So, you want to make a break and start working for yourself?
Setting out and making a name for yourself is a great way to earn a living, as well as setting you up to leave behind a legacy for your family to come.
But, how do you go about setting up our own consulting business?
Don’t worry, in the coming words, we will give you an overview of what it takes to succeed so that you can start your journey informed and ready for the challenge.
Understanding the Risk Versus Reward Nature of a Consulting Business
Being a consultant is not a license to print money. Yes, it can be very lucrative, but you will need to put in the work.
Understanding the project-based nature of most contracting work is paramount. It is a calculated risk, with a grand reward for those that can make it.
Don’t be Afraid to Bootstrap Things When Starting Out
When starting your own company, you will most likely have limited resources. Embrace it, and understand that you do not need to have the very best of everything when you start out. A laptop and a phone are all you really need to start your own consulting business.
It’s simple. Your biggest asset is you, and the knowledge you bring to the table.
Virtual meetings are a great way to save money on office space, and if you work from home, that’s great another overhead reduction. Do you really need business cards in this day and age? If you need to meet a client, go to them. Meet at their office. It keeps your costs down and also looks very proactive on your part.
Know Your “Why”
Knowing your “why” is one of the most vital lessons you can learn as a consultant. Ask yourself why you are doing this. Why this line of work, why this project? If you understand your “why“, you can then apply it to the work you are offered.
Enjoying the work you pick up rather than taking a job just because it pays is a big step to overcome, and will ensure your love of consulting will not be tainted by the need for a payout.
Learn to Walk Before Your Start to Run
Having big plans and a 5-year vision is crucial, but when you are first starting out with your consulting business, you need to make sure you take on some smaller projects and deliver on them. Show customers you can deliver and get repeat business from them.
Just remember, a reputation is hard to build but can be destroyed overnight, so be careful not to overload yourself with your eagerness to impress.
Stick With it and Consulting Is a Great Career Choice for You
When running your own business, you will have setbacks. You will have periods where bills are paid late, or where you need to stand your ground on some issues. However, at the end of the day, running a consulting business is a great career choice, and a journey you will never regret embarking on.
Check out some of our other great articles on how you can grow your own business from the ground up. It’s your company, but you are not alone.