how do I start a consulting business?

Answer 1

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* How to Start and Run a Successful Consulting Business by Gregory F. Kishel, Patricia Gunter Kishel
* The Consultant's Quick Start Guide: An Action Plan for Your First Year in Business by Elaine Biech
* Getting Started in Consulting, Second Edition by Alan Weiss
* Successful Independent Consulting: Turn Your Career Experience into a Consulting Business by Douglas Florzak
* The Consultant's Manual: A Complete Guide to Building a Successful Consulting Practice by Thomas L. Greenbaum

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 2

From a IRS standpoint, you can go into business very easily as a sole proprietor (which is the same as a freelancer or a consultant). You will be self-employed - in business for yourself. Once you have the intent to be in business, you are in business. Keep track of all your income and expenses, including mileage (58.5 cents/mile now). If you have a profit, you will have to pay both income tax and social security tax (about 15%) on it. If you have a loss, it will lower your taxable income. A sole proprietor is reported on Sched C on your 1040, so there is not a separate tax return or registration for it.

If you use your own name, you may not have to register in your city or county. Otherwise, you may have to register as a D/B/A (doing business as) in your locality. You must check your city and county.

If you want to be a corporation, partnership, or LLC, there are MANY MORE considerations. This is much too long and complex to discuss fully - marketing, office procedures, rates, etc. As always, consult with a tax professional for specific answers. CPA Greg - glindatax.com

Answer 3

many ways, but the most reliable way is to ensure that you can identify a need that you have particular expertise in. Clients are not quick to pay someone for advice. They will talk to you at length as long as it is free, but shaking the money loose is hard for a new consultant. You must be a bona fide expert in whatever their area of need is. It must be an area of need that either costs them real money or offers significant upside. Your costs and the amount of effort must be clearly defined so that they can calculate their return on investment. It is also many times easier to start with small tangible deliverables and projects that are part of a longer-term roadmap. That way, they can take a chance on getting started without risking a lot of money. But always remember, it is the client's money. No one likes to waste even $500 of their own money so don't assume that small is an easy sell. On the other hand, if a client is desperate and sees a big payoff, they may be quick to sign over hundreds of thousands of dollars. I had a client who beat me down on a $29,000 proposal and never ended pulling the trigger. Then a need came up that had potential multi-million dollar impact, and they thought I could save the day. They pretty much said "whatever it takes" and spent about $250,000 without any competitive bids or hard negotiation. Good luck.

Answer 4

consulting business using outdoors practical knowledge like a supervisor, study the organization and provide referrals as to how a small business must alter the administration design. Continue reading to learn tips on how to start off your own personal administration consultancy.

Answer 5

Your local library will have some incredible books that answer your questions. One example is called "Consulting for Dummies." It talks about setup, start up, fees, pros and cons, and more.