Creating a successful consulting practice requires a combination of strategy, tactics, and the right mindset. To get started, it's essential to recognize that consulting involves multiple tasks and that you must manage your time and resources wisely. Utilizing a CRM and pipeline can help you monitor your progress and comprehend your “flow of leads”. When deciding on the type of consulting business you want to build, it's important to select the correct model for you.
The product-based consulting model is ideal if you want to create a business that scales, create a saleable asset, and move away from daily work. In addition to the basics of setting up an LLC, getting a lawyer to draft an appropriate consulting agreement, and managing payments and invoices with software like Dubsado, networking is also essential. Starting a consulting business offers the opportunity to create more freedom, wealth, and impact than traditional employment. By creating successful projects, you can build a reputation, acquire more projects, and establish a successful consulting practice.
Your ideal customer is the foundation of your business, so it's important to identify who you serve and how you add value. The consulting company model is ideal if you don't want to focus on “daily work”, create a business that works without you, or sell it one day. On the other hand, the individual consulting model is not right for you if you intend to sell your business (because you are the face of the company) or don't like the fact that if you stop working, it will be difficult for you to generate income. Consulting can be feast or famine, so it's important to be financially comfortable with downtime. This book provides guidance on each step of creating a successful consulting practice, from understanding how to acquire and execute projects to learning how to start a consulting business based on data from real consultants.