Your love for pizza can lead to running your own pizzeria. An ice cream lover can become the proud owner of a dessert shop. Even your love for knitting can turn into a profitable business. Writing? You can become a best-selling author. Singing can make you a celebrity, and even your passion for photography can take you places. When you know what you’re skilled at, you can turn it into a profitable business.
What if your skill is helping other people build their brand? Even that can be a moneymaker if you become a business advisor. Here are just some of the things you can help clients with:
The business idea is what starts it all. You will not succeed as a business advisor if you can’t help your client come up with a plan that has good chances of succeeding. It doesn’t have to be the best plan, but it has to make sense and it should be attainable given the current limitations you have.
If the client has a small budget and you know the business plan will cost a lot, you have to say something. Part of your job is to keep them from ideas that will cost money but will not earn any profit. For new brands, the likelihood of failure is high when it’s not a well-thought-out plan and it has several arbitrary parts.
You have helped with the development of the business, but if it’s in the wrong location, it may still fail. As the brand’s development continues onto finding a suitable location, help clients identify whether a certain location will help them or not.
Initially, a location may sound like a good fit, but when you consider the kind of people who pass by the area, do they fit your target market? No matter how busy a certain neighborhood is, if it’s not what you need for your business, it will not be of any help at all.
Some clients may not know the first thing about running a business and their idea might already exist in an established brand. You can bridge the gap by telling them about franchising and how it can set them up with a business that already has an established name backing it up. Though this doesn’t mean they are guaranteed to succeed, if they work hard in maintaining the quality of service, it can be a profitable opportunity.
Some businesses may be successful but the owners are considering a career change, or perhaps you’ve helped them develop a new brand and they want to focus on that. Their previous business can continue in the hands of new management, and you can advise them when it comes to selling, specifically, knowing when to do it. There’s a good time to buy or sell a business that makes it a win for all parties involved.
A business advisor is in a position to help entrepreneurs with their business development plans. And when you see them thriving, you know you’ve done your job well.