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You would think that when you’re working in a business like consulting where you can make hundreds of dollars an hour that you wouldn’t need to apply for a small business loan, but there is some work to be done before you can reach a point of comfort where the business can sustain itself. Those hundred to five hundred dollars per hour clients don’t just appear out of thin air and they don’t pay that kind of money unless you have something substantial to offer. Your previous experience has been earned, promoting the existence of that experience and the availability of your knowledge costs money.

A management consulting firm, in its early stages, is a concept more than a physical entity. You are taking your knowledge and experience and offering it to others for a fee. You can sum up what you have to offer in a sales package but there is nothing for a bank to look at when they are searching for security. What makes you different from every other member of the profession you worked in? Why would someone in that industry want to hire you and how will you get your name out so they know you’re available?

The approval for a fast business loan for consulting firms is based almost entirely on your business plan and your previous credit history. The business plan needs to be detailed and thorough. Taking a concept and turning it into a profit making enterprise requires specific actions on your part. You’ll need an advertising strategy, a marketing plan, a complete sales package with each of the past positions you’ve held itemized and explained for potential clients to see. You’ll need to convince business owners to hire you as a consultant, but first you’ll need to convince the bank to give you a fast business loan to get going.

The type of loan you will need for a consulting business, since you really have no assets other than your personal experience, is basically an unsecured business loan. That means that you’ll be asking the bank to give you funds when they have no guarantee of repayment besides your word. You have to convince them that word is good. This can be difficult in the skeptical world that we live in, so make sure you apply to as many lenders as possible. Online sites are good for this, as are private investment firms. If you have valuable knowledge that you want to impart to others and you can get a lender to see that, you’ll get the money you need to tell everyone else. Then you’ll make those hundreds per hour that you want to make.