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You need to be able to find clients without spending a fortune on marketing. Networking is good for this; there are a ton of blog posts about how to build up a professional network. Low-cost "thought leader" content marketing might work too, like blogging, an email newsletter, social media presence.

You also need to understand what problems your potential clients are facing. This takes experience, which can come from working as an employee in that industry.

You need to convince your potential clients that you will reliably solve their problem--not only the technical skills, but the ability to apply them on time, on budget, and do what you say you can do. Case studies and client referrals are key here.

Working at X company for Y years is a good way to learn all about the problems that companies like X face, and to develop some stories about how you have solved those problems professionally. It can also be a good way to build a network.

GitHub is useful if it demonstrates skill and perseverance. If it is filled with half-done hobby projects, it will be useless or even a detriment. It is less important than a good track record on actual paying projects.

Finally, to be a profitable consultant, you need to know how to run the business--to estimate your expenses and set rates that are competitive but still make enough money.

EDIT: the blog at http://www.kalzumeus.com is chock full of detailed content on how to start your own software business, including consulting.




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