business plan for starting a consulting firm

How To Start A Consulting Business In 2024 (6 Steps & Study)

This is the ultimate guide — with data — on how to start a consulting business in 2024.

By the end of this guide, you’ll know how to turn your skills and expertise into a profitable and successful consulting business .

Let’s dive right in.

(If you want to read our “ How To Start A Consulting Business Study “, click here to scroll down to that section)

Step 1: Choose Your Consulting Business Model

First, let’s define the term consulting.

Consulting is “the business of giving expert advice to people working in a professional or technical field.”

For example, I’ve spent over 21 years being a consultant.

I’ve spent 10,000+ hours on marketing , sales , fees , proposals — and everything else that consultants do.

So, I’ve accrued experience that enables me to give expert advice to people in the consulting field.

If you can provide advice that helps business-to-business (B2B) or non-profit organizations based on your past experience, you can consult.

People and organizations will pay you for your advice to help them get results.

Results like more sales, a lower employee turnover rate, a risk-free software project, help with executive decision making — the list goes on.

But before you start consulting, it’s important that you choose your consulting business model first.

Why should you do this first?

At Consulting Success®, we believe that your consulting business should support your lifestyle — and not the other way around.

That means that you should build the type of business that helps you live the lifestyle you want to live.

I’ve seen too many people end up building consulting businesses that trap them into a lifestyle that’s just like their 9-5 job…or worse.

To avoid that, you’ll aim at the type of consulting business you want by choosing the right model for you.

Watch the video below for an introduction to the 4 proven consulting business models :

Let’s talk about each model.

The Solo Consultant Model

As a solo consultant, you work closely with your clients and complete the project work yourself.

For example: Martin Krumbein is a strategy consultant who helps companies implement the right strategy for growth, enabling them to scale.

The solo consulting model is great for you if you want a lean, profitable, and flexible consulting business — a “lifestyle” business.

The solo consulting model is not right for you if you intend to sell your business (because you are the face of it), and if you don’t like the fact that if you stop working, it will be challenging for you to generate revenue.

Six-Figure Blueprint

The consulting firm model.

In the consulting firm model, you are responsible for running the firm instead of just working on client projects.

For example: Amanda runs an HR consulting firm , where she helps technology companies with culture, hiring, and talent retention. Instead of working on client projects, she manages a team of consultants who are implementing projects for their clients.

The consulting firm model is great for you if you don’t want to be focused on the “day-to-day” work, want to build a business that runs without you, and would like to sell it one day.

The consulting firm model may not be the right fit for you if you don’t like managing people, don’t like the idea of a lower profit margin, and if you would feel stressed about making payroll.

The Productized Consulting Model

The productized consulting model is where you turn your expertise into a “ productized service ” — a repeatable series of steps that deliver a predictable outcome for clients.

For example: Kristen’s provides brand consulting for food and beverage brands. After years of delivering custom branding projects, she’s turned her expertise into a process. She’s branded this process, has put a fixed price on it, and delivers that instead of custom branded projects.

The productized consulting model is great for you if you want to build a business that scales , you want to create a saleable asset, and you want to remove yourself from the day-to-day work.

The productized consulting model might not be a great fit for you if you want to work on new projects or you don’t like managing or training people to deliver your productized service.

It also takes years of experience and delivering custom projects before you’re ready to turn it into a repeatable process that delivers a predictable result.

The Hybrid Consulting Model

The hybrid consulting model is a mixture of the previous 3 models.

You pick and choose what you like about the other models and combine them into your own unique hybrid.

For example: Our business, Consulting Success®, is a hybrid consulting business. We offer a digital course, Momentum , and a training program, the Clarity Coaching Program that includes personalized coaching and consulting with it.

The hybrid model is ideal once you’ve been running your consulting business for a few years. After a few years, you’ll know what you like, what you don’t like, and can start to customize your business model into what works best for you and your clients.

After reading those descriptions, examples, and pros & cons, which model excites you the most?

Remember: you can always change your consulting business model later.

But it helps to get clear on the type of consulting business you’d like to build from the start.

With that, let’s move on to the next step and think about your ideal client.

Step 2: Get Clear On Your Ideal Client

Who will your consulting business serve?

This is one of the most important questions you’ll answer to start a consulting business.

And it’s one that many people skip over.

As a result, it’s very hard for them to attract clients, price their services, and win consulting projects.

Pay particular attention to this step and take the time to get it right.

Watch the video below to learn why being crystal clear on your ideal client is critical to your consulting business:

Here’s how to think about choosing your ideal client.

The “Big Fish In A Small Pond” Mindset

Imagine that you’re dealing with severe back pain.

You’re looking for a physiotherapist who can help get rid of your back pain — so you can get back to living a healthy, active lifestyle.

So, you begin searching for physiotherapists to help solve your problem.

You find one clinic called “ActiveFit Physiotherapy.” They’re a generalist physiotherapy clinic that helps people with all types of pain.

After that, you find a clinic called “SpineExperts Back Pain Specialists.” They’re a clinic that specializes in helping people with their back pain.

Given your specific problem — your back pain — which clinic draws your attention?

Which one are you most likely to attend?

You’re more likely to go with SpineExperts because they speak to your exact problem.

It feels like they are talking directly to you — your pain, your problem, and the results that you want.

This example shows how important it is to get specific on who your ideal client is.

As a consulting business, you provide your expert advice to people or organizations.

Who are those people or organizations, exactly?

The more specific this “who” is, the more your business will stand out to them.

Without standing out, your ideal clients won’t pay attention to your messaging and content (which is marketing).

They’ll be less receptive to having a call with you about how you can help them (which is sales).

To start a consulting business, you want to start by being the big fish in a small pond.

You’ll stand out more, garner more attention, and become an expert faster.

It will make it much, much easier to get clients. And clients are what you need to start a consulting business.

So how do you actually figure out who your ideal client should be?

Brainstorm & Write About Your Ideal Client

The next step is to brainstorm about the niche that you’d like to serve in your business.

A niche is an industry or type of client.

For example, Nic Campbell works with nonprofit and philanthropic organizations.

Jason Fearnow of Prime Contract Solutions works with mining companies.

Husain Shekhani of Ultrasonic Advisors works with companies in the ultrasonic device industry.

None of these consultants target “businesses” or even “small businesses.” These are far too general.

Instead, they serve a specific niche.

To start a consulting business, you must pick your niche.

How do you actually do that?

In our Clarity Coaching Program , we instruct clients to use the Niche Scoring Method.

Here’s how it works.

Pick a couple of niches that you’re interested in serving.

If you can’t think of any, pick the industries that you’ve worked with before. What industry does the company you work for now belong to? What about companies you’ve worked with in the past? Or, how about companies you applied to work at?

Once you’ve picked out a few of these industries, score them on the following factors on a scale of 1-5 — with 1 being weak, and 5 being very strong:

• Experience : How would you rate your experience with this niche?
• Expertise : How would you rate your status as an expert within this niche?
• Results : How would you rate your confidence that you can deliver results for this niche?
• Potential : How would you rate this niche’s growth and how willing they are to hire consultants?
• Interest : How would you rate your interest in this niche?
• Access : How would you rate your ability to speak with ideal clients in this niche?

Then, you add up the total scores for each niche.

Pick the one with the highest score to start with.

And pay attention to the “Interest” score.

You’ll enjoy your work more if it’s an industry or niche you are passionate about helping.

You can always change your niche later. But if you want to start a consulting business, you must pick a niche, and then go on to the next step.

Once you’ve made your selection, you’ll start talking to people about the potential of this niche.

Validate Your Ideal Client Potential

Picking your niche is the first step.

And now, it’s crucial that you validate your niche.

By validate, I mean going out and talking to people in that niche and learning about their problems and results that they desire in their organization.

People pay consultants to solve their problems and help them get their desired results.

Instead of guessing what those are, you validate your niche’s potential by asking them about these problems and desired results.

Use a tool like LinkedIn Sales Navigator to make a list of 10-20 ideal clients — people in the industry you’d like to serve.

Then, send them a connection request. In your connection request, send a message that introduces yourself, and that you’re connecting with people in your niche.

For example, if your niche is “Financial Services”, and you are connecting with Andrew, a CFO at a financial services company, you might say:

“Hi Andrew, you do great work at COMPANY NAME — would be great to connect with another person in the INDUSTRY NAME space.”

Notice how you’re not pitching anything like most people do.

You’re simply mentioning the person’s company, and that you’d like to connect with people in a similar space.

Tweak this example so that it suits your style.

The next step is to ask them a question. What are they working on? What’s new with their company?

Ask them something you are genuinely curious about.

If they are receptive and open to talking, you can ask them for a 5-10 minute call to learn more about that.

What you’re trying to do on this call is to learn about the industry — the problems they have, the type of projects they work on, and the results that they are working towards.

And if they have the types of problems that you’re interested in, can solve (or have solved before), then that is evidence that you’ve found a good niche to target.

Go and set-up these short, introductory calls with 10 ideal clients. Take notes on the call and record their feedback.

After you’ve done 10 calls, review your feedback.

Is this a niche that has problems that you have experience solving?

Is this a niche that works on the types of projects that you can deliver?

Would you enjoy working with this niche?

You want to select a niche where you can answer “Yes” to the questions above.

Now, reaching out to connect with ideal clients and then asking them for a call might scare you or make you uncomfortable.

If starting a consulting business was easy, everyone would do it.

To start a consulting business, you’ll have to embrace this discomfort.

You’ll have to take imperfect action.

Reaching out to prospects and calling them is a big part of marketing and sales, which we’ll get to later on in this article.

If you can’t do that, then you might be more comfortable sticking with a 9-5 job.

However, if you make your outreach more about your prospect instead of about you or your services, you’ll be surprised about how willing they are to connect and speak with you.

So, who’s your ideal client?

What industry are they in?

What’s their job title?

How big is their company, and where are they located?

By brainstorming and validating your ideal client, you’ll write specific answers to these questions.

Your ideal client — who you serve and add value to — is the foundation of your consulting business.

Once you’ve got that foundation down, you’re ready for the next step.

You’ll write messaging that attracts these ideal clients to you.

Step 3: Write Messaging That Attracts Clients

I once had a friend who was looking into joining a weekly yoga class to work on his flexibility.

He worked a desk job, and outside of some running, he didn’t do a lot of stretching.

However, he was intimidated by most yoga studios.

They looked as though they were all for experienced yoga practitioners.

On their website and their advertisements, they showed off impossible-looking poses, ridiculously fit instructors, and all kinds of spiritual mumbo-jumbo.

He almost gave up his search.

But then, he came across one Yoga studio that spoke to him:

“Yoga For Stiff Guys — Get More Fit & Flexible With Our Relaxed Classes For Beginners”

This message attracted him like a magnet.

It spoke to what he wanted — yoga for beginners — but also who he was: a stiff guy.

That’s what good messaging does.

It makes your ideal client feel as though your marketing is speaking specifically to them.

It makes them take interest in your business and want to learn more.

Watch the video below to learn more about creating a magnetic message that attracts clients :

In this step, you’ll learn how to put together your magnetic message — and how to put it on display so that your ideal client starts to notice you.

Problems/Action/Results

Your ideal clients have problems they want to solve.

You, as the consultant, take actions to solve those problems.

As a result of those actions, your expertise creates results for your clients.

Problems, Actions, and Results are essential components of a magnetic message.

For example, let’s say you’re a sales consultant who helps enterprise software technology companies.

• Problem : Your ideal client’s sales team is performing poorly.
• Action : You offer a 6-week sales training program.
• Result : On average, your program increases the sales team’s performance by 33%.

Consultants — especially beginners — tend to focus too much on the actions.

But if you really want to get the attention of your ideal clients, focus on results.

Your ideal client wants results, not just actions.

Do this exercise now.

Write down 10 problems that your ideal client has.

Write down 10 actions you can take to solve those problems.

And then write the result of each of those actions.

If you’re unsure of what problems they have, then you haven’t done enough validation from the previous step. That’s where you learn about the problems your ideal client is facing.

By writing down problems, actions, and results, you have the building blocks of a magnetic message.

Now, we’ll put these blocks into a formula.

The “Magnetic Messaging Formula

We designed the “Magnetic Message Formula” to help you write a simple, effective message to draw the attention of your ideal client.

Here’s how it looks:

I help [WHO] to [solve WHAT problem] so they can [see WHAT result]. My [WHY choose me]…

Inside the square brackets are your “variables.”

You fill them in with the right words to match who your ideal client is, the problem you solve for them, the results you create for them, and why they should choose you.

For example: I help enterprise software companies with underperforming sales teams so that they can boost sales and revenue. My 10 years of experience and 6-step program has helped over 20 clients boost their sales by an average of 33% in 6 months.

• WHO : Your ideal client (ex: enterprise software companies).
• Solve WHAT problem : The problem that you solve for your ideal client (their sales team’s underperformance).
• See WHAT result : The result you create for your ideal client (ex: boost sales and revenue).
• WHY choose me : Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months).

The Magnetic Message has everything you need to draw the attention of your ideal client.

Its purpose isn’t to win the sale. It’s to simply get them interested in you and want to learn more.

Use the example above to write your own Magnetic Message.

Your first message won’t be perfect. Instead, aim for “good enough.”

You’ll make it better once you make it public and start gathering feedback.

Applying Your Magnetic Messaging

Once you’ve written your Magnetic Message, it’s time to make it public.

It won’t draw the attention of your ideal clients unless you’ve put it in places where they can see it.

First, put it in your email signature.

That way, everyone you email will be aware of what you’re doing, who you’re serving, and how you can help them.

This is great for when you reach out to your ideal clients. It’s also great for creating referral opportunities.

You’ll interact with many people who don’t need your consulting service — but they know someone who might.

Second, put it in your LinkedIn profile.

Make your magnetic message your tagline.

Unlike your job title or the type of consultant you are, your magnetic message is more about your ideal client.

It’s about what you can do for them and the results you can create for them.

If ideal clients see your tagline, you want them to take interest and click to read your profile.

Finally, you want to put your magnetic messaging into your consulting website .

It should be one of the first things your ideal clients read when they visit your consulting website’s homepage.

And throughout the website, you back up your magnetic message with articles, testimonials, case studies, and other forms of content that demonstrates your expertise.

Your magnetic message won’t do you any good if it’s on a piece of paper in your drawer.

Put it out there and make it work for you.

Ask people to give you feedback.

Keep making it better and better until your ideal clients can’t help but want to learn more.

Once you start getting the attention of your ideal clients, you’re ready for the next step, creating your strategic offer — and pricing it.

Step 4: Create & Price Your Consulting Offer

By this point, you’ve chosen your consulting business model, gotten clear on who your ideal client is, and have written messaging that attracts that ideal client to you.

Now, you need to create and price your strategic consulting offer.

Remember: Your ideal client has a series of problems.

You, the consultant, have the expertise and experience to carry out actions to solve those problems.

As a result of your actions, you’re able to create your client’s desired results.

Your strategic offer is those actions you take to create your client’s desired results.

And your consulting fees are what your ideal clients must invest for you to work with them and achieve their desired result.

Creating and pricing your offers is a very nuanced topic. There are strategies for beginners and for more advanced consultants.

We’ll focus on beginner and intermediate strategies for now.

If you want to learn more about advanced strategies like value-based pricing , discovery offers , and retainers , check out our Momentum or Clarity Coaching Program .

Let’s start with a popular topic: setting your consulting fee .

Set Your Consulting Fees

Why do you pay for products or services?

Because you want to get a result.

If you purchase a massage session, you want your body to feel better.

If you purchase accounting software, you want an easier time managing your money.

Now, how much you invest depends on many factors.

• How painful is the problem?
• How reliable is the product or service?
• How will getting this result impact your life?
• How much money do you have to invest in it?

Your clients are paying for your service because they want a result.

And much they are willing to pay depends on these factors.

Consultants in our programs regularly charge $25K, $50K, or even $100K+ for a single project.

That might sound crazy to you.

But if you think about the results their clients are getting, these prices become much more understandable.

As a beginner, the easiest way to set your consulting fee is by using the hourly method or the project-based method.

(See our consulting fees guide for a more in-depth tutorial on how to set your fees using these methods.)

With the hourly method, you charge your client by the hour.

It’s a good option for your first few consulting projects.

For example, let’s say you earn $80 dollars per hour in your day job.

Take your hourly fee and double it for your consulting projects.

You’ll charge at least $160 for consulting.

As a new consultant, you’re not working 40-hour weeks with your clients.

You have to spend just as much time (if not more) to actually go out and win business.

Your fee must account for this.

If it doesn’t, you won’t be able to do your best consulting work.

Clients are happy to invest higher fees if it means working with an expert and feel certainty about getting the results they want.

With the project-based method, you charge your client a fixed price.

It’s a better option than hourly because your clients know exactly how much they are paying upfront.

With the hourly method, they don’t have this same certainty.

For example, let’s say your consulting service will take 30 hours to deliver.

Take your hourly rate, and times it by 30.

$160 x 30: $4800.

Then, times that by 1.5.

Projects will take longer than estimated when starting out.

This multiplier helps account for revisions, scope creep, and any add-ons.

Once you’ve chosen a pricing strategy and set your fee, you’ll begin to create some options for your clients.

Create Three Options

Buyers like options for getting their desired results.

And when you offer them options, their thinking shifts from “Should I use you” to “How do I use you.”

So now, you’ll create three options to help your clients get their desired result.

NOTE: You will customize these options after speaking with each ideal client. You design your options to help your client get the specific results they want.

By having some stock options, you have a foundation.

It will be much easier for you to craft and customize your offers when you aren’t working from scratch.

Here’s how to think about your three consulting offers.

Option 1 – $

• Basic offer
• Minimum effort required
• Provides value
• Lowest investment

Option 2 – $$

• Helps them get their result quicker than option 1
• Provides more value than option 1 (ideally, without having to spend more time)
• Highest investment

Option 3 – $$$

• If money isn’t an issue
• Best results
• Shortest time to result

For example, let’s say you’re a marketing consultant who serves accounting businesses.

Your client, Acme Financial Services, wants to win 3 new clients per month.

Each client is worth $500 per month recurring revenue to the client.

You offer her client 3 options:

Option 1 – $6000

• Brand positioning overhaul
• Website messaging audit
• Direct outreach sequence

Option 2 – $15,000

• Website content strategy
• LinkedIn content + outreach plan

Option 3 – $30,000

• Search engine optimization
• Lead-magnet development & implementation
• Direct mail campaign

Notice how as the options increase in price, the value for the client increases.

The more they invest, the quicker they get their desired results, and the more certainty they get about achieving those results.

Think about it this way: your offer is a series of actions you take to deliver your client their desired result.

By offering multiple offers, you give the client about how they’d like to get their desired result.

Next, we’ll “brand” your offers and make them more intriguing to your ideal client.

Brand Your Offer

You don’t just offer “consulting.’

You offer more sales, increased efficiency, cost savings, stress reduction, etc.

So it’s important that your consulting services reflect that.

Branding your offer means to make them more memorable, unique, intriguing — and easier to sell.

No clients will be excited about a “sales workshop.”

But a 1-Day Sales Revolution Workshop?

That’s going to get people’s attention.

But how do you come up with a branded name for your offer?

Start by looking at your Problems/Actions/Results — specifically, your results.

Like a good headline, you want to include the result your clients want in the title of your offer.

For example, if your consulting services increase sales, then you want to incorporate that into the name of your offer.

Then, think about the format in which you deliver your consulting service.

Is it a workshop? Ongoing consulting? A bootcamp? One-off?

Add the format to the title as well.

Then, you’ll want to add a power verb to it.

Power verbs are action words that add color and force to your offer.

So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.”

With these three steps in mind, you’re ready to start brainstorming your offer’s name.

Here’s the formula: result you create + power verb + how you deliver it.

Example: 1-Day Sales Revolution Workshop.

Have some fun with this one.

Make it eye-catching. Make it original. Make it reflect your personality and style.

That’s what branding is all about — attracting the right people for you and your business.

Once you’ve created a few consulting offers, you’re ready to begin the marketing process.

It’s time to tell the world what you’re up to, and how you can help your ideal clients.

Step 5: Rev Up Your Marketing Engine

Early on in your consulting business, you can’t expect your ideal to come knocking on your door and asking to work with you.

You’ll have to find and approach them.

This is what marketing is for consultants: getting your ideal clients to know you, like you, and trust you.

When they know you, like you, and trust you, they’ll want to have a conversation with you about how you can help them.

At this point, you’ll start putting all of your work to the test.

Marketing is a complex topic — but in this step, we’ll make it easy for you to start reaching out and generating conversations with your ideal clients.

The Marketing Engine Mindset

Should you be on Instagram?

Is YouTube the way to go?

What about paid Google or Facebook ads?

There are thousands of ways to get the attention of your ideal clients.

However, most of these are shiny objects and tactics.

Some of them work, some of them don’t.

But if you don’t focus on what actually creates conversations with your ideal clients, you’re stuck in “no-mans land.”

Here’s what you want to focus on with your marketing:

1. Outreach : reaching out directly to start having meaningful conversations with your ideal clients.

For example, a direct LinkedIn message or email sharing valuable content with an ideal client to add value to their lives — and to get them interested in what you offer.

2. Follow-up : following up with ideal clients and adding more value.

For example, sending a direct mail to them — something they would find interesting, meaningful, unique (like a case study or white paper), and prompts them to reach out to you to learn more.

3. Authority-building : Publishing content to position yourself as an authority and to support your outreach/follow-up efforts.

For example, using your consulting website to publish articles that help your ideal clients.

If you combine outreach, follow-up, and authority-building, your marketing will be effective and fulfill its purpose: to build relationships with your ideal clients and to create conversations with them.

Now, reaching out to ideal clients might sound intimidating to you.

But this exercise will help.

Magic Number Exercise

People who write down their goals are much more likely to achieve them.

If you know your monthly revenue target, how much your average project is worth, and how many conversations with ideal clients it takes to win a project, you can be VERY specific on what it would take to reach your monthly goals.

For example, let’s say you want to make $50K per month in your consulting business.

Your average project is worth $25K.

And 1 out of every 4 conversations with an ideal client leads to a project.

That means you need to win 2 projects per month.

That’s 8 conversations with ideal clients per month — or, 2 conversations per week.

Now, the question is…

What are you doing TODAY to have 8 conversations this month?

We’ve created a simple spreadsheet for you to do this exercise and plug in your numbers:

Magic # Exercise Spreadsheet

Click File > Make a copy to save a copy of the spreadsheet for yourself so you can adjust the numbers.

This exercise makes it crystal clear as to what you need to be doing to reach your monthly revenue target.

It’s all about having more meaningful conversations with your ideal clients.

Now, how do you actually reach that number of conversations?

That’s what we’ll cover next.

Daily/Weekly/Monthly Plan

You need a plan — a daily list of activities — that will help you create X number of conversations with your ideal clients.

Remember your three key marketing activities: Outreach, Follow-Up, and Authority-Building.

You should be doing Outreach, Follow-Up, and Authority-Building EVERY DAY.

Early-stage consultants will spend more time reaching out to clients and following up with them.

Writing content to build authority is a longer-term strategy, whereas outreach and follow-up can create conversations very quickly.

You need to wake up each day and know exactly what to do every day in order to hit your numbers.

Doug Nelson , one of our Clarity Coaching clients, put his magic # everywhere around his home.

His day wasn’t finished until he had his required number of conversations with ideal clients.

As a result, he grew his consulting business to over $2M dollars.

Here’s a sample daily plan you can use to start your Marketing Engine:

• 8:00 AM: Start your Marketing Engine outreach in the morning
• 8:30 AM: Follow up with any potential clients from the previous day
• 9:00 AM: Make warm follow-up calls
• 10:00 AM to 2:00 PM: Client work
• 2:00 PM: Marketing Engine conversations/Authority Building
• 3:00 PM to 4:00 PM: Client calls and meetings
• 4:00: Daily review (focus on the most direct path and stage of your marketing maturity)

If you follow this plan, you’ll be reaching out to ideal clients, following up with ideal clients, and creating content for your ideal clients — every day.

This is what it takes to reach your magic # and hit your revenue goals.

With your marketing engine up and running, ideal clients will start scheduling calls with you.

They’ll want to learn more about your offers and how you can help get them results.

This brings us to the final step of starting your consulting business:

Having meaningful conversations with ideal clients — and winning consulting projects.

Step 6: Generate Meaningful Conversations (& Win Your First Consulting Project)

You’ve created your consulting offers .

You’ve started up your marketing engine.

What’s the sign that it’s all working?

Your ideal clients are receptive. They want to learn more about how you can help them.

Of course, you help them through your strategic offers.

But how do you bridge the gap?

How do you take someone who’s interested in your services to say “yes” to your offer and send you the check?

That’s where sales come in.

Just the word “sales” might make you feel icky.

But in consulting, “sales” take on an entirely different meaning.

The Truth About Consulting Sales

When people who are uncomfortable with selling think about sales, they think about the loud, aggressive car-salesman who doesn’t care about the customer.

They just want to “close.”

The good news is that effective selling in consulting takes the opposite approach.

As a consultant, sales is about having a meaningful conversation with a buyer to learn about their situation and needs.

If you help improve their situation and add value, then you can tell them about your offer.

You’re not trying to “close.”

Instead, you’re trying to help the client get clear on their desired situation, what’s holding them back — and then (and only then) if you can help, you make them an offer.

So, what do you ask a client to have a meaningful, valuable conversation that leads to the sale if the fit is right?

Meaningful Conversation Sales Framework

To figure out if there’s a fit between you and an ideal client, you have a conversation with your ideal client that’s about their business, their goals, and their challenges.

This conversation is meaningful but it prompts the client to get crystal clear about the problem they are facing, where they want to be, and what’s holding them back.

If your expertise can help solve those problems and get them to where they want to be, then you introduce your offer.

We’ve created the Consulting Sales Conversation Framework, which is designed to create three outcomes:

• The client accepts your offer on the call
• The client says they will review your proposal at an assigned future date
• The client says no to your offer.

Here’s a loose outline of the framework.

• Part 1: Establish rapport. Ask your client a few questions about where they are from and what they are up to this week.
• Part 2: Set the agenda. Give them an outline of the meeting, that you’ll explain your offer if there is a fit, and confirm that it sounds good to them.
• Part 3: Learn about their current business and important details. Ask them questions about their problems, why it’s important to fix, and the impact it’s having on their life.
• Part 4: Ask where they want to be. Ask them about their key goals in the next 6-12 months and what they want their future to look like.
• Part 5: Uncover the main challenges . Ask them where they need the most help.
• Part 6: Discovery “why now?” Ask them why it’s important for them to fix this now.
• Part 7: Make your offer. If you feel as though your offer can help get them to where they want to be, explain how it helps solve their problems — and present your investment options.

After you finish guiding a client through this framework, they’ll often have questions — or “objections.”

When clients ask you questions about your service, it’s a good sign.

Objections just mean they’re interested.

Objection handling is all about answering truthfully which minimizes the risk the client is feeling.

After you hear an objection, write it down. Then, after the call, write your best answer to it.

After many calls, you’ll know all the objections your ideal clients have, and you’ll be able to handle them with ease.

Now that you’re having these calls with your clients, it’s important to track each one with the consulting sales pipeline.

The Simple Consulting Sales Pipeline

There is a very clear progression to take a prospect and turn them into a paying client.

The consulting sales pipeline is a series of stages that outlines this progression.

By using a CRM and pipeline to track this progression, you’ll have a much easier time understanding your “lead flow” — the amount of consulting business you have in the works.

What gets measured gets managed. Manage your pipeline, and you’ll have an easier time closing consulting business.

You can break the consulting sales pipeline down into 5 columns:

• LEAD . You’ve identified the prospective client and have begun reaching out to them to set-up a conversation.
• CONVERSATION . You’ve had a sales conversation with the prospective client.
• PROPOSAL . You’ve sent a proposal to the prospective client.
• WIN . The prospective client has accepted your proposal and you won the business.
• LOSS . The prospective client has declined your proposal and you lost the business.
• NURTURE . Most people you reach out to won’t be ready to buy or make a decision right away. In fact, even people who say ‘No’ to a proposal now, may buy from you later as long as you stay top of mind through your nurture process.

By having your leads organized in these columns, you’ll understand what aspect of your marketing or sales you need to work on most.

Remember: consulting is a long-term sales cycle.

That nurture column is very important.

We’ve had clients who have followed us for years before they were ready to invest in our programs.

If you consistently nurture and follow-up with your leads, then you create top-of-mind awareness. So when the need for your service arises, they’ll think of you.

Selling is an integral part of starting a consulting business.

If you can’t sell your consulting projects, you can’t earn revenue.

If you don’t have revenue, you don’t have a business.

But by following this 6-step guide, you know how to identify, message, market, and sell your ideal clients.

And that’s how you start a consulting business: by winning your first few clients.

Once you can do that, the logistics of starting will be easier.

What Comes Next? Start A Consulting Business Checklist

Getting clients is where consultants — especially new ones — struggle the most.

If you start your business by mastering this crucial skill, you’ll be in much better shape.

That said, there are some other considerations for starting your consulting business.

We’ve put together a simple checklist to walk you through the logistics.

Remember: focusing on your office or accounting before you can win clients is a bad idea.

Your ability to win new business comes first.

Start A Consulting Business Checklist

There are a few things you’ll need to set up a professional consulting business.

5 factors you must consider:

• Incorporation

We’ve put together a checklist to help you start a consulting business and cover these 6 areas.

Equipment For A New Consulting Business

You don’t need much equipment to start a consulting business, but you’ll need a few logistical things.

• An office space (can be a home office)
• Telephone with voicemail
• Mailing address
• Computer/laptop with high-speed internet

Do You Need To Incorporate A Consulting Business?

In most cases, you don’t have to incorporate a brand new consulting business. But you should consider it.

• I’ve incorporated my consulting business (recommended only if you are making far more than you need to live on — or if you’re at risk of litigation)

Accounting For Your Consulting Business

Trying to do my own accounting was one of my biggest mistakes as a young consultant.

Make sure you hire an accountant and set up a separate business account for your consulting business.

The return on your investment in time saved and with regards to your taxes will be worth it.

• I’ve hired an accountant to do my invoicing and taxes
• I’ve set up a bank account for my business

Legal Considerations

As a newfound consulting business owner, connect with a lawyer who understands small businesses. Then, if you have any questions, you can call them for help.

• I know a lawyer who can help me with any legal questions I might have

Your Consulting Office

You don’t need a fancy office — but you do need a quiet space where you can do deep work.

My office space is distraction-free: where I can think, work, and make calls.

My temporary consulting office while in Japan. You can run a million-dollar consulting business from an office space like this

Now, you know everything you need on how to start a consulting business.

Follow these steps in order and get started!

Get Help To Start Your Consulting Business

Feeling a bit overwhelmed?

I get it. There’s a lot to this article.

If you’ve been excited about starting your own consulting business, you might even be feeling a little discouraged at this point.

That’s OK. There’s a lot of work ahead of you.

But now, you know how to start a consulting business the right way.

You now have a guide that gives you the process of building a profitable consulting business.

And if you’re still reading, taking notes, and not discouraged by the work ahead, then you’re serious about becoming a successful consultant.

If you’d like our help to guide you through this process so you can avoid spinning your wheels and hoping that you’re going about it the right way, get in touch.

Our Coaching Program For Consultants

We’ve helped over 500 consultants from all around the world in all different industries grow their consulting businesses and add six and seven figures to their annual revenues along the way.

Coaching has been the single best investment for our consulting business — and it’s the same for our clients.

So, are you ready to accelerate your success and realize your true potential as a consultant?

If you’re interested in learning more about our coaching program for consultants go here now: Clarity Coaching Program .

Why are you interested in starting a consulting business and becoming a consultant?

What are the biggest challenges you’re facing right now in getting your business off the ground?

Let us know and join the discussion in the comments below.

And if you enjoyed this guide, please take a minute right now to share it with others through social media!

How To Start A Consulting Business Study (2024)

Want to see the data on how to start a consulting business?

We sent out a survey to consultants asking how they started their consulting business — and over 500 people responded.

We analyzed the data and used it to help inform our 6 steps to start a consulting business.

If you want to learn how to start a consulting business based on data from real consultants, this study is for you.

QUICK LINKS

• Key Findings

Reasons To Start A Consulting Business

Transitioning from corporate to entrepreneurial consultant, consulting business operations, consulting fees, marketing, & proposals, consulting demographics, key findings from our “how to start a consulting business” survey.

Let’s start with our 12 key findings from the survey data.

1. For 60% of consultants, their first consulting client is a referral from their network .

2. Consultants find mentorship/coaching more helpful than any other form of learning.

3. 63% of consultants cite networking and referrals as their most powerful marketing channel , followed by social media (25%).

4. Marketing, sales , and fees are what consultants feel the least prepared for before starting their consulting business — and are the most challenging part of the business.

5. 63% of consultants win less than 60% of their consulting proposals . Consultants who discuss their proposals with the client on Zoom are twice as likely to win 60%+ of their proposals .

6. Over 50% of consultants reach their previous income level as employees within 2 years of starting their consulting business .

7. The most common average dollar value (in USD) for consulting projects is $5000-$15K and $15K-$50K . 33% of consultants’ average project value is in the $15K-$50K range. 6% of consultants’ average project value is over $100K. In North America, $15K-$50K+ projects are much more common.

8. The majority of consultants (63%) state this as their long-term goal: “ I want a profitable business to provide a great lifestyle for me (and my family) ”

9. The most popular pricing models for consultants are project rate (36%), followed by value pricing (26%) and hourly fees (23%). In our previous 2022 study, the breakdown was project rate (37%), value pricing (26%), and hourly (21%).

10. When compared to male consultants, female consultants were more than twice as likely to answer “ Fees : figuring out what to charge and why” as their biggest challenge in consulting .

11. Consultants who have invested in mentorship or coaching are more than twice as likely to use value pricing .

12. Over 50% of consultants quit their jobs and then started their consulting business compared to 25% who started their business while still at their job.

Now let’s take a closer look at the data.

We began the survey by asking respondents WHY they decided to start a consulting business.

The #1 Reason People Start A Consulting Business

People decide to start a consulting business for many different reasons:

• Realize my potential (26%)
• Be my own boss (22%)
• Flexible schedule (14%)
• Was laid off from my job (12%)
• Other (10%)
• Unlimited income potential (9%)
• Ability to work from anywhere (7%)

Starting a consulting business offers you the opportunity to create more freedom, wealth, and impact than traditional employment.

Were Consultants Unhappy With Their Former Careers?

42% of consultants were dissatisfied with their former job.

25% of them were very dissatisfied.

However, 33% liked their jobs.

Upon further analysis of the data for this survey question, here’s what we found:

• Of consultants who were dissatisfied with their jobs, the most popular answer for why they started their consulting business was “Be my own boss.”
• Of consultants who were not dissatisfied with their jobs, the most popular answer for why they started their consulting business was “Realize my potential.”

How Long Consultants Thought About Starting Their Consulting Business

45% of consultants had thought about starting their business for a few years.

26% had been thinking about starting their own business for more than 5 years.

And 29% had been thinking about starting their own business for less than a year.

In 2024, starting a consulting business has never been easier.

• Consultants who had been thinking about starting a consulting business for more than 5 years were more than twice as likely to start their business while still employed compared to those who had thought about starting a consulting business for less than a year.

What Consultants Felt MOST Prepared For Before Starting A Consulting Business

We asked consultants what they felt most prepared for before starting their business:

• Project Delivery : delivering on projects for my clients (49%)
• Operations : setting up and running the business (accounting, legal, etc) (12%)
• Sales : turning conversations with prospective clients into paid projects (10%)
• Prioritization : Knowing what to focus on and when (9%)
• Marketing : generating conversations with prospective clients (8%)
• Time Management & Organization : getting everything on my to-do list done (7%)
• Emotional : loneliness and frustration with starting a new business (3%)
• Fees : figuring out what to charge for my services and why (1%)

When starting a consulting business, the biggest challenge isn’t delivering projects.

It’s winning those projects.

What Consultants Felt LEAST Prepared For Before Starting A Consulting Business

Here’s what consultants felt least prepared for:

• Marketing : generating conversations with prospective clients (31%)
• Sales : turning conversations with prospective clients into paid projects (22%)
• Fees : figuring out what to charge for my services and why (16%)
• Prioritization : Knowing what to focus on and when (7%)
• Emotional : loneliness and frustration with starting a new business (6%)
• Project Delivery : delivering on projects for my clients (3%)
• Time Management & Organization : getting everything on my to-do list done (2%)

Marketing and sales are the hardest part of starting a consulting business.

That’s why they are a major focus in our Clarity Coaching Program (get in touch if you’d like help taking your marketing and sales to the next level so you can see greater growth in your consulting business).

How Families Feel Before You Start A Consulting Business

If you decide to start a consulting business, how will your partner/family feel?

For 46% of consultants, their partners were very confident and happy to support their decision.

42% said their partner was somewhat confident and happy to support their decision.

11% said their partners were somewhat unconfident and unhappy to support their decision.

And 1% said their partners were very unconfident and unhappy to support their decision.

Support from your partner or family is important to your level of success as a consultant.

• For consultants whose partners were very supportive of their decision to start a consulting business, 38% of them reached their previous level of income as an employee within 1 year (compared to 14% of those whose partners were unconfident and unhappy to support their decision).
• For consultants whose partners were somewhat unconfident and unhappy to support their decision, 61% of them are still working on reaching their previous level of income as an employee after 3 years (compared to 30% of consultants whose partners were very confident and happy to support their decision).

So, you’re in a corporate job and want to start a consulting business.

How do consultants actually make this transition?

Here’s what they had to say.

Did Consultants Start Consulting On The Side Or Quit Their Job?

51% of consultants quit their job and then started their consulting business.

24% started their business while they were still at their job.

Both of these are valid transition strategies.

Which one you choose depends on your risk tolerance, financial runway, and network

(25% of consultants selected “Other” on whether they started consulting on the side or quit their job and went all in)

Upon a deeper analysis of this question’s survey data, we found that…

• Consultants who quit their jobs and then start a consulting business reported a higher level of income than those who started their consulting business on the size.
• Consultants who quit their jobs and then start a consulting business reported a higher average revenue per engagement than those who started their consulting business on the side.

How Consultants Get Their First Consulting Client

Getting your first consulting client is a critical first step.

• 60% of consultants get their first client as a referral from their network.
• For 12% of consultants, their first client is their previous employer.
• 7% of consultants also get their first client from an outbound marketing method.
• 7% of consultants’ first client is a previous employer.
• 2% of consultants get their first client via an inbound marketing method .

(12% of consultants selected “Other” for how they got their first consulting client)

Consulting is a relationship business.

Getting your first client by tapping into your network is a powerful approach that has worked well for hundreds of consultants and it’s what we teach in our programs.

Do The Skills You Learn In Your Career Help As A Consultant?

84% of consultants say that the skills they learned in their former career helped “a lot” as a consulting business owner.

13% said these skills “helped a bit.”

And only 2% said the skills “didn’t help at all.”

Sharpening up your consulting skills is a high-ROI move. You’ll need more than what you learned in your corporate role.

The Biggest Challenge For New Consultants

Here are the biggest challenges for new consultants:

• Marketing : generating conversations with prospective clients (36%)
• Sales : turning conversations with prospective clients into paid projects (26%)
• Fees : figuring out what to charge for my services and why (13%)
• Operations : setting up and running the business (accounting, legal, etc) (9%)
• Prioritization : Knowing what to focus on and when (5%)
• Emotional : loneliness and frustration with starting a new business (4%)
• Time Management & Organization : getting everything on my to-do list done (3%)

Consultants accurately predicted what would be their biggest struggles once they’ve started their business: marketing, sales, and pricing.

Do Solo Consultants Ever Feel Lonely?

If you’re transitioning from corporate to consultant, you might find yourself dealing with newfound feelings of loneliness.

36% of consultants have felt lonely and still do at times.

21% of consultants felt lonely in the past, but no longer do.

And 43% of consultants never felt lonely as solopreneurs.

Upon a deeper analysis of this question’s survey data, we also found that…

• Consultants who feel lonely running a consulting business are more likely to have been dissatisfied with their former jobs.
• Consultants who don’t feel lonely running a consulting business reach their previous income level faster compared to those who do feel lonely. For consultants who don’t feel lonely, 40% of them reached their previous level of income within 1 year. For consultants who do feel lonely, 48% of them are still working to reach their previous level of income after 3 years of consulting.

How Long Does It Take Consulting Business Owners To Exceed Their Previous Income?

32% of consultants reached their previous income in less than 1 year.

21% reached their previous income within 2 years, and 10% within 3 years.

But 37% of consultants are still working on reaching their previous income level as an employee after 3 years.

The quickest shortcut to replacing (and exceeding) your previous income level is to invest in a program by consultants, for consultants .

Do Consulting Business Owners Invest In Courses, Coaching, Or Mentoring?

42% of consultants invested in courses, coaching, or mentoring and found it very helpful.

21% of consultants found these resources somewhat helpful.

37% of consultants have not invested in courses, coaching, or mentoring.

Upon a further look at the survey data for this question, we also found that…

• For consultants who have invested in mentorship and coaching, the most popular answer for what form of learning they found was most helpful was “mentorship.”
• For consultants who have not invested in mentorship or coaching, the most popular answer for what form of learning they found most helpful was “free online content.”
• Consultants who have invested in mentorship or coaching are more than twice as likely to use value-based pricing.

How do consultants run their business — and what are their goals?

Here are a few questions we asked about their current stage

Consultant Annual Income

How much money do consulting business owners make?

• 27% make less than $50,000
• 21% make $50K-$99K.
• 18% make $100K-$149K.
• 16% make $150K-$249K.
• 14% make $250K-$499K.
• 1% make $500K-$999K.
• 2% make $1M-$3M.

We have many high-six and seven-figure consultants in our consulting community.

Of consultants who are earning mid-six figures or more…

• 60% of them quit their jobs and then became a consultant instead of starting their business while still at their jobs.
• Over 50% invested in courses, coaching, or mentorship.
• Over 50% of them have at least an admin/assistant on their team (or more team members).
• The most helpful form of learning/resource was mentorship and coaching.
• 66% of them get on Zoom (or the equivalent) to review their proposals with the client.

Do Consultants Have Teams

As a consultant, there are a few different consulting business models to choose from.

63% of consultants do not have a team and do everything alone.

22% of consultants have a team of 2-9 employees or contractors.

10% of consultants have an assistant/admin to help them stay organized.

4% of consultant business owners have 10 or more employees or contractors.

Resources Most Helpful For Consultants

What form of learning do consultants find most helpful?

• 29% said that mentorship and coaching is most helpful .
• 25% said free online content .
• 18% said books .
• 12% said courses .
• 12% said communities .
• And 6% said “other.”

There is an endless amount of information on the web about consulting.

But it can be challenging to find actionable information.

That’s where we focus on our content and programs: helping you implement the information and get the results you desire.

Primary Consulting Goals

What are the primary goals of consulting business owners?

52% want growth : to build a team, get systems in place, and grow the business.

29% want productization : to earn more while working less.

11% want maintenance: they’re happy with where they’re at.

7% have an “other” goal.

And 1% want to sell their consulting business .

Long-Term Goals For Consultants

So, what do consulting business owners want in the long term?

63% want a profitable business to provide a great lifestyle for them and their families.

18% want to keep growing and making more money, but they haven’t thought about selling their firm.

12% plan to sell their business one day.

And 7% haven’t given their long-term plan much thought.

Consulting fees, marketing, and proposals are always hot topics.

Here are some specific questions we asked about these topics.

How Consultants Set Their Consulting Fees

There are a few different ways you can set your consulting fees .

Here’s how consultants do it:

• 36% use a project rate.
• 26% use a value-based rate .
• 23% use an hourly rate.
• 14% use monthly retainers .
• 2% use a performance-based model.

Over 50% of consultants use a pricing method we DON’T recommend: project rate and hourly.

One of the highest ROI moves you can make is to switch to value-based fees .

• Consultants who use a value-based fee report a higher consulting proposal win percentage over those who use an hourly rate.
• Consultants who use a value-based fee are much more likely to review their proposal with their client on Zoom instead of emailing their proposal to the client.
• Strategy consultants are the type of consultants most likely to use value-based fees.
• Management consultants are the type of consultants most likely to use an hourly rate.
• A higher percentage of men (68%) use value-based fees compared to women (32%).

What Marketing Channel Works Best For Consultants

How do consulting businesses get their clients?

• For 63%, networking/referrals is their best marketing channel.
• 25% said social media is their best marketing channel.
• 9% said speaking/presentations are their best marketing channel.
• 3% said cold email/cold calling.
• 1% said Blog/SEO.
• 0% said either paid advertising, videos/youtube, or podcasting.

A good marketing strategy for consultants will have you doing a bit of each.

But, it’s important to put your energy into the channels that are working best for your particular business.

How Many Clients Do Consultants Get Through Their Website?

70% of consultants get 0 leads/calls per month from their consulting website .

16% of consultants get 1-3 leads/calls per month from their website.

9% of consultants get 3-7  leads/calls per month from their website.

And 5% of consultants get 8+ leads/calls per month from their website.

If you’re one of the 70% of consultants getting 0 leads from your website, check out our Consulting Website Template Kit .

What % Of Proposals Do Consultants Win

24% of consultants win less than 20% of their proposals.

22% of consultants win 40-59% of their proposals.

21% of consultants win more than 80% of their proposals.

17% win 20-39% of their proposals.

And 16% win 60-79% of their proposals.

Consulting proposals are a critical part of winning consulting projects.

Here’s our consulting proposal template to help you win more proposals.

At the very least, you should be winning 60%+ of your proposals.

• Of consultants who win 80% of their proposals, 43% of them reached their previous income level within a year.
• Of consultants who win less than 20% of their proposals, 54% of them are still trying to reach their previous income level after 3 years.
• There is virtually no difference in the pricing model used by consultants who win 80%+ of their proposals versus those who win 20% or less (which suggests it’s about sales skills, not the pricing method).
• For consultants who win 80% of their proposals, 53% of them review their proposal live with the client on Zoom (as opposed to 29% of consultants who win less than 20% of their proposals).

How Consultants Deliver Their Proposals

49% of consultants review their proposals with the client on Zoom (or equivalent).

34% of consultants email their proposal to the client.

And 17% of consultants meet the buyer in person to review the proposal.

We recommend that you get on a call with buyers to review the proposal together. This will drastically increase your win rate.

Upon further analysis of this data, we also found that consultants who get on Zoom to deliver proposals are…

• 104% as likely to win 60%+ of their proposals.
• 133% more likely to use value-based fees.
• Have a higher average dollar value of typical client projects.

Average Consulting Project Value ($USD)

How much do consulting business owners make per project?

• 33% make $15K-$50K per project.
• 29% make $5000-$15K per project.
• 18% make less than $5K per project.
• 14% make $50K-$100K per project.
• 5% make $100K-$500K per project.
• And 1% make $500K per project.

Upon further analysis of the survey data for this question, we also found that…

• Consultants with an average project value of $50K-$100K have a much higher annual income than those charging $15K or less.
• For consultants who are charging $50K-$100K+ per project, the most popular answer for what form of learning they found most helpful was mentorship (43%).

We also asked consultants some basic demographic questions.

Here are their answers:

Types Of Consultants

There are many different types of consultants . Here is a breakdown of the type of consulting that people who took part in this study identify as…

• Management consultant (24%)
• Strategy consultant (21%)
• Other (16%)
• Operations consultant (10%)
• IT/Tech consultant (5%)
• Marketing consultant (4%)
• HR consultant (4%)
• Non-profit consultant (4%)
• Sales consultant (4%)
• Financial advisory consultant (4%)
• Science/Pharma Consultant (2%)
• Data consultant (2%)
• Design/branding consultant (0%)
• E-commerce Consultant (0%)

On our client results page , we have stories about helping ALL types of consultants start, grow, and scale their businesses.

How Many Years Have You Been In The Consulting Business?

We saw everyone from consulting business “newbies” to consulting business veterans.

• 26% of consultants have been in the business for 1-3 years.
• 21% have been consultants for 15+ years.
• 19% have been consultants for 4-6 years.
• 15% have been consultants for less than 1 year.
• 11% have been consultants for 7-10 years.
• And 8% have been in the business for 11-14 years.

Age of Consultants

There are consulting business owners within every generation.

• 37% of consulting business owners are 50-59.
• 29% of consulting business owners are 60+.
• 25% of consulting business owners are 40-49.
• 8% of consulting business owners are 30-39.
• And 1% of consulting business owners are 20-29.

You can be a successful consultant at any age.

Consulting Gender Demographics

63% of consultants we surveyed are male.

37% are female.

Here are some additional insights on the gender differences in consulting:

• Female consultants were twice as likely to say that they were very dissatisfied with their former jobs when compared to male consultants.
• When compared to male consultants, female consultants were more than twice as likely to answer “Fees: figuring out what to charge and why” as their biggest challenge in consulting.
• Female consultants were nearly twice as likely to list “Productization” as their primary goal as a consultant compared to male consultants.

Where Consultants Live

You can start a successful consulting business from anywhere in the world. Here are where the 500+ respondents of this study live…

• 64% of consulting business owners are in North America.
• 11% are in Western Europe, and 2% are in Eastern Europe.
• 7% are in Africa, and 7% are also in Asia.
• 5% are in Australia/New Zealand.
• 4% are in South America.

As a consultant, your demographics don’t matter.

As long as you can solve problems and create results for your clients, you can be successful in this business.

31 thoughts on “ How To Start A Consulting Business In 2024 (6 Steps & Study) ”

Great article Mr Michael, truly to establish a successful consulting business requires strategy, tactics and a proven mindset. I have been fortunate to be part of your mailing list, following your blog post and listening to your podcast for quite some time and it has truly helped me. Thank you so much for what you do. I will like to ask, how do one create a discovery offer? Is creating a discovery offer possible for all consulting practices?

Otobele, you’re very welcome and glad you’ve been finding value. Yes, every business can develop a discovery offer. We go deep into this in the Clarity program: https://www.consultingsuccess.com/coaching-for-consultants

Thank you Michael, as one new to the consulting business, I look forward to registering with your program once am able to raise the fee. I appreciate you

Really enjoying all of your articles and podcast. So helpful in getting my consulting business off the ground. Thank you Michael.

Appreciate the comment Janice and glad to hear you’ve found the resources here helpful. Wish you great success!

This is super helpful. Did you really have a consulting practice for 18 years?

Hi Andrea, glad you found it helpful. I’ve been consulting and building consulting businesses for going on 19 years and have been working with consultants to help them grow their businesses for the last 10 years. Wish you great success with yours.

This is very nice information. Thanks for sharing this informative information.

You are very welcome glad it’s helpful.

Hello Mr.Michael, I am a 25yr old student pursuing my masters, i have experience of a year in the field of finance and accountancy and i am very much driven to start a consulting business, as i am excited towards helping a business grow and be profitable,so i just wanted to ask you that am I in a position to start a consulting business with this much experience or do i have to wait some more years to go ahead with consulting? Awaiting your reply. Thanks.

Huzefa, don’t wait for anything. Go after what you desire. I started my first consulting business my first year in university. I had a lot to learn and still do. Focus on your strengths and where you can provide value. That’s your starting point. From there work on developing your skills and expertise. Keep at it.

Your article shows the best practical way to start a consulting business. Novice will gain more knowledge from this.

Thanks for your comment Anthony.

I’ve been in the restaurant business since I was five. I’ve continued to expand in a food service Industry in different areas. I’d like to further my career by becoming a consultant. Not only to help others but to learn more.My question is what is my first step to get started?

Hi Andrew! That’s great you’ve been in the industry since age 5! Here’s where to start: Identify your ideal client and who you want to serve that you can bring value to. Then go and have conversations with them to validate what they want and how you can help. If you’d like a proven guide to follow step by step to launch your consulting business use this: https://www.consultingsuccess.com/momentum

Loved the information as I am in the process of forming a consultancy. Please feel free to send further guidance in particular regarding financials as I require assistance in that area.

Glad you loved it. Appreciate the comment Leighton

To start any business, it is very essential to make proper planning, set the budget, check out various issues that can happen later, risks involved while opening a business, etc.

Glad this helps Kartik

My former supervisor sent me this when I shared my intention of starting an HR consultancy outfit with him. He mentioned he wished he had come across this before he started off his and now I know why! Thank you so much this is very useful since I am just starting!

Glad to see this is helpful Femi – wish you great success!

Very Nice content

Glad it resonates Aman!

Very much helpful Michael. I hope to start consulting in refugee camps in Uganda. I’ve always helped some local CBOs and refugees on finance and business respectively. Though not much paying, but its worth helping.

I’m glad it’s helpful Alison. Wishing you great success!

I appreciate the story of you and your cousin … particularly the “dark period” and having relinquished the “dream job”, to come out on the other side.

I just taught a workshop with a segment about being world class. Your story resonates with those principles.

Appreciate the thoughtful comment Kent and nice to hear the story resonates. Great to have you in the community here.

Really nice article! Thanks for that. I’m a web developer working for companies for 10 years (began to code 20 years ago) and I’ve worked quite a lot with CMS. I was thinking being a remote and international consultant, helping non-profit with their content (strategy and technical). Of course I’m afraid, I feel I don’t have enough expertise; so many things I don’t know… I’m definitely considering momentum though, it looks great!

Glad to hear that Matthieu and welcome to the community!

Is it possible to start as a side business to eventually wean out the current employee status? If so, how?

Hi Stuart, it is very possible and we’ve helped many people do exactly this. Take a look at our Momentum course for a self-study option or our Clarity Coaching program if you want to be coached through the process. Happy to help.

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The blueprint for crafting your effective consulting business plan

Keith Rabkin Chief Revenue Officer for PandaDoc

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Ever tried to put up a tent blindfolded? Navigating the consulting world without a business plan can feel the same overcomplicated.

We created this guide to help you set a strategic, actionable plan on how to operate your early-stage consulting business.

We’ll help you define your services, set achievable and clear goals, and arrange strategies for growth.

So are you ready to pitch your tent with both eyes open?

Key takeaways

• A consulting business plan starts with defining your unique selling proposition (USP). Identify a niche and ideal client by conducting thorough market research and competitive analysis.
• Develop a 12-month marketing strategy with specific targets. Allocate 10-15% of projected revenue to marketing for optimal results.
• Realistically estimate your expenses and revenue based on billable hours/fees and retention rate assumptions.
• Use a proven template rather than starting from scratch to not overlook important elements of the plan.

What is a consulting business plan?

A business plan is a document covering all the aspects of your future consulting business in terms of achieving business goals.

In other words, this specific plan removes the guesswork from how one runs their consulting business.

In the upcoming sections, we’ll explain the key pieces needed to create your business plan.

Your consulting business plan should offer a detailed overview of your consulting firm.

Let’s briefly review the essential sections of the plan and what should be in each of them.

• Executive summary is a short overview of the main points of the document.
• Business overview highlights the mission, vision, history, and services offered by the consulting firm.
• Management team provides bios and expertise of key team members.
• Customer analysis defines target clients, their needs, and how the consulting service solves their problems.
• Industry analysis evaluates the landscape including growth, trends, regulations, and competition.
• Competitive analysis compares the consulting firm’s positioning and offerings versus competitors.
• Marketing plan outlines promotional strategies, lead generation, and metrics.
• Operations plan details the logistics of service delivery, staffing, resources, and customer service principles.
• Financial plan projects costs, revenue, cash flow, and profitability timelines.

Key steps for developing your consulting business plan

Building a thriving consulting business requires thorough planning and a keen eye for detail. Let’s walk through this journey step-by-step.

Step 1. Identify your niche and ideal clients

Kick off your business plan by diving deep into industry research. Look for sectors and trends where there’s a gap that your expertise can fill.

To validate the demand, consider surveying potential clients.

Once you’ve got a handle on that, create a detailed profile of your ideal client , considering factors like their company size, revenue streams, challenges, and objectives.

By the way, focusing on ideal buying personas in B2B (with all these fictitious names, bios, etc.) is one of the greatest sales mistakes, according to Corporate Visions’ findings and Gartner B2B sales research results.

Step 2. Analyze the competition

Understanding your competition is crucial. Examine competitor services offered, how they are marketed, and what they charge.

This is your chance to find your unique selling proposition.

Step 3. Set your rates and service packages

Following the actual industry norms to appoint your consulting fees. However, the price that you use should mirror both your expenses as well as the premium value that your expertise brings to your clients.

Let’s say you work out your overhead costs (utilities, office rental, equipment, etc.) to be roughly $50 per hour, while your hourly work value, which includes your experience and knowledge in this field, is $100.

So, your primary costs in total for an hour of consultation would be $150.

A standard practice in the consulting industry is to have a 100% markup rate on your primary costs.

Applying that rule to your scenario would mean doubling your total cost of $150, which brings your final hourly rate to $300.

Create bundled service packages that combine different services, such as business strategy consultation, market analysis report, and a follow-up action plan. You can offer these at a discounted rate compared to purchasing each service individually.

For example, Bronze is an entry-level package with initial consultation and some basic professional business advice.

Silver is a mid-tier package covering everything from the Bronze plus a detailed action plan for improving business operations.

Finally, the Gold package is a top-tier one complementing what’s in Silver with extended support and follow-ups.

Step 4. Create a marketing and client acquisition strategy

Outline a 12-month marketing strategy that includes a mix of content marketing, events, referrals, and lead-generation campaigns .

Set achievable targets for each quarter, focusing on metrics like leads generated, sales appointments set, and deals closed.

When it comes to budgeting, aim to allocate 10%-15% of your projected revenue or even more to marketing.

According to Gartner, the average startup spends 11.2% of its revenue on marketing.

Step 5. Calculate potential project expenses and revenue

You’ll need to account for various expenses, including staffing, office space, equipment, software, and marketing.

Don’t forget about professional services, travel, and other overhead costs.

On the revenue side, forecast your monthly earnings based on projected billable hours or fixed fees, and assume a client retention rate between 80%-90% .

Extend these projections to create 3 to 5-year profit and loss statements and cash flow forecasts.

Step 6. Plan for sustainability and growth

Your business plan shouldn’t just be a launchpad; it should be a roadmap for long-term growth.

Given that self-funding for growth beyond 20% annually is often unrealistic for most consulting firms, you’ll need a plan B.

One smart move is to establish strategic financial partnerships with investors, banks, or other financial institutions.

These partnerships can offer the capital injection you need to scale your services, break into new markets, or even acquire other businesses. 

More than just a financial lifeline, these partnerships can also provide invaluable business insights and open doors to new opportunities.

Step 7. Use an appropriate consulting business plan template

Having a consulting business plan template is like having a roadmap for your contractual relationships.

It ensures you don’t overlook key elements such as scope, payment terms, and legal considerations.

Consultant Business Plan Template

Used 4999 times

An example of a document outlining your strategy for launching or expanding your consulting firm is a Consultant Business Plan Template. The essential elements include a summary of the company, team, sector, rivals, target audience, and an operations and marketing strategy.

Customize it and review it with a legal advisor to ensure compliance.

Why developing a consulting business plan is so important

Let’s talk about the positive outcomes of planning. A well-defined consulting business plan…

…directs your business operations

A business plan defines your strategy and major goals, simplifying day-to-day decision-making and helping you focus on long-term objectives.

In other words, you know what to do next at any given moment of operating your early-stage consulting business.

…mitigates your risks

With a comprehensive business plan in place, you can anticipate and prepare for potential challenges, turning risks into opportunities.

…attracts investors

If you want to secure investments, the first thing venture investors or business angels will ask you for is (surprise, surprise) a business plan.

Not just any plan, but a detailed, convincing blueprint of your consulting business that highlights growth and potential returns.

Wrapping up

A well-crafted consulting business plan is essential for guiding your strategy, operations, marketing, finances, and growth.

Carefully working through each component will ensure you launch your firm following a clear plan on how to achieve success.

Using business planning platforms like PandaDoc that offer templates and tools can help streamline creating a professional plan.

The software also enables real-time collaboration so you can work seamlessly with colleagues and advisors.

PandaDoc is not a law firm, or a substitute for an attorney or law firm. This page is not intended to and does not provide legal advice. Should you have legal questions on the validity of e-signatures or digital signatures and the enforceability thereof, please consult with an attorney or law firm. Use of PandaDocs’ services are governed by our Terms of Use and Privacy Policy.

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BUSINESS STRATEGIES

How to create a consultant business plan

When launching your consulting business, one of the essential first steps is crafting a well-structured and detailed business plan. Your consulting business plan is like a strategic playbook that lays out your goals, tactics and financial projections. It not only steers you toward success but also equips you to adapt and thrive in the dynamic world of consulting.

Keep reading for tips on how to build a strong business plan for your business. Use the template provided at the end to get started on your own plan.

Looking to kick off your consultancy business? Create a business website today with Wix.

Why create a consultant business plan? Top benefits to consider

A business plan forces entrepreneurs to thoroughly evaluate their business idea, target audience and competitive landscape. This process clarifies their vision and mission, ensuring that they have a clear understanding of how their consultancy will provide value to clients. A business plan helps you in the following ways:

Create a business blueprint : With a business plan in place, entrepreneurs looking to start a business can make informed decisions based on a solid foundation of research and analysis. They can choose the most effective strategies for marketing, pricing and service delivery, enhancing their chances of success. Your business plan can also be used to explain what type of business you'll start - whether that's an LLC, Corporation or something else. Learn more about how to start an LLC .

Secure funding : The cost to start a consultancy business can range from around $60 to several thousand dollars . For those seeking external funding, a well-developed business plan demonstrates credibility and professionalism. Investors and lenders are more likely to support a venture with a thought-out plan that showcases its potential for growth and profitability.

Set measurable goals : A business plan sets measurable goals and performance metrics, which is vital with this type of business . This allows entrepreneurs to track their progress, adapt strategies as needed and celebrate milestones along the way.

Want to remind yourself of the basics? Learn more about how to start a service business .

How to create a successful consultant business plan in 6 steps

In this section, we'll break down the key components involved in crafting a successful consultant business plan in six steps.

Executive summary

Business and domain names

Market analysis and research

Operations plan

Marketing and advertising plan

Financial plan

01. Executive summary

An executive summary serves as a concise overview of the consultant's business plan, providing a snapshot of the key components and the business' essence. It's usually the first section investors, lenders and stakeholders read, so it must encapsulate the business' value proposition, objectives, strategies and projected growth. To write a clear executive summary for a consultant business make sure to keep it succinct yet informative. Clearly state the purpose of the business, the services offered, the target market and the unique value proposition. Avoid technical jargon that may confuse readers.

Then you can mention the business' strengths, such as the expertise of the consultants, unique methodologies or specialized services. Emphasize factors that set your consultancy apart from competitors.

Briefly discuss the market need for your services and how your consultancy plans to fulfill it. It’s worth noting that strategy and management consulting, as well as technology consulting, financial consulting and HR consulting are in high demand . Highlight any trends or changes in the industry that your business can capitalize on.

Remember to include a snapshot of your financial projections, indicating expected revenue, costs and profitability. This provides a glimpse into the business' potential financial success.

Example of an executive summary for a consultant business

"XYZ Consulting is a boutique consultancy firm specializing in digital transformation for small and medium-sized enterprises (SMEs). With a team of seasoned professionals, we offer tailored solutions to help businesses harness the power of technology for growth. Our unique approach blends strategic consulting with hands-on implementation, ensuring tangible results. In a rapidly evolving tech landscape, XYZ Consulting is poised to be the partner SMEs need to thrive. Our financial projections forecast a steady growth trajectory, with a focus on achieving profitability within the first two years. With a proven track record and a finger on the pulse of industry trends, XYZ Consulting is well-equipped to guide businesses toward digital success."

02. Business and domain names

Knowing how to name a business is crucial for a consultancy venture and a key step before you register your business . It's the foundation of your brand and influences how clients perceive your services. With Wix , you can use a free business name generator or consulting company name generator as helpful tools for brainstorming unique and memorable names. Ensure the name reflects your expertise and the services you offer.

Similarly, the domain name for your business website is vital. It should be easy to remember, relevant to your services and ideally, match your company name. Check the domain's availability using domain registration platforms. Ensure the domain name aligns with your consultancy's focus and services. Generally, this means keeping it short and easy to spell and pronounce.

Learn more: How to make a consulting website

03. Market analysis and research

Incorporating a thorough market analysis within your consultant business plan is essential. Understand the competitive landscape, target audience and market trends. Research your competitors' strengths and weaknesses, pricing strategies and client base. This information will shape your business strategies and help you identify gaps in the market that your consultancy can fill.

04. Operations plan

The operations plan outlines the logistical aspects of your consultancy. It covers location, premises, equipment and staffing requirements. Determine whether your consultancy will be home-based, have a physical office or operate virtually. Define the equipment and software needed to deliver services effectively. Outline your staffing needs, including the roles and expertise required.

05. Marketing and advertising plan

Your marketing and advertising plan outlines how you will promote your consultant business. Identify the most effective strategies to reach your target audience. Consider content marketing, social media campaigns, networking events and speaking engagements to showcase your expertise. Emphasize how your marketing efforts will build brand awareness and attract clients.

You’ll need to develop a suite of brand assets to use in your marketing as well, starting with a company logo. You can use a free logo maker to get a professional logo in minutes.

06. Financial plan

The financial plan is a critical component of any business plan. It outlines how you will raise money for your business initially and provides a timeline for reaching profitability. Detail your startup costs, including equipment, marketing expenses and personnel. Present your revenue projections, taking into account different pricing models and growth scenarios. Highlight your break-even point and the strategies you'll employ to achieve profitability.

By addressing each part of their plan, entrepreneurs can create a robust business plan that guides them toward achieving their business goals and building a reputable consulting brand.

Consultant business plan examples

These templates illustrate two hypothetical consultant business plans, each tailored to a specific niche. These are just templates and should be adapted to your specific business goals and industry dynamics.

Consultant business plan template 1: XYZ Digital Consultants

XYZ Digital Consultants is a pioneering consultancy firm focused on digital transformation for businesses seeking to thrive in the digital age. Our team of experienced professionals offers strategic guidance and hands-on implementation to drive growth through technology adoption. With projected profitability within two years and a commitment to excellence, XYZ Digital Consultants is poised to lead businesses into a successful digital future.

Company and domain name

Company name: XYZ Digital Consultants

Domain name: xyzdigitalconsultants.com

Market opportunity: The rapid shift toward digital operations has created a substantial demand for expert guidance. Our analysis reveals a gap in the market for holistic digital transformation solutions tailored to the needs of SMEs.

Competitor research: We've identified key competitors and their strengths, which informs our strategy to emphasize personalized service and comprehensive implementation.

Location: Primarily virtual, with occasional in-person consultations as needed.

Premises: Home-based setup with access to modern communication tools.

Equipment: High-speed internet, latest software tools and virtual meeting platforms.

Staffing: Founder and lead consultant, supported by contract specialists as projects demand.

Content marketing: Regular blog posts on digital transformation trends, case studies and client success stories.

Social media campaigns: Active presence on LinkedIn and X to engage with potential clients and share valuable insights.

Networking events: Participation in industry webinars, seminars and local business events to showcase expertise.

Speaking engagements: Leveraging speaking opportunities at conferences and workshops to establish authority in the field.

Startup costs (equipment, website development, marketing materials): $15,000

Revenue projections (year one): $150,000

Revenue projections (year two) : $300,000

Break-even point: Achieved by the end of year one

Funding: Initial investment and savings from the founder

Consultant business plan template 2: LeadersEdge Consultants

LeadersEdge Consultants is a dynamic consultancy dedicated to leadership development and organizational excellence. Our experienced team offers customized programs that empower leaders to drive positive change. With a projected growth trajectory and a commitment to fostering impactful leadership, LeadersEdge Consultants is poised to transform organizations and elevate their success.

Company name: LeadersEdge Consultants

Domain name: leadersedgeconsultants.com

Market opportunity: Our analysis reveals a growing need for leadership development programs in diverse industries.

Competitor research: We've identified competitors' offerings and recognized an opportunity to provide a unique blend of coaching, training and strategy implementation.

Location: Virtual consultations, with the option for on-site workshops

Premises: Virtual office setup with video conferencing capabilities

Equipment: High-quality audiovisual tools, assessment software and learning platforms

Staffing : Founder will serve as the lead consultant, supported by certified leadership coaches

Customized workshops: Designing tailored leadership development programs for individual organizations.

Webinars: Hosting webinars on leadership best practices to showcase expertise and engage potential clients.

Thought leadership content: Publishing whitepapers, eBooks and video content on leadership topics.

Collaborations: Partnering with HR and talent development professionals to expand reach.

Startup costs ( making a website , training materials) : $10,000

Revenue projections (year one): $120,000

Revenue projections (year two): $250,000

Break-even point: Achieved within the first six months

Funding: Initial investment from the founder.

How much should you be charging as a consultant?

The amount you charge as a consultant will depend on a number of factors, including:

Your experience and expertise

The type of consulting services you offer

The value you provide to your clients

The market rate for consulting services in your field

In general, consultants charge between $100 and $500 per hour. However, some experienced and highly specialized consultants can charge upwards of $1,000 per hour.

To determine your consulting rate, you can use the following formula:

Consulting rate = Hourly rate * Value multiplier

Your hourly rate should reflect your experience and expertise, as well as the type of consulting services you offer. For example, if you have 10 years of experience and you offer specialized consulting services, you can charge a higher hourly rate than a consultant with less experience and who offers more general consulting services.

Your value multiplier should reflect the value you provide to your clients. For example, if you can help your clients to achieve significant results, you can charge a higher value multiplier.

Here is an example of how to use the formula:

Consultant: Experienced consultant with 10 years of experience offering specialized consulting services

Hourly rate: $200 per hour

Value multiplier: 2

Consulting rate: $200 per hour * 2 = $400 per hour

Can a consulting business be profitable?

Yes, a consulting business can be profitable. In fact, consulting is one of the most profitable industries in the world. According to a report by IBISWorld, the average profit margin for consulting businesses is 20%. This means that for every $100 in revenue, consulting businesses generate $20 in profit.

There are a number of factors that contribute to the profitability of consulting businesses. First, consultants are able to charge high fees for their services. Second, consulting businesses have relatively low overhead costs. Third, the demand for consulting services is high, and it's only expected to grow in the coming years.

Of course, not all consulting businesses are successful. Some consultants struggle to find clients or to charge high enough fees. Others may not be able to deliver the results that their clients expect. However, for consultants who are able to overcome these challenges, the potential rewards are great.

Here are some tips for increasing your chances of success as a consultant:

Specialize in a high-demand area of consulting. This will allow you to charge higher fees and attract more clients.

Build a strong reputation and network of clients. This will help you to generate word-of-mouth referrals and land new clients.

Market your services effectively. Make sure that potential clients know about your services and how you can help them.

Deliver high-quality results. This is the most important thing you can do to ensure that your clients are satisfied and that they continue to use your services in the future.

How much does it cost to start a consulting business?

The cost to start a consulting business can vary depending on a number of factors, such as the type of consulting services you offer, the size of your business and your location. However, in general, you can expect to spend between $10,000 and $50,000 to start a consulting business.

Here is a breakdown of some of the typical start-up costs for a consulting business:

Business formation: $100 to $1,000

Website and domain name: $100 to $2,500

Marketing and advertising: $500 to $5,000

Office equipment and supplies: $500 to $5,000

Professional liability insurance: $500 to $1,000

Other miscellaneous expenses: $500 to $5,000

Total start-up costs: $10,000 to $50,000

You can reduce your start-up costs by working from home, using free or low-cost marketing tools and purchasing used equipment. You can also start your consulting business part-time while you continue to work your full-time job. This will give you a chance to generate revenue and build a client base before you leave your full-time job.

If you need financial assistance to start your consulting business, you may be able to qualify for a loan from a bank or credit union. You may also be able to find investors who are willing to invest in your business.

Which clients to avoid and which to take on?

Here are some tips on which clients to avoid and which to take on in a consulting business:

Clients to avoid

Clients who aren't willing to pay your rates. If a client isn't willing to pay your rates, it's a sign that they don't value your services.

Clients who are unrealistic about their expectations. If a client has unrealistic expectations about what you can achieve, you're likely to set yourself up for failure.

Clients who are difficult to work with. If a client is demanding, rude or disrespectful, it's best to avoid them.

Clients who aren't a good fit for your business. If a client isn't in your target market or if their business isn't aligned with your values, it's best to decline working with them.

Clients to take on

Clients who are willing to pay your rates. This shows that they value your services and are committed to working with you.

Clients who have realistic expectations. This makes it more likely that you will be able to meet their needs and exceed their expectations.

Clients who are easy to work with. This will make the consulting process more enjoyable and productive for both of you.

Clients who are a good fit for your business. This means that they're in your target market and that their business is aligned with your values.

In addition to the above, here are some other factors to consider when deciding which clients to take on:

Your own skills and experience. Make sure that you have the skills and experience to help the client achieve their goals.

The client's budget. Make sure that the client has a budget that's sufficient to cover your fees.

The client's timeline. Make sure that you have the time and resources to meet the client's timeline.

Your gut feeling. If you have a bad feeling about a client, it's best to trust your gut and decline working with them.

It's important to be selective about the clients you take on. By avoiding difficult clients and focusing on good-fit clients, you can set yourself up for success in your consulting business.

Consultant business plan FAQ

What qualifies you as a consultant.

To qualify as a consultant, you need to have the expertise and experience in the area that you're consulting in. You also need to be able to communicate your ideas effectively and build relationships with clients.

How do you start off as a consultant?

How to make 6 figures as a consultant, how do you pay yourself as a consultant, do consultants pay their own taxes, want to create another business plan.

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