Are you thinking about taking the leap and starting your own consulting business? As someone who has been in your shoes, I understand the challenges and rewards that come with being a consultant. Leaving my secure job as a vice president in a market research firm to pursue my passion as a planning and market research consultant was a daunting but ultimately fulfilling experience.
For 12 years, consulting was my bread and butter between leaving Creative Strategies International and launching the product business for Palo Alto Software. If you’re considering becoming a consultant, here are 10 valuable tips to help you along the way:
- Take it seriously: Treat your consulting business as a legitimate enterprise. Invest in a professional website, business cards, and establish a strong social media presence to build credibility with clients.
- Never apologize for being on your own: Embrace the freedom and flexibility of being a solo consultant. Clients often prefer working directly with the expert who will be doing the work, rather than a large consulting firm with overhead costs.
- Start with a consulting contract from the employer you’re leaving: Secure a contract with your current employer or a reliable client to provide a financial safety net as you transition into full-time consulting.
- Plan for late payments: Anticipate delays in client payments and have a financial buffer in place to cover expenses during slower periods. Maintain good communication with clients regarding payment schedules.
- Under promise and over deliver: Focus on exceeding client expectations to build long-term relationships and secure repeat business. Consistently delivering high-quality work will set you apart from competitors.
- Start small to demonstrate your skill: Offer potential clients a small project or trial engagement to showcase your expertise without requiring a significant commitment. This approach can lead to larger, long-term contracts.
- Get your schedule and deliverables well defined: Clearly outline project timelines, deliverables, and expectations in writing to avoid misunderstandings and scope creep. Address any changes or additional requests with transparency and professionalism.
- Write a boilerplate proposal: Develop a template proposal that highlights your qualifications, experience, and approach to consulting services. This standardized document can streamline the proposal process for new clients.
- Avoid long legal contracts: Keep client agreements straightforward and focused on key terms related to project scope, fees, and deliverables. Minimize complex legal language to simplify the contract negotiation process.
- Don’t drag on with unhappy clients: If a client relationship becomes unproductive or contentious, consider ending the engagement gracefully. Focus on maintaining positive relationships and seeking new opportunities for growth.
In conclusion, preparing for success in the consulting industry requires careful planning, dedication, and a commitment to delivering exceptional service to clients. By following these tips and adapting to the evolving needs of your clients, you can build a successful consulting business that fulfills your professional goals.
To kickstart your consulting business journey, consider creating a comprehensive business plan. Our business consulting business plan example and free template can provide a solid foundation for your strategic planning efforts.
About the Author:
Tim Berry is the founder and chairman of Palo Alto Software, with a wealth of experience in business planning and entrepreneurship. With a background in business and a passion for teaching and blogging, Tim shares his expertise to help aspiring consultants achieve their goals.