06 Apr What is Consulting And Why Everyone Should Do It
What is Consulting
Consulting is when you exchange a particular skill set or know how you possess for money
YOU show someone how to do something. THEY pay you money in exchange
This simple exchange is often the start to most business people’s lives.
YOU provide service. They pay you money
And consulting can take many forms:
- Yougive advice on a problem they’re having. They pay you money.
- You provide information on how to do something. They pay you money.
- Youguide them through something they’re not sure of. They pay you money.
- Youtell them how to do something faster & more efficiently. They pay you money.
- You get the point…..
Consulting is just a simple exchange of knowledge and money.
Here are some examples of consulting (you will notice the difference in remuneration for some of these different services):
A huge company is installing a new software system across all their branches.
They want YOU to oversee the process.
They will PAY GHS50,000 to hang around for 3 months and fix bugs.
Someone is having marital trouble.
They want YOU to listen and give them advice on what to do.
They will PAY GHS60/hour to listen and give advice.
Someone is trying to make sure people can find their website when they search for it.
They want YOU to do it for them.
They will PAY GHS2,000/month for the next 3 months, plus an additional GHS3,000 bonus if you are able to get them to the top of Google.
Someone needs help training their staff how to use their new website.
They want YOU to teach them.
They will PAY GHS20/hour to train the staff.
Consulting Jobs don’t have to be different to get different prices. Some consulting jobs can be the exact same service, but will be priced differently based on a number of factors. Those consultants who can get the highest rate will have some advantage:
- They always secure amazing results ✅
- Length of experience ✅
- Previously worked with well-known clients ✅
- Know who to sell to that will pay the most money ✅
- Know how to offer the service in a way that will fetch the highest price ✅
Now we know what consulting is, the next step is understanding WHY you should do it.
Why YOU should start a part time business as a consultant, even if you have a JOB?
Getting paid for work you do on the side is very valuable to your professional development. It is essentially as if you started your own business, except your costs are little to none, and there is pretty much no risk.
The main benefit of doing this, is in the lessons that you learn on your journey. The simple act of charging people for your service, will teach you so many things and will force you to learn:
- Where to find clients.
- How to talk to them and get them to hire you.
- How to charge clients more.
- How to build a simple website.
- How to deal with large corporations.
- How to bill clients in different ways.
- How to deal with small business owners.
- How to find different types of clients.
- How to make sure people stick to deadlines.
- How to handle difficult or overly-needy clients and manage their expectations.
- How to modify your product/service offering to get more money.
- How much work you can handle before you burn out.
- How to update your social media profiles to let people know about your service.
- Get over the fear of letting others know you offer a service and charging them.
- The list goes on….
Basically consulting will grow you as a person and teach you a lot of stuff, but the main thing that you will realize from consulting as a side business is:
The “serendipity” that happens when consulting!
Pretty much every successful person, did some form of consulting at some point for others. If you ask them about their stories, there will always be an aspect where they started consulting as a little side gig, experienced great results, got good referrals, got hired by someone else, realized that it was scalable and huge companies grew out of that.
The upsides of consulting far outweigh the downsides in every way.
Plus it is a good way test the waters and see whether it is something that you might be good at long term, without taking a big risk.