Here's how you can navigate the key factors when starting your own consulting business.

Understand the ecosystem and the challenges. Find your niche, basis your experience, expertise and exposure. Keep building your own knowledge base and skillset to provide solutions. Communicate with potential market stakeholders (cold calls) Pitch to the potential stakeholders When you get the pitch, make the very best of the opportunity. Get the job done Celebrate the wins Blow your trumpet so that you can attract more clients

I have a methodology that goes by like this: -Study your future customers and find their pain points. - Use some market research and economic intelligence to understand the global trends and how you can fit in your vertical or industry . -Analyze what is already offered by other players on the field to identify all the gaps you can adress. -Build your solution or product. Work on it so that it answers the needs you have previously identified. - Discuss a lot with the customers, with professionals and experts to improve and iterate your services

You don't need to choose, you need to adapt. Fast. Get used to jump from the small pond to the oceand and vice versa. Then, you really bring value.

Find your niche: Identify your expertise and what problems you solve. Research market needs to ensure your skills address real pain points. Craft your offerings: Define specific services you provide, packaging them into clear packages for clients. Set your rates & legal stuff: Research standard rates in your niche and consider your experience. Register your business structure (sole prop, LLC etc.). Build your online presence: Create a website showcasing your expertise and services. Leverage social media to connect with potential clients. Network & market: Connect with potential clients through industry events, online communities, and past contacts. Offer valuable content to establish yourself as a thought leader.

The biggest villain is FOMO. Despite knowing the importance of defining a niche, many consultants hesitate due to a "fear of missing out". They worry that by having a narrow positioning they'll miss opportunities in other markets. However, experience shows that sharp positioning brings lots of benefits: → Authority and Recognition → Focused Marketing Efforts → Competitive advantage → Higher Profit Margins Especially for beginners: the niche protects you.

Plan for the next three to five years by considering how you want to operate. Decide whether to retain all equity, share equity, or bring in more partners. Prepare a list of key decision points and evaluate each option thoroughly to determine the optimal structure for your business.

Carefully consider if you plan to take on investors, additional partners down the line, or plan to sell the company vs keep it as a lifestyle business. Each of those benefit from a different business structure, and each business structure has variations in requirements such as if a board is required, etc.

When choosing your setup, understand well what tax implications your jurisdiction has for companies. Don't get fooled by easy registration steps in some jurisdictions, their taxes may bite you sooner than the registration!

What licenses are necessary to operate a business legally? What are the general business licenses required? Are there industry-specific licenses needed?

Draft clear, comprehensive contracts for your clients, detailing the scope of work, payment terms, and confidentiality agreements. Additionally, consider investing in liability insurance to safeguard against potential legal claims. Keeping meticulous financial records and setting aside money for taxes will help you manage your business effectively. Consulting with a legal or financial advisor can provide personalized guidance to ensure all legal bases are covered.

Hourly rate: Consider an hourly rate structure if your services are project-specific and time-bound. Retainer fee: A retainer fee can be a good option for ongoing consulting services where you provide regular support to clients. Value-based pricing: Base your pricing on the value you deliver to the client, such as a percentage of the cost savings you achieve for them.

The most suitable strategy is 1. Starting from Hourly rate for the baseline analysis of the certain project 2. Analyze the client's needs to a. Project-based pricing upon confirmation and confidence b. On-going support to improve

The Time & Material method is the most commonly used in the PS industry to bill customers for a standard labor rate per hour + the actual cost of materials used. Works well, as long as sufficiently competitive prices are set and an appropriate utilization rate of billable hours is maintained. Otherwise, the amount of revenue generated may fall short of covering the cost of running the business, resulting in lower profitability. The Fixed Price method defines the service to be provided very specifically, and then sets a single price for the project, regardless of how much T&E is incurred in completion of the work being performed. Fixed fee contracts might be calculated by using a commonly used method: 'percent complete' or 'on completion'.

Establishing an hourly rate structure for a consulting business involves careful planning. Start by researching industry standards to understand typical rates for your expertise and location. Factor in your experience, skill level, and unique value. Calculate your desired annual income and divide it by the number of billable hours you can realistically work, accounting for administrative tasks and marketing. Include overhead costs like office expenses, insurance, and taxes to cover all business expenses. Clearly communicate your rates to clients, outlining what is included to avoid misunderstandings. Regularly review and adjust your rates to reflect your growing expertise, market changes, and increased demand.

Fijar un precio adecuado es vital para equilibrar el costo y el beneficio. Una estrategia actual es la "fijación de precios basada en el valor", centrada en lo que los clientes están dispuestos a pagar según el valor percibido. Un precio justo cubre los costos, asegura una ganancia razonable y es asequible para los clientes, evitando afectar significativamente su bolsillo. Así, las empresas maximizan utilidades sin alienar a los consumidores y logran promover la fidelización de sus clientes.

While your expertise is essential, you also need to be able to market your services effectively and sell your value proposition. Develop a strong personal brand, create compelling marketing materials, and hone your sales skills. Remember, consulting is a service business, and you need to continuously attract new clients to sustain and grow.

By target the market, building a strong online presence, leveraging content marketing, networking, and continuously monitoring and adjusting your strategy, you can effectively market your entry-level consultancy and attract clients. Consistency and value-driven interactions are key to establishing your reputation and growing your business.

Creating a marketing plan for an independent consultant involves a strategic approach to identify and reach your target audience. Start by defining your niche and understanding the needs of your ideal clients. Conduct market research to identify competition and differentiate your services. Set clear, measurable goals such as increasing brand awareness or generating leads. Develop a multi-channel strategy that includes a professional website, active social media presence, content marketing, and networking at industry events. Use testimonials and case studies to build credibility. Establish a budget and timeline for your marketing activities, and regularly evaluate your efforts to adjust strategies based on results.

La inteligencia artificial (IA) hoy en día puede intervenir en el plan de marketing de una empresa logrando optimizar diversas áreas clave. Puede analizar grandes volúmenes de datos para identificar patrones y tendencias de consumo, permitiendo una segmentación más precisa del mercado y personalización de campa?as publicitarias. La IA puede mejorar la automatización del marketing, gestionando tareas repetitivas y liberando tiempo para actividades estratégicas y comerciales. Puede predecir el comportamiento del consumidor, ayudando a ajustar precios y ofertas en tiempo real. Esto resulta en decisiones más informadas, mayor eficiencia, mejor experiencia del cliente y, en última instancia, un aumento en las ventas y la rentabilidad.

When evaluating the use of tools, consider an industry-specific PSA Cloud solution on Salesforce, combined with a Sales Cloud CRM, as THE single source of truth for professional services firms, providing a powerful alternative to numerous separate tools. It creates and optimises the operational framework for professional services sales, resource management, project planning and execution, time tracking, billing, analytics and reporting. It is purpose-built with configurable OOTB functionality specifically for the unique needs of the professional services industry to optimise and automate the lead-to-cash processes. PSA applications help professional services firms manage client engagements throughout the entire project life cycle.

Project management tools: Utilize project management software to streamline communication, track deadlines, and manage client projects efficiently. Accounting software: Invest in accounting software to manage your finances, track income and expenses, and generate invoices for your clients. Time tracking tools: Consider using time tracking tools to accurately bill clients for your time and ensure efficient project delivery.

Evaluating tools as an independent consultant involves assessing functionality, cost-effectiveness, and compatibility with your business needs. Identify core tasks such as project management, communication, time tracking, and financial management. Research various options, comparing features, user reviews, and pricing plans. Prioritize tools that integrate seamlessly to streamline workflows. Consider scalability to ensure tools can grow with your business. Utilize free trials to test usability and performance. Also, factor in customer support and training resources provided by the vendors. A thorough evaluation ensures you select tools that enhance productivity and effectively support your consulting business.

Don't try to earn all the money of the world from your client, have a respect to their budget. AND be honest with your clients.

Nurturing client relationships is pivotal for long-term business success, especially when you are building a career as a consultant. To build and maintain strong relationships, prioritize consistent and open communication, ensuring clients feel heard and valued. Provide personalized service by understanding their unique needs and preferences, and deliver on promises with reliability and efficiency. Regularly seek feedback to improve your offerings and demonstrate your commitment to their satisfaction. Additionally, showing appreciation through gestures like thank-you notes can reinforce positive connections. Building trust through transparency and integrity will foster loyalty and encourage clients to advocate for your support.

Relationships with customers should not be seen as projects. You learn a lot more about organisations and people when you plan and come together in the long term. A long-term partnership should be purposeful. However, the monetary aspects should not be the incentive for this. Rather, you learn much more from long-term partnerships in consulting. You benefit from each other. It's a constant give and take. Sometimes this not only results in a useful network, but in the best case also in friendships that go beyond everyday business.

Building strong client relationships hinges on value exchange; the more value you provide to your clients, the stronger and more enduring the relationship will be.

Understand well your strengths and make sure you offer them in the market where your expertise will be valued. For example, if you offer compliance services and the country where you setup your business is far away from compliance matters, look for another jurisdiction!

Stop - before you do anything - read this. 1) Are you good in selling? - if you have own consulting firm selling is top thing you must master, 2) Are you expert in something where is high demand? - for example if you are data scientist with experience and certifications, you will be in high demand. But if you have a generic skills like “strategy” this will be hard in case you are not retired BIG4 Partner who doesn’t need money and can charge very high amount of money as hourly rate, 3) Are you ready for WAITING? - self employment is about VERY LONG WAIT for other people, it’s frustrating, and if you have a family dependent on you or other money demands, it’s super stressful, are you really ready? - if you said no to above - find perm job.

Starting a consulting business requires careful planning and consideration of several key factors. In my opinion, here is a roadmap to navigate through them: 1. Find Your Niche: Define expertise and target market. 2. Research Market: Understand demand and competition. 3. Plan Your Business: Outline services, finances, and strategy. 4. Legal Setup: Register and obtain permits. 5. Build Brand: Create a strong, reflective brand. 6. Network: Connect with potential clients. 7. Price Wisely: Set competitive pricing. 8. Market & Sell: Promote and convert leads effectively. 9. Focus on Clients: Deliver quality and build trust. 10. Manage Finances: Track expenses and income. 11. Keep Improving: Stay updated and learn from experiences.

Focus on thoroughly understanding the client's issues, as identifying the correct problem is often the key to finding the right solution.

Before focusing on client needs, it is important to identify the value you can provide as a consultant. This includes recognizing your unique knowledge and skills that set you apart from others. By doing so, you can identify the specific market you want to address and establish yourself as an expert. This self-awareness is the first step in understanding how you can best serve your clients and meet their needs effectively.