It's difficult to truly comprehend the long-lasting effect that the coronavirus pandemic might have on small businesses. According to economists, as many as half of the 30 million small businesses in the U.S. may be forced to shut their doors permanently by the end of June as a consequence of lost sales. This also means that there is a massive number of professionals and skilled laborers who may be without a job in the next couple of months. However, this doesn’t mean that the market can do without these laborers. Instead, these skills are better employed in a different way — as business consultants.
Pick Your Niche
While it may seem more lucrative to start a consulting business in a field that seems to be generating a lot of money, it’s more important to be an expert in your chosen niche in order to gain traction and retain your client base. For instance, if you’re a marketing professional and your key focus areas include digital advertising, it might be good to harness those skills before adding in supporting services such as web development, design, and search engine optimization. It’s important to do one thing and do it very well, before learning new skills and only offering an average overall service. If you’re ready to expand, you can add in the other services at a later stage when you can bring additional professionals onboard. It’s also important to go with a niche that will survive post-pandemic.
Register Your Business And Tick All The Boxes
While it’s not easy to start a business in the middle of a pandemic, if you’re stuck at home and only have time on your hands, you have the perfect opportunity to get all the paperwork out of the way. This means taking care of as many aspects as you possibly can online, such as business registrations, applying for the various licenses and permissions, registering with the regulating bodies for your chosen field, and getting your insurances in place. Business consultant insurance is particularly vital to the longevity of the business, as workers who have experienced the hardship of layoffs and furloughs will understand the importance of protecting one's income.
Find Your Ideal Price Point
If you’re used to earning a salary, it’s worth thinking about what you’re going to charge your clients from a cost of service perspective. This means that you need to take all the factors into consideration, include the cost of your overheads such as hiring additional help, renting an office, and all the other costs associated with running a business. You then need to determine what you would pay yourself in terms of a salary. Only once you’ve made these calculations, can you successfully determine a figure to quote. It’s also important to view each project holistically and to be flexible enough to negotiate a fee that will provide you with a decent profit, and still be attractive to clients.
There will be a time where businesses need to start up again and those who managed to pull through the pandemic may need some help. Consultants in various fields will be in high demand to help businesses unlock their full potential.