The first thing that you need to think about when you want to consult is that you cannot undercharge for your services. Especially if you are new to working freelance jobs, or even if you are new to consulting, you will find that constantly taking on jobs for less money than they are worth will wear on you and will not serve you well. Take a moment to really consider what your options are going to be to keep yourself afloat, but even if business seems slow, never cut your rates down to something that you can't deal with. It will have you stuck working for peanuts when you are worth much more, and it will not end!
Another thing that you should remember about consulting is that your marketing might need to get more aggressive. Remember to be practical. No one likes to talk about bad times, but as a consultant, one of your duties is going to be telling the truth. Make sure that you know the particulars of how a recession would hit your industry, and then look into marketing yourself as the solution. So many companies end up bleeding money in places that they don't mean to, and if you are in a place where you can help them prevent it, you are going to have all the work that you need. Make them aware of the fact that you know what the situation is like and tell them how you can help them improve. Smart people are willing to spend money to save money, and that is going to be your core audience.
Take a moment to consider what your network is like. Remember that networking is something that you need to be thinking of constantly, especially if you are a freelancer. Take a moment and really think about what your options are going to be when it comes to getting out there to meet people. Remember that the Internet is going to be a primary hub for getting in contact with people, so take some time, and really consider how much effort you should put into it.
Consulting is a vital tool for any business, and if you want to be a consultant, remember the challenges as well as the rewards. There are so many ways that you can go about it, but business is there and waiting for you. Consider your field, what you need to get from it, and where you are going; this might be essential for your work.