How to Start a Consulting Business in 2024

Starting a consulting business has never been more accessible or more exciting, offering the opportunity to work flexibly from home or abroad, with clients around the world. As a successful consultant you can work with multiple clients on challenging projects across a broad range of sectors like IT, marketing, management, finance or technology. And as so much of our working world can now be managed digitally, you can connect with a diverse range of clients, no matter where they happen to be based.

If you’re considering launching a small business in consultancy this guide has some handy tips - plus an introduction to Wise Business as the ideal solution for businesses with global aspirations. Use Wise to hold, send, spend and exchange 40+ currencies, and get account details in currencies like GBP, EUR or USD with no additional charge.

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Before you start a successful consulting business

Before we move into some tips and ideas for launching your new consulting business, let’s start with some basics. Consultants exist to provide expert advice and solutions to businesses, from start ups to enterprise level organisations. While there are many huge global consulting firms, there are also lots of smaller and growing consulting businesses which work in specific niches and add huge value to their clients.

Starting a small business in consultancy gives you enormous flexibility and potential for personal and professional growth. As with any new business it’s not an easy road - but with some hard work and smart planning you could set up a consulting firm which allows you to use your skills, expertise and passion on a global range of fascinating products. Consulting firms exist across pretty much all sectors, but particularly popular ones include:

• IT and communications
• Web design and technology
• HR and leadership
• Finance and accounting
• Marketing and sales
• Business management
• Customer service and business development

No matter what your expertise and what niche you pick, consulting opens the door to work with international clients just as conveniently as you might work with local teams. Because consulting tends to involve shorter projects which don’t necessarily require daily attendance in an office location, employers are often happy to pick the right consultant for their needs - even if they’re not based locally.

Working with international clients does throw up some additional considerations, particularly when it comes to paying and getting paid. Before you start working across borders, learn more about how to get paid in multiple foreign currencies to a Wise Business account, and take a look at our guide to hiring an international team and running multi-currency payroll.

Get paid in multiple currencies

Identify your area of expertise and niche market

Before you set up your consulting business it’s important to be clear on your service offering and niche. Here are a few considerations:

• Self-assessment - it’s worth starting with yourself - think about your passions, interests, skills and where you feel you can add value to clients
• Previous experience - customers will want to know what you’re bringing to the table in terms of previous experience, so consider how you frame your track record to match your new business aspirations
• Unique Value Proposition - before you launch, it’s important to have a clear and pithy expression of why your offering is unique. Ideally you can cover this in a few sentences to catch the eye of potential clients
• Market research - once you have a view of what you think will work for you, it’s time to check what else is out there, so you know what competition you have
• Target audience - to help you market yourself, you’ll need to be clear on who your ideal customer is - this can involve quite detailed analysis of business type, size, ethos and niche
• Demand and profitability - finally, take some time to measure the likely demand for your services and figure out how to make your new business profitable

Training and certifications

Depending on the type of sector and niche you select, you may find you require some additional training, and certifications or licences to trade legally. It’s important to check if there are any legal obligations here, but also to consider what customers might expect in terms of formal qualifications. For example, if you’re considering starting an HR consultancy in the UK, clients may expect an HR certification from a body like the UK’s Chartered Institute for Personnel and Development as a formal recognition of your skills.

You’ll also find that there are a few additional skills needed for a successful consulting business including public speaking, pitching and project management. If any of these are new to you, it’s worth taking time to learn more either through formal courses or personal research, to develop your abilities.

Pricing and service offerings

Different types of consulting businesses have their own pricing approaches, but common models for consulting businesses include hourly rates, project-based rates and retainer agreements.

When you’re considering how to charge clients you may want to think about providing introductory offers for new clients, or add-ons and service packages which give customers choice depending on their specific needs.

Finally, if you’ll be working with customers in another country, think about the mechanics of getting paid. Allowing international clients to pay in their home currency can be appealing - so getting an account from a provider like Wise Business is a smart move. Open your Wise Business account online or in-app, to get paid with local account details, in 9 major currencies including GBP, EUR or USD.

Local account details explained

Register your business

Before you start to trade you’ll need to register your business, and obtain any required licences and permits. Exactly how this works will depend on the business entity type you select. Common choices include setting up as a sole trader, LLC, or corporation, but picking the right model for your business will take a little research. There are many agencies which can help with the physical process of registering your business, often digitally and quickly.

Build your network and find clients

Your final step is to start finding your new customers. Often consultants find work through personal recommendation and word of mouth, so using your professional contacts, and attending industry events is a must. In this day and age it’s also essential to use marketing tactics like websites and social media.

Having a solid digital presence including an easy to read website packed with recommendations, testimonials and evidence of how you’re adding value to clients already makes a huge difference. For many consultants there’s also an enormous benefit in being active in producing digital content, which could be LinkedIn posts, articles in industry magazines, or even snappy and relevant content on Instagram, depending on your niche.

It’s also worth exploring your options to get funding for international business growth. Sometimes a small amount of additional investment is all it takes to open up a whole new market.

Manage your international company's finances with Wise Business

One of the big draws of starting a small business in consultancy is that you can work with global clients. Make life easier with a Wise Business international business account.

With Wise you can hold 40+ currencies, send payments to 160+ countries, and get local account details for 9+ currencies including GBP, EUR, USD, AUD. You’ll get low cost currency exchange whenever you send, spend or exchange currencies, using the mid-market exchange rate with transparent fees. Plus, there’s no monthly fee and no minimum balance requirement.

Here are a few of the other smart Wise Business features you can enjoy:

• Business debit expense cards for you and your team: up to three digital cards per team member, and spending limits you can set according to your business needs
• Batch payments: pay up to 1,000 recipients at a time in multiple currencies with one spreadsheet
• Multi-user access: manage user permissions and choose from any of the 5 roles to manage what your team members can view, access, and manage
• Accounting integration: connect with Xero, QuickBooks, FreeAgent and more

Key features of the Wise Business account

Use this simple guide on how to start a consulting business to get your research going - and don’t forget to check out Wise Business as a great way to connect with customers, contractors and staff globally, with mid-market rates and low, transparent fees.