Turn Your Knowledge into a Consulting Business

Many overloaded business owners and busy individuals have a need to resolve issues that require particular capability. This is when they go looking for a professional consultant who can provide the knowledge and experience they lack, for as little or as long as they need the help.

Starting an independent consulting practice is one of the best ways to turn your depth of knowledge and years of experience into a business. A consultant is an expert who advises others in a specific field or to fix specific problems. In an effort to improve results in their lives or businesses, people bring in one or more consultants to evaluate issues, provide solutions, and help to implement necessary changes.

Consulting differs from coaching, which is another way to help others with your expertise. Consulting is usually focused on business or groups as a client, although individuals sometimes seek consultants. Consultants assess an issue and prepare a solution with a focus on processes. In most cases, after an explanation and assistance in implementing the solution, the consultant’s work is done.

Coaching, on the other hand, is more often done one-on-one, focusing on building up a client’s personal strengths. Similar to counselling, a coach is usually involved regularly (i.e. weekly) over a period of time until the client has met their goals.

The Pros and Cons of Independent Consulting Work

Consultants exist in just about every industry. While income varies depending on the industry and how the consulting business is set up, Pay Scale reports that the median income of business consultants is $68,982 with a range from $44,473 to​​​ $109,488.

The advantages to consulting are many including:

• Flexibility to set your own schedule
• Ability to earn more with your experience, knowledge and low overhead than with a job
• Start-up time is quick and start-up capital requirement is low

Like most home business ideas, consulting has a few disadvantages as well, such as:

• The time it takes to build up and maintain a clientele
• Income that may be unsteady
• No office resources (IT or HR support, accountant, etc.)
• While you can turn any type of knowledge into a consulting business, here a few of the best industries to consider now.