How To Build A Profitable Consultancy Business

Do you have a robust network? Are you self-directed? Do you have an impressive portfolio filled with client success stories? If so, you might be ready to thrive as a consultant.

Identify Your Area Of Expertise
Be honest about where your strengths and expertise lie. Ask yourself these questions to find your niche; “Do I have a unique point of view? Do I have the experience necessary to be authoritative in this field? Is there a demand for this service?”.
Being a consultant requires you to be organized, self-motivated, and good at boundary setting. Before launching your website and accepting your first client, consider your ability to meet these demands.

Set Goals
Setting goals helps you know what you’re working toward. Do you want this to stay a nights-and-weekends project? Do you hope to turn it into a full-time business? Do you want to hire employees someday? Answer these questions and plan accordingly.

Make A Website
Think you can get by without a website? Think again. A recent Statista report found that 21% of consumers use websites to find local businesses on a daily basis, and only 1% of those consumers don’t search for local businesses online.

Get Certified
As a consultant, it’s crucial to stay cutting-edge and competitive in your niche, and certifications are a concrete way to show your drive.
Choose A Target Market
Once you’ve identified your niche, be clear about who your target audience is. Getting specific about who your customer is and what’s important to them allows you to offer superior service and reach clients who are the perfect match.

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Set Your Rates
Deciding how much you‘ll charge clients can be the hardest part of starting a consultancy. It’s tempting to charge less than you‘re worth because you haven’t proven your results yet.
Research what comparative consultants are charging in your area. Choose which of these common types of consultant pricing would most fairly compensate you for the work you’re doing.

Network With People
It’s important to start building a network in any industry, but especially so in consultancy, where your client base typically comes from direct contacts. It also can be beneficial to connect with other business consultants so you have a network to reach out to with questions about how to run your company.