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Make side money running a consulting company



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Make side money running a consulting company

Whenever someone thinks of starting a consulting company they always assume they'll be working 16+ hour days going from business to business making $1,000's every single day.  Some people actually do this, but they've been in the game for decades and have amassed a load of clients who will pay a premium for their services.  You're just starting off so I wouldn't recommend you quit your day job just yet lol. 

A consulting service takes time to amass enough clients that you will be making a full-time income.  Sure, there are plenty of big clients out there that will pay you $10,000 for one session, but they won't bring you on board until you're known in your field and starting to get a decent amount of recommendations.  For now, you'll need to start slow and get smaller companies to hire you for a few hundred bucks a session and work your way up.

Right now you'll be able to do everything in your spare time, but you'll be seen as a full-fledged business by your potential clients.  You can schedule your consulting sessions on your days off, but you'll be telling your clients that you can "fit them in" on a specific day when you know you aren't going to be working Make side money running a consulting company  Yes, this will increase your 5 days a week schedule at work to 6 or even 7 if you're lucky, but it's worth it when you're making $300+ for a few hours of work on a weekend Make side money running a consulting company

Below are some things you need to think of when you're trying to start up your own consulting company, which you can do in your spare time, and those things are:

Be a specialist in something
If you're just some random Joe off the streets asking for a few hundred bucks from a company in your neighborhood to do some consulting, you'll just get laughed at.  Set up a website and show everyone that gets there that you're the professional in your field that needs to be hired for consulting.  You could be the best at SEO, Marketing, Lead Generation, Branding, etc. and people will begin to show interest over time.

At first, people will take a chance with your services but they will love them after you help the business out with problems they were having.  Those first clients are crucial, so be sure to do everything you can to help out.

Talk to every business owner in your area
You can't just set up a website and pray for new clients, you need to get off your butt and start contacting every company within your area and tell them about your local discount to the next 10 customers.  You can say something along the lines of "We're offering this discount to local businesses because it helps the community, builds our own trust within that same community, and the more money that comes into our area the better it is for everyone."

After you talk to 100 companies you might have 1 or 2 signing up for your services.  Don't get discouraged if you don't have anyone after talking to 100, you might get 10 when you talk to your next 100.  Remember, your pitch is everything and you can't come off as a robot, you'll need to be genuine and let them know how you can help and you're not just in it for the money (even if you are).

Charge less than your competitors
A lot of people are trying to be consultants because it's easy work if you know what you're doing, but they are also doing it because they know you can make a lot of money in this profession.  You'll need to contact various consulting companies in the area to see what they charge, you'll be pretending to own a business in the area, but you won't actually be signing up with them. 

Figure out what everyone is charging, then charge less than them, and you'll likely get a few clients coming in sooner rather than later Make side money running a consulting company

Go above and beyond your own services
If you're offering an SEO consultancy service, you'll also want to help them out with their PPC campaigns as well as any sort of marketing they might be doing.  They will see this as you doing 3 different services for the price of one and they will likely come back to you when they have more questions Make side money running a consulting company

Word will get out about your services, you'll get more clients, and they will pay you for the same thing and you can go above and beyond with them if you'd like.  Remember, the more you do, the more likely you'll get amazing reviews from your clients that other people will see Make side money running a consulting company


In conclusion
Running a consultancy company, in the beginning, is a decent amount of work that can be done in your spare time, or your days off, and you can make some quick cash if you actually know what you're consulting about.  Schedule your consulting appointments on your days off so you know you won't have scheduling conflicts and be sure you have enough time to do what they are paying you for.  Undercut your competitors and you will likely get a few people taking a chance with you because they want to save money on a consulting service.  After a year of this, you will likely have amassed enough reviews that you can now charge a premium and start getting bigger fish signed up for your services Make side money running a consulting company


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Thanks!

Tommy Carey

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overcast

I have found out that consulting company such as the outsourced one takes a lot of time to make serious money. But there are lot of people into the space. And there is lot of money and client to be gained. I think consulting is something takes years to settle too. But this can be a good model considering you can hire subcontractors. And it can make some serious money too. I'd say consulting model definitely is good for say design and coding type of the works.




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TommyCarey

Yeah, it does take a bit of time to build it up to an actual business that allows you to quit your day job, but that's why I say to only do it in your spare time Make side money running a consulting company Work on it 1 day a week, or when you get home from work, then schedule everything for when you have a day off and make some easy money on the weekends or during the week when you can.

Consulting is a big thing in the Marketing niche because small companies want to do everything on their own but they don't know where to start so they contact us in order to learn. Think of it this way, they're paying you to teach them how to do something so they can do it themselves, it's like you're the professor and they're the student. Instead of teaching them how things work exactly, you're telling them what to do in order to make more money than they currently are, and that means they will come back and hire you again if they need to learn more Make side money running a consulting company

It's essentially a win-win on both sides as long as you know what you're doing and can actually help out the consulting client with what they are hiring you for Make side money running a consulting company




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overcast

I like the teaching others angle. It seems like it may work out. I know one thing for sure that some of the time such consulting companies also have the subcontractors. I am wondering if you ever plan to write article or say forum thread on that. It'd be surely helping a lot of us who are solo and plan on adding team with subcontractors.




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Corzhens

I know of a technical consultant in the offline world who started with nothing. But after a year of having no clients he was lucky to be hired by a big firm. Not all consultants have that experience but I guess most of them go hungry and most of them are into consultancy because they are retired and it’s better to be a consultant than not doing anything at all. As for the online consultancy service you need the proven expertise before you can embark on such a project.




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overcast

Big firms want someone who is reliable. And that is one reason many people choose to work with the consultants who can show result. I think networking also plays role here. Because getting the job from the big firm may not be easy. And also covering those projects and delivering the output may not be easy if you ask me. Experience, delegated workforce and networking is very important.




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DarthHazard

Whilst this is a great business model and idea, I don't think it will be ideal for everyone. As a consultant, you have to be extremely knowledgeable about a certain niche or topic and be able to help others with that. Whilst there may be people good at their job, not everyone will be knowledgeable enough and experienced enough to help others with certain decisions. And then you have the problem of having to compete with the others that have already established and have hundreds of happy clients.




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TommyCarey

True, you do need to know what you're talking about, but that doesn't mean you have to know 1,000% of everything that is going to be covered. If you're smart enough, you can do a cram session and learn everything that you'll be going over with the consulting client, then they will see you're knowledgeable and want to bring you back for other sessions in order to profit more down the road.

You may not be the most knowledgeable person in the field for consulting, but you're charging less than everyone else in the beginning, which means more companies will want to hire you in order to learn as well as save a few bucks.

I tend to do some consulting around my house for cheaper than I would if I had to fly to another part of the country, simply because I'm being put out of place in order to do something, which means there will be downtime where I could have been profiting but I'm traveling instead. Local companies get a hell of a deal from me because I can drive to them, drive home when I'm done, and sleep in my own bed. If I have to fly, or drive a long distance, I will charge a premium because I can Make side money running a consulting company




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Kakashi2020

Like what you said, it takes time to build your clout and reputation in a certain niche, and it all depends on your credibility as a professional or expert on a particular subject. I also did some business related consultancy works before and the pay is quite good but again you're right, I started doing consultancy work for old and new clients of a previous company that I was employed in, so these guys knows me and wants me to troubleshoot their problems with my previous company. Later on they came back to consult me on other matters not connected to my previous company.




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cmoneyspinner

If you are going to do this may I ask:

  • Do you think that being a member of a professional network like LinkedIn or Alignable would be a good way to let others know that you're offering "reasonably priced" consulting services?




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TommyCarey

Definitely!

LinkedIn > Alignable

Well, at least in my opinion. I was testing the two, using the same list building/profile building methods and I notice that my LinkedIn account grew 10x faster and I got more leads compared to Alignable. I spent the same amount of time on both platforms, but quickly realized that Alignable just doesn't have the traffic LinkedIn does Make side money running a consulting company




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cmoneyspinner

I have always been advised to use LinkedIn. But my other social media networks take up a lot of my time. Unfortunately, my LinkedIn account is on "auto pilot". I keep my stream active using automated posts. But I refuse to delete my account. I have had the account for over 5 years and my profile is viewed regularly. There are still people who contact me via LinkedIn with opportunities, as well as via Alignable. I will continue to use both. Thanks for your feedback.




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overcast

Honestly speaking the linkedin and other social networks for job seekers. That just does not worked out well for me. I am not sure what to do with most of them. Another thing that I have found out is that consultancy companies spam there a lot.




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amelia88

I think being a specialist is one of the most important things. Ultimately, people are going to want to deal with whoever knows the most in a particular field (if the prices are okay, of course!) and I think setting yourself up for success stems from having the knowledge to back it up.




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mitan143

My older brother works on a consulting company but he works on the software department. But I can those traits you mentioned to my brother's boss. He is really good in the business process. He's also good to making a deal with possible clients. Honestly, the company that my brother is working on started as he and his boss only, then his boss manage to expand it to become a company with more employees and more project. I also like their company's motto, and it has somehow related to your last tip that says go above and beyond your own services. And now, their company is doing fine through the years and is continuously expanding their number of employees as well as the clients are getting bigger and bigger. I also agree that at first it won't go easily and it happened to them but if you have all those traits then you can easily overcome the problems and you'll become successful later on.




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esteban123

Working to a consulting company sometimes needs a lot of time and patience since some of them requires a full time job while others just need a few hours to let the job done. It only needs a lot of expertise and passion to do things greatly, I think it is really good to have a consulting company job because you can use your skills and expertise in to some areas that you are good about.




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vinaya

One of the business ideas that I have in mind is starting a hosting company. Hostin business is a very competitive business. I will have to outwit my competitors who are selling hosting for less than a dollar month. Well, I might not be able to lower my price, however, I am thinking to push my hosting business with a consulting business. I intend to provide advice to the people who want to start a website. I might even offer web designing service.




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Corzhens

This idea of consulting is a good one because my husband is a consultant since he retired from his formal employment. However, to be a good consultant, you need to be an expert in at least one field. It is a big embarrassment if you cannot resolve a problem that is common and not really difficult. Maybe I can aim to be a consultant when I retire but I can’t find myself being an expert at present since my interests are varied and likewise my experience is also varied.




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Barida

Understanding the industry that you are into is one of the ways that you can effectively make things work for you. I have been in the situation where I earned a lot running regression for some firms that are in need of someone that understands economic models at that high level.




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Barida

Charging lesser than what the other competitors that are in the same business are charging is one way that we can be able to make everything work better as well. The reality is that you are going to be at the top of your game providing the best as regards doing everything to make things work, if you are looking at making it while working as a consultant.




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