5 Top Tips to Earning Money as an Independent Consultant
In this modern world of smartphones and computers connected to the internet, people have found a way to earn money without the regular 9-5 job of yesteryears. In fact, millions of people across the world have ditched their 9-5 jobs in favor of online jobs!
Did you know that according to data from the study done by Nation1099, 19.8% of full-time freelance consultants are actually earning more than $100,000 per annum?
You could be a freelance consultant! Earning money has become easier these days, but first, you have to check out these 5 top tips to earning money as an independent consultant.
Tip #1. Determine your skills and capabilities.
You can’t be an independent consultant for something you know nothing about. Remember, a consultant is regarded as someone who is an expert on something.
Make a list of your capabilities and skills. With these, you can determine what you can offer to your clients, whether you will be better as a freelance writer, for example, or as an online teacher.
Tip #2. Choose your niche.
It is easy to get overwhelmed by the vast opportunities you can find on the internet. Naturally, many of us want to grab as many of these opportunities as we could get our hands on.
The bad news here is that employers and clients are often looking for someone who specific skills to do a particular job. They don’t want to hire the “jack of all trades, master of none” type of person; they want someone who’s really good at a specific task!
If you choose to become a freelance writer, for example, then pick a niche that you are best at – business writing, perhaps?
Here are some of the niches you can choose from, according to Consulting.com:
- Health & Wellness
- Marketing & eCommerce
- Education & Coaching
- Financial & Legal
- Construction Services
- Real Estate
- Hospitality
- IT
- Management
- Art & Design
- Small Business
Tip #3. Identify your target market and know what they want.
You can be the best independent consultant in the world but without customers, you’ll obviously earn nothing. That’s why you have to identify your target market and know what they want, so you know what to do to catch their attention and provide them solutions.
If this is too overwhelming for you, check on your niche again. What can you offer? What types of clients would need your skills? What does your market want?
Tip #4. Develop your skills.
In order for you to best cater to the needs of your clients, you should really be an expert in what you do; they expect you to solve their problems and provide what they need.
This is why it is important to develop your skills for the job. Sometimes, that means taking online courses or even going back to school! Things become easier when you master what you are doing.
Tip #5. Determine how much to charge.
It is important for you to know the value of your services and charge clients accordingly.
While newbies often offer their services at very low prices, just to build a name and attract more clients, you might end up working longer hours but getting too stressed because the pay is too small! Your work could suffer and you might end up losing your clients.
On the other hand, if you charge too much, you might end up with no clients at all! The best thing to do is to scout around in forums and job listing sites for standard rates. You can also figure out on your own how much to charge your clients by calculating how much impact your job will have on your client’s business.
Another option is to ask the clients how much they are going to pay you for the job. Negotiate if you think the amount is too low for the job you are supposed to do.