Consulting business might look easy but the truth is it's downright hard -- harder than you might think. We’ve listed facts… well, you can call this a warning that could save you a lot of stress and get you closer to achieving your dreams.
Moody. No. Cranky
It takes patience. A LOT OF PATIENCE. If you’re going to start a face-to-face business, you have to be ready to face cranky people.
Consulting means you have to meet people, shake their hands and sit across tables. You talk to different kind people.
Knowledge is important
Clients look at how much knowledge you have related to your field and their business before they hire you.
Research is the key. Make sure you have wide knowledge in their niche. Clients will select you to work on their behalf because you know something that they don't. So you better study their background, competitions and pegs.
This means that you have to deliver the knowledge that they will pay for.
Your deliverable is knowledge, and if you deliver it in a half-baked way, you're losing the quality of your service.
Know your service’s worth
To be honest, one of the biggest mistakes new consultants make is that they charge very low. Not even enough for their service.
We get it. You might be feeling guilty, thinking “how can I charge high with 0 clients in hand” - that’s not how it works. You should charge by your service. You must always consider your team’s skills
Remember, you exert effort, sacrifice time and use your skills; you should charge enough, if not more, to compensate those. There's no magic formula for fee-setting, but there is a general rule: Charge more than you think you should.
If you can prove your ROI, you've got leeway to charge a healthy percentage of the client's profit.
Also, in our experience, the higher you charge, the better you look. If you're expensive, then you'll be more likely to get the clients who pay well. And that's where you want to be.
You are selling yourself
It’s not what you think. As a consultant you are selling yourself - personality, skills, time and worth.
How to successfully sell yourself? Here are the highlights:
- Dress to kill
- Put a big price tag on yourself.
- Be trustworthy.
- Prove your worth.
- Think of yourself as a valuable brand.
You are NOT your own boss
Yes, you read it right. What you heard before is a myth.
We believe that whoever gives you money or pays you is your boss and when you're a consultant, that means your clients are in charge. They will expect you to deliver good results with what they’ve paid you for.
Being your own boss extends to your ability to say "no," discipline yourself to work smart and hard and demand fair fees. Beyond that, you've got to work hard for a bunch of other bosses.
You will face disappointments and that’s normal. Especially if you’re just starting out. Regardless of how you respond to the challenges during this journey, one thing is true: You will face disappointment and failure.
There's no easy way to get through tough situations, but the best preparation is simply to expect it and to be ready for it.
Hope this straight facts helps. If you need help with starting up your business, you may contact us at email@example.com.