Whats it take to be a consultant?

[DarrenC]

Since the .eu domain boom, I have had five people come to me from different forums I frequent asking if I would consult them to how make the best use of a particular project that they are looking at developing.

I've never thought of doing consultancy before but theres an obvious need for it at the moment, and I do have a lot of experience of the travel industry, but still learning alot about other areas of business.

What tips would you give me?
Would you ask for a cut of the profilts and sale of the business / site?
Would you ask for a specific fee for consultancy?
What are the legalities of doing something like this?

Any advice would be appreciated.

Darren