Consulting means “engaged in the business of giving expert advice to people working in a specific field.” In other words, a consultant is somebody who gives advice to a specific group of people.
So what is consulting?
Consulting is the business of providing expert advice to a specific group of people.
The definition is that simple.
So what is a consultant? A consultant is someone who has some level of expertise that a particular group of people find valuable, and people within that group are willing to pay the consultant to access their expertise.
Notice there is nothing mentioned about big firms, degrees, or certifications. If you can provide expert advice to a specific group of people, you can be a consultant.
And there is a lot of money in consulting…
… a LOT of money….
PricewaterhouseCoopers’ consulting division brought in $15.9 Billion in 2016, making them the largest player in a $148 Billion consulting market.
And as we mentioned earlier, nearly 20% of full-time independent consultants and contractors earn six figures and above, an unparalleled statistic even by today’s gig economy standards.
All this begs the question, why is consulting so valuable?
The answer to that question lies in the core meaning of consulting.
The True Meaning Of Consulting
A consultant is somebody who gives advice. So the question we have to ask is “why do people buy advice?”
Well, why do people ask for advice?
They want to change something, achieve something, attain something, or become something, and they need help.
The current state of things isn’t how they want it to be. They know what their desired state is, but they need your advice to get there.