifestyle to change, work hours to vary, and to begin managing several elements of a business from analytics analysis and sales to advising and education. The good news is that over time, you'll find the right balance of boundaries and work that feels right to you. Then you can come out of it with a profitable business that shows how hard you worked.

Once you have a business plan and model in place and start to make sales, learn how to run your business and turn it into an undeniable success. Or, if you feel confident, download our consulting service agreement, so you and your clientele always know exactly what to expect.

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How to Start a Grant Writing Consulting Business

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Each year the amount of grants made by corporations, foundations, and government agencies increases; so does the number of businesses looking to finance their start-ups, innovations, and expansion dreams. And, since few entrepreneurs have the talent to navigate the grant application process themselves, the demand for professional grant writers is also climbing. If you have the necessary skills and disposition, beginning a grant writing consulting business can be both personally and financially rewarding.

How to start a grant-writing consulting business

Conduct a personality and skills inventory on yourself to decide whether you are suited to be a grant writing consultant. To be a successful, you need specific talents that enable you to deal with the difficulties and stresses of being your own boss. Are you resilient and flexible enough to deal with the shifting needs of the client and the grantor? Can you manage the time-sensitive environment of the industry? If you have a talent for resource management, research, communications, sales, and administrative skills, as well as the determination and confidence to run your own company, then you may be suited to be a grant writing consultant.

Define your market niche by determining what type of grants you want to write. You might focus on small business development grants, a single geographic location, or only grants for nonprofit or charitable organizations. Whatever your focus, it is usually best if you have some passion for the area or industry you are seeking to serve. For example, a lifelong resident of the Houston metro area might have an interest in writing grants for organizations that benefit under-served urban neighborhoods within Harris County. When the stresses of the job rise, the commitment you have to your business focus (or market niche) will keep you moving forward.

Research sources of funding within your industry or market niche. It is always preferable for novice grant writers to solicit foundations and private or public corporations before seeking to apply for government funding. So, start your research efforts by focusing on foundations and corporate philanthropic programs first. Build a portfolio of all of the funding sources you can find, program details and requirements, and all relevant contact information for each grant. This will be the basis of your time-saving grant resource guide. You will need to constantly revise and update this guide (at least once every three to six months) to make sure the information stays current.

Promote your business by distributing business cards and brochures describing your services at the local chamber of commerce, area nonprofit organizations, and business development centers such as the Small Business Administration or the Urban League.

• Establish an Internet presence for your business. Even if you do not deliver your services online, more grant writing consultants are finding that even in a targeted geographic area, they can achieve a greater amount of exposure to potential customers at a lower cost by having an online site.
• Entrepreneur.com: Choosing Grant Writing For A Career Path
• Grantproposal.com: Teaching Yourself to be a Grantwriter
• American Association of Grant Professionals

Malik Sharrieff is a marketing and business communications professional in New Orleans. He has more than 15 years of experience in marketing, public relations and customer relationship management; over eight years of experience as an academic writer; and as an online journalist for two years.

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How to write recommendation slides like a consultant (examples and template).

Table of contents

What is a recommendation slide, what is the difference between a recommendation and a next steps slide, how to write best practice recommendation slides, examples from mckinsey, bcg, and bain.

Recommendation slides are often the most important part of any consulting project, yet are not often discussed. In this post, we’ll go over what a Recommendation slide is, how it is different from a Next Steps slide, how to create a best practice layout, as well as show you examples of what it looks like in McKinsey , BCG , and Bain projects.  

A Recommendation slide is a slide that outlines the main suggestions or proposed actions based on the information presented in the preceding slides. It typically comes after the analysis section of a presentation and is the introduction to the solution/conclusion/roadmap section. The Recommendation slide may be a stand-alone slide just listing suggested initiatives, or it may be several slides that summarizes opportunities and expands them into concrete sub-initiatives. The purpose of a Recommendation slide is to give a clear, concise, and easily understandable overview of initiatives that an organization or team can take to achieve some stated goals or change a situation identified through the analysis. In that sense, the recommendation slide is the “R” of the SCR or Situation-Complication-Resolution framework commonly used by management consultants to structure their presentations. This also means the Recommendation slide is in many ways the most important slide of the entire presentation or project, and presents the most valuable information.  It is important to remember that a Recommendation slide is meant to elicit action and form the basis of a plan going forward and a roadmap for change. It should be a guide that aids decision makers in allocating resources and formulating strategies going forward. In other words, the Recommendation slide ties together the analysis and the plan moving forward. A good Recommendation slide should therefore directly address the issues or opportunities discussed in the presentation and be relevant to the goals and objectives of the audience/client. Furthermore, each recommendation should ideally be supported by data or analysis presented earlier in the presentation. This helps make the recommendations credible and persuasive. Finally, the recommendations should be action-oriented and be both practical and achievable.

Some examples of Recommendations slides from our Slideworks templates

Recommendation slides are sometimes confused with Next Step slides, however the two types are quite different.

A Recommendation slide lays out the key actions needed to reach an established goal. These include both short and long term actions. The recommendations are typically unfolded in a longer roadmap or implementation plan.

A Next Steps slide typically focuses on the immediate next steps that need to be taken to start putting the implementation plan/roadmap into action.

A good way to distinguish between the two is to think of them as answering two different types of questions:

• Recommendation slide: What do we need to do to achieve our goal(s)?
• Next steps slide: What do we need to do on Monday to start taking actions on those recommendations?

Find ready-to-use PowerPoint slides for creating best-practice Recommendations in our Consulting Toolkit Template .

Recommendation slides come in many different formats, with a simple text slide being one of the most common forms.  However, even if it is a simple slide there are some basic best practices that help make your Recommendations slide clear and impactful:

• Group your recommendations: Group your recommendations into logical categories or areas to make it easier for your audience to digest where and what the main recommendations are. Try to group them in enough different categories that each group is small enough to get an overview of everything needed within that category, but not so many categories that each one only ends up with a couple of sub-initiatives in it. A rule of thumb is to aim for somewhere between three and nine main groups in total, with between three and eleven sub-initiatives in each group. An intuitive way to do this is to use categories or areas that correspond to the way your company or team are already organized. E.g., if you’re presenting cost improvements and your company is organized by functions, then you might have categories like “HR”, “Procurement” or similar. Depending on your type of presentation, you may also choose to use categories that mirror the way you’ve conducted the analyses that have led to the recommendations, e.g., by presenting the recommendations as responses to key challenges or issues that have been identified through previous analysis. Regardless of the way you decide to group the recommendations, make sure they are MECE .  
• Divide your recommendations into main recommendations and sub-initiatives: Make sure your recommendations are generally on the same “level”. This means your main recommendations/initiatives should have expected impacts at the same order of magnitude. In other words, you do not want one main recommendation to be “Cut HR costs by 10%” and another to be “Switch to private label bottled water in the HQ break rooms”, as these two are on two different levels of impact and granularity. You can do this by dividing your recommendations into main recommendations/initiatives and sub-initiatives, and moving any recommendations that are too granular to sub-initiatives.  
• Use active language: Try to ensure that all recommendations start with verbs like “Implement…”, “Set up…”, “Define…” so your recommendations read like a to-do list or plan. Remember, recommendations are supposed to inspire immediate action.  
• Be concise: Make sure that your recommendations are written in a concise, straightforward manner to avoid any ambiguity. Read through them and trim down any excess words or unclear statements. In addition, make it easier for your audience to grasp the recommendations by bolding key words or sentences.  
• Use an action title for your recommendation slide: Use action titles on your recommendation slides to help guide your audience to the key points and fit the slide into your overall storyline .  
• Make your recommendations visually easy to follow throughout your presentation: Add some formatting that will make it easy to distinguish each recommendation going forward and for your audience to quickly refer back to whatever main recommendation you are discussing once you start digging into more granular solutions. This can be done with either numbers, colors, or icons.

Below is an example of how a simple text slide of recommendations is made easier to understand and digest by following the simple steps above. The slide on the left is a simple bulletpoint text slide but it is difficult to see what type of recommendations are put forth and what each recommendation is. The slide on the right contains the same information but has been grouped in categories with bolded text summarizing the recommendation and added numbers to get an easy overview.

Below we bring you a series of examples from McKinsey, BCG, and Bain to show you how recommendation slides are presented in top-tier consulting houses.

The first example if a slide from McKinsey from this deck . Here you can see how they highlight key points in each recommendation with bolded text, as well as adding numbers to make the recommendations easier to grasp.  In addition, notice that the title is an action title and does not simply say "Recommendations".

A simple recommendation slide from McKinsey & Co

Our second example is a similarly succinct and simple recommendation slide from BCG from this project . 

Here, they have used simple boxes to group the recommendations into main categories that mirror the client's strategic priorities. By adding contrasting number balls to each recommendation they make it easy to get an overview and follow the recommendations in the rest of the deck.

A simple recommendation slide from Boston Consulting Group

Below is also an example from BCG, from this classic deck . Here, they start off by recommending seven overarching areas of action to effectively communicate where the burning platforms are. They then expand on these areas with specific, granular initiatives to create the "to-do" list, and finally present a prioritization of initiatives to aid decision makers in where to start allocating resources.

An example of a recommendation slide from Boston Consulting Group that starts with the overarching areas of action...

...that are then expanded into concrete initiatives...

...and finally prioritized according to effort and impact

Finally, here is an example from Bain (find the full deck here ). Similarly to the previous BCG example, they start off by summarizing the five opportunity areas they have identified through their analysis. This gives the client a clear idea of where the most impactful recommendations will be and helps frame the following initiatives.

Within each opportunity area, the Bain consultants then frame recommendations/initiatives by contrasting them to their key findings. This gives the client an assurance that the recommendations are data-driven and helps anchor each recommendation in a known context.

They end by summing up the expected results of implementing each recommendation to both help the client understand which areas bring the most savings and support the "case for change".

An example of a recommendation slide from Bain & Co that starts off with an overview of opportunity areas...

...before deep-diving into each area and listing specific recommendations...

...and finally summing up the impact of these recommendations

These are just some examples of what recommendation slides can look like. If you need to create your own Recommendations slide, you can find ready-to-use, best-practice template slides in our Consulting Toolkit , along with many other useful slide layouts.

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6 ways AI can help launch your next business venture

For technology professionals with a working knowledge of artificial intelligence (AI), opportunities for new business launches abound. You can build and leverage AI for an employer or use the technology on your own, either as a new venture or as a side hustle.

AI is at the core of the next generation of startups, offering a nimbleness and disruptive advantage by moving new business ideas from ideation to market at a vastly accelerated rate. Tech professionals can play a vital role in building and launching this new generation of AI-enhanced businesses.

Also: This year's top 8 use cases for AI

We're at a point where innovation driven by AI is taking off, and this shift means a world of opportunities for startups delivering AI services, said   Sarah Wang and Shangda Xu , both with venture capital firm Andreessen Horowitz. 

"We believe that AI startups [that] build for enterprises' AI-centric strategic initiatives while anticipating their pain points, and move from a services-heavy approach to building scalable products will capture this new wave of investment and carve out significant market share," they predicted.

Examples of AI products or services that startups can offer include "tooling that helps with fine-tuning, to model serving, to application building, and to purpose-built AI native applications," they said.

Here are some considerations, shared by industry leaders, for professionals who want to build a business using AI.

1. A deeper understanding of the customer

An AI-fueled startup can understand the customer more deeply . For startups or new business ventures delivering more mainstream services -- such as manufacturing, health products, or travel assistance -- AI plays a vital role in the most important function of all: understanding the customer.

First and foremost, there's the customer who provides the reason for the business venture in the first place. "Understanding and engaging with customers is key to business success. AI-driven analytics provide deep insights into customer behavior, enabling businesses to tailor their products and services to specific needs and outcomes," Bob Lamendola , senior VP of technology and head of Ricoh's North America digital services center, told ZDNET.

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"AI can play a significant role in developing new business concepts that can lead to higher customer satisfaction and loyalty, which are critical components toward building relevance in a competitive market."

2. A digital management consultant

Typically, startups can't afford management consultants who charge vast sums to dispense advice on finances, marketing, or distribution. AI-based agents may provide low-cost assistance that draws upon learning across industries. 

Also:  How ChatGPT became my virtual assistant for a data project

"Think of AI as your digital management consultant," DataGPT co-founder and CEO  Arina Curtis , whose own business launch involved a conversational AI tool, told ZDNET. "It's fantastic for digging through vast amounts of online data, pulling out critical insights, and suggesting strategies. This is valuable, especially in well-established industries, where one can use AI to dissect and understand what the top players are doing."

3. A tech assistant for startup founders

Startups no longer require large collections of tech talent to piece together AI support -- at least not at the start. "The most striking aspect is how AI enables founders to launch businesses with fewer hires and resources," Kian Katanforoosh , lecturer at Stanford University and the CEO and founder of Workera, told ZDNET. 

An entrepreneur -- technical or non-technical -- can launch a business without the need to search for technical talent and partners. Product or service design can now be conducted using natural language processing through generative AI "rather than code," Katanforoosh added. This approach helps reduce the need to acquire valuable technical talent and cut the demand for seed capital or personal investments before conceiving and marketing an offering.

4. A way to think big 

AI can direct everything from production-level control systems to executive decision-making . "It's not just about automating tasks," Curtis said. "It's about creating new opportunities, redefining roles, and reshaping industries." 

Also:  4 generative AI tools your enterprise can leverage to boost productivity

AI "is more than just a technological upgrade; it's a strategic overhaul," Curtis said. "AI is enhancing operational efficiency and revolutionizing customer experiences. We're talking about creating products, services, and business models that were unimaginable before AI came into the picture."

5. An idea generator

ChatGPT has become a popular tool for entrepreneurs "for its capability to generate internet-savvy business ideas," Antonio García , TXI's chief innovation and strategy officer, told ZDNET. "Imagine an entrepreneur deciding to start a print-on-demand T-shirt business. With AI like ChatGPT, they can transition from idea generation to practical execution, receiving guidance on design, marketing language, and even production intricacies."

AI goes even further. Garcia cited advanced ideation platforms, such as MIT's Supermind Ideator , which "exemplifies AI's potential to not just generate ideas but to refine and deepen them, acting as a digital incubator for nascent business concepts and other challenges. AI, in this context, is more than a tool; it's a collaborative partner in the entrepreneurial process."

Right now, generative AI is "akin to an enthusiastic, highly capable intern -- quick to engage but still learning the nuances of complex problems," he said. AI's "true power lies in its ability to rapidly generate a plethora of business ideas, critically evaluate existing concepts, and align new ideas with vast repositories of existing knowledge."

6. A rapid path to automation

Automation has long offered ways to offload time-consuming mundane tasks and save labor costs. AI takes this capability to the next level, enabling startups to scale as rapidly as larger organizations. 

"Automation through AI not only slashes operational bottlenecks but also levels the playing field for budding entrepreneurs," 5app Chief Learning Officer Steve Thompson  told ZDNET. "From automating routine tasks to facilitating advanced data analytics, AI empowers startups with the efficiency and adaptability crucial for navigating the complex business landscape."

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Savvino-storozhevsky monastery and museum.

Zvenigorod's most famous sight is the Savvino-Storozhevsky Monastery, which was founded in 1398 by the monk Savva from the Troitse-Sergieva Lavra, at the invitation and with the support of Prince Yury Dmitrievich of Zvenigorod. Savva was later canonised as St Sabbas (Savva) of Storozhev. The monastery late flourished under the reign of Tsar Alexis, who chose the monastery as his family church and often went on pilgrimage there and made lots of donations to it. Most of the monastery’s buildings date from this time. The monastery is heavily fortified with thick walls and six towers, the most impressive of which is the Krasny Tower which also serves as the eastern entrance. The monastery was closed in 1918 and only reopened in 1995. In 1998 Patriarch Alexius II took part in a service to return the relics of St Sabbas to the monastery. Today the monastery has the status of a stauropegic monastery, which is second in status to a lavra. In addition to being a working monastery, it also holds the Zvenigorod Historical, Architectural and Art Museum.

Belfry and Neighbouring Churches

Located near the main entrance is the monastery's belfry which is perhaps the calling card of the monastery due to its uniqueness. It was built in the 1650s and the St Sergius of Radonezh’s Church was opened on the middle tier in the mid-17th century, although it was originally dedicated to the Trinity. The belfry's 35-tonne Great Bladgovestny Bell fell in 1941 and was only restored and returned in 2003. Attached to the belfry is a large refectory and the Transfiguration Church, both of which were built on the orders of Tsar Alexis in the 1650s.  

To the left of the belfry is another, smaller, refectory which is attached to the Trinity Gate-Church, which was also constructed in the 1650s on the orders of Tsar Alexis who made it his own family church. The church is elaborately decorated with colourful trims and underneath the archway is a beautiful 19th century fresco.

Nativity of Virgin Mary Cathedral

The Nativity of Virgin Mary Cathedral is the oldest building in the monastery and among the oldest buildings in the Moscow Region. It was built between 1404 and 1405 during the lifetime of St Sabbas and using the funds of Prince Yury of Zvenigorod. The white-stone cathedral is a standard four-pillar design with a single golden dome. After the death of St Sabbas he was interred in the cathedral and a new altar dedicated to him was added.

Under the reign of Tsar Alexis the cathedral was decorated with frescoes by Stepan Ryazanets, some of which remain today. Tsar Alexis also presented the cathedral with a five-tier iconostasis, the top row of icons have been preserved.

Tsaritsa's Chambers

The Nativity of Virgin Mary Cathedral is located between the Tsaritsa's Chambers of the left and the Palace of Tsar Alexis on the right. The Tsaritsa's Chambers were built in the mid-17th century for the wife of Tsar Alexey - Tsaritsa Maria Ilinichna Miloskavskaya. The design of the building is influenced by the ancient Russian architectural style. Is prettier than the Tsar's chambers opposite, being red in colour with elaborately decorated window frames and entrance.

At present the Tsaritsa's Chambers houses the Zvenigorod Historical, Architectural and Art Museum. Among its displays is an accurate recreation of the interior of a noble lady's chambers including furniture, decorations and a decorated tiled oven, and an exhibition on the history of Zvenigorod and the monastery.

Palace of Tsar Alexis

The Palace of Tsar Alexis was built in the 1650s and is now one of the best surviving examples of non-religious architecture of that era. It was built especially for Tsar Alexis who often visited the monastery on religious pilgrimages. Its most striking feature is its pretty row of nine chimney spouts which resemble towers.

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A Timeline of the History Between Stormy Daniels and Donald Trump

Nearly two decades after they met in Nevada, Daniels and Trump met face to face again in a Lower Manhattan courtroom in the first criminal trial against a former United States president.

• Share full article

By Matthew Haag and Michael Rothfeld

• Published May 7, 2024 Updated May 9, 2024

Nearly two decades after Stormy Daniels and Donald J. Trump met in Nevada, they came face to face again in a Lower Manhattan courtroom, where the first criminal trial against a former United States president is taking place.

Here is a timeline of their history:

Mr. Trump attended the American Century Celebrity Golf Tournament in Lake Tahoe, Nev., where Wicked Pictures, the production company whose adult films Ms. Daniels starred in, had set up a tent.

According to Ms. Daniels, the two met at the event, then met again for dinner and had consensual sex in a hotel room. She said that Mr. Trump told her that she could appear on his reality television show, “The Apprentice.”

Mr. Trump had been married to his current wife, Melania, for about a year. His youngest son, Barron, had been born several months before. There are photos of Mr. Trump and Ms. Daniels at the tournament, but he has denied having sex with her.

January 2007

Ms. Daniels attended a Trump Vodka launch party at Les Deux, a club in Los Angeles.

Ms. Daniels flew to New York City and met Mr. Trump outside his office on the 26th floor of Trump Tower on Fifth Avenue. Later that month, she attended a Miss USA event in Los Angeles with tickets that she said Mr. Trump had set aside at the box office.

A year after the Lake Tahoe golf tournament, Mr. Trump invited Ms. Daniels to his bungalow at the Beverly Hills Hotel in Los Angeles to discuss her possible appearance on “The Apprentice,” she recalled in a 2018 interview with “60 Minutes.” She never appeared on the show.

Ms. Daniels considered selling her account of sex with Mr. Trump for $15,000 to Bauer Publishing, the publisher of “Life & Style” magazine, The Wall Street Journal reported in March 2018 . Mr. Trump’s personal lawyer, Michael D. Cohen, heard about the possible deal and intervened. Ms. Daniels was not paid.

Ms. Daniels took a polygraph test that supported her account of having had sex with Mr. Trump.

October 2011

A gossip website, The Dirty, reported that Ms. Daniels “had sex with Donald after one of his golfing events.”

Mr. Trump secured the Republican Party’s presidential nomination at the Republican National Convention in Cleveland.

October 2016

After The Washington Post published a recording of Mr. Trump making lewd remarks on the set of “Access Hollywood,” the damage to his campaign gave Ms. Daniels new leverage to sell her story.

Her agent negotiated a deal with the editor of The National Enquirer, but David Pecker, then the tabloid’s publisher, declined to pay.

But Mr. Pecker had agreed to help Mr. Trump suppress bad news, as he testified. So he and Dylan Howard, the editor, tipped off Michael D. Cohen, Mr. Trump’s personal lawyer and fixer. They referred him to Ms. Daniels’s lawyer, Keith Davidson, to negotiate the hush-money deal.

Mr. Davidson and Mr. Cohen then exchanged emails and phone calls about a possible hush-money deal to bury Ms. Daniels’s account. Mr. Howard was also part of the negotiations.

Near the end of the month, Mr. Cohen wired Ms. Daniels $130,000 from a newly formed entity, Essential Consultants.

November 2016

Mr. Trump won the presidential election.

February 2017

The repayment to Mr. Cohen began and continued throughout the year in installments. The payments totaled $420,000, which included a reimbursement for the hush-money deal, a bonus and additional cash for tax considerations.

The Trump Organization recorded the payments as “legal expenses,” citing a legal retainer with Mr. Cohen. Prosecutors say there was no retainer and that recording the payments as “legal expenses” was a falsification of business records — the basis of the criminal charges against Mr. Trump.

January 2018

The Wall Street Journal reported that Ms. Daniels received $130,000 to stay silent about her account of a sexual encounter with Mr. Trump. Mr. Cohen made the payment to her days before the 2016 election.

Ms. Daniels denied having had an affair with Mr. Trump in a statement later in the month. Ms. Daniels later disavowed that statement and said that she felt she had no choice but to sign it.

The F.B.I. executed a search warrant on Mr. Cohen’s Rockefeller Center office and Park Avenue hotel room.

August 2018

Mr. Cohen pleaded guilty in federal court, admitting to having made illegal campaign contributions to support Mr. Trump in 2016, including his payment to Ms. Daniels.

The Manhattan district attorney’s office opened an investigation into the hush-money deals involving Mr. Trump.

Mr. Trump was indicted by a Manhattan grand jury on 34 felony charges of falsifying business records stemming from Ms. Daniels’s hush-money deal.

Ms. Daniels and Mr. Trump met again at a Lower Manhattan courtroom in his criminal trial.

The Links Between Trump and 3 Hush-Money Deals

Here’s how key figures involved in making hush-money payoffs on behalf of Donald J. Trump are connected.

Matthew Haag writes about the intersection of real estate and politics in the New York region. He has been a journalist for two decades. More about Matthew Haag

Michael Rothfeld is an investigative reporter in New York, writing in-depth stories focused on the city’s government, business and personalities. More about Michael Rothfeld

Our Coverage of the Trump Hush-Money Trial

News and Analysis

Ahead of Michael Cohen’s testimony on Monday, Justice Juan M. Merchan told prosecutors to keep Mr. Cohen from speaking about the case .

Several witnesses have mentioned Keith Schiller , Donald Trump’s bodyguard, during their testimony. Where is he?

Custodial witnesses, who have discussed FedEx labels, Sharpies and stapling protocol, have made for little spectacle in the trial. But they’ve provided basic information  about the documents at the heart of the case.

More on Trump’s Legal Troubles

Key Inquiries: Trump faces several investigations  at both the state and the federal levels, into matters related to his business and political careers.

Case Tracker:  Keep track of the developments in the criminal cases  involving the former president.

What if Trump Is Convicted?: Could he go to prison ? And will any of the proceedings hinder Trump’s presidential campaign? Here is what we know , and what we don’t know .

Trump on Trial Newsletter: Sign up here  to get the latest news and analysis  on the cases in New York, Florida, Georgia and Washington, D.C.

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Stormy Daniels gives hush-money jury a tutorial in porn: 'The sex is very real — just like what happened to me in that room'

• On cross-examination, Stormy Daniels was asked if she supports herself by "making phony stories about sex appear real."
• "The sex is very real," the porn star protested, "just like what happened to me in that room" with Donald Trump.
• "If that story was not real I would have written it a lot better" quipped Daniels, who also writes and directs.

Stormy Daniels turned her second day of testimony into a tutorial on porn Thursday, insisting that the sex on screen is "very real" — just like the sex she says she had with Donald Trump.

There was one important distinction, the adult-film star suggested: sex with Trump would make a pretty bad porn movie.

"So you have a lot of experience making phony stories about sex appear to be real, right?" defense lawyer Susan Necheles asked during a fiery morning cross-examination at the ongoing hush money trial in Manhattan.

As questions go, it was a zinger. Implicit in the question was an accusation — that Daniels has made a career out of lying about sex, including about an encounter she says she had with Trump in a Lake Tahoe hotel suite in 2006.

But Daniels' answer was a zinger, too.

"Wow," the porn star responded, pausing briefly, then continuing.

"That's not how I'd put it. The sex in the films, it's very much real," she said. "Just like what happened to me in that room" with Trump.

"All right," Necheles continued. "But you're making fictionalized stories about sex. You write these stories?"

"No," Daniels protested. "The sex is real. The character names might be different, but the sex is very real. That's why it's pornography and not a B-movie."

The GOP frontrunner and criminal defendant sat slouched at the defense table just 20 feet from Daniels, as she went on to suggest that her encounter with Trump would have made a pretty bad porn movie.

Necheles asked Daniels if she had a lot of experience writing porn scripts. Daniels had testified earlier that in addition to starring in some 200 porn flicks and compilations, she's written and directed 70 more.

"I have a lot of experience writing dialogue, not writing sex" she told Necheles. "Pretty sure we all know how to do that" without a script, Daniels quipped.

"And if that story was untrue," she added, meaning the story of having sex with Trump, "I would have written it a lot better."

Laughter filled the courtroom, and several jurors smiled.

Exactly! Making me the best person to flush the orange turd down https://t.co/jYZTm2SOfK — Stormy Daniels (@StormyDaniels) March 27, 2024

Earlier Thursday, Daniels was hammered by Necheles about recent posts on X in which she referred to the GOP frontrunner as an "orange turd."

Necheles asked Daniels if she's been posting about how she's going to be "instrumental in putting President Trump in jail?"

"Show me where it says I'm going to be instrumental in putting President Trump in jail," Daniels snapped back.

Related stories

Daniels was shown one of her March tweets that read: "Exactly! Making me the best person to flush the orange turd down."

The post was in response to another post that called Daniels "aka THE HUMAN TOILET."

The post was then displayed on four large overhead screens in the courtroom — and on the computer monitor directly in front of Trump at the defense table.

"I don't see the word instrumental or jail," Daniels protested.

"What did you mean?" Necheles demanded.

"I don't know what I mean," Daniels answered defiantly.

"Ms. Daniels," Necheles pursued. "I'm asking you if you know what you meant when you said 'flush the orange turd.' You don't want to admit that you meant President Trump?"

"Oh I definitely meant pres— " Daniels then stopped herself before continuing — "Donald Trump."

Daniels' second day on the stand was a hot ticket.

Stormy Daniels was on the stand in NY v Trump criminal trial for a day and a half, ending at 12:30p today. Couldn’t be prouder of my client. pic.twitter.com/riTnzwdsQf — clark brewster (@cbrew1) May 9, 2024

Court officials said the lines to get into court on Thursday morning were the longest they've been since the trial kicked off with jury selection on April 15.

The long lines were not surprising, given the fireworks during her first day on the witness stand Tuesday.

On direct examination Tuesday by prosecutor Susan Hoffinger, Daniels described having "brief" sex with Trump in July 2006, in his penthouse suite during a celebrity golf tournament in Lake Tahoe.

Daniels made the jarring mention of his not using a condom. When she blurted out the words "missionary position," the defense objected, and the reference was stricken from the record.

The porn star has taunted Trump on Twitter in the past, calling him an "orange turd" and daring him, "Game on, Tiny." But she dropped her typically brash public persona in telling jurors that she felt frightened and ashamed after the encounter.

She also said she came forward with her story 10 years later, on the brink of the 2016 election, because she feared for her safety.

Sure, she wanted money, she conceded. But she also wanted to get out ahead of the story, she said. Getting her name on a non-disclosure contract was one way to "get out in front where you are safe — hide in plain view," Daniels said an attorney advised.

The sparks flew as Necheles began her cross-examination on Tuesday by demanding that Daniels admit she hates Trump . "Yes!" Daniels responded quickly.

The Manhattan district attorney's office alleges that Trump falsified business records to cover up a $130,000 hush-money payment to Daniels ahead of the 2016 election to keep her silent about the sex — an accusation Trump vehemently denies.

The payment, delivered by Cohen, was wired to Daniels 11 days before the election, according to prosecutors and records shown as evidence in the trial .

This story was updated with additional detail.

Watch: Trump dozes off at the start of his hush-money trial

• Main content

Stormy Daniels finishes testimony, judge again denies Trump lawyers’ mistrial request

• Former Playboy model Karen McDougal will not be called as a witness, Trump defense attorney Todd...
• Donald Trump continued to attack New York Supreme Court Justice Juan Merchan on Thursday afternoon, accusing...
• Stormy Daniels’s redirect examination ended on an interesting note: She confirmed for prosecutor Susan Hoffinger that...

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Here's what to know, live coverage contributors 16.

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10:26 a.m. EDT Key update 10:26 a.m. EDT

10:22 a.m. EDT 10:22 a.m. EDT

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10:08 a.m. EDT Reporting from the New York courthouse 10:08 a.m. EDT

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9:51 a.m. EDT 9:51 a.m. EDT

9:51 a.m. EDT REPORTING FROM THE NEW YORK COURTHOUSE 9:51 a.m. EDT

9:39 a.m. EDT Key update 9:39 a.m. EDT

9:38 a.m. EDT REPORTING FROM THE NEW YORK COURTHOUSE 9:38 a.m. EDT

9:37 a.m. EDT REPORTING FROM THE NEW YORK COURTHOUSE 9:37 a.m. EDT

9:35 a.m. EDT REPORTING FROM THE NEW YORK COURTHOUSE 9:35 a.m. EDT

9:30 a.m. EDT REPORTING FROM THE NEW YORK COURTHOUSE 9:30 a.m. EDT

9:27 a.m. EDT REPORTING FROM THE NEW YORK COURTHOUSE 9:27 a.m. EDT

9:24 a.m. EDT REPORTING FROM THE NEW YORK COURTHOUSE 9:24 a.m. EDT

9:22 a.m. EDT Key update 9:22 a.m. EDT

9:13 a.m. EDT 9:13 a.m. EDT

9:04 a.m. EDT 9:04 a.m. EDT

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