- Flexibility to set your schedule
- Ability to earn more with your experience and knowledge than in a job
- Start up time and money is low
- It can take time to build up a clientele
- Income can be unsteady
When the economy is down, the need for career consulting grows. But even in good economies, many people, from recent college grads to baby boomers looking for a new retirement career can benefit from a career specialist.
A career consultant does many things including assess the clients’ needs, prepare resumes, cover letters and other career-related documents, coach interviewing skills, assist in job search, recommend training and more.
The average base pay for a career consultant is $40,000 according to Glassdoor; however, this is for a job, as opposed to being a self-employed consultant. Often, you can earn more on your own, than in a job.
02Leadership/Team Building Consultant
Businesses are all about the bottom line, so they want employees who are efficient and work together toward the good of the company. But many businesses have policies and people that get in the way of productivity.
A leadership and team building consultant works with management to give them skills that inspire those that work under them, including problem-solving and decision-making skills, building trust and rapport, creating a supportive work environment, and more.
Glassdoor reports that leadership consultants earn an average yearly income of $74,243.
Marketing is the key to business success. But many businesses, especially home based and small businesses, often don’t have the background in sales and marketing, or understanding of the psychology of getting people to pay attention and buy.
A marketing consultant assesses the current marketing plan and strategies of a business, and then makes recommendations on how to increase results with more effective messages and/or methods.
Income as a marketing consultant can vary depending on the businesses you work with. Payscale reports that the average starting income for marketing consultants is $58,128.
If time is money, then inefficient use of time means wasting money. Knowing this, many businesses hire consultants to assess how the business is running in an effort to find ways to improve effectiveness and efficiency. Some things they look at include available resources and how well they're utilized, how the business is structured, and how to best maximize the skills and experience of the people involved in the organization.
The average base salary of an organizational consultant is $88,763.
05Other Types of Consulting
The options listed in the previous sections focus on business consulting because it offers the most opportunity and best pay. However, many other types of consulting exist. In fact, many individuals hire consultants to help them in everyday life. Here is a list of some other types of consulting you can consider:
06Designing Your Own Consulting Career
Still don’t see something you’re an expert at that you can turn into a consulting practice?
The truth is, there are many different types of consulting practices, and odds are you can turn your knowledge or passion into a consulting business.
Make a list of what you are good at. Are you a social worker with marriage or parenting training? Consider starting a relationship or parenting consulting business.
Can you buy a week’s worth of groceries for a few bucks? Start a coupon or frugal living consulting practice.
Once you know your expertise and how you can use it to help others, you’ll want to do market research to determine if there are people who are willing to pay you for your expertise.
Turn Your Knowledge Into a Consulting Business
Top Consulting Business Ideas You Can Run from Home
Consulting is one of the best ways to turn your knowledge into a business. A consultant is an expert who advises others in a specific field. In an effort to improve results in their lives or businesses, people hire consultants to assess issues and provide solutions.
Consulting differs from coaching, which is another way to help others with your expertise. Consulting is usually focused on a business or group, although individuals sometimes seek consultants. Consulting involves assessing an issue and preparing a solution with a focus on processes. In most cases, after an explanation and assistance in implementing the solution, the consultant’s work is done.
Coaching is more often done one-on-one, focusing on building a client’s personal strengths. Similar to counseling, a coach is usually involved regularly (i.e. weekly) over a period of time until the client has met their goals.
Consultants can be in just about every industry. While income varies depending on the industry and how the consulting business is set up, PayScale reports that the median income of business consultants is $68,982 with a range from $44,473 — $109,488.
The advantages to consulting are many including:
Like most home business ideas, consulting has a few disadvantages as well, such as:
While you can turn any bit of knowledge into a consulting business, here a few of the best industries to consider now.