7 Essential STEPS to Consulting to Start Your Own Consulting Business

okay so you’re thinking of starting your ownmanagement consulting business well various kinds of what do you do what are the steps to make whatshould you do firstly I’m gonna pace you through how I did it coming right up okay so I reckonthere are basically seven key steps to getting your own management consulting business startedand what I’m going to do is share this free report with you and in there I describe those sevensteps steps in a lot more detail so number one firstly establish what works that you’regoing to be able to provide and how you’re going to differentiate those so irrespective of what typeof consultant you are you know whatever area that you’re providing advice in try to think aboutwho else is doing that in your the enterprises and how you’re going to make love slightly differently is itgoing to be in the the methodology used of transmission is it going to be in the pricing or resourcing but tryto have something that’s a little bit different excuse me from the rivalry and that’s hard inmy seat I’m in afford bond logistics consulting there are so many participates out there there’s alot of big companies and medium-sized fellowships like ours there’s a good deal of one-man straps as wecall them sometimes it’s a little bit difficult to differentiate yourself but we try to do thatthrough our sell and through the delivery of our services and so on so what are you goingto deliver and how are you going to try and do that a little bit differently the next one steptwo and perhaps we’ll put these up on the screen behind me clearly identify your target market andhow you’re going to reach them so you’re not going to go out there with a shotgun and furnish yourservice to everybody because not everybody wants it so if I use my precedent I’m in give chainand logistics consulting I want to get out to companies who are of a rational length becausethe bigger they are the more challenge they’ve got in their equip bond or logistics and they’vegot more opportunity for me to come along and assists them save costs so generally this is the only way work withcompany about 200 million dollar turnover and above most of our consumers of 500-plus you knowI foresee multi-billion dollar companies what’s your target market maybe it’s at the other endof the scale maybe it’s smaller companies but have a really firm idea and I spoke in anothervideo about having your client avatar so what industry what immensity what kind of business are youactually going to be working for some years back and I may share this on another video I actuallycame up with kind of this hurl card sketch of our ideology both consumers and I think there was four orfive different segments on it and there were gold customers and I understood the characteristicsof them these are the ones that we want to work with and then down here with a pitch-black customersand the issue is patrons that we wanted to avoid and you know what were the characteristicsof those ones they were startups they were small they had somewhat in ill-defined needs ofwhat they wanted you know and then there was all those sort of various colors you know betweenthose so think about your patrons in that scale what kind of characteristics are your idealones on what ones do you want to avoid then you know talk about think about you’re going tobe consulting or contracting again I’ve got an earlier video about that we’ll put a link up hereor down below this path is predominantly about handling consulting so I’ll assume that you’regoing to be a management consulting and another contractor work out what business structureyou want now by business structure it’s going to depend where you are in the world and thelegalities of setting up a business but here in Australia we can have you know a sole traderthat’s one of the simplest forms of business you can have a proprietary restriction busines I think inthe Regime that’s probably the same as an LLC it’s basically restriction your liability you can havejoint undertakings simply a couple of words on that when I started my first consulting business I hada 50/50 spouse which worked immense for a number of years and we had complementary skill sets and itwas terrific and we developed the business really well but after a few years we kind of wanted to go ourseparate behaviors so just leave I objective up buying him out and I continued on my own with the company sowhy do I mention that we’ll speculate onward so if you’re starting up with someone else mull nowwhat if that person leaves you know how will we do that divorce if you like because you’ve gotto think about it now not when it happens it’s like having a prenup you know and we’ve thoughtthrough all of that and you know if one needles how would the other buy the other one out and it wasall extremely friendly so you need to think about the business structure and the share possession I’ma funny story on that there was we needed some consultant admonition I won’t say what in our firstyear of trading with our consulting business and we couldn’t afford to have this expert on board sowhat I what I said to him was I’ll give you 30% of the profits you know to act as this specialistadvisor and you know that was a great idea I was going to get the advice for nothing and 30% of theprofits in year one probably wasn’t going to be much to write him out a huge check at the end ofyear one so again you are familiar with I informed the committee that exactly because you know expect your business is going togrow what if it starts this big or this big or this big you know when you’re thinking of structure andhow you’re going to payoff people excuse me then start thinking about all the additional resourcesyou’re going to need step 5 where are you going to work from what gear you’re going to need andit’s pretty easy these days with remote operating you are familiar with I started off in my back bedroom I workedthere I conclude for probably the first time and then I moved house and I had our purpose-built officeunderneath my house which is great like this 50 square metre office I had staff coming in thereto work and then as we got bigger around and needs get bigger of course but think about you knowwhere are you going to work from what material you’re going to need what “re going through” all yourbudgeting and in this in this report I’ll give you a link to all of the budgeting and trash is inthere as well a funny thing about your assertions a lot of parties you know struggle when they’restarting a administration consulting business one thing with what to call it and I’ve got a videoon that so we’ll articulated a link to that but the other thing is you know what’s her bureau dress going tobe is it about to become a P o carton or you know is it going to be some out-of-town suburb which doesn’tlook that professional well when we started our first business in 1997 which is still going reallywell now we decided that we wanted to have a city on address a CBD central business district addressnow plainly we couldn’t open that and back then in 1997 there was a new notion coming onboard which was serviced policemen they weren’t very common then now you got serviced parts andshared acting spaces and all kinds of things and so we had our place address if you’re like wasright in the middle of Sydney on the top floor of one of the most prestigious houses and thatwas great you know and we had our “weve had” our our phone being answered there and now that was ourmailing address and so we seemed you know actually professional and top-notch a kind of backfired onus we’re still there by the way 23 years later but it was funny because a good deal of clients would sortof start whoa top floor of the MLC so no that must be costing a luck you know and they’re goingwell you guys must be expensive and I was having to counter it and say no now that we get like onesquare meter and 150 th of a receptionist you are familiar with and they say oh that stirs smell so it flippedyou know they actually thought well that was being frugal that was that’s great you know we’renot paying for these conception premises and 23 years later there continues to do the same thing so I’m actuallyin our out-of-town office here in our studio and our out-of-town office but our central businessdistrict parts are all that serviced bureau complex and we’re in a number of metropolis nowwe’re in Sydney and Melbourne and Brisbane and Perth in Australia Auckland New Zealand Bangkokin Thailand so Chi Minh City in Vietnam and so on and the Philippines and we use that that thatsystem and it makes really well and then because we’re a management consulting business we don’thave lots of beings sitting in the position all the time they’re all out with patrons we just operatewith a smaller back office physical place and that can be in an out of town area so thinkingabout your resources that’s one road to do it and I just mentioned something else the reasonthat we exited for that serviced office sentiment and and this I think it’s so important when you’restarting up a conduct consulting business doesn’t matter you know if you’re doing thisin 2020 2030 whatever when someone calls your business a physical party needs to answer thephone now when you’re starting up on your own there was two of us when we started we were outand about on our cell phones you know we needed an office phone that was going to be answered andthat’s one of the reasons we went with that that serviced bureau now we have a huge sort of backoffice admin set up with you know virtual telephone number and all kinds of things but you know whenyou’re starting out there is nothing worse than a consumer resounds you and they get a voicemail pleasedon’t do that you need someone refuting the phone you know voicemail just sounds mmm one-man-bandnot available you know next thing so that’s all the additional resources so you know what supportdo you need again I’ll situate all that in this report number six is preparing an outline business planthat is really important it was interesting the outline business plan that I have in this reportthat you can download there’s actually a sheet in now with our busines arrangement and funnily enoughI’ve kind of looked at this about ten years into the business and I mulled gee that’s actually acompany design so what why is this important so I reaped the structure of the business that I wantedto grow into and of course there was only two of us when we started so there were two epithets in allthe boxes but it was a really interesting process and then gradually you know other people’s nameswere put in those cartons as we stretched and more beings came on board so you’ll see that in that reportand likewise you know how to do the budget and all that kind of stuff so I’ve lost my sheet now so thebusiness design truly important financial elements of that business plan absolutely vital and onanother video I has spoken about how much you should pay yourself that should be an absolute minimumin the first year or two I employed a link to that one or up here so you can see that one make sureyour financial goals are in that business plan and actually stick with it and then of course you needyour marketing plan so much easier these days 95% of our marketing is online as you’re starting outyou can be doing a good deal of that yourself and then maybe you’re going to need some extra resourcesagain we’ll talk about that in a future video but think about how you’re going to reach in thatmarketing hope where are your ideal clients where do they hang out how are you going to reach themand you can reach them so cost-effectively these days and you’re almost at zero cost but don’tchase every bright burnished objective it’s one thing that I would say and I have a habit of doing thateven now 23 years later so by that I mean you know have one website that’s really good with a bloghave one LinkedIn profile that’s really good and being used over the years mine most sort of socialmedia presence has stretched a bit I contemplate I’ve now got 20 websites 8 or 9 blogs you know I’m onLinkedIn I think there’s about 8 firm sheets on my LinkedIn profile there’s several social mediaaccounts and so on that needs a lot of resource to feed it you don’t need that you know in the earlydays simply an internet site and a blog maybe a YouTube channel good LinkedIn profile if your targetmarkets on LinkedIn maybe it’s on Facebook so but a very tight marketing plan this is something that I’mgoing to do and it’s stick with it you you’ve got to be doing that you know week after week after monthafter month and make sure that you’re stop your presence out there because one of the biggestchallenges when you start your own management consulting company is its you and you alonevery often and you know Monday to Friday your most crucial priorities are chasing down newclients and servicing the customer that you’ve got and if you’re anything like me weekends is whenI did the bookkeeping when I caught up with the marketing and so you can’t be doing too much youknow don’t spread yourself extremely thin and again on a last-minute video what I’ll do is talk about what’s theterm I’m looking for productivity so you are familiar with and that’s related to pricing your work for clientsand so on you ain’t going to be billing every day of the week you can’t you’re probably going tobe billing 60 or 70 percent of your time because the rest of the time you know you’re doing salesyou’re doing market that admin and so on you can bill I have billed 100 hours in a few weeks almostkilled me but you know you need to be sensible about how you’re allocating your time and yourresources okay so I’ll employ a join below to where you can get that that handy guide seven stepsto get your business started we’ll left open there for this week if you obtained this interestingor if you’ve got any questions do observation below I’ll try not to those all myself do share likeall of that helps encourage us to heartens us to produce more content if you’re not subscribedhit that agree button you’re mad I’m gonna be sharing everything on now and also thumped thatBell because then you’ll get apprise when brand-new videos come out and we bring out every Wednesdayso thanks for watching and I’ll see you next week

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