Starting a consulting business can be challenging, but even more so if you’re in college. You’ll need to stay organized in both your business and college endeavors, and it’s important to recognize that most likely you’ll be doubling your workload. But if you’re driven and passionate enough about your business endeavor, there are plenty of benefits to starting a consulting business while you’re in college. 

College campuses offer a unique chance to interact with highly motivated individuals who are making huge life decisions. Recent data shows that nearly 44% of college graduates are unsure about their post-graduate goals. Starting a consulting business in college gives you access to that percent of the student population that needs a little guidance on what is right for them. But before you can begin helping others, you need to establish your consulting business. With that in mind, here are five tips on how you can start a consulting business in college. 

Pick a Consulting Niche

Your niche is what place your consulting business will take up in the market. For example, maybe you’re interested in helping young artists find their way. There are so many careers and endeavors that can be categorized under the label “artist” so it’s best to get even more specific, such as focusing on ballet dancers or classical pianists. Picking your consulting niche is a great place to start when creating your consulting business in college because it will dictate your company’s strategy and services. 

Build Relationships On and Off-Campus 

The relationships you cultivate will be pivotal to the success of your consulting business. When starting one in college, it’s important to focus on building relationships with well-respected people within your niche both on and off your campus. Speak to knowledgeable professors and upperclassmen, and join groups and committees that align with your niche and consulting interests. 

You’ll want to get as much first-hand knowledge of the business as you can. You’ll also want to start building up your network outside of your college campus. Look into local community consulting events. Getting your name out in the community will help legitimize your business as well as if there are people within the consulting community who are well-known and respected that are vouching for you, chances are prospective clients will agree that you know what you’re talking about. 

Gain Some Real-World Experience 

There are invaluable things you learn within a classroom, but the same can be said for working in the real world. Look into internships or summer jobs where you can gain some real-world consulting expertise to add to your resume. You can also see how these establishments run, which can be helpful when you start planning out your own consulting business. 

You’ll know what works for you and what doesn’t. If you feel your consulting business has outgrown the need for you to be in school, talk to your mentors and peers. Sometimes, the answer is to finish what you started there, but you also may be ready to venture off fully investing your time into your consulting business. 

Structure Your Services

The way you structure your services will depict your ability to attract and retain clients. You want to be upfront and honest when telling potential clients what you will offer and how much it will cost them. Create a services plan for your consulting business where you lay out your hours and explain the scope of your services. 

Be as specific as you can when explaining the services your consulting business provides, as well as the pricing of them. Try to hone in on a niche that aligns with your major and career aspirations. For example, if you’re majoring in marketing and minoring in law and public policy, you might create a consulting company that caters to law firms, offering services such as SEO for lawyers. 

Pick the Right Pricing

Pricing should be determined after doing an audit of competitors. You don’t want to charge more than those who are providing similar services, but you also don’t want to price your business too low as it might come off as a scam to potential clients. 

There are three ways that consulting businesses typically charge for their services. The first is by charging an hourly rate. This means your client will pay a flat rate that is established at the beginning of your contract with them. When using this type of payment plan it’s essential to track your hours. Send an invoice of the hours logged to your client after each time working on their consulting case. 

You could also charge a project rate. This means your clients will pay for the services you provide after your project. This can go on a project-to-project basis, or cover the entirety of a project that took place over time. This route of payment doesn’t leave much room for error, however, and if you’re wanting to get paid in a more timely manner, we suggest avoiding a project rate payment system. 

Lastly, you can get paid on retainer. This is when the client pays a recurring rate over time as the work you’re doing together is ongoing. This is the most similar payment plan to being an employee, as you’d get bursts of cash over time.