You’ve got the expertise and contacts, what next?
It may seem like starting a consulting business is easy if you’ve already got industry knowledge, experience, and contacts, but there is more to giving expert professional advice than simply having a background understanding of business affairs. Throughout my professional years, I have worked with and owned numerous companies that have given me insight into building a killer consulting company. I have put together a list of tips for success that I have learned from my experience starting up a consulting business to shed some light on how it is done.
1. Exploit knowledge gaps and fill the niche
It is imperative to recognize that potential clients already have intelligent and opinionated in-house talent; what they need is an objective insight that the company doesn’t already possess. Companies seek outside expertise from consultants experienced in unfamiliar markets, problems, and methodologies. Successful consultants fill knowledge gaps that in-house people cannot. For example, my company, LINKS WorldGroup, works with many different clients who need help expanding their brand. At LINKS, we don’t just provide a report on what needs to be done, we create a strategic plan and offer a step-by-step solution to elevate businesses and brands to new spaces. As consultants, we identify what is missing, what the clients cannot see, and then we provide it.
2. Client relations comes first, never revenue
Consulting is a business based on relationships. A wise consultant knows that the secret to success is to listen before you speak. Never start off talking costs before discussing potential clients’ specific needs and goals. It isn’t common for a business to hire a consultant more than once, so your reputation is everything. It is vital to have a solid work ethic and maintain constant contact with business connections. Consultants thrive on referrals so the more you grow your network, the more successful you will be. You must cultivate your networks and stay present on clients’ radars.
3. Show off results, not capabilities
Sell yourself based on the scope of work and end results, proving your consultation as a business asset. Provide a range of cost scenarios starting with baseline capabilities and requirements, and keep potential clients focused on the lasting value that you will create, this is how to make money. You aren’t selling services; you are providing a solution to a problem they alone cannot solve without your expertise.
4. Be flexible with freelance help
No two projects are alike, and to remain relevant and successful, consultants must have a strong freelance support network available to them. Using contractors from unique disciplines and various industries gives you additional perspective and expertise for each project. Take advice from leaders in business and use professional freelancers to help minimize risk, reduce overhead costs, and better meet clients’ specific needs. Strive to expand your network of available freelancers, so you can always fill any potential gap clients may need to be filled.
5. Always be in a closing mindset
To be a successful consultant, you must devote just as much time to meet and acquire potential clients as you spend performing assigned tasks from existing partnerships. As mentioned earlier, relationships are the priority. There are thousands of established, independent companies competing for business; therefore people are investing not so much in services as they are in your overall persona and vision. Stay on top of potential partnerships, while catering to existing clients. Show off what you have done with testimonials and case studies proving your powerful business perspective and just what makes you stand out from other consultants.