You're starting a consulting business. How do you avoid the most common mistakes?

It’s important to make a self analysis and understand your liabilities first. What are your assets ?Do you have enough success stories to back you to be able to profess and advice others ? Focus on the above ,hone your skills and create a positive impactful play of niche solutions that your clients can soak up to build their business

It’s important to position your profile in the right segments. If you do and if you use the right methods to market yourself proactively,you are on your way to bag the first few assignments It’s important that you make the Client fully aware of what he can expect from your assignment Sign off on the expected outcomes and success factors The Clients dynamics and expectations may also change during the project ,factor this and be flexible with your solution,advice and approach

Word-of-mouth referrals is the best type of marketing you can get as a consultant. The mantra here is "do not chase; attract". Focus on delivering high-quality work and excellent customer service. Through the kind words of your former clients, new clients will come to you. Within a short space of time, you can significantly expand your network. Additional ways of building your network early on is pro-bono work and contributions. This could be agreeing to speak at events relevant to your niche, or volunteering your services to organizations in need. By giving your time and expertise without expectation of immediate return, you will be planting seeds of goodwill for the future while getting your name out there.

Together with investing in and enhancing your skills, it's crucial to recognize the limitations of your expertise and know when to seek assistance from experts in specific fields. This approach acknowledges the importance of leveraging diverse skill sets and specialized knowledge to deliver optimal results for the project. Moreover, understanding when to seek expert opinions demonstrates humility and a commitment to delivering high-quality outcomes. It's essential for the entire team to embrace this perspective, fostering a culture where seeking expertise outside one's domain is viewed as a strategic move rather than a sign of weakness.

Learning is always a new constant.It needs to be a proactive attempt ,one cannot dwell on the past learning’s and accomplishments and look at upgrading themselves constantly You need to be relevant! Remember the Client is paying good money and time for your services. You need to be able to make sure that your skills and advice are sincerely appreciated for your own Consultancy to grow

Moving from a decade long career in sales and strategic roles under employment, when I ventured out as a freelance Independent consultant, this was the biggest challenge for me because of the uncertainity and increased expenses for all the tools and marketing. I feel comfortable with putting data on excel and that's what I did and started the planning all finances. As a finance guru would say, expenses are to be paid at the earliest and you don't know when invoices would get cleared, so make sure to have multiple layers of reserve funds for different contingencies.

Your client stress is not your stress. You do not have to make happy every client (because is not possible). Do not your personal phone, they "eat" you alive.