Make a good start on your journey as a consultant by saving and planning.

Have you ever thought of going into consulting? It’s a fine idea. Consultants often have highly lucrative careers. Yet, many of those who attempt to leap into the profession don’t make it; they attempt to start a consultancy and fail miserably. Why?

Usually it’s because they didn’t make a strong start. If you want your business to succeed, you’ve got to take a few key steps. First, you must ensure you’ve got the time and money that your business needs to get off the ground.

It takes about six to twelve months to get a consultancy up and running, and this time must be entirely devoted to consulting. During this period, financial rewards are usually meager. But by setting enough money aside to keep yourself afloat, you can make it through this tough initial stage without a hitch.

To be able to save enough funds in the first place, you’ll need to plan ahead. Reduce your monthly expenses as much as you’re reasonably able to, and calculate how much money you’ll need to support yourself for a year. Then, based on your estimated needs, establish a fund for that year. Possible sources include home equity, savings, credit lines or family.

As you establish your business, the planning doesn’t stop. The key to dealing with time pressure is prioritization. The most effective way to prioritize is simple: make a list of all the tasks, professional and personal, that you need to accomplish. Then, complete each one when you’re in the best mood or position to do so.  

Another great way to lighten your workload is by delegating as many tasks as you can. If there are tasks on your to-do lists that will take up vast amounts of time, or if they require skills you lack, then pass them on to someone you trust.

And then there’s the material aspect of your consultancy. Find out more in the next blink!