Everything you ever wanted to know about consulting - a practical roadmap for aspiring entrepreneurs
Seismic changes occurring in the workforce are leading to more and more people entering the world of contract, freelance, and contingency work. Rapid changes in demographics and advances in technology have led companies and talent to engage in profoundly new ways and consulting is one of the keys to success.
The New Business of Consulting is authentic and practical, and shares the knowledge and skills required to start and grow a successful consulting business. From how to make a smooth career transition, to how to determine a consulting fee, to how consultants inadvertently create a bad reputation, it covers everything you need to know to thrive and flourish in this competitive field.
- Covers contemporary topics, such as how to achieve success in the gig economy
- Discloses a reliable technique to land the clients you want
- Presents options to help you balance your life and your business
- Prepares you for naming your business, managing critical financial issues, and building a client relationship
- Shows you how to take your income and impact beyond working as a solopreneur
The crucial start-up days of a consulting business may be frenetic and fraught with questions. This new edition provides sanity and answers all the questions. It includes practical tools, templates, and checklists that you can download and implement immediately.
Table of Contents
Exhibits and the Companion Website xi
Foreword xv
Acknowledgments xix
Introduction xxi
One So You Want to Be a Consultant 1
What Is Consulting? 3
Why Consulting Now? 4
Four Ways to Get Started 10
Myths About Consulting 17
Realities and Rewards of Consulting 22
Just What Are You Getting Yourself Into? 23
For the Consummate Consultant 29
Two Talents and Tolerance 31
Your Skills for Success 33
Roles You May Play 40
Signs of a Mediocre Consultant 42
Your Personal Situation 43
Caution: Business Owner Ahead 45
Entrepreneurial Characteristics 45
For the Consummate Consultant 50
Three Dollars and Sense 51
How Much Income Do You Require? 52
How Much Should You Charge? 56
Selecting a Pricing Structure 64
Other Pricing Decisions 68
Other Charges 70
Fee Increases 71
Ethics of Pricing 73
Money Discussions 75
Value of a Guarantee 76
For the Consummate Consultant 77
Four Starting . . . 79
Why Some Start-Ups Succeed and So Many Fail 81
What’s in a Name? 82
Selecting an Accountant 86
Selecting a Legal Entity 87
A Business Plan to Guide You 89
Plan to Use Your Business Plan 95
Start-Up Costs 100
Finding Your Niche 102
Your Image Is Everything 105
Experiencing the Experience Maze 108
For the Consummate Consultant 113
Five . . . And Staying in Business 115
Marketing from Day One 117
Creating Your Marketing Plan 118
Using the Internet 128
Surprising but Practical Th oughts on Marketing 131
Tactics for Low-Budget Marketing 136
Contacting Potential Clients 141
Proposals Lead to Contracts 148
Why Would You Refuse an Assignment? 150
For the Consummate Consultant 151
Six The Cost of Doing Business 153
Keeping Records for Your Consulting Business 155
Watch Your Cash Flow 156
Track Your Expenses 164
Set Aside Petty Cash 172
Charge Your Client 175
Project Revenues 179
Deal with Bad Debts 179
Keep an Eye on Your Numbers 181
For the Consummate Consultant 186
Seven Building a Client Relationship 187
Relationships: It’s Why You’re in Business 189
The First Meeting 191
Four Phases of Building a Client-Consultant Partnership 193
Adding More Value 204
How Many Clients Do You Need? 211
How to Improve the Relationship Continuously 211
It’s the People 214
Maintain the Relationship Aft er the Project 215
Ensure Success 216
For the Consummate Consultant 218
Eight Growing Pains 219
Adding People 221
Growing Without Adding People 238
Expand Your Geographical Market 247
Doing Everything You Can to Grow Your Current Business 249
For the Consummate Consultant 253
Nine The Ethics of the Business 255
Consultant to Client 258
Consultant to Consultant 265
Client to Consultant 269
Parting Ethics Shots 270
For the Consummate Consultant 272
Ten Exude Professionalism 273
Competencies to Boost Your Consulting Success 275
Continuing to Learn 286
Balancing Your Life and Your Business 289
Managing Your Time 291
Giving Back 297
For the Consummate Consultant 299
Eleven Do You Still Want to Be a Consultant? 301
A Week in a Consultant’s Life 304
Visualizing Success 316
Taking Action 317
Get Ready, Get Set . . . 318
For the Consummate Consultant 324
Appendix 325
Helpful Resources and Links 325
Reading List 327
About the Author 331
Index 333
