Starting a consulting business can be one of the most lucrative and flexible business ventures. As a consultant, you get to be your own boss, choose your clients, and set your own rates and hours. But, like any business, launching a successful consulting firm requires strategy and hard work.
In this comprehensive guide, I’ll walk you through how to start a consulting business from scratch. From picking your niche to landing your first clients and everything in between.
By the end, you’ll have all the tools, tips, and tricks to start raising consulting fees and live on your terms.
So, prepare for the inside scoop on starting a wildly profitable consulting business.
The first step is selecting your niche. It is crucial because it determines who your ideal clients are and what problems you’ll solve for them.
Some popular consulting niches include:
Business strategy
Brainstorm consulting niches you’re passionate about and have experience in. Avoid super broad niches that are already saturated.
For example, instead of “business consulting,” narrow your focus to something like “restaurant profit strategy.”
It makes you stand out as an expert.
Pro Tip: Look for niches with desperate buyers and complex problems to solve. This lets you charge premium rates.
Once you’ve picked your niche, you can start shaping your consulting business model and offerings.
It’s time to develop the products and services you’ll offer clients now. As a consultant, your solutions are your arsenal for dominating your niche.
Some popular consulting offerings include:
Strategic planning
For example, a restaurant profit consultant could offer:
A suite of offerings allows you to package and price your services at premium rates.
Pro Tip: Bundle your solutions into high-value packages for maximum profit. People love bundles!
Now, wrap your solutions into a signature system that becomes your calling card. It is the key to standing out from the sea of consultants.
For example, a restaurant profit consultant could have a “Rapid Restaurant Profit System” that includes:
See how the system bundles your offerings into an irresistible high-value package?
It allows you to charge premium consulting fees while giving massive value. It’s a win-win.
Pro Tip: Name your system something catchy and descriptive. It helps clients instantly grasp your value.
Pricing is everything in the consulting biz. The price is too low, and you leave money on the table. Price too high, and you scare away clients.
Some pricing tips:
Do not underprice yourself! Consulting is about providing incredible value, not being the cheapest.
Pro Tip: Avoid pricing packages under $2500. Go higher for premium services.
Your website is the hub for attracting clients and booking sales. Invest time and money into building a high-converting site.
Make sure your website has:
Pro Tip: Use lead magnets like free guides, cheat sheets, and assessments to capture visitor emails.
Once your website is up, it’s time to start spreading the word online. Some effective promotion strategies include:
The goal is to get in front of your ideal clients and position yourself as the expert they want to hire.
Pro Tip: Repurpose your promotional content into an eBook, email course, or checklist to build your email list.
Consulting is a relationship business. Networking and referrals are powerful ways to build your client roster.
Attend conferences and events to connect with prospects
Pro Tip: Always ask for introductions to decision-makers or potential clients.
As leads start flowing in, you need a proven process for selling clients. Key steps in the consulting sales process:
Pro Tip: Master the art of closing. You make money when clients say “yes.”
The key to retention and referrals is overdelivering value. Go above and beyond for your clients.
It builds a reputation for excellence that keeps clients returning while attracting new ones through word-of-mouth.
Once you’ve landed clients, it’s gone time. You must execute projects smoothly and deliver massive value.
Some tips for flawless consulting project delivery:
Following a proven project management process is crucial for consulting success. It ensures clients get exceptional results.
Pro Tip: Always get the client’s sign-off before finalizing deliverables.
As you gain experience, look for opportunities to expand your service offerings. Ways to add new consulting services:
Address related client problems outside your core niche
Expanding your offerings allows you to provide more value while increasing revenue.
Pro Tip: Before full market launch, test new services with current clients first.
As you get more established, you can start raising your consulting rates. Some tips for increasing fees:
Your rates should steadily rise as you gain credentials, case studies, and market authority.
Pro Tip: Never lower rates. Offer discounts or bonuses instead.
The costs to start a consulting business can range from $500 to $10,000, depending on your niche and offerings.
Budget for a website, business registration, marketing materials, office supplies, software/tools, and any training or certifications. Many consultants operate their business virtually, so overhead costs are low.
Key skills for successful consulting include:
– Expertise and experience in your niche
– Strong problem-solving abilities
– Excellent communication and listening skills
– Project management skills
– Ability to build rapport and relationships
– Business and financial acumen
Starting a profitable consulting business takes vision, grit, and smart strategy. Define your niche, craft compelling offerings, master sales, and relentlessly overdeliver for clients. The rewards for getting it right are tremendous. You can own your time, work when and how you want, and earn an incredible income by solving problems and transforming lives.
This guide provided a blueprint for launching your successful consulting practice. Now, go out there, take action, and start reaping the benefits of entrepreneurial consulting! Let me know if you have any other questions. I’m always happy to help fellow consultants build their business.
Up until working with Casey, we had only had poor to mediocre experiences outsourcing work to agencies. Casey & the team at CJ&CO are the exception to the rule.
Communication was beyond great, his understanding of our vision was phenomenal, and instead of needing babysitting like the other agencies we worked with, he was not only completely dependable but also gave us sound suggestions on how to get better results, at the risk of us not needing him for the initial job we requested (absolute gem).
This has truly been the first time we worked with someone outside of our business that quickly grasped our vision, and that I could completely forget about and would still deliver above expectations.
I honestly can't wait to work in many more projects together!
Disclaimer
*The information this blog provides is for general informational purposes only and is not intended as financial or professional advice. The information may not reflect current developments and may be changed or updated without notice. Any opinions expressed on this blog are the author’s own and do not necessarily reflect the views of the author’s employer or any other organization. You should not act or rely on any information contained in this blog without first seeking the advice of a professional. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this blog. The author and affiliated parties assume no liability for any errors or omissions.
