Should I be a Freelance Consultant or Start a Consulting Business?

Become a Freelance Consultant or Start a Consulting Business? 1 The U.S. consulting market is huge and worth over $100 billion a year. Consultants provide on-demand expertise across a range of sectors, including leadership, management, technology, science and employment. Freelance consultants can make an average of $30 to $42 an hour (around $65,000 - $78,000 a year). There are more than 700,000 consulting businesses around the world. The median pay for a consulting business consultant is about $80,000 a year. For management consulting, the most popular areas are Operations Consulting and Financial Advisory, with each area taking up 28 percent of the market. 2 Top Factors for Thriving as a Freelance Consultant or Consulting Business Demonstrating industry-leading expertise and awareness > Speaking with authority as a subject matter expert Hitting the ground running and understanding client issues quickly Making recommendations based on your insight, techniques, methods and experience Showing clients they can achieve valuable, measurable outcomes as a result of your recommendations Proving the value of your insight and suggestions Essentials of Becoming a Freelance Consultant ... Determine your main, saleable skills, expertise and experience. Do market research to find the most valuable consulting niches. Calculate how much clients will pay for your expertise by researching the going market rates. Figure out the best ways to reach your clients – website, social media, etc. Build your referrals and networks. Building a Successful Consulting Business Form a business entity, such as an LLC or an S Corporation. Calculate how much your initial and ongoing expenses will be, and how you can pay them. Hire experts so you can offer a broad range of skills and experience to clients. Maximize productivity and billable time with software and tools to minimize your administrative overhead and optimize hours charged to clients. incfile References https://www.prnewswire.com/news-releases/management-consulting-market-to-reach-295-billion-by-2020-says-beroe- inc-300943883.html https://www.payscale.com/research/US/Job=Freelance_Consultant/Hourly_Rate https://www.salary.com/research/salary/posting/freelance-consultant-hourly-wages https://linchpinseo.com/trends-in-the-management-consulting-industry/#management-consulting-stats-and-growth-projections- in-2021 https://www.bls.gov/ooh/business-and-financial/management-analysts.htm https://www.prnewswire.com/news-releases/management-consulting-market-to-reach-295-billion-by-2020-says-beroe- inc-300943883.html