4 Reasons to Add Consulting to Your List of Services Less than half of companies worldwide even have a website. There is a lot of demand for what you know.
By Kimanzi Constable Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
The consulting industry is a $39-billion-dollar-a-year opportunity for entrepreneurs but it's pretty untapped. All over the world there are companies willing to pay you for sharing the knowledge you have acquired building your business but there isn't much information available online about booking paid gigs -- especially international consulting gigs.
All over the world there are companies willing to pay you for sharing the knowledge you have acquired building your business. If you teach online, coach clients, sell courses or offer services in your business, you can add consulting to your current list of offerings. While it's not an easy, it's highly profitable and leads to more opportunity for your business.
Here are four reasons why you should consider adding consulting to what you do in your business now and how it can help your business grow.
1. Less competition.
You feel it, right? You're trying to get business using social media, groups and other online means but it's crowded. There are many ways to do well selling through new media and the internet but it's definitely not as easy as it used to be. As I mentioned, consulting is a $39 billion dollar a year industry. Even with all the consultants currently working, consulting is still very untapped. This is for a few reasons:
- Most consultants and entrepreneurs don't know how to book paid gigs.
- Too many consultants don't have enough social proof on their resume to book gigs.
- Companies need A LOT of help. Worldwide, 57 percent of companies don't even have a website. You could consult with companies that don't have a basic foundation established.
The opportunity for booking consulting work is ripe and profitable. If you are crowded in the space you're competing in now, take a look at the consulting space or add it to the services your offer.
Related: 4 Tips from a 26-Year-Old Who Built a $10 Million Consulting Business
2. More income potential.
No customer has an unlimited budget but companies set high budgets for consultants. The average international consultant can comfortably charge $5,000 an hour. Companies will pay you a generous fee if they feel you're an expert on your topics. They will also license any online courses or products you offer to customers. I license my online courses to companies at the rate of $2,000 per employee per license. This is in addition to my consulting fee and the company covering all of my travel expenses. The opportunity to earn income extends beyond just the training that you'll do.
Related: Why Building a Consulting Business Is Harder Than It Initially Seems
3. Opportunities for free travel worldwide.
An American is still a draw in other countries. If you live outside of the United States, you are a draw to American companies if you have the social proof on your resume. You can get booked to consult at companies all over the world and they'll pay you a fee plus cover your travel expenses.
You can travel the world as a consultant. You don't have to travel nonstop. You can make shorter trips, do the consulting gig, and then fly home. But, if travel and opportunities all over the world appeal to you, consider the consulting industry and adding it as a service.
Related: 12 Ways to Generate Leads for Your Consulting Business
4. Challenging work that stretches you.
It's not easy to go into a company and train their employees for two to four hours. Consulting presentations are not like speaking at a conference. The presentations have to be more detailed and data-driven. You have to back up what you're saying with research.
As a consultant, you're hired to fix a problem that a company can't solve. That means you'll have to think outside the box. To be honest, it's intimidating at first, but you'll end up loving how the work pushes you to dig deeper and work harder.
If you have never considered the consulting industry as an option, you should. There is much opportunity to travel the world training at companies on topics you're passionate about. You can make good money and create more opportunities for the future of your life and business. A good lifestyle business is diverse and has multiple streams of income. Make sure you're doing all of the traditional online and offline marketing strategies and offer services, but consider adding consulting as an incredible edition to your business.
