How profitable is the consulting industry?

According to Forbes, the consulting industry is worth a whopping $100 billion per year and is predicted to grow around 80\% per year over the next few years. Simply put, there’s never been a worse time to be an employee, and there’s never been a better time to start your own consulting business.

How much money can be made in consulting?

Salaries for MBA hires (and consultants with a few years’ experience) are about $149,000 on average at top tier firms. These hires can earn a performance bonus of about $37,000 on average, with a $25,000 signing bonus. For project leaders, salaries are about $175,000 on average at top tier firms.

Is there a lot of money in consulting?

First-year consultants with a Bachelor’s degree at most major firms (often referred to as “associate consultants”) can typically expect to earn between $60,000 and $90,000. At the low end, then, first-year consultants are making about $60,000 and working 55 hours a week.

Can you get rich by being a consultant?

The best way to get “rich” in consulting is by actually running a consulting firm where you have a highly sought after (and billable staff) of 25-100 people.

How do I calculate my consulting hourly rate?

The first step in calculating your consulting hourly rate is to get an idea of what you were making hourly at your most recent job. To do this, take your most recent salary, divide that number by 50 weeks (weeks in a year minus two vacation weeks) and divide that number by 40 (average work hours/per week).

How much should I charge as a business consultant?

“The market rate” is the average price and range of pricing a typical customer will pay for your type of consulting service. If the average business consultant charges and receives $100 per hour, than the “market rate” is likely between $50 to $150 per hour.

Can you make six figures from home as a consultant?

Regardless of the method you use, plenty of teachers are making six figures from home through online courses. It’s also how we teach our six-figure consulting students to scale their business up to seven-figures and beyond: take their hands-on consulting model and turn it into a DIY-course.