Nowadays, everything is online, the world has gone digital. Not putting your skills or products online would mean that you are denying yourself the opportunities and benefits that come with taking your business digital.
Between 2019 and 2029, the demand for business consultants and management analysts is expected to grow by 11%, according to the US Bureau of Labor Statistics.
The consulting industry is increasing, as more businesses seek expert guidance in areas such as management, technology, marketing, and more. As a consultant, you may use your knowledge and experience in a variety of industries to help organizations that need it.
You have paid your dues, you are now an expert business consultant. How does it feel to become your own boss? You are not supposed to be limited by the chains of a typical 9 to 5 job if you don’t want to.
More and more business owners are looking for freelancers to help with their business. There are about 57 million freelancers in America alone, and you can become one of them.
You might be thinking, the market is already crowded so how will you excel in this space? Well, you already have the skills, that’s 50%. The remaining 50% has to do with how you position yourself to your target market and encourage them to patronize you.
How Profitable Is An Online Consulting Business?
An Online Consulting Business encompasses a wide range of services. It covers a large number of occupations. To be honest, anyone with a basic understanding of any subject can work as a consultant on it -knowledge is truly power and in this case, wealth too.
The truth is that the demand for consultants, especially management consultants, is increasing rapidly. According to a 2013 Bloomberg, 42% of clients in the United States expected to hire more consultants in 2013, with 5% planning to increase their expenditure on consultants by more than 50%. The industry is estimated to be worth around $250 billion as of 2021 from $39.3 billion in 2013.
The fastest expanding field is marketing and sales consultancy. It has grown by over 30.5% in the past 8 years. This growth is not only relegated to the US, it has been steadily increasing all throughout the world too.
There is no doubt that an individual would love to become a part of this multibillion-dollar industry, as long as they have the skills. Studies show that you can earn between $77,000 to $120,000 salary annually as an online consultant. So how do you become a part of this industry?
Well, being an excellent consultant has no secrets. To effectively study the industry and propose the best answer to your client’s issue, all you need is your expertise and sometimes some intuition. Make sure you’ve gathered as much knowledge as possible about the topic you’re consulting on. You can even take business consulting online courses to help you brush up on your skills. You should not enter into a business field without the right knowledge. This is why we have created this article to teach you how you can start your own consulting business online.
So let’s get into it.
Step 1: Create Your Niche
As we mentioned earlier, online consulting is a very broad occupation. So you want to decide on which area you want to specialize in. If you specialize, it will be a lot easier to set yourself apart from all of the other generalized consultants.
It’s possible that your niche will reveal itself to you naturally. It might be the area of your field where you have the most experience.
It could also be the area where you have the most fun and excitement. Some of the most sought-after online business consultant niches include Financial risk management consultants, auditing, Economic consultants, Advertising, Human resources, Regulatory compliance, Tax, Business process management, Information Technology, Accounting consultants, and many more.
If you’re having trouble figuring out what your niche or specialization is, don’t worry. Try answering these questions to help narrow down your options:
- Identify any specialties in your profession that are underrepresented.
- Consider what areas of expertise will continue to be neglected by a qualified consultant in the long run.
- Determine which aspects of your field clients and potential clients have the greatest difficulty with.
- Consider whether your unique background and niche expertise provide you with a rare skill set that is hard to come by in the job market.
Step 2: Define Your Target Audience
Now that you’ve honed in on your area, it’s time to figure out to who you’ll be offering professional advice or expertise. Consider the types of inquiries, issues, and pain areas that your chosen field of expertise encounters.
Make sure you select a target market that requires your expertise. Otherwise, the audience you’ll be targeting won’t be able to help you grow your business. If you don’t want your business to fail, you must choose the right target audience.
You must demonstrate to new and potential clients the precise consulting service you will provide –and make sure you have what it takes to deliver. Identify their pain points and how you can be of value. That is why people hire consultants, to gain extra value.
Step 3: Set Up Your Online Business Consulting Platform
Many consultants now have an online presence as a result of the increased demand for online consultations. More professionals are now going global with their job. Digitalization has boosted online consulting enterprises.
Having an internet presence for your consulting firm will not only help you grow your current business but will also allow you to establish a brand online and gain the credibility you need to attract more clients.
When it comes to planning and launching an online business consulting platform, most entrepreneurs are confused. Now all you have to do is select the appropriate development approach. And by that, we mean finding the right development platform to meet your needs to the fullest. You don’t need to look too far, Ecomitize is the best platform for you.
Setting up an online consulting firm requires expertise. Ecomitize developers will help you develop a user-friendly and highly responsive website. It doesn’t just end at web development only. We care about you and the growth of your business too. For this reason, we will also help you create exemplary marketing strategies to help you grow your business. Our digital marketing experts can help you attract clients organically and also through paid channels to help improve your conversion rates.
Your online business consulting platform should be tailored to your niche’s needs as well as the unique sector or business you’re in. You must ensure that all of the capabilities required for managing your online consulting firm are available. You can be assured that Ecomitize can provide you with an exceptional business website and online identity.
Ecomitize is a reliable eCommerce platform developed by business owners for business owners, so you can be assured that they know just what your online consulting business needs to succeed in today’s world.
Step 4: Set Your Prices
Now that you’ve created a great roadmap for your online consulting firm, identified a specific specialty to focus on, identified your target audience, and you also have a top-tier online platform. It’s time to focus on the most crucial aspect of your business: your service pricing.
It can be difficult to choose the appropriate consultation prices for your services, but you do have the option of experimenting with numerous possibilities. Duration-based pricing is the most common alternative.
It might range from 15 minutes to 60 minutes of consulting time, or it can be tailored to your specific needs. Clients can choose the length of time they want to pay for with duration-based pricing. The benefit of pricing based on consultation time is that it will be easier to explain how modifying or adding work will increase the number of hours required.
Now that you have all of the above-listed things in place. You are ready to start your online consulting business. To help make your business successful here are a few tips
Tips For Becoming A Good Business Consultant
- Always ask for referrals from satisfied clients.
- Paid advertising can be an effective way to swiftly spread the word about your consulting firm.
- Attend events pertaining to your prospective client’s niche because networking is alive and well. Attending events with your potential clients is a terrific approach to immediately creating relationships that lead to new clients and referrals.
- Working with a partner can help you gain access to a wider client base, which can lead to more contracts and a larger referral network in the future.
- Reach out to past contacts to see where they are in their business. Constant communication keeps you in front of this contact’s thoughts so they can consider working with you.
Remember, you can cut all the stress by half by simply hiring an eCommerce development company that has your best interest at heart. Ecomitize is that company. So do not hesitate to reach out to us to set up a meeting and let’s help you figure out how to start your online business the right way.