Consulting Best Practices

Remember This Before Launching Your Consultancy

As Michael McLaughlin explains, the escape velocity to breach Earth’s gravity and get into space is at least 25,020 mph. Anything else will send you plummeting back. In an article at MindShare Consulting, he explains how launching a consultancy also has an escape velocity.

Learning to Fly

Starting out as a consultant, you will likely look to friends and colleagues for your first assignments, though you will of course want to be marketing your services more broadly as well. The turning point in your early career begins when your clients found through marketing outnumber your clients found directly through friends or old colleagues. To get there, you at the very least need a strong service offering, an understanding of your clients’ industry, and a rudimentary website that summarizes what you can do for people. However, the catch is you need to develop these things while working for your current clients. Building the goods to locate work beyond the work found through friends and colleagues while doing said work is a consultant’s escape velocity.

It requires a big push to get your name and skills broadcast confidently in front of your ideal clients. It also requires time that you may or may not have, as the “unfortunate reality of new business ventures is that 82% of failures are caused by cash flow problems.” McLaughlin recommends having at least six months of living expenses on hand before going full-time into consulting. He further offers this:

Be ambitious in your thinking. Set big goals for what you want to achieve. As you do that, though, stay focused on how you’ll generate leads for new work. You’ll want to define exactly how you will reach the clients you want to work with… don’t shortchange the opportunity. Be sure you’ve got a strong market idea, a budget to get launched, and a workable strategy for lead generation.

In other words, keep your chin up and your nose to the grindstone. You can view the original article here:

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