Do you have the experience and contacts to become a business consultant? Many business executives do not recognize how much expertise they carry within their field of knowledge, believing that what they have is learned and merely shared. Someone who works tirelessly for years to build a successful business is more than a mouthpiece for nice ideas.
You have an area of expertise that comes from experience and the wisdom to know when to use it. So, yes, it’s a great time to become a business consultant to help others find their way, as well. A business consultancy can be built from inception to profitability in less than 12 months; in today’s world, that is relatively fast and, yet, very doable.
5 Ways Of Using Your Expertise to Become a Business Consultant;
1. First things first.
Your initial thoughts should go toward the Business Consultant you know who could use wise counsel and go farther in their own business sector. Create an initial list that should have at least 20 to 30 names on it. This is the primary target market for your initial efforts.
2. Second things next.
Next, prepare a list of Business Consultant or those people whom you know through your associates, most of whom may be open to working with a consultant for a short-term period of time or on a set and specific project. This is your second-tier target market.
3. Assess your competitors.
After compiling a list of first and second-tier associates in your target market, begin the search for potential competitors. First, consider those who are known to you. Examine the pricing of each competitor and note unique offerings they have for clients. How do consultants differentiate their services from those of others? This assessment will offer pricing models you can use for your own consulting business and it will indicate how active the consulting business is in your area of expertise.
4. Create a Consultant Business Plan.
The primary effort in launching your business plan will be in the formation of the essential objectives of your consultancy, as determined by securing funding and creating financial projections. Also included will be the target audience and competitor assessment, along with marketing strategies and an operations outline for the first six months of your business.
If you do not yet have a business plan, use this traditional business plan template as a solid, comprehensive guide. When completed, this will be your personal business plan, to be followed by your growth-phase business plan dedicated to months 6 to 12.
If needed, use the business plan to secure funding from investors, lenders, banks or other financial institutions. Be wary of any investor interested in becoming a stakeholder or shareholder, as such structures can become problematic.
5. Create a Marketing Wave.
A dynamic marketing wave is one that will cover every possible candidate for your consulting business. Implement creative, attention-getting ways to market your consulting business, such as using memes on social media that direct interest toward your business, phone everyone on both the first-tier and second-tier lists to invite them to a free breakfast consultation. Use the meal time for casual conversation while making mental notes and listen to the business concerns of your contact.
Use one hour for these conversations; keep it brief. Direct your attention to the one who has a business concern or project that needs attention. Schedule another consulting session as soon as possible. This effort alone may net more breakfast appointments than you can easily meet; however, this is a large part of a quick-start plan and it will quickly bring in your clients
Additional marketing strategies could include meals with Business Consultant and partners, as casual conversations typically lead to business. A round of golf or a visit to a brewery may spike interest among potential clients, and other ideas can be specific to meet your client’s needs.
A consultancy is fairly typical of other businesses, as most consultants have formed business entities that are meant for one or a few partners. Whether you present a sophisticated pitch deck or sip coffee during a sidewalk talk, the business operations of your consultancy should be structured and complete. Outline equipment and supplies needed, and add software, furnishings and other components to your office. Use a virtual assistant initially, if needed, and keep the remaining operations simple. Your focus for six months will be on gaining clients.
If the competitor field in consultancies is crowded and you find that clients are few, consider changing your business plan to create a niche business plan. For example, if your revised game plan is narrowed to financial consulting, switch your presentation materials accordingly. Add a specialty to your role, such as software consulting, or communications consulting. Narrowing the field, so to speak, can create additional opportunities for client interest and initial meetings.
As a business consultant, you can kickstart and grow your own business within 6 months by investing in research, creating a business plan, funding the business, making financial projections, and marketing your services. You’ll need to call every person on your first and second tier lists, and add more names as your contacts continue to build. Placing every effort into the first 6 months of your consulting business will result in additional referrals, return clients, and long-term growth. Nice work!