New Business Ideas

Here are just a few ways to increase and diversify your income from your consulting business.

1. Sell More Services to Your Existing Clients

Instead of spending all that time and money trying to get new business, why not try to sell more services to your existing client base?

If you are an accounting and tax consulting firm, for example, you likely have clients who need some assistance in their record keeping and documentation. In addition to your year-end tax services, could you provide monthly bookkeeping and financial statements, accounting system setups, training in accounting software, or other services to assist your client?

Monthly services, in addition to annually billed fees, will help you smooth out your cashflow and minimize the seasonal nature of your business.

2. Mass Market Your Advice by Productizing Your Services

Could you produce a folio, special report, newsletter, e-book, book, audio cassette, video, or course? If so, you could enjoy making money even when you’re not billing for your time. While asleep or on vacation, the sale of your information products could be generating additional income for you.

Sell such products through direct mail, mail order, exporting, and Internet marketing (your own website, your own affiliate programs, eBay auctions, and so on).

As well as the passive, residual income that information products can produce for you, they also help establish your credentials as an expert. This, in turn, produces more consulting opportunities for you.

3. Perform Group Consulting

Seminars, workshops, and teleclasses enable you to help many participants in a cost-effective manner. In addition to paying for admission, your attendees may also purchase some of your information products or even become your regular consulting clients.

4. Consider Additional Markets

Could you sell your consulting services to federal, state, provincial, or municipal governments? Could you be an expert trial witness?

If you consult with local clients, could you extend your reach nationally or internationally by using the telephone and internet?

These few ideas are a starting point for you to brainstorm all the possibilities for exploding your consulting income.

Who wouldn’t rather work from home? In today’s workforce, the wealthy are getting richer, those with the least resources are getting poorer, and the middle is being squeezed out. With gas prices gouging consumers, commutes to and from work are costing more than ever before, meaning less discretionary income when payday rolls around. And, as companies continue to tighten their belts and downsize, workers are taking on increased responsibilities for the same amount of money. What’s the result? Working longer hours with less to show for it. 

When you work at home, though, your office is down the hall. Instead of filling up your gas tank twice a week, you might fill it twice a month. You have more time with your family and more time to spend following your passions. Best of all, you can make your own hours and the only boss you have to answer to is the one who looks back at you from the mirror.

So, the lure to work from home is there, but exactly what are you going to do in order to make money? Anyone who has surfed the Internet knows that there are thousands – if not hundreds of thousands – of home based business opportunities being touted. How do you find one that’s legitimate so you can make money while you work at home? Here are five commandments to follow:

1. Beware of Sales. Unless you’re a natural born salesperson and have a passion for it, avoid the business opportunity that forces you to sell. You’ll end up hating it, and the neighbors, friends, and family members that you try and convince to buy your product will wind up resenting you.

2. Beware of Inventory. This is ancillary to the first commandment. Many home based business opportunities require that you invest in inventory. Remember, you want to make money, not spend it on inventory. Moreover, you don’t want to deal with the hassles and headaches of storing products, fulfilling orders, and shipping products.

3. Embrace Support. The home based business opportunity you choose should offer a comprehensive support program. This should mean that the company has a step-by-step training manual, online courses, and wonderful support staff who are available to answer any and every question you may have. The company should also provide you with materials such as templates, samples, and anything else you need to get started.

4. Flexibility is Key. Whatever business opportunity you choose, it needs to be one that’s flexible. If you hook up with a company that insists you put in a certain number of hours each week, it’s no better than working an eight-hour shift and having a boss. The idea is that you own your own business and that you have the ability to choose whether to work at your own pace, whether that’s part time or full time.

5. Carry it Forward. For your first home based business, choose a company that can teach you skills and strategies that you’ll be able to use in your future endeavors. Your first home based business probably won’t be your last, so it’s important to learn all that you can in order to succeed in the future.