What are the most effective ways to build a consulting practice from scratch?

In my experience the most effective way is finding uncovered clients need while staying in the market and creating adjacent new practice that drive this need and leverage on some of the skills your team already have while developing the new one. Key is to find an ambitious client willing to test and try. Once having a successful experience one can began to analyze how to scale it up.

In my experience, a good consultant needs a great place to meditate and plan their strategy in a peaceful environment. A mountain cabin with a hot tub is ideal!

An approach I found helpful: 1. Assess differentiating Skills: Start by identifying what you and your team/partners are exceptionally good at (industry sectors, functional areas, etc) 2. Market Segments and Needs Analysis: Research to understand the needs of the market, the potential customer segments, and underserved areas 3. Competitor Analysis: Study what other consultants in your potential niche are doing and identify gaps 4. Unique Value Proposition: Define what sets you apart from others and what fits the needs of the target customer segments (unique skill set, a novel approach) 5. Scalability and Sustainability: Ensure that your niche is not too narrow, and that it can be sustainable / scalable over time.

Ideally, find a business problem that other people don't want to solve or commonly fail at. Working these hard problems is a clear way to differentiate, withstand economic cycles, avoid competition and maximize bill rate. The harder the problem the narrower the niche and higher the bill rate.

For sure you need to be able to prove you have a pedigree in a sector, as well as knowledge, skills, and expertise. I started my consulting firm one year ago (2nd time around) and my key advice is to front-load the business before you start it. In my first 12 months, I had 6-figure revenue and that was because I started with contracts ready to go once the company was live. I rarely use marketing, mostly trusted contacts in my network and attending events in person. For most clients, they are buying into people and your brand, even if you work for a bigger consulting firm. Therefore trust, credibility and on-time delivery are key. The value proposition will then be clear to all based on who you are working with as clients.

-Find your niche -Leverage your network to know about it -Do first few clients in low charges -sustain them -reach out to new clients

- Find the niche market opportunity - Start with the close network to gain early start - build credibility through over delivery - Let your network be your biggest mouthpiece

1. Establish Your Brand and Online Presence: Create a professional website, build a social media presence, and develop marketing materials that reflect your expertise. A strong brand will help you attract and retain clients. 2. Set Up Legal and Financial Structures: Register your business, obtain necessary licenses, and set up a separate business bank account. Consider consulting with an accountant or lawyer to ensure everything is in order. 3. Create a Client Acquisition Strategy: Use a combination of inbound marketing (content, SEO, social media) and outbound outreach (networking, cold emails, or calls) to attract and secure clients. Building case studies and offering testimonials can also be powerful tools to win new clients.

Defining your niche needs a lot of careful thought. There are so many ways to define a niche. It is not only centred around knowledge or capability but also manner or the vehicle through which your consulting service connects with the client and solves their requirements. Thumb rule : more niche, more the premium for your service. People normally start out very broad and figure out that/ those element/s which makes clients come back again and again. You start getting recognised for being unique based on who you are being when you are delivering the service.

I've found that most companies only pay for consulting services if the knowledge gained preserves or creates value. Assuming demand for the knowledge, the greater the value creation the greater the potential for a possible practice. The cost of the service must fit within acceptable financial metrics for the client...typcially lower opportunity on the presevation of value vs. the creation of new value. Building a credible network of potential clients/COIs that can help vet the model is important and once you have a proven success then you're off and running. Then the real work begins building a company.

Referral marketing generates 3-5x higher conversion rates than any other channel. Plus, the Lifetime Value of a referred customer is 25% higher than that of other customers. Your network is the cheapest, highest return, and best source of clients.

Few things are so important in consulting as word of mouth and the reputation you build with the recognition of your work by your clients and people who value your work. Everybody counts really! Your trainees from the earlier years, counterparties of your clients, people who shared panels with you occasionally at conferences. If a person recognizes your work and expertise in consultancy that is what will make your business thrive and grow, because people take advice from other people they trust. And if they trust you, there’s your success!

Building your "network" also includes forging strategic relationships/partnerships. You do not need to take on the world alone. Find like minded entrepreneurs who own businesses that align with your consulting practice and service offering. They can bring you in to deals (revenue share) as well as enable you to provide your clients with well needed services (that you can't provide directly). In theory, all parties will remember you for making a connection (and pay it back). You don't have to go it alone with the right strategic partnerships in place

Building a consulting practice from scratch is like planting a tree in new soil. Your network is the root system, essential for nourishment and growth. For example, one should focus on cultivating a diverse network, much like a gardener encourages a variety of roots to strengthen the tree. One should join professional groups and actively participated in industry events, not just as an attendee but as a speaker and contributor. This approach, akin to watering and nurturing the roots, will help establish credibility and visibility in the field. By fostering these connections with care and consistency, the practice will grow robustly, underpinned by a strong, supportive network.

A good network is diverse (industry, profession, levels). Establish your credibility by way of delivering a few significant assignments and let clients speak about their experience. Then your network expands to not only well wishers but also decision makers who have similar requirements. Competitors start taking note. You get invited to pitch along side them and people reach out to you for jobs which means you have made a mark. Your true inner network is one where people have similar values. You appreciate, like, connect and collaborate with people and over time the network becomes your invisible support system provided you put energy into it. People struggle with 'networking' because they expect to get without giving generously.

Building Your Network is continuous process including new and old networks .As first step #Reach out to former colleagues, classmates, and professional network. Inform them about your new venture and seek referrals. # Be part of industry events, conferences, and workshops. Join online communities and forums relevant to your niche. Actively contribute and establish yourself as a thought leader. # Create Strategic Partnerships , Collaborate with complementary service providers like legal advisors, or accounting firms. Cross-referrals can expand your reach.

Agreed ... and seek out the 'Connections' in your network who might connect you to work ... not refer you to work. These important professionals are unlikely to become clients.

Considering your existing contacts and expanding through events, online communities, and content creation helps you gain referrals. Establishing meaningful connections with former colleagues, clients and friends enhances your visibility and positions you for potential opportunities. Collaborate with complementary service providers and offer to help to find solutions.

Independentemente da área de atuação ou do tamanho da sua capacidade, as pessoas são fundamentais e uma rede de contados pode fazer toda a diferença. Todos nós, quaisquer que sejam nossos nichos de atuação, precisamos de feedback do que estamos oferecendo, isso é imprescindível. O desenvolvimento de uma consultoria de qualidade está intimamente ligada aos nossos contatos e as experiências que as pessoas tiveram ou têm com o nosso trabalho, portanto, valorize as pessoas e preserve a sua rede de contatos.

Your reputation is built on the experiences of your previous clients. Asking for testimonials, referrals and recommendations is a valuable way to attract the attention of potential new clients. Always remember that the product you deliver for your client is your showcase to the world - delivering consistently and repeatedly will support you to build your network and engaging with your network on a regular basis helps to keep relationships fresh.

When selling your consulting services, it’s critical to understand the economic and intangible value of your services. It's helpful to have a value conversation with potential clients. The value conversation allows you and your client to clarify and agree on the outcomes and impact your services will create for them. The method you chose to set your rates should be based on value, experience, and driven by your goals. Project-based, retainer, and value-based are the ones I use the most. 1.) Project based is best when you're solving a single problem. 2.) Retainer is best when there's an established relationship, and several ongoing projects in the works. 3.) Value-based is best when the project timeframe is not long, but the value is high.

Rates/fees need to be a "win-win" proposition whereby the value the client receives is aligned with the fee they pay. While discounting rates/fees is sometimes appropriate under certain circumstances, a client's limited budget does not determine the value that you deliver and the fee you should charge.

Engagement Modes and Rates vary depends on the affordability of the target clients .It can be # Project-Based engagements , projects like market research, business plan development, or growth strategy development. # Some prefer retainer engagement monthly or quarterly retainer fee for providing ongoing consulting, mentorship, or access to expertise. # Hourly Rates Set hourly rates for consulting services .

Do not undervalue your services. Be aligned with the market, but do not undervalue. As well, incorporate any costs for admin or logistical coordination needed for services in the fee or allocate an admin/coordination fee. Services involve the service itself, but also the planning and tracking and communication, etc involves to schedule and provide that service.

Consider a couple of different options. It might be helpful to ask a couple of people in similar roles, negotiate with the individual, consider an hourly rate and build in a half or full day rate. Negotiate separetly for expenses, travel, accommodation,meal allowances tec.

Aquí se aplica un dicho, uno vale por el conocimiento y puesta en practica de las habilidades que tenemos y que se han desarrollado a largo del tiempo. No se puede efectuar un servicio de consultoría en que no te deje un margen aceptable. Si el presupuesto no es el adecuado es mejor no tomar el servicio.

Never under quote to get work, not to say you will get the next job at the same company when your rates are drastically higher

Establish an annual income target. Divide that by 220, the maximum number of chargeable days in a year (260 (is 52*5) - 40 days for holiday and sick days), to give you a notional daily rate where you bill every hour of those 220 days. But this is unrealistic, because there's no time for marketing and selling. So factor in that time at 30% and adjust your notional daily rate. And this will underpin all of your pricing calculations regardless of the pricing structure.

Totally agree, as setting rates is a critical step in establishing a consulting practice, as rates should mirror the consultant's value and experience, align with market demand, and ensure coverage of expenses and profit goals. There are various charging methods to consider, including hourly, project-based, retainer, or value-based models. Choosing the right method depends on the consultant's niche, client preferences, and personal objectives. It's also important to be aware of the prevailing rates in the field to stay competitive, and to be skilled in negotiating and justifying the rates set.

Marketing yourself means show off. And not just external customers but internally is also important. Everyone in organisation must see you as the best consulting unit, one which is best of the best. Sharing articles about your practice on intranet portals, organising meet-ups with leadership team’s, conducting hackathon are examples of things which have worked for my consulting unit.

Marketing your consulting business should be a direct reflection of your financial goals. Consultants who are specific in their goals are much more likely to achieve them. Three things consultants should clarify each month or quarter: 1.) Your monthly revenue goal 2.) How much your average project is worth 3.) How many of your ideal clients it will take to reach your revenue goal 4.) How many conversations with potential clients it will take to secure a project Doing this will help you be precise about your daily or monthly marketing actions. Once you have defined your financial goal, you can build your marketing around it.

Building a consulting practice from scratch requires a blend of expertise, networking, and strategic planning. Begin by clearly defining your niche and value proposition. Develop deep expertise in your field, and build credibility through thought leadership (e.g., blogs, webinars). Networking is crucial—attend industry events, leverage LinkedIn, and seek referrals. Start with smaller projects to build a portfolio and client testimonials. Invest in a professional online presence, including a website. Pricing should be competitive but reflect your value. Continuously adapt to market demands, and prioritize client satisfaction to build long-term relationships and drive referrals.

There are 60 marketing techniques in total. Select a relevant 8 or 10 or 12 (max). Choose a subset for each grouping of offers and/or customer groups.

Un tema importante para los “recién iniciados” en este tema es el pricing. Y para eso hay que saber quién es nuestra competencia. Y luego, ver de qué manera podemos conocer sus honorarios. Pero supongamos que no podemos esta segunda parte, la opción de poner un pricing deviene de una fórmula. Conceptualmente, un consultor debe dividir su tiempo en 3 grandes pilares: 1. Hs de Marketing y Venta (33%), Hs de Desarrollo y Actualización Técnico/Personal (33%) y Hs facturables (33%). Quiere decir que solamente sus Hs facturables con un cliente son el 33% de las hs/mes = 53 hs. (160*33%). SI el consultor quiere percibir un promedio de U$S 3.000 (incluyendo costos fijos de su operación), debe dividir esos 3.000/53= U$S 56.-

Know your audience. Go where they are and don’t waste time where they are not. Marketing is sometimes a full time job. Your billable hours cannot be spent all on marketing, so consider contracting it out, hiring someone to be in charge of it, etc.

En el Servicio de Consultoría Independiente, uno es la marca que va a promocionar, para esto se debe usar la red de contactos como ex compañeros de trabajos, ex jefes, clientes a los que se les ha brindado algún servicio, todos ellos con sus referencias y/o recomendaciones apoyan a posicionar tu marca.

D'après mon expérience, il faut avoir fait ses preuves dans son domaine de compétence pour créer un cabinet de conseil. Une fois avoir prouvé son efficacité on peut utiliser les médias sociaux, le site web professionnel. Le réseautage en 2024 est très important, et aussi se rapprocher des club d'entreprises.

Niche down to a set of services, industries and clients. Do not compete with large strategy companies. If you will be killed. Read everything you can on the types of issues and problems. Post on linked in. Write white papers and articles. Speak at conferences. Do podcasts

The best self-marketing is the quality of the results you deliver. Make sure that you are 100% convinced of whatever you propose to your customers and that it is well researched and based on your knowledge, your experience and the facts.

Delivering value is the beginning and the end of a consulting practice. I 100% believe that a consultant has to earn the right to come back tomorrow by delivering results today. Never forget that you are not an employee. You don't get to complain about the client or how they operate. You are there to focus like a laser on the problem defined in the SOW. Getting that accomplished as quickly and professionally as possible is what you are paid to do, and that will be rewarded with more work.

In order to add value, you and the client have to be in agreement with the definition of the result they expect you to achieve. So, the statement of work or proposal must be detailed, clear, and agreed to. After you have agreement on scope, it's important to remember the majority of your job is delivering results but a reasonable percentage of your effort has to be put into communication with the client to demonstrate progress from the initial, unsatisfactory state to the "to-be" objective.

In my experience, delivering value as a consultant is tied to following a consistent consulting process with your personal touch. Developing a consistent process helps make projects run smoothly, stress-free, and creates better, faster results. Developing a step-by-step consulting process helps you to run your business in a more efficient, profitable manner. Example high-level overview of a basic consulting process: 1.) Assess/Discovery. What is going, what threats, what opportunities, what needs to be done? 2.) Create a plan of action steps that must occur for the project to succeed. 3.) Implement the action steps. 4.) Optimize your offer to ensure your client gets consistent results through a retainer, ongoing coaching, or training.

Um einen Mehrwert über ein positives Behandlungsergebnis hinaus zu schaffen sollten Praxisabläufe wie Terminvergabe, Empfang und Kommunikation durch das Praxispersonal auf die Patienten zugeschnitten werden. Zentral wichtigster Aspekt ist aber die Gestaltung des Arzt-Patientenkontakts: Ist dieser von ungeteilter Aufmerksamkeit, Zugewandheit und verständlicher Ausdrucksweise gekennzeichnet, entsteht ein durch die Patienten direkt erfahrbarer Mehrwert.

Delivering value is essential in building a successful consulting practice. This entails not just meeting, but exceeding client expectations, effectively addressing their problems, and aiding them in achieving their goals. Value is delivered through a clear, structured process, efficient communication, and great management of time and resources, leading to high-quality results. Additionally, offering extra benefits like follow-up support, referrals, or discounts enhances value. Not forgetting that soliciting client feedback and testimonials further boosts the consultant's reputation for delivering exceptional value.

Deliver value in short increments of time consistently. Rapid time to value, fail fast if you must, measure objectively, rinse and repeat.

A Consulting practice is essentially selling time. Time, which your clients value based on the outcomes you can deliver. It is one of the oldest professions in the world, and will remain a sought after trade even with the rise of AI. One could offer an advice worth billions over a short phone call, or at the other end save a few hours of agonizing labor by sharing quick task specific tips. The goal of a consulting practice is to specialize in delivering value that its clients can easily measure in dollar terms and that gives them a distinct leg up against their competition. Whether you are advising the government, a public company, or an SME, there’s no escaping the fact that you need to earn your fee by helping your client become better.

Siendo la Consuloria un trabajo especializado en un nicho especifico, ayuda que puedas compartir en redes posibles ejemplos o experiencias de Marcos de trabajo relativo al servicio que ofreces.

A la hora de ofrecer una consultoría es clave ser claro en el resultado prometido. Como consultor, lo ideal es tener claras tus capacidades y conocimientos. No prometas cosas que no puedes cumplir, pues el resultado del ejercicio será negativo y terminarás dañando tu imagen.

# 1 competitive lever in the consulting industry : repeat business. Once you have managed to etablish a commercial relationship with a client, you want it to last. You don't necessarily need him or her to pruchase a followup assignment. But one thing is for sure, if you do not deliver value the resell part will never happen. Not tomorrow, not 5 years from now when your client has moved up the ladder. If you undervalued the work to be done, or if your rate is not as high as you wish : swallow it, and deliver!

In my opinion the best consultant should be specialized in one area, and at the same time have knowledge of several areas. Nowadays there are no area that functions in isolation. Therefore, understanding the bases in several fields and specializing to one is the right path forward. This means that you should always be ready to learn new things, to be curious, to investigate, and always question if there is something else.

Along the lines of learn new skills, take on projects that are not outside of your area(s) of expertise but challenge you to master some new element of the work. Get outside of your comfort zone, but not so far outside that you are not adding value, and strengthen a previously underutilized skill.

Leaders grow through leadership, carpenters through building furniture. How do you want to help someone else when you withdraw from doubt?  What kind of modesty is this?  This is not modesty but insecurity!  It's such a shame to make yourself so small that you amputate your potential. But the moment we persevere, the moment you realize that you have to go for it, then your shortcomings are no longer relevant.  We all have uncertainty and it keeps us on our toes.  It may not be easy, but if you want to move forward in life, you will have to go through difficulties, tough exams and trials.

Es gibt aus meiner Erfahrung zwei wichtige Herangehensweisen, um eine primär auf Beratung ausgelegte Praxis stetig zu verbessern: 1. Gespräche mit gut bekannten Kollegen aus dem gleichen Fachbereich und 2. einen oder mehrere externe Coaches. Beide Gruppen können spezifische Probleme reflektieren und tendenzielle Entwicklungen in die falsche Richtung früher erkennen. Vor allem ist aber eine schnellere Identifikation von Chancen möglich.

As an IT consultant deeply entrenched in optimizing business processes, I've found that the pivotal step towards sustainable success lies in a perpetual quest for enhancement. Continual learning, client-driven adaptations, and staying abreast of evolving tech landscapes have been instrumental in refining our consultancy's offerings, ensuring they remain not just relevant but ahead of the curve in meeting the dynamic needs of modern businesses.

💡Recoger experiencias y tomarlas en cuenta es algo que suma en el crecimiento profesional 📈👷 Por lo mismo que es importante desarrollar un ciclo de reuniones con profesionales activos📅📝👨💻 y dispuestos a compartir conocimientos, habilidades y soluciones en determinados temas, esto con el fin de mejorar continuamente📈📈.

Learn and improve its also way of life in any profession you choose. Best knowledge available is wisdom of the group, share, consult encourage and make decisions. Acquire new skills always.

Continuous learning and improvement serve as crucial pillars for running a successful consulting company. Embracing ongoing education cultivates innovation and sparks creativity, essential for developing and maintaining a distinctive market position. This commitment to learning enables adaptation to evolving landscapes and ensures relevance in providing cutting-edge solutions to clients.

As an IT consultant deeply entrenched in optimizing business processes, I've found that the pivotal step towards sustainable success lies in a perpetual quest for enhancement. Continual learning, client-driven adaptations, and staying abreast of evolving tech landscapes have been instrumental in refining our consultancy's offerings, ensuring they remain not just relevant but ahead of the curve in meeting the dynamic needs of modern businesses.

Evidentemente es muy cierto lo anteriormente comentado pero desde mi punto de vista lo más importante es analizar el resultado obtenido a partir de aquí realizar una auto diagnóstico lo más critico y objetivo posibe

Get a good team of Advisors Do not cut corners in the quality of delivery Continue to acquire knowledge Develop strong networking skills Under commit and over deliver

1. Discover the Core of Your Business 2. Create a Strategy 3, Find Your Specialization 4. Conduct Market Analysis 5. Identify Prospective Clients 6. Embrace Digital Tools 7. Boost Brand Awareness 8. Maintain Consistency 9. Develop expertise in your niche area where specialisation is not commonly available.

Even before you seek to start a practice, test the market. Check if you can get 2-3 folks to be willing to sign up to your pitch. Ready to pay for it? For instance, one of the prerequisites to get a coaching certification is to complete a set of paid coaching sessions. You may believe that you can solve others' problems. Do they agree and will the they pay you for it are important questions to check very early on.

I found that an optimized LinkedIn profile acts as my virtual business card. Consistent branding, a professional bio, and a portfolio of past successes showcase one's capabilities to potential clients. Regularly sharing industry insights, case studies, and thought leadership not only demonstrates expertise but also engages my audience. This not only attracts potential clients but also facilitates meaningful connections within my professional network. Participating in relevant discussions and providing valuable content to my audience not only boosts one's visibility but also positions yourself as a credible authority in your niche.

As consultants, we often think that we have to convince the client in every interaction that we are the experts. The fact that they want to hand over their money to you tells you that they believe you ARE the expert. Here's what I learned about starting out as a consultant: ⚡ Don't listen to respond; listen to what the client actually says. ⚡ What hasn't been said? Clients often talk about symptoms; you need to help them find the actual cause of these symptoms. ⚡Do you speak the same 'language' as the client? Consider the industry the client is in and what terminology they use. ⚡ Ask more questions and talk less about solutions, especially at the beginning of the assignment.

Starting a consulting practice can be a gradual process, but with a clear strategy, focus, and persistence, you can establish yourself as a trusted consultant over time. You have to stay updated on industry trends, new technologies, and methodologies. Clients will expect cutting-edge insights from a consultant. These can be ground rules, but most importantly one needs to have built a personal brand, define client persona, and identify their own niche before they start.

I would add, adopt an agile mentality. As you build, you put together services that you ‘think’ will benefit your customer. You then learn so much from your customer and where the flow is. Every 4-6 months, reflect on what’s working and what’s not and make adjustments to meet the needs of your customers. Having an agile mentality enables you to adjust quickly to your customer base.

Uma das formas de tornar o processo de consultoria relevante é conseguir promover entregas que são mensuráveis e que de fato influenciem o resultado do cliente. Para isso, é importante que o consultor estruture um checklist claro que, de acordo com as respostas durante o diagnóstico, gere planos de ação bem definidos, com prazos e donos, que devem ser concluídos/indeferidos ao longo do trabalho. No final do processo de consultoria, o mesmo checklist deve ser aplicado e então consegue-se demonstrar a evolução possibilitada pela consultoria.

The greatest people make things appear simple and effortless. If you work on creating experiences that are memorable, smooth, effortless and fun - it creates positive energy. While doing so, it gets you to remain humble and focus on the spirit of serving. People appreciate your ability to simplify problems and solve them. They appreciate how you made the journey energetic, enjoyable and memorable. Focus on the solution and also the experience. Your practice will do well.

If you are approached to work on a project or in a role ask questions that help you assess if you see yourself being successful in the role. If you don't understand what success looks like for you, don't be afraid to say no to the work. Also, Keep your resume, cv, bio, profile, up-to-date as you add new skills, experiences, and certifications.