3 Mistakes That Will Kill Your Consulting Business

Are you constantly looking for ways to improve your consulting business? However, especially for new consultants, if you're making any of these mistakes, you may sabotage your success.

Read on to find out what they are and how to fix them.

Mistake No.1 - Unable to Identify Your Niche

Selecting a niche is an essential step in becoming a successful transformational consultant. It allows you to focus your attention and expertise on a specific group of your target audiences, making it easier for you to help them achieve their desired results.

Let me give you an example of tax consulting in Singapore.

You can be a tax consultant but precisely what is your specialization.

You can identify your niche based on the different types of taxes - direct tax planning (e.g., personal income tax and corporate income tax); indirect tax planning (e.g., Goods & Services Tax and customs duties).

You can identify your niche based on the different industries - e.g., Telco tax planning, FMCG companies, and tax planning for pharmaceutical companies.

You can identify your niche based on the different types of tax services - routine tax compliance services, tax structure planning, tax on mergers & acquisitions, transfer pricing, etc.

When choosing a niche, evaluating your skills and passions is essential. It would help if you found a niche you're passionate about. You want to see yourself doing it for years and need the skills to work with that niche.

Once you've selected a niche, you can begin developing transformation processes and marketing campaigns explicitly targeting your clients' needs. You can create a rewarding and sustainable consulting business by helping your clients make transformational changes in their businesses.

Another tip is ensuring you do your research before committing to a niche. You want to ensure that there is a demand in the market for what you're offering. There's no point in trying to serve a niche if there's nobody to serve.

Remember that you don't need to be stuck with your niche forever. You can always change it if necessary, although it's usually best not to switch things up too much.

Ultimately, you want to make sure that you're happy with the niche you choose so that you can provide the best possible service to your clients.

Mistake No.2 - Unable to Position Yourself as an Expert in Your Niche

Practice does not make perfect. It makes permanent. If you want to be seen as an expert in your niche, you need "Repetition."

This means that you must consistently show up as the expert by writing and speaking about your niche daily. This helps your potential clients remember you and your message. And, of course, when you are constantly helping your existing clients solve their business problems, they will start to see you as the go-to person for advice and solutions in the future.

If you can build a reputation for being reliable and helpful, other people will begin to trust you as an expert in your field. So, if you want to be seen as an expert, remember the word "Repetition."

Consistency is vital when it comes to sharing your message with the world. Your audience wants to know that they can rely on you to show up and provide value around the topics that matter to them.

That's why it's essential to create a content calendar and stick to it. This will help you stay focused and avoid overwhelm. When it comes to the type of content you share, mix things up and use a variety of written posts, stories, live videos, and case studies. And finally, when you're first getting started, I recommend sticking to one platform until you've built an audience and have a strong voice. This will help you create a solid foundation before expanding your reach.

Mistake No.3 - Not Being Patient to Build Relationship

Business and Sales are not only a numbers game. It's a people game. People are the bread and butter of any business. It would help if you established relationships with people to create a successful business. The best way to build a relationship is by showing up for them regularly and being there to help solve their problems.

The biggest mistake I see new consultants make is to sell their services straight away. For instance, a few days ago, I received a connection request on LinkedIn from one of my second-level connections.

What do you see in this message?

• First of all, it's based on a script. Please don't ask me how I can tell. It's very obvious to me, and incidentally, I know several LinkedIn marketing coaches are teaching their clients to create such script as a reason for making a connection on LinkedIn.
• Second, this gentleman did not do proper research. The fact that he said, "I came across your profile and noticed you're a Coach," is a mistake because my profile has never suggested that I am a Coach.
• Third, each paragraph of this message starts with the first person words "I" and "We." It's a message about him.

When you make similar mistakes by selling to someone you haven't met straight away, you can expect they will block or ghost you.

How can this gentleman do better? Talk like a human being, ask questions, and build relationships first. If you want to be treated like a human being, are you communicating with others like a human being or a robot?

You will be well on establishing a successful business by establishing trust and rapport.

*****

Thank you for reading this newsletter.

If you're a consultant and can't get clients, consider your offer, choose a niche, or anything else above. Leave a comment below with your biggest takeaway or any questions you might have.

Jack HM Wong

Taxpreneur & Professor in International Tax

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