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How To Build A Successful Consulting Business, Part 1

In today's constantly changing job marketfield in which you consult. Interviews,
more and more well educated people with aarticles written by you or quoting you, or
wealth of experience are being laid off. Manypublic speaking can make prospects familiar
of them try to find other jobs but withwith your name and the services you
little or no success. Because of this manyprovide.But don't spend too much time on PR.
people are deciding to parlay theirRemember, you're in the consulting business
experience and know-how into a smalland should be spending your time on marketing
consulting practice.It sounds, easy, fun andand delivering services to clients. For the
exciting. You would be your own boss, makingmost effective PR, use specialized firms if
all the decisions. You would go wherever youyou can afford it. They're in contact with
wanted, whenever you choose. You would pickmedia for all their clients and can identify
your clients and get paid handsomely for yourthe best opportunities for you.Consultants
expertise and interpersonal skills.But beingoften get so involved in marketing to
an independent business consultant is morepotential clients that they forget to market
than just being a well-paid business advisor.to their peers. If you have an expertise in a
You must also be an entrepreneur. You have tospecialty needed by another consultant's
know how to manage a business, keepingexisting client, for example, the other
control over the detailed administrativeconsultant will gladly refer a client to you,
support systems that run your office, such asif you have a reputation for quality
accounting and personnel. You also have toperformance. That quality performance will
know how to market your experience and writemake the referring consultant look good to
winning project proposals, because if youhis or her client.To market to your peers,
don't sell, you don't survive.A consultant isfirst keep them informed about what you are
also a project leader. You have to know howdoing now. Let them know your current
to plan, lead, and implement complexassignments and interests. Second, meet with
projects, and often several at the same time.your peers at professional meetings to
You have to manage fee structures, deadlineestablish close, personal relationships.
pressures, and client expectations. You haveThird, impress your peers with your
to know how to respond to conflicts orcompetence rather than your salesmanship.
hostility within client organizations.Do youThen, perhaps, they'll do some marketing for
think you have what it takes? Are you stillyou.Once you've identified prospects and
tempted by the idea of either leaving yourscheduled first meetings with them either in
current job or if you're unemployed stoppingperson or by phone, you are now ready to
your career search and setting up your ownbegin selling. The first thing you must do is
consulting business? If you are then keepto qualify the prospect. This means you have
reading.If you've decided to start your ownto determine whether you can help them, and
consulting business the first thing you mustwhether they will allow you to.In the
do is to decide if you want to be aconsulting business it's difficult to qualify
generalist or a specialist. For example ifprospects without meeting them personally.
your background has a specific industryYou can establish some prequalification
focus, then you should become a specialist.criteria. For example, you can decide not to
If, on the other hand, you have skills thatsell to companies with less than $500,000 in
cover various industries and functions, thensales, since it isn't likely that they can
you are probably a generalist. As aafford you in the first place.But to know
generalist, you bring the perspective ofmore specifically whether you can help
different functions acquired through yourprospects, you need to know exactly what they
previous job experience.It is usually easierneed. Therefore, to qualify a prospect it is
to market a specialty rather than generalbest to meet them personally or at least talk
services because you can be precise aboutto them by phone. You cannot qualify a
what you will offer the client. The problemprospect by exchanging e-mails.To help you
with specializing in a specific market isbetter evaluate and identify the needs of the
that new consulting jobs in that market canprospect you need to get some important
decrease or dry up completely in a hurry. Butinformation. You need to know what their
you may also find that, over time and withbusiness is and what their role in the
more experience, you will be ready to offerbusiness is. You need to know exactly what
your services outside the industry you firstthe problem is and you need to make it clear
specialized in, or that you have expanded theto them what your background is and how you
services you offer to clients.Once, you'vecan solve their problem.The purpose of the
set up the basic financial, personnel, andinitial meeting or conversation with a
legal resources you need to run your businessprospect is for both of you to get to know
it is time to start marketing your consultingeach other. But keep in mind that you are
experience. Selling involves meeting andqualifying the prospect, finding out what he
talking to prospects to discuss theiror she needs and whether you can help. On the
problems and your qualifications, and thenflip side, the prospect is qualifying you to
proposing your solutions to theirdetermine whether you have the experience and
problems.Before you can begin preparingresources to help him or her with
marketing materials to contact prospects, youproblems.Before you can submit a proposal to
have to decide which industry you want tothe potential client, you have to introduce
serve, what type of services you want toand sell yourself. If you don't pass this
provide, and who the decision makers are youfirst step, you will never get the
should be trying to reach. You also need toopportunity to even present a proposal.You
find out who will be competing for the samemight feel that your experience and expertise
market and what their strengths andare so valuable that you shouldn't have to
weaknesses are and most importantly, if aresort to selling. But this attitude won't
marketplace exists for your services.Once youget you any clients. When you sell yourself,
have decided what you will market and tothe process must reflect your strategy. For
whom, you can begin to choose your marketingexample, if you are going to position
techniques. Here are some for you toyourself as a top-of-the-line consultant you
consider:* Newsletters or articles. Anmust offer more than the basic services tied
informative newsletter or articles publishedto the assignment.When you are selling your
in industry periodicals, will make your nameconsulting services to a prospect, it is
known and enhance your credibility withessential that you emphasize to the prospect
prospects. This is an excellent marketinghow he or she will benefit from hiring your
tool to use on the Internet. You should haveservices. For example, you will show them how
a sign up place on your Web site forto save money or enhance their growth.Being
prospects to sign up for your freean independent consultant can provide you
newsletter. And there are some very good Webwith the freedom, excitement, fulfillment,
sites for publishing articles you write thatand money that you dream about, but only if
can help you get the exposure you need.*you set up, and market your business the
Seminars. Sponsoring or cosponsoring aright way. In part two we will cover how to
seminar also enhances your identity and yourwrite proposals, protect yourself, and
reputation. If you can afford it, pay for thesolidify you client
attendance of a targeted group of executives.relationships.Copyright© 2005 by Joe Love
It's an expensive but very successful way ofand JLM & Associates, Inc. All rights
obtaining clients from the prospective pool.*reserved worldwide.Joe Love draws on his 25
Referrals. There's nothing like a referral toyears of experience helping both individuals
open a prospect's door. People do not referand companies build their businesses,
those they do not respect and esteem to thoseincrease profits, and achieve total success.
they know. Referrals are therefore aHe is the founder and CEO of JLM &
convincing testimonial to your qualities as aAssociates, a consulting and training
consultant.In addition, with a referral youorganization, specializing in personal and
know that the prospect is interested inbusiness development. Through his seminars
buying, so you've already got a head start onand lectures, Joe Love addresses thousands of
the selling process. A referral from a peermen and women each year, including the
to a potential client is valuable. A referralexecutives and staffs of many of America's
from a prior client to a potential client islargest corporations, on the subjects of
even more valuable.* Public Relations. Publicleadership, self-esteem, goals, achievement,
relations is getting yourself known in theand success psychology.



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