How do you start a new business?

Consulting Business

A consulting business can be very lucrative and rewarding. One of my friends does organizational consulting for small to mid-sized businesses and he charges up to $1,000 an hour. He prefers to do his consulting work only 15-20 hours a month and spends the rest of his time doing volunteer work for non profits and avidly following outdoor athletic pursuits such as mountain hiking and cross country skiing. Of course when you make that kind of money you don’t need to work too many hours to afford a great lifestyle.

I know a lot of other consultants who have done well with specialities including sales, logistics, human resources, executive coaching, small business coaching, international business customs, facebook marketing, website strategies, email, accounting, logos, and more. I have also hired a number of consultants for my various businesses. So what does it take to become a successful consultant? The path I have seen many people take is to start an independent consulting business after many years of working in the field. By that point in time they have not only developed a lot of expertise but they also have built up a network of industry contacts.

However, today I increasingly see many people becoming successful consultants much earlier in their career – sometimes right out of college. Why the shift? For one, the digital world has exacerbated the rate of change, increasing the demand for consultants with new knowledge. Plus online marketing has made it much easier to attract clients.

Also I have seen people with less experience develop their consulting practice and get new clients by offering attractive flat rate packages for their first assignment, rather than just charging by the hour.

Even though you may be a highly experienced consultant you still should come up with a detailed business plan. In your plan clearly spell out the value proposition that you are going to offer clients and how you are going to get the word out.

In conclusion, We can do kind of business according to our ability and mental or fiscal best sides, that’s why we have to check our business plans before we start them.