How to start a consulting business from scratch (that makes money fast)?

Congratulations! Finally, you’ve decided to work for yourself!

However, are you still unsure how to establish a consulting firm from the ground up? Are you motivated by the success of specific well-known consultants but unsure how to achieve the same or even better level of success?
No need to be concerned! Your dreams are about to become a reality.

By the end of this article, you will have a crystal-clear understanding of how to start the best consulting firm and how to grow it exponentially. The adage correctly states, “a job well began half done.” Today, I’d like to share some genuinely helpful advice that will help you lay a solid basis for embarking on this new venture. If you adhere to them religiously, you may rapidly accelerate your growth and build a six-figure consulting firm in months.

Yes! You heard correctly. You need to assimilate superior consulting skills and fervently adhere to the appropriate methodology, and success is yours, my friend!

Allow me to quickly share some of the best practices you should adhere to before beginning your consulting firm.

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Best Practices to follow before you start your consulting business from scratch

1. Pen down the goals of your business

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Before you even consider your specialization, you should consider what you hope to accomplish with your consulting business. Why this and not another?

Allow me to inform you that only a select few people have specific written goals, which distinguishes them from the crowd.

Once you achieve mental clarity, it becomes easier to move at a faster rate.

2. Decide your business model before starting your consulting business from scratch

Consider this: “How are you going to make revenue?”

In today’s environment, operating a consulting business has become incredibly simple.

You are not even required to do ground marketing on a local level. I prefer webinars and group consulting sessions.

Webinars make it simple to sell your services globally.

While workshops are beneficial in the long run, webinars have a relatively low operational cost.

Not quite self-assured enough at the moment? Why not instead pursue a freelancing business model? It comes with many benefits and will also provide you with ample opportunities to develop skills and industry expertise.

4. Strengthen your network

Do you believe that expressing your views with family and friends will serve as a deterrent? Are you hesitant to share your opinions with others because you’re unsure of their response?

That is where you are making a mistake.

Before embarking on becoming a consultant, you must first develop your confidence and trust in yourself. How can you expect clients to believe you if you lack confidence in your abilities?

Extend your network’s reach. Make contacts and share your ideas with close friends and family. Your charm and ability to establish relationships will be critical as you build your consulting firm from the ground up. (You will also receive a great deal of assistance!)

5. Discover what makes you different than others

There are already plenty of recognized consultants on the market. Whichever niche you choose, competition will be fierce. As a novice, you lack the star power and financial resources necessary to compete with renowned artists.

So, what is the exit strategy? Self-discovery Introspect and discover what makes you distinct. Your skillset will be critical in establishing your consulting specialization.

To put it another way, perhaps a fitness consultant recently inspired you, but you have not yet realized that you excel at relationship management. By becoming a relationship consultant, you might earn tenfold what you are currently earning.

Therefore, I ask you to take some time to reflect (You are unique!).

6. Find the top mentor

You may not require one, but believe me when I say that your business most certainly does. You are currently in a pretty primitive stage. You may excel on your own, but there is a reasonable risk that you may suffer devastating consequences due to a lack of effective mentoring.

You certainly would not want to take that chance. Right? This is why I recommend that you seek out a mentor who can assist you and help you speed up the growth of your business.

I’ve met numerous new consultants who regret not seeking mentorship sooner before it’s too late.

The appropriate mentor will assist you in overcoming obstacles and attaining your objectives.

How to kick start a successful consulting business? (that actually makes money)

1. Establish your niche(choose wisely!)

This is, in my opinion, the most critical aspect of starting a consulting business from scratch. Many new consultants make a fatal error by failing to conduct thorough market research before selecting their preferred niche, only to discover they made the wrong choice.

I feel that the best niche in the consulting company is one with few competitors. You may be wondering how to accomplish this.

If you create a particular category or want to target a segment of the market, you will almost certainly face no competition and will find it easier to attract clients.

Consider this successful dating consultant Sarah, who chooses to work only with introverted, shy men, advising them on how to approach beautiful females and achieve success in their love lives. She established a distinct category for herself and, in doing so, decreased her competitors.

First, you can examine the following niches to determine whether ones are a good fit for you.

Proven and profitable niches for a successful consulting business

  • Health and fitness
  • Relationship and dating
  • Business and career
  • Family and parenting
  • Communication
  • Spirituality and faith

There are numerous life consulting niches to choose from. Whatever path you take, remember to focus on a niche market with little competition to establish yourself as a go-to-market specialist quickly.

2. Identify your preferred consulting business structure

Six consulting business models are widely used in the United States of America.

1. Collaborative

2. Business

3. Collaboration

4. Limited Liability Partnership

5. Ownership of a Sole Proprietorship

6. Limited liability company

Each of the structures above provides a unique set of safeguards and imposes a fantastic collection of tax requirements.

I recommend that you peruse this excellent resource created by the United States Small Business Administration to gain a better understanding of each business structure.

3. Let’s name your consulting business

Now, you can choose a consistent name with your brand’s identity. For instance, if you’re considering starting a consulting business specializing in conflict resolution and communication counseling for separated parents, you may call it “Peaceful resolves.”

Additionally, you can use your name to perform the work. Many successful consultants choose this approach since it allows them to expand the scope of their services gradually.

A quick check on Google may reveal that all the desirable names have already been taken. Maintain your composure. None of them can compete with your one-of-a-kind services. For example, James Browning may not be appropriate, but JamaesBrowningConsulting may be.

4. How will you offer your consulting services?

We, as consultants, enjoy meeting with our consulting clients in person. After all, we are relational beings.

However, with technology at our fingertips, life has become much more adaptable, which leads us to our next question: how should you offer your services—in a professional office or from your own home?

1. From office

If you intend to communicate with clients through group consultations and workshops and require a professional image, working from an office may be the best option.

I must warn you that it does come with its own set of disadvantages in terms of infrastructure costs, depending on the location.

2. From Home

If you want to save money initially and maintain a work-life balance, you can deliver your services from home. (Do not be inept at eliminating all distractions!)

I feel that during the early phases of establishing your consulting business, you should focus on revenue generation and saving as much money as possible.

When you can gain access to a global market through webinars and develop a robust digital presence, why invest in infrastructure costs?

Establish stability and begin earning money; leave space expectations for later.

5. What else should you consider?

1. Instruments for a client organization

You should maintain organization from the start to ensure that you are disciplined and effective in client management.

Several popular solutions, such as ConsultantLogix, Life Consultant Office, and Consulting Console, may aid you with self-booking customers, keeping records, CRM, and invoicing management, among other things.

2. Professional services

If you are willing to invest a few dollars, I recommend using them to engage seasoned specialists to do services that you are unsure about.

As a skilled marketing consultant, you can save hundreds of hours and thousands of dollars. You can hire a web developer, a graphic designer, or a copywriter as required.

Make sure to think ten times before investing a single dime, as our objective is to make revenue and identify approaches to reduce our expenditure.

3. Pricing and packaging

How rapidly your business expands is highly dependent on the pricing and packaging of your services.

I advocate offering three different bundles to appeal to various customers: a sampler, a midrange, and a premium level.

You are commanding premium pricing positions your organization to achieve extraordinary growth. How would I go about doing that? You inquire.

It’s very straightforward; you’re not selling a process but rather outcomes. Tailor your services to your clients’ needs to effect positive change in their lives, and believe me, they will compensate you tenfold more than your competition.

The majority of my clients are high-end paying clients who choose my premium packages due to our more profound connection.

Many consultants that I come across charge per session. This is a significant error. Consider which of the following consultants will leave an unforgettable mark.

Consultant A:

Hey, sign up for my consulting services, and for $ 50 per hour, I’ll help you get slim and trim.

Consultant B:

Hey, purchase my monthly package for $15k, and within a month, you will lose weight and achieve your goal body figure.

Yes, you are correct about the second. It demonstrates greater authority and persuades your client more effectively.

To thrive in consulting, you must adhere to one of the most critical principles: exacting premium price and exploiting your time.

4. Marketing

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Effective marketing will direct clients to your organization with the least effort. Gone are the days when ground-level marketing was necessary. Now you may take advantage of the internet’s benefits to broaden your reach and attract new clients.

You may leverage social media by running advertisements to generate significant traffic. Avoid increasing your reliance on paid marketing and instead focus on organic growth.

Create a website with a landing page that includes a call to action to entice visitors to sign up for your services.

How much does starting a consulting business cost?

  •  Cost of business registration (varies by location): In some places, you may be required to register your consulting business name or obtain a business license. The price will vary depending on the location.
  •  Laptop and internet access: A laptop with internet connectivity costs $150 and $3000.
  •  Website: A quality website might cost up to $1,000. However, I propose that new consultants have a straightforward website that fits their brand.
  •  Mentorship and training: Depending on your niche, you can engage a mentor on a budget. Business and life consultants, for example, often charge between $350-$1,000 per month.
  •  Online Platforms: A few well-known platforms are worth investing in if you’re looking for a virtual meeting space. These include Google Hangouts (which is free for up to ten participants and $5 per month for eleven to fifteen), Fuze ($15 to $70 per month), and (which is free for individuals and only $15 for groups).

7 secrets to grow your consulting business from the initial stage- P.R.O.C.E.S.S

1. Planning

I am overwhelmed by all that is going on around you? Relax, take a seat with a pen and paper, and map out all sales, financial, and marketing initiatives to establish an evident mentality.

2. Resolve

Consider the sensation of earning a six-figure monthly salary from your consulting firm six to twelve months from now. It’s beautiful.

But to change your idea into reality, you need to have a firm resolution and keep yourself bettering each day even if you feel low. ” Success is aptly quoted as 99 percent perspiration and 1 percent inspiration.”

3. Optimism

Most successful consultants have had dark days. I, too, observed failure throughout my dating consulting business, but I didn’t lose my vision, and an optimistic mindset allowed me to flourish the same. Remember- Every cloud has a silver lining.

4. Creativity

If you are a consultant, you are your sole trader; you are your brand in many respects! Not every person has such an aura to captivate people and convince them with their words. Be imaginative as a person since that would reflect in your services. Have a distinctive style of engaging with your clientele. Maybe this list of Top 5 creative consultants may help you find the creative skills within you.

5. Engagement

Though you are thinking about how to start your consulting business from the beginning now, you also would have that burning desire to emerge as a global leader in your domain soon. Don’t you?

For this to happen, frequent connection with the audience is incredibly vital. You may do this by developing a robust digital presence, blogging, delivering free webinars and valuable material.

6. System

Build a method for lighting your load and handling sales, marketing, etc. Without a proper structure in place, it will be tough for you to reach a 6-figure and beyond fast.

7. Simplicity

Place simplicity at the center of your business. This will assist you in connecting with your clientele more. Many consultants fail to create quick ties with their clients, which leads to their failure. Simplicity will help you in swift relationships and show the basis of an ever-lasting friendship.

5 critical concepts new consultants need to understand to succeed in 2021

1. You need to provide your client with an effective “model for change”

Your consulting should produce a shift in your clients’ lives to be effective. Your client will only trust your services when he can perceive his life, his problems, and how he is operating differently. This can be achievable through the correct set of Consulting questions.

2. Learn to say “No”

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If you don’t know how to tell no to your client when he is requesting something foolish, you will battle every day.

Concentrate exclusively on “critical few” things to ensure success and minimize distractions from “trivial many” issues.

3. You are running a business more than just providing service

Treat your consulting firm as a business, not a hobby. You must be proficient in marketing, business growth, and financial management, among other talents that any strong need.

4. Be a leader along with a consultant

To be successful, it will need more than the quality of your services; it will take your style of thought leadership as well. By writing blogs, giving public speeches, and offering high-quality training and seminars, you may spread the word about your expertise.

Avoid these 4 mistakes

1. Not taking into account the customer’s feedback

Client input is the most excellent technique for determining what is working well and what needs improvement. This will aid in the enhancement of your services.

I like anonymous feedback because it allows the client to express himself freely. (at least once!)

2. Worrying much about how to scale fast

Concentrate on developing a value consulting practice rather than a vanity consulting practice. Numerous new consultants make the fatal error of expanding too quickly and overspending, contributing to insolvency.

Slow, organic growth is necessary at the moment.

3. Trying to make a product for everyone

This will exacerbate your troubles. Determine your target audience and tailor your offerings to them. Maintain consistency and patience. Rome was not constructed in a single day!

4. Not knowing your ideal clients

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You should be clear about the clientele you are willing to work with. For example, I enjoy having high-paying clients who are committed and serious about my sessions.

You are welcome to create your list. I strongly advise you to review the ideal client checklist.

The secret of transforming your business into a 6-figure consulting business

1. Provide solutions not services

The ultimate outcomes are what will establish your popularity with the audience. You are attempting to sell an intangible good. That is not simple. Maintain a solution-oriented mindset rather than a service-oriented mindset.

2. Create your private pond

Don’t begin by pursuing clients through conventional media venues. Create your private pond to avoid competition.

This can be accomplished in two ways: through Facebook groups or Instagram. These can aid in the development of authority and brand awareness. This method enables you to build a six-figure consulting firm more efficiently.

3. Never underestimate yourself- charge what you’re worth

Due to their inexperience, the majority of new consultants are under charge. This ultimately results in the demise of any consultant. Eventually, you’ll find that you’re overworked and underpaid, which will eat away at your passion.

If the value of your solutions exceeds your fee, it is your responsibility to charge what you are worth.

4. Overcome yourself

You now have access to all tactics, resources, and strategies necessary to develop a six-figure consulting firm. The only constraint is you.

Overcome self-sufficiency and fear. As a consultant, you’d be expected to teach clients how to get out of their way to advance quickly. However, it would help if you first exited yours.

Suppose you’re interested in learning more about establishing a consulting business from the beginning and earning $10,000 as a consultant. In that case, I’d love to invite you to my webinar, where I’ll walk you through a step-by-step approach.

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