Broadly defined, consulting refers to the act of providing expertise and counsel on professional matters. Thus, a consulting practice is an organized business venture that attempts to generate revenue by providing expertise and counsel to a target audience. Typically, this professional advice is offered, for a fee, by one or more consultants who have industry-specific knowledge. Consultants’ specialized knowledge of a particular industry may be described as subject-matter expertise and allows them to be seen as authorities on a particular topic or within a particular field. While having extensive knowledge of specific technical subjects is a critical component of building a successful consulting practice, knowledge alone is not sufficient to ensure success. Specific tips for creating a sustainable and profitable consulting practice are highlighted throughout ...

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