Independent consultants seem to have it made – professional consulting lets you set your own hours, be your own boss, and get the satisfaction of helping business owners come up with business, new product or service strategies.
But what kind of money can you make if you choose to start a consulting business? How profitable is online consulting? Get the answers you need below – and see if consulting is right for you.
Online Consulting Can Be Very Profitable, Depending On Your Specific Field
There are lots of different types of online consulting – such as marketing consulting, which involves helping clients create marketing plans to grow their businesses.
Accounting consulting assists clients with their books, and strategy consulting involves creating long-term goals and strategies to ensure the success of a particular business. There are dozens of other specializations – these are just a few examples.
Because there are so many types of professional consulting, it’s impossible to say exactly how much you could make! It varies a lot, and your years of experience, expertise, and industry will all affect how much you can charge.
Most consultants typically charge between $25 to $50 an hour, and some charge more than $100/hour. If you can successfully start an online consulting business, you’re sure to make some huge profits.
Starting A Business Online In The Consulting Industry Has Low Start-Up Costs
Online consulting is one of the most popular small business ideas because you usually don’t need any special equipment or tools – so the start-up costs are low.
If you have a reliable internet connection, a phone, and a computer, you’ve got everything you need.
This makes online consulting very profitable. While you may still spend some money marketing your business online or on social media, on professional development, and for other expenses, there is much less “overhead” and the costs are lower compared to lots of other types of businesses.
There’s little risk to starting an online business in the consulting industry – so we highly recommend that you consider consulting as a “side hustle” if you are interested in financial independence, or even as a replacement for your 9-5 job!
What You Put Into Your Consulting Practice Will Determine How Much You Make
If you want to be a good consultant and turn a profit, you need to put in the work. Just like any other job, success only comes when you work hard – and take the right steps to build a strong consulting practice. Here are a few suggestions:
- Study the basics of consulting – You may want to start by reading a few books about consulting. This will help you understand the basics, and see if it’s right for you. This list of the 5 top books for aspiring consultants from Harvard Professional Development is a good place to start!
- Choose an industry where you’re an expert – You need to draw on your years of experience and expertise in a particular field to make sure that you can provide value to your clients.
If you worked as manager at an auto service station for a long time, for example, you can use this knowledge to advise owners of service stations, streamline their businesses, improve management, and help the owner build a better business.
- Position yourself as a thought leader – Thought leadership marketing is a powerful way to position yourself as an industry expert. Using social media tools like Twitter and LinkedIn, you can promote educational, helpful content for business owners and executives in your industry, and show off your expertise.
It can also be helpful to create your own original content, such as blog posts, videos, and social media posts related to your market niche and consulting business. Along with content marketing, thought leadership lets you demonstrate your skills and knowledge of a particular subject, which means that potential clients are more likely to contact you and make use of your services.
- Invest in a marketing plan – Potential clients won’t just fall into your lap. You need to invest in outreach such as calls and emails, content marketing, SEO (Search Engine Optimization), building a social media presence, and paying for ads on Facebook or Google to find more clients.
- Provide reliable and professional consulting services – To become a pro, you need to act like a pro! Provide the best service and business ideas that you can, communicate effectively with your clients, and give it your all – your dedication to your job will not go unnoticed by current customers or potential future customers.
- Treat consulting like a full-time job (because it can be!) – Above all, you need to spend the time to build your business. Even if you’re still working your “day job,” you need to make sure you put in the work and the time you need to build a successful business – because if you do, your part-time consulting gig can easily turn into your day job!
Interested In Professional Consulting? Get Started With Create Australia Today!
If you want to be a business consultant but you do not have the depth of expertise to start your own business and come up with your own business plan or marketing plan, Create Australia is here to help you!
With our unique business model, you can start a consulting business even without any past corporate or business experience.
We work in the field of refund consulting. This type of consulting involves helping clients find lost money and get the funds they’re owed, while taking a fee for the service.
You can start your business online with Create Australia, find potential clients, and break into the consulting industry right away – building a business that will be sustainable and profitable in the long term.
Got questions, or want to learn more before you get started? Just give us a ring at 1800 617 111 – we’d be happy to give you more information.