Getting Started in Consulting Book Summary - Getting Started in Consulting Book explained in key points

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Getting Started in Consulting summary

Name: Getting Started in Consulting
Rating: 3.6 (34 reviews)
Author: Alan Weiss

Alan Weiss

Get a Head Start in the Lucrative Consultancy Business

3.6 (34 ratings)

18 mins

Topics

Entrepreneurship Marketing Branding

Table of Contents

Getting Started in Consulting
Summary of 8 key ideas

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What’s in it for me? Take the first steps toward getting into the lucrative consulting market.

Would you like to run your own business? To be your own boss? Work from home, maybe? Well, most people do. In order to achieve these goals, more and more people are thinking about becoming consultants. Consultancy allows you to use your expertise, while also giving you the freedom to decide whom you want to work for.

And yet, many of those who get into consultancy fail, never managing to get their fledgling businesses off the ground. By reading these blinks, you’ll learn how many people go wrong, and what you can do to avoid similar mistakes. If you follow the expert advice below, you’ll stand a much better chance of making your consulting business a success.

In these blinks, you’ll discover

how much money you need to save before starting a business;
what you can do to beat the tax man; and
why you should never, ever get paid based on working time.

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!

To establish your firm you’ll need an effective working environment.

If you’ve worked out how much you need to save for your first year and you’ve prioritized your time, then it’s time to get your consultancy going! This means finding a place to work, and some equipment to work with.

As a consultant, you have many different workplace options, and each has its pros and cons.

Clearing up legal and organizational questions is integral to establishing your business.

Any budding entrepreneur needs to have some tax savvy. If you want to avoid extra costs (and stay on the good side of the law!) then it’s time to start learning.

Finding your company’s tax status is the first challenge. As this can get very complicated, your best bet is to consult a professional. However, there are a few things you can do before you seek advice.

In order to attract clients, you need to network, market and even do work for free.

With your business newly established, you’re ready to start working with some clients. But where do you find them? Remember: A consultant doesn’t call potential buyers to sell them a service. Consultants get called by buyers who want services. If you want customers, your name needs to be out there, and to achieve this you’ll need to start marketing.

Begin by preparing some basic promotional materials; these are the building blocks of your marketing campaign. Your press kit should include the following: the results your clients can expect; a small biographical blurb mentioning relevant successes and listing references; and, finally, an outline of your area of expertise.

Powerful branding means getting your voice online and in the media.

No matter what type of consulting you do, you’ll face stiff competition from rivals. So how can you get an edge? By building yourself a brand.

An official website and social media are great tools for boosting the presence and popularity of your brand. By establishing a credibility website, you’ll have an online presence that demonstrates your company’s professionalism. It should feature a clear image of yourself, a succinct explanation of what you do, what your services are and how clients will benefit from your guidance.

Close a deal with a client by being perceptive, patient and flexible.

Say you’ve followed the advice in these blinks and a client, interested in the services you offer, has reached out to you. How do you convince her that you’re the person to sign with?

First, when you’re presenting your proposal to these kinds of people, you should always be sure to provide lots of options as part of your services. The more options and extras you offer, the more opportunities you’ll have to increase profits.

Base your fees on your expertise, not your labor hours or results.

Lots of consultants that do fantastic work simply don’t get enough money for the effort they put in. Why? It comes down to some basic errors in how they establish their fees. So how do you avoid this in your consultancy?

First, be very clear about one thing: you are selling your services, not your labor power. When establishing fees, do not charge for the amount of hours you put in, but for your expertise in the field. By setting an upfront fee, you’ll free yourself from the temptation of working longer to boost the bill.

Once your consultancy is established, you can start growing your business and yourself, too.

After all the hard work of setting up your business, you shouldn’t just sit on your laurels. Once your consultancy is a success, you’ll need to manage it, consider hiring some collaborators, boost income and start choosing your clients more carefully. But how do you know if your business is doing well in the first place?

Well, it takes at least three years before you can evaluate whether your business is successful. So what are the criteria? First off, you receive more business by passive marketing (word-of-mouth recommendations and so forth) than through active solicitation. Returning clients constitute about 75 percent of your business, while new relationships comprise a mere 25 percent. You have time for at least two weeks’ vacation per year, and the running of your practice doesn’t require 24/7 attention. Finally, you can afford to reject clients without threatening your reputation or income.

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What is Getting Started in Consulting about?

Getting Started in Consulting (2009) is the go-to guidebook for budding consultants. From finding your footing and learning about legal matters to mastering the dual art of marketing and branding, these blinks outline every step on your journey to building a strong consultancy firm – and maintaining it, too.

Who should read Getting Started in Consulting?

Experts interested in a lucrative career change
New consultants seeking time-tested advice
Established consultants looking to polish their skills

About the Author

Alan Weiss is the founder of Summit Consulting Group and has penned more than 50 books, including Getting Started in Consulting and Million Dollar Referrals. In addition to being named among the National Speaker Association’s top one percent of the world’s best public speakers, he has also consulted for innumerable companies, consistently earning more than $1 million per year.

[Alan Weiss: Getting Started in Consulting] copyright [2009], John Wiley & Sons [Inc. or Ltd. as applicable] Used by permission of John Wiley & Sons [Inc. or Ltd. as applicable] and shall not be made available to any unauthorized third parties.

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