Starting a consulting business is cheap. (Trust me — I wasn’t rich when I started consulting.) In fact, a recent study shows that 17 percent of new business startups launch without any funds whatsoever. However, the Freelance UK article that reports on the study points out that being able to manage cash flow (or the lack of it) is crucial to the success of a business. As I’ve noted before, cash flow is one of the reasons why businesses fail.
Still, you don’t need a lot of money to get going in consulting — a computer, desk, chair, phone and Internet connection worked for me in the early days. If you can manage a budget and deal with income fluctuations, you’ll probably do okay. A lot of people recommend you get a line of credit before you head into consulting. I’ve never needed to use mine, but it’s nice to know it’s there if I ever get into a jam.
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- Consulting Fees: A Guide for Independent Consultants
- Discover Your Inner Consultant
- Discover Your Inner Entrepreneur (for moms)
"Starting a consulting business is cheap" from Become a Consultant Blog at ConsultantJournal.com.
First, I just want to tell you how much I enjoy your blog. You’re a great resource & I hope more people find this website & use it!
About lines of credit, I’m pretty fiscally responsible; I got a line of credit to start up my Mary Kay inventory based on recommendations from co-workers. (I’ve since decided not to sell MK, but am starting a blog about the experience, products and skin care in general.) However, I found I wasn’t able to manage the LOC very well, and I ended up paying much more interest than principle. Maybe I just reached my economic Peter Principle, so perhaps a short class on how to better manage lines of credit might help me.
Thanks for your feedback, Gail. I’ve actually got a line of credit article scheduled for next week. If you have any other ideas, please let me know. I have an editorial calendar and I can add new ideas to it.
And, if you like my site, tell your friends!
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