Get Paid for Giving Good Advice, Part 2
Posted by Raymond Chancellor in Home Business on October 15th, 2008 | No Comments »
In this article’s first installment, we sketched the basics of how to set up consultation as a home business.
Now, let’s get some pointers on how to make consultancy work for you.
Start Small
Whenever the media uses the word “consultant,” most people think that it’s big bucks – but that’s not necessarily true. Consultation can be as simple as helping out a neighborhood store with some inventory and product issues (if you’re an accounting consultant), or the local construction company with some engineering issues on a house (if you consult for engineering). Of course, as your reputation grows, so do your projects – but these will also take more time. Balancing your time is very important, especially if you still have a day job. And, as mentioned before, never forget to bring business cards wherever you go.
Keep yourself valuable
Always update yourself on what is happening in your field – these innovations may give you more solutions that you can give as options in your own work. Moreover, it doesn’t hurt to pick up more knowledge along the way, be it traditional or online education. That way, you enrich your own expertise by learning more in other areas.
Don’t be too generous with advice. If they feel that you have given all that you can to their business, why should they hire you for future projects? Measure your analyses and responses to your client’s needs. And never offer a make-do solution or analysis if there is something better.
Know your boundaries
Finally, one of the big pitfalls in consultancy is to assume more than what your specialty actually covers. Clearly define the limits of what you’re supposed to be consulted for, and put it in writing. This way, you maximize your effectiveness and cost efficiency, and keep risk for both you and your client to a minimum.


















