Offering consulting services is the best way to go if you want to make enormous money by just sharing your knowledge and helping other people in the process. Here’s how you can get started:

1. Read and learn as much as you can. Don’t take the leap unless you have obtained in-depth knowledge as to how the consulting industry operates. Right now, there are so many resources both in the online and offline arena that can offer you all the information that you might find extremely valuable in this career. These include setting up your fees, drafting contracts and documents for your protection, convincing clients to sign up with you, and many more.

2. Decide where you want to work. The beauty in the consulting business is that you have a choice on where you would like to work. Depending on your preferences, you can apply to consulting firms or work as a freelance consultant. I highly recommend the latter if you want to have direct control over your working hours and if you want to have yourself as your own boss. This will also allow you to work at home.

3. Choose your areas of expertise. What kind of consultant do you want to be? Would you like to become an IT, healthcare, planning, strategic, or life consultant? Well, that would depend on your qualifications and expertise. Go with a type of consulting that you know very well and have actual experience on to make sure that you’ll be able to help your clients.

4. Pricing strategy. This is something that you need to consider before you even advertise your consulting services. How much would you charge your clients? Since you are just starting out, it would be best if you charge lower compare to your competitors to attract people to at least try your services out. Once you were able to create a name for yourself, you can start increasing your prices based on the ongoing rate in this industry.

5. Marketing strategy. Aside from being knowledgeable on your chosen field, you also need to know how you can promote your consulting services to become successful in this endeavor. Read and learn as much as you can about internet marketing. You will need to define your audience, choose the best marketing tools to use, drive your prospects to your website, and later on, convert them to buying customers.

1. Special Knowledge

You have to have some kind of information to share that is not commonly known if you want to run a consulting business. You need to have something you know well that others need guidance on to complete their own projects. Think about the different things you have learned over your lifetime so far, and consider whether those subject areas are in demand. You can always learn more if you want to improve your abilities in consulting on a certain topic.

2. Extensive Experience

A consulting business makes its reputation on the depth of understanding for the job that is to be done. Since you will be guiding individuals, companies, or organizations in using technical skills your experience is an important factor. If you have done the work hundreds of times, your great insight into the process will be appreciated.

3. Certifications

If the industry in which you are consulting is one with certification opportunities, take the tests and get officially qualified to do the work. This will not only help to establish your business reputation with potential customers. It may also help you get professional liability insurance at better rates.

4. Tools of the Trade

The tools you need will depend on the type of business work you are consulting on. If you are a consultant for a special type of construction, you will likely need measurement tools like a tape measure and a laser level. If instead you are consulting with a company on their computer systems, you might need special software that you bring with you. Remember that you will not be doing the major work of the company, so you will not need all the tools they use. You will just need the tools necessary to tell them how to do their jobs.

5. Capital

The amount of money you need for a consulting business may depend more on the geographical coverage area you serve than anything else. There are usually few costs in consulting, but you will need to provide your transportation, meals, and lodging. You will also need startup capital for insurance, possibly tools, and proper clothing. If you reach the point where you are working from an office building, you will need to cover office overhead as well.

6. Passion

When you work in consulting, you will get farther if you have an enthusiastic attitude. When you are passionate about your industry, you will encourage the people you work with to take full advantage of the time you spend instructing them. You will also inspire them to have confidence in your consulting abilities.

Since I am a franchise consultant/broker, some may dismiss this article as biased. However, the main point that I am trying to address on this page is to analyze the actual dynamic of searching for a franchise and the realistic value franchise consultants bring to the process.

When searching for a franchise, entrepreneurs often come across various franchise consultants and wander: “Why should I use their services?” The answer is simple: “To save time and money.” Franchise consultants may not provide a total solution, but their services usually come at no cost and they regularly spend hours interacting with people who buy and sell franchises, making them a good source of information

It is rare to for anyone to actually know a franchise consultant before seriously starting their search. Plus, there are just not that many franchise consultant around. It is a niche profession that was born from the franchisors’ constant thirst for more qualified candidates. The first time people start hearing about the franchise consultants is when they actually start searching for a franchise.

Just like in any service profession, there are all kinds of franchise consultants out there. Some spend hours a day studying franchises and doing research on behalf of their clients, constantly looking to learn and improve their resources. Others spend little time learning and more time steering people towards the companies that they know will pay the highest commission. Some work with ten companies, some represent hundreds. It is not, and never should be, a secret that the majority of franchise consultants work on commissions paid by the franchise companies. Consultants, or brokers, provide their information at no cost with a plan to pass along a qualified candidate to the Franchisor. That does not make them any less useful. Many consultants compare their business to that of corporate recruiters who spend their time talking to hundreds of people in search of the right candidate.

My advice to someone looking for a franchise is to explore every option available. This includes utilizing the services of a franchise consultant. In the same manner I would advise anyone to use the services of a good lawyer and accountant during their search. Not using a consultant will not save the franchise shopper any money that is for sure. Legally, a candidate can’t cut a consultant out of a deal with a franchise they were referred to, similar to the way some people undercut (bypass) real estate agents.

I suggest thinking of a franchise consultants as a tool in a Swiss knife. They may not work for every job, but are definitely well suited for a quite a few. They may not be able to find the “right” business. Candidates may not like what they have to say or the companies they refer them to. However, it is very likely that they know a good deal about franchising and can provide a volume of useful information. At the very least, a franchise consultant will educate potential franchisee on the process and will help sort our businesses they do not want. That is a great start within itself.

If a candidate is serious about buying a franchise and approaches the process thoroughly, the information they obtain will definitely help them become a better buyer. As long as candidates remain pragmatic through the process, the information franchise consultants can provide will help them save time and money. In the end, the choice belongs to the candidate. Franchise buyers are responsible for the due diligence, analysis and, of course, their money. However, understanding what franchise consultants do and utilizing them as a tool in a franchise search process can be very valuable, indeed.