What are the pros and cons of starting a marketing consulting business?
A marketing consulting business has a few pros and cons, which you should be aware of before getting started.
Here are the high level benefits and drawbacks of a marketing consulting business:
|• Flexibility||• Customer churn|
|• Ability to start your business from home||• Time commitment|
|• Little startup costs required||• Difficult to build trust with your customer|
|• Traffic to your website||• Complex development process.|
|• Unlimited income potential||• Impatient customers|
|• Gain exposure and experience||• Difficult to scale|
|• Predictable income stream||• Learning Curve|
|• Higher likelihood of getting referrals||• Technical issues can be frustrating|
|• Greater Income Potential||• Takes time to see results & make money|
|• You can decide who you work with|
|• Express your opinions|
|• Strong Demand & Relatively Recession Proof|
|• Easy to Learn The Business|
|• Can build solid foundation of clients|
|• You can work from anywhere!|
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!
• Little startup costs required
The cost to start a marketing consulting business costs significantly less money than most businesses, ranging anywhere from 1,167 to 41,369.
• Traffic to your website
A marketing consulting business gives people a reason to visit your website and to keep coming back to you!
• Unlimited income potential
With your marketing consulting business, there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.
• 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!
• Predictable income stream
With a marketing consulting business, your income stream is typically predictable based on the number of customers you have signed up. This makes financial planning and outlooks much more seamless!
• Higher likelihood of getting referrals
The marketing consulting business is all about referrals, which is a very effective way of attracting and retaining customers. It's critical that you have a great referral program in place that incentivizes your customers to tell their friends about your product.
• Greater Income Potential
When you start your own marketing consulting business, you have the ability to make as much money as you want. You no longer work for someone else where at any point, you could be let go or get a pay cut.
• You can decide who you work with
Gone are the days of working in a toxic work environment with employees that you may not vibe with. As a small business owner, you get to decide who you work and surround yourself with.
• Express your opinions
With your marketing consulting business, you have the ability to get your point across and express your opinions to a large audience, which can be very empowering.
• Strong Demand & Relatively Recession Proof
The demand for marketing consulting business is increasing year over year and the business is known to be relatively recession proof.
• Easy to Learn The Business
When starting your marketing consulting business, there is a ton of information readily available to you online (Facebook groups, Youtube videos, Starter Story etc). This will help you get the business started and answer any questions, doubts or concerns you may have.
• Can build solid foundation of clients
It's unlikely you will have one-off jobs with the marketing consulting business. Typically, you can contract work with clients and be their go to when it comes to anything marketing consulting business related. If you do a good job for them, they will be likely to keep using your services and refer you to others.
• You can work from anywhere!
Not only can you start your marketing consulting business from home, you can also run your business from anywhere in the world. This is the entrepreneur dream.
• Customer churn
With a marketing consulting business, people can cancel their subscription - which can make income 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 marketing consulting business, all responsibilities and duties will be in your hands. Although this is not necessarily a negative thing, it's important to understand that your work-life balance may be a bit unbalanced at times. This can place a strain on friends and family and add to the pressure of launching a new business.
• Difficult to build trust with your customer
With a marketing consulting business and any online business, there is little physical interaction, which means it can be a lot more difficult to establish trust and clout with your customers. You'll need to go the extra mile with your customer to grab their attention as soon as they reach your site + assure them that your brand is legit and trustworthy.
• Complex development process.
The development process for a marketing consulting business can be quite complex, which may cause delays and challenges when launching and growing your product.
• Impatient customers
Your marketing consulting business may offer an engaging user experience for your customer, but it's important to note that customers expect a lot when it comes to your product, and are more likely to become impatient with you and your product if there are any errors or bugs.
• Difficult to scale
With a marketing consulting business, it can be challenging to find ways to scale. Check out this article that discusses scaling your business and the challenges that come with it.
• Learning Curve
When you start your own business, you no longer have upper management to provide you with a playbook for your roles and responsibilities. You should know the ins and outs of every aspect of your business, as every decision will come down to you.
• Technical issues can be frustrating
A big part of starting your marketing consulting business is the ability to work through technical issues. If you struggle with the technical side of things, you may want to consider outsourcing this responsibility to save yourself the time and frustration.
• Takes time to see results & make money
Results and revenue do not come overnight with a marketing consulting business. Often times, it takes weeks, months or even years for your work to monetize.