Start A Budget Consultant Business - Business Ideas
Starting a budget consultant business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell budget consultant, or selling budget consultant online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to start a budget consultant business ➜
Key Stats
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
| Office Space Expenses | $0 | $7,000 |
| Employee & Freelancer Expenses | $151 | $352 |
| Website Costs | $223 | $7,215 |
| Specific Industry Expenses | $0 | $1,000 |
| Business Formation Fees | $5,600 | $20,400 |
| Equipment & Supply Expenses | $66 | $700 |
| Software Expenses | $162 | $3,094 |
| Advertising & Marketing Costs | $0 | $2,800 |
| Training & Education Expenses | $0 | $1,000 |
| Total Startup Costs | $6,202 | $43,561 |
Case Studies
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$7K/mo
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$50K/mo
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
Buxfer | buxfer.com | #109,224 |
|
FTI Consulting | fticonsulting.com | #113,895 |
|
The Judge Group | judge.com | #115,424 |
|
Socrata | socrata.com | #194,594 |
|
Money Management International | moneymanagement.org | #248,324 |
|
Money Tamer | moneytamer.com | #367,027 |
|
Crown | crown.org | #516,337 |
|
Isobudgets | isobudgets.com | #589,944 |
|
Cornerstone Advisors | crnrstone.com | #603,446 |
|
Asset Management, Financial Advice & Consultation | pfm.com | #773,377 |
|
Health Management Associates | healthmanagement.com | #864,211 |
Pros & Cons
| Pros | Description |
|---|---|
| Flexibility | You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
| Ability to start your business from home | It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning! |
| Meaningful business connections | You never know who you will meet as a budget consultant business. This could be the start of an incredible business opportunity! |
| High customer retention rates | Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer. |
| Pick & choose the clients you work with | Budget Consultant Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients! |
| Gain exposure and experience | This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you! |
| Cons | Description |
|---|---|
| Low margins | The gross margins for your budget consultant business are typically around 32%, which can make it more challenging to incur new expenses and maintain profitability. |
| Taxes | As a budget consultant business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it. |
| Niche Market | A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience. |
| You may need to charge sales tax | If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out [this article](https://www.thebalancesmb.com/do-i-need-to-collect-sales-taxes-in-my-state-398913) |
| Churn | In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible. |
| Time commitment | With starting a budget consultant business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business. |
Marketing Ideas
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1
Affiliate Program
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
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2
Direct Sales
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
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3
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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