- Making money Quickly - Surviving - Maintaining Cash Flow
Two years ago, I quit my full time job as a digital strategist at an advertising agency to focus on a startup. The startup was consuming the majority of my time but prior to quitting my job, I bought a new home. To suggest that money was tight would be an understatement. Either way, I had to do it and I was going all in for this new business. That said, I had to ensure the house didn't get taken from us before we got into it.
I decided that I would leverage my knowledge in consulting and bring that to the market. For me, I think consulting is an effective way for any entrepreneur to make some cash on the side. Whether you're a developer, designer or marketer - selling your services is a great way to generate side income. In fact, the majority of the revenue I made from consulting was put right back into the business. A few things that you should keep in mind when taking this approach:
1. Don't offer ongoing, loosey goosey consulting agreements. You don't want your clients to expect that they can call you any time of the day to have you run and put out a fire. Instead of working on a retainer or on an hourly rate - Work with specific deliverables & a fixed rate.
2. Bill 50% up front. Remember, C.R.E.A.M = Cash Rules Everything Around Me.
3. Ensure that your clients are aware of your time commitment and other obligations.
4. Don't be afraid to say no. You might get to a point where your consulting business is booming and your startup is slow at growth. Instead of turning your focus entirely to the service side, remember the long-term goal and limit yourself to taking on enough projects to cover your basis.
5. Never, ever sell your services on Fiverr.
Hope this helps - If you have any questions about the consulting thing and how you can do it effectively while running your business - Give me a shout!