We asked over 20,000 consultants how they are marketing their services and growing their business. The responses came flooding in. Below you’ll find an infographic with the results from the survey as well as a breakdown with some key insights.
– On average consultants spend almost 40% of their time networking. Followed by 12% of their time speaking and giving presentations.
– The majority of consultants income comes from networking (30%) followed by referrals (28%).
– 80% of consultants spend less than $5000 each year marketing their business.
– 31% of consultants make less than $30,000 a year from consulting. About 23% make more than that but less than $100,000. 31% or so make between $100,000 and $500,000. About 4% make over $500,000
– Consultants making over $100,000 a year noted that Writing articles and creating reports generated significant revenue for them. Even more than speaking and presentations which many of these consultants said they spent time on.
– A higher percentage of consultants making over $100,000 a year are women compared to consultants making less than $100k each year. There was also a higher percentage of men that took part in this survey.
– Consultants making over $100,000 a year spend more on their marketing than consultants who earn less.
– The survey was taken by consultants of all different levels of experience. Over 20% of consultants have more than 10 years of experience as consultants.
– The #1 reason people became consultants was to “By my own boss” at 40% of respondents. Followed by “Flexible schedule” coming in at 22%.
– Over 50% of consultants work with 6 clients or less per year. 36% work with between 7 and 20 clients each year.
– Project fee is the most common way consultants are paid at 40%. Unfortunately over 21% of consultants are still using an hourly fee and just 3.4% know how to use an ROI based fee model.
– About 45% of consultants report that their average client project is valued at $5000 or less. 19.7% of consultants have projects valued at $10,000 to $25,000. Only 5% of consultants have client projects valued at $100,000 or more.
– Over 76% of consultants are solo independent consultants. About 20% of consultants have less than 5 employees.
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