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Becoming a Consultant
by Garrett French / iEntry Staff Editor
Consulting is the greener-pasture dream of many an executive and tech-whiz who feel trapped by their current job. With the world’s constant demand for experts, even in times of economic uncertainty, consultants often receive the creamiest jobs from multiple customers, and their niche-specific knowledge gives them a prestige inaccessible to others.
Consulting remains a popular choice for those starting their first business, but if you think you’re ready to leap from employee to consultant then read on.
Selling Yourself
Before you quit your job, set up your home office, and have your business cards printed up, consider that as an independent consultant you’re entirely responsible for selling your services. There’s no more sales staff making money while you hunker down in mountains of networking solutions or number crunching.
Remember the 90/10 rule: a starting consultant spends 90 percent of his time selling himself, and 10 percent of his time doing his job.
Many would-be consultants, unaware of the rule, entered their new profession with high hopes. The consultants who last are those who can adapt to their new role as sales people. I’m talking about letter writing, cold calling, networking (no, networking with people, you geek!), and meeting with CEOs so busy they schedule their sneezes.
If you’ve ever said, "gosh, this job sucks but at least I’m not in sales…" then you should not start your own consulting firm.
If you’re not averse to selling, then keep reading. Consulting just might be for you, especially if you’ve got a marketable skill set.
Your First Move
Identify your marketable skills. Write your skills in big letters on the walls of your home office because these are the skills by which you will keep those walls around you and your family.
This written summation of your skills will help you begin the second step towards your own consulting firm – the business plan. Your skills represent the business concept of your business plan, and they will help you identify the market you plan to serve.
The business plan, in addition to your willingness to sell, will help determine whether you should become a consultant. First off, a completed business plan is a sure sign that you’re ready for action. If you keep talking about becoming a consultant but never write a business plan then perhaps consulting is not for you.
Second, a business plan will help you determine your fiscal outlook. Perhaps you’ll find, once you’ve done the projected income for a year, that your steady paycheck will help you to reach your financial goals more quickly than your consulting start up.
With your business plan in hand you’re ready to launch a full scale assault on your first customer - your boss. Many consultants find an eager customer in their current employer. Ask your boss about becoming a contractual worker – it may save her money and give you some much-needed credibility.
Marketing Yourself
Marketing lights your consulting fire, so here are a few ways that you may not have thought of that will really help you to get your business started.
Websites, brochures, and letters are all excellent ways to tell the world about your offerings. Once you’ve written your business plan your website content should be simple. Include your expertise, the specific services you offer, examples of past success, reasons why your client should say yes, and a bit about your professional history.
You could also try the educational approach. Write articles and submit them to trade journals in your field (or, if they’re web or tech related, to gfrench@ientry.com), speak at professional seminars, or meetings where you could educate people about your topic – anything to establish yourself as an expert in the minds of your potential customers.
Finally, once you’ve written your ad copy and a couple good articles, make a list of your contacts who could be potential customers. Let them know you’re starting a consulting practice and that you’d like them to evaluate your marketing materials for relevance and effectiveness. Go over the materials with them and make careful notes. From these meetings you’re not only gaining crucial marketing intelligence, but the potential for sales.
Another sign that you should not continue with your consulting scheme is if you can’t find five or more potential clients amongst your contacts. This means either there’s not a significant market or you just don’t know enough people. Either way, it would be best to give up your idea of becoming a consultant.
If you know at least five people who might want to purchase your services, and you’re not bothered by the idea of trying to sell to them by way of asking for their advice, keep reading. You may have what it takes to be a consultant.
Yes or Yes
A recent article in Wall Street Journal offered an excellent sales strategy for consultants. The key is offering different ways your key decision maker can say yes without buying. Since timing and current budget might not allow for your consulting fees, consider some positive alternatives to the sale. Offer your potential client a proposal by which he could evaluate your plans for execution. Request your client’s objectives, metrics, and project value. Give them everything they would need to execute the project internally – this allows you to impress your client with your skills.
If your prospect seems interested, but hesitates because of potential conflicts with other internal departments, offer to meet with the ‘enemy’ yourself. This puts you in direct contact with the resistance and allows you to speak directly, outside the representation of a third party hampered by internal politics.
If your prospect is busy as the dickens, get out quick, but not before asking for contact information with the prospect’s minions. Gather information from your contacts and stay out of the way until there’s a break in the business action. You’ll be prepared for future success and your potential client will recognize and appreciate your tact.
Remember that a long-term relationship with a potential buyer is better than a quick no. Options allow flexibility, and flexibility allows sales.
Consult!
Today’s article is meant to be a tool for measuring your desire and ability to become a consultant. If you’ve made it this far and you’re still excited by your potential for consulting, then it’s time you got more serious. Visit the library and your local Small Business Association office for more help on getting started.
Congratulations – you’re going to be a consultant!
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