Whether you’re a novice or a seasoned professional, becoming a freelance Business Consultant is an exciting undertaking. Freelancing gives you more control over your work life. The work life of a Business Consultant can be extremely demanding, with many working more than 60 hours a week. It’s no wonder that many in this career decide to become freelancers and take charge of their time. Freelance Business Consultants typically meet with clients, assess their business goals and needs, recommend solutions, and help implement solutions. While some freelancers are generalists, many are specialists and consult clients who are looking for their very specialized expertise.
Freelance vs. In-house Business Consultant
There is one key difference between freelance consulting and in-house consulting. While both have the potential to be lucrative, the key difference is control. An in-house Business Consultant is an employee who is assigned projects or clients by their employer. A freelance Business Consultant is self-employed and can choose which clients and projects they’d like to work on. Alongside the ability to choose their clients and projects, a freelance consultant can dictate their service rates, but an in-house consultant has a base pay rate set by their employer.
Because freelancers are self-employed, work is not guaranteed. There will be times of plenty and times of drought. Freelance Business Consultants who fail to market themselves or approach potential clients are more likely to have lapses between clients than those who are actively working to acquire clients. This can be done through social media, a website, or another marketing channel. In-house Business Consultants don’t have to concern themselves too much with marketing themselves because their employer takes care of that for them. Clients come to them with little to no effort on the part of the consultant. The work is consistent and steady.
You’ll also notice that freelancers have a more flexible schedule than in-house consultants. The firm or company that has employed in-house consultants sets the hours and location, while a freelance Business Consultant can dictate their schedule and where they work. Many work from a home office, but some have rented office space, a co-working space, or work from their client’s location. This flexibility is what most freelancers crave. But this flexibility comes with less stability.
In-house Business Consultants have far more stability in their career because they don’t have to worry about courting clients, running a business, business taxes, and paid time off. Benefits like healthcare and retirement plans are a given, and they have to do little more than fill out the paperwork while the human resources team takes care of the rest. Freelance Business Consultants have to work these things out on their own and take extra steps to make sure that things like an IRA and healthcare are in place. But the stability of working in-house means that there is a chain of command, rules, and protocol to follow that freelancers don’t have to concern themselves with. There’s more freedom in freelancing, but less surety.
Benefits & Potential Challenges of Business Consultant Freelancing
Many benefits come with freelance consulting, like high earning potential, flexible scheduling, and running your own business. Perhaps the most sought-after benefit of freelancing is having more control over the clients and types of projects you get involved with. Although your clients will hire you, as a freelance Business Consultant you’ll also be hiring your clients in a sense. You’ll have the ability to interview your clients to see if they’re a good match for your skill set and your workflow, giving you the power to decide who you can be most instrumental to and who you want to work with. While this is great, it does present a challenge. You have to know yourself and your approach to things as well as be a good reader of people and businesses to discern whether or not they’re a fit for your approach to business consulting.
While there is the potential for higher earnings as a freelancer, the income can be inconsistent at times. It feels good to be able to set your rates and have more control over your earnings. However, if you fail to acquire clients at the right times, you may experience gaps where you have no income or you decide to take on a lower-paying project to fill a gap. This, perhaps, is the scariest challenge of being a freelance Business Consultant. But this is also why those who freelance have to put considerable effort into marketing themselves or their business.
Some freelancers find it challenging to stay disciplined in the face of so much freedom. It’s a necessary part of freelancing because if you don’t do the work, you won’t get paid. Balancing a flexible schedule and working remotely can be difficult for some, as can balancing business management responsibilities. If you don’t have a foundational understanding of how a small business is run, you may run into problems keeping your business finances in order, marketing yourself, or scaling your freelance Business Consultant business.
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What is a Business Consultant?
A Business Consultant is someone who works with business owners to help them reach their business goals and improve their performance and efficiency through careful analysis. They are skilled professionals with a wide range of skills. They leverage a combination of objectivity, education, and experience to provide expert advice, creative solutions, and relevant insights. Oftentimes, they will choose a specialty to better serve their clients. Some of these specialties include strategy and management, operations, finances, human resources, and marketing. A Business Consultant can help a business identify and address challenges and offer objective recommendations based on their industry knowledge.
The typical workday varies according to the client, the project, and the industry; however, some of the more common duties of Business Consultants include meeting with clients to understand their needs and hardships, performing SWOT analyses, designing business plans that are customized to their clients, advising or managing project implementation, and assess the efficacy of implemented strategies. While many work for consulting firms, you’ll find that a great many experienced Business Consultants are self-employed, and just as many hold specialist roles within larger companies. Business Consultants often work as part of a team that can include a range of individuals based on the project goals. Many times they have to liaise between teams to evaluate and implement solutions more effectively.
When working for a firm, there is an opportunity for growth through professional development classes and activities. Workshops, seminars, and courses are ways of continuing education that help Business Consultants stay abreast of current and cutting-edge business strategies, business technologies, and other helpful resources. The more knowledgeable they are, the more effective they are. Continuous learning is essential to progress in this career, as is networking and staying current. Certification opportunities and other helpful resources are available through professional associations like the Institute of Management Consultants USA.
What is Business Consultant Freelancing Like?
Freelance business consulting can be very rewarding, but it takes plenty of work to find and take care of clients. Many freelancers depend on self-promotion and marketing channels to find work. An up-to-date website, a well-done LinkedIn profile, and digital marketing are all common ways to bring in clients. Some freelance Business Consultants find clients through word of mouth, soliciting businesses, and attending events like conferences. There are many ways to drum up business, so it’s important to find what method works best for you in your freelancing journey.
Contract negotiation is critical to your freelance business. It would be nice to trust clients to stand by their word and the agreed-upon terms, but it’s not in a freelance Business Consultant’s best interest to do so. Writing and negotiating contracts will help keep you safe and define the terms of your agreement and scope of work with any client or project. Typically the consultant will assess the needs of a client and decide what is necessary to move the project forward. The service cost is agreed upon and documented as are what the client should expect, what methods for remediation will be offered if needed, and any guarantees are also documented. This protects everyone involved and allows for business transparency.
Communicating with clients is often one of the simplest pieces of the puzzle, thanks to technology. There are video conferencing applications like Zoom and Microsoft Teams, messaging apps like WhatsApp and Slack, traditional email and phone calls, and face-to-face meetings. You can use your preferred method of communication or your client’s. You can use a combination of communication methods if that works better. If both parties agree to communicate through Zoom and email, then that will be how communications will occur. Remember the contract? Experienced freelance Business Consultants know that including communication methods in the contract is one way to help define the boundaries of the relationship and set expectations.
Is Business Consultant Freelancing Right for Me?
Only you can determine whether or not Business Consultant freelancing is right for you. While most who choose to do freelance consulting are looking to be in charge of their time and have their choice of clients, some are solely focused on the amount of money they can make. If you’re a take-charge kind of person who is detail-oriented with a knack for organization, you’ll probably find freelancing easier than someone who is less organized. Those who are willing to do the extra work that it takes to procure clients or contracts are also better suited to living the freelance Business Consultant life. This includes marketing, networking, and professional development.
It’s also helpful to be self-motivated and self-disciplined. When you don’t have a supervisor breathing down your neck, you need to light your own productivity fire to accomplish whatever tasks need to be done to further your business or meet your client’s needs effectively. You’ll also find it advantageous to be a patient person. It can be challenging to find your first clients when you first start freelancing, so being patient with the process is helpful and allows you to think more clearly regarding ways to jumpstart your freelance career.
It can be challenging to understand and comply with regulations, licenses, and insurance requirements to safeguard your business, but not insurmountable. Check with your state and local government to learn what you need to legally operate your consulting business. Other challenges may consist of building your client base, administrative duties, and dealing with inconsistency and uncertainty. It can also be a challenge to manage a healthy work-life balance. Although you have more flexibility in your schedule, that means that it may be easier to work when it’s in your best interest to take part in other personal activities.
Steps to Become a Freelance Business Consultant
There aren’t a ton of steps needed to become a Business Consultant, but it does take time. While it is a very competitive career with a high-stakes environment, anyone who is a creative problem solver with a strong understanding of finance, business, and project management can have a fulfilling career in this field.
Earn Credentials
The first step to becoming a freelance Business Consultant is to earn your credentials. This can be accomplished by earning a degree or enrolling in a bootcamp or certificate program. If you’re going to be a freelance Business Consultant, you have to invest in your professional development. Clients have to feel confident in your ability to help them, and having an education in consulting and business is a big part of creating that confidence and credibility. You’ll need to learn how to conduct research, lead a team, and use tools like data visualization software to analyze and assess situations. Depending on your specialization you may also need to learn digital marketing, business writing, or stock market investing.
Intern
An internship or certificate course is a great way to gain experience and learn in-demand skills that will be most helpful in your career. It’s also a way to expand your network and meet people who are deeply connected in the industry. At training centers like Noble Desktop, you’ll learn what it’s like to work in Business, develop a workflow, and gain in-demand and relevant skills. Whether you choose to take individual classes or a full bootcamp or “MBA” Business Certificate program, you’ll be positioning yourself to be a more attractive intern where you can have a chance to work closely with real clients and experienced Business Consultants to build your professional portfolio.
Get Certification
Consider obtaining a certification or two once you’ve completed your certificate program or bootcamp. While most employers won’t require certifications, it is helpful. A certification shows that you’re dedicated to professional development and that you adhere to a standard of ethics. Two of the more common certifications include Certified Management Consultant and Project Management Professional.
Learn Business Skills
Future freelance Business Consultants will need to learn business skills for running their own business (such as finance and contract law) and marketing their business (such as web design and social media marketing). Even freelance Business Consultants who plan to contract consultants to help run their small business should have a basic understanding of these skills to understand what kind of outsourcing they need to support their freelance work. A basic understanding of business management will make being a freelancer less stressful and lay the groundwork for being successful.
Learn the Skills to Become a Business Consultant at Noble Desktop
If you’re seriously considering becoming a Business Consultant, there are several options for learning the necessary skills. Noble Desktop offers classes that can help you achieve your dream of becoming a consultant. Many Noble Desktop business-related courses include one free retake, 1-on-1 mentoring or bonus training outside of class, and flexible scheduling options.
The “MBA” Business Certificate course is a great start for those who are interested in becoming a business professional. In this 132-hour class, you’ll learn the fundamental skills and concepts to help you thrive in a competitive business world. Although this is a business class, it is not an MBA degree program. It is a comprehensive certificate program that covers project management, financial processes, marketing strategies, data analysis, and practical applications of generative AI. In addition to the live online or in-person curriculum, there is a self-paced module devoted to business law, employment law, and business insurance. Students can also choose 60 hours in electives, including Python for data science, SQL, stock market investing, Figma, and other business focuses.
A Data Analytics Certificate course will give you practical skills in data visualization, data analysis, and statistical analysis. Data analysis is a key part of business consulting because it allows you to make the most of a client’s or project’s data and make data-driven recommendations and strategies to achieve various goals. Earning this certificate will give you an in-demand skill that can be applied in any industry in various career paths. Data analytics is a hands-on course with projects based on real-world challenges that explore both predictive and prescriptive analytics. Topics covered in this beginner-friendly certificate program include data analytics foundations, Excel, Tableau, Python machine learning, and SQL. There are no prerequisites.
Marketing is another critical component of business consulting. There’s even a subset of Business Consultants who specialize in marketing. To help a company or client get their marketing strategy in order, you have to understand how to optimize it. This Digital Marketing Certificate course can boost your confidence in addressing digital marketing issues and help you learn when and why to make certain marketing recommendations. You’ll learn SEO, social media marketing, paid search, and analytics tracking to help your clients increase their ROI in today’s competitive markets. Course topics will include digital marketing strategies, YouTube, content, and email marketing, Google Analytics, and website optimization. This course is great for current professionals who need to expand their marketing skill set, business owners interested in learning how to market their business, and individuals who want to get started in digital marketing.