Why consulting? It\u2019s a low-risk, high-reward business that doesn\u2019t require any capital.<\/p>\n
You don\u2019t need a retail store or a warehouse, you\u2019re not sinking any money into inventory, and you can scale your operations up and down as needed.<\/p>\n
Also, you can work from virtually anywhere with a decent internet connection, and serve clients from across the globe!<\/p>\n
In this article, we discuss how you can get started in consulting as a side hustle.<\/p>\n
Ready? Let\u2019s jump right in!<\/p>\n
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Figuring out your niche in consulting<\/h2>\n
First things first\u2026 you\u2019ll want to figure out your niche, AKA, what exactly you want to consult in.<\/p>\n
Assuming you have at least some working experience, this should come to you fairly easily. What skill sets do you have? Where does your expertise lie? What do colleagues and friends come to you for advice on?<\/p>\n
Here are some potential niches in consulting:<\/p>\n
- \n
- Digital marketing<\/li>\n
- Advertising<\/li>\n
- PR & communications<\/li>\n
- Accounting<\/li>\n
- HR<\/li>\n
- Cyber security<\/li>\n<\/ul>\n<\/div>\n
Figuring out your pricing<\/h2>\n
After you\u2019ve decided on your niche, the next step is to figure out your pricing.<\/p>\n
<\/div>\nYou\u2019ll have to do some homework here\u2014go ahead and do some research to see what your competitors charge. (Just Google your niche + \u201cconsulting\u201d to see who your competitors are).<\/p>\n
<\/div>\nMost consultants or consulting businesses don\u2019t display their fees on their websites, so you might have to submit an enquiry or fill out a form to tell them your business goals. Get them to quote you a rate in order to get a sense of what the market rates are.<\/p>\n
<\/div>\nOnce you understand the market rate, think about how much you want to charge relative to the market. Most newbies will charge a more economical rate, so as to incentivize their first few clients to sign up. Then, once you build up a base of customers and get more word-of-mouth, you can then revise your rates as necessary.<\/p>\n
<\/div>\nAnother thing to consider here is your payment structure. Do you want to charge your clients lump sums, milestone-based payments, or a monthly retainer?<\/p>\n
<\/div>\nGenerally speaking, most consulting businesses<\/a> operate with milestone-based payments or a monthly retainer\u2014it\u2019ll be hard to find a client who\u2019s willing to pay you the entire consultancy fee upfront.<\/p>\n
<\/div>\nAssuming the scope of the project is fixed and clear, consider using milestone-based payments, where you invoice your client once you complete certain milestones. If the project requirements are fluid and constantly evolving, it might be easier to work on a monthly retainer basis.<\/p>\n
<\/div>\nIn a monthly retainer scenario, you\u2019d work out the exact agreement with your clients: how much they pay you per month, and how many hours of work and\/or consulting calls this translates into.<\/p>\n
<\/div>\nRegardless of which payment structure you choose, be sure to document your time spent on each of your projects, broken down by tasks. You don\u2019t need to create your own template from scratch\u2014there are plenty of templates<\/a> that you can download online!<\/p>\n
<\/div>\nGetting your first client<\/h2>\n
After you\u2019ve decided on your niche and your pricing, the next thing to do is to get your first client!<\/p>\n
<\/div>\nHow do you go about doing this? Simple: tell everyone you know that you\u2019re now offering consulting services, including your friends, family, colleagues, previous colleagues\u2026 you get the picture.<\/p>\n
<\/div>\nDon\u2019t underestimate the power of word-of-mouth<\/a>, and actively ask your friends and acquaintances if they know of anyone who might need some help in whichever area you\u2019re specializing in.<\/p>\n
<\/div>\nAnother way of going about this is to offer your services at a highly discounted rate (or even pro bono) to your very first clients. If you\u2019re doing this, we recommend striking a deal with your clients wherein they get cheaper consulting fees in exchange for you using their company as a case study.<\/p>\n
<\/div>\nOnce you\u2019re done with their account, you should then create a written case study to put on your website. If possible, try to also get a written and<\/em> video testimonial from your clients. This generates more social proof, and makes it that much easier for you to sign on your next few clients.<\/p>\n
<\/div>\n![\"A](\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2023\/02\/mediensturmer-aWf7mjwwJJo-unsplash-1024x681.jpg\")
<\/a><\/p>\n<\/div>\nGetting more clients<\/h2>\n
Getting your very first client is a huge hurdle\u2014but it\u2019s still only half the battle! How do you go on from there, and build up your initial base of clients?<\/p>\n
<\/div>\nOne word: visibility<\/em>.<\/p>\n
<\/div>\nThe more visible you are, the higher your chances of closing more clients.<\/p>\n
<\/div>\nObviously, you\u2019ll need a website. Keep this clean, simple, and professionally designed. The goal of your website is not to wow your customers with how beautiful it looks. Instead, it should convey what you do in a clear, precise manner, and allow clients to reach out to you to get a quotation.<\/p>\n
<\/div>\nOn top of that, you\u2019ll want to create a Google Business Profile<\/a>, as well. This is basically the listing that appears on the right panel when someone searches for your business\u2014you can add your phone number and website for easy contact ability, and you should also come up with a review strategy to get customers to give you good ratings on Google.<\/p>\n
<\/div>\nAnother great strategy to increase visibility is to get your existing customers to refer you. Assuming you\u2019ve done a good job with their account and they\u2019re satisfied with your service, it shouldn\u2019t be too difficult to get referrals\u2014but you can also sweeten the deal and incentivize your customers by giving them a referral fee.<\/p>\n
<\/div>\nManaging your workflow<\/h2>\n
Once you\u2019ve got a couple of clients on board, you\u2019ll find that optimizing your workflow is important. This helps you maintain a high quality of work and keep your clients happy.<\/p>\n
<\/div>\nThe key to managing and optimizing your workflow? Automation.<\/p>\n
<\/div>\nThere are countless manual, tedious processes that you can automate with the right tools or software. For example, use Proposify<\/a> to automatically generate proposals, FreshBooks<\/a> to automate your accounts and invoices, and create canned responses in Gmail so that you don\u2019t need to type the same email over and over again.<\/p>\n
<\/div>\nCommunicating with your clients<\/h2>\n
Last but not least, it\u2019s important to communicate well with your clients<\/a>, and ensure that they\u2019re always in the loop about their projects.<\/p>\n