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Here’s How to Start a Consulting Business in 2020

Many consultants plan to initiate a new venture with fresh ideas and approaches at the beginning of a new year. However, there is a vast gap between starting and running an enterprise successfully.

In this article at South Florida Reporter, the author explains that a new venture is successful only when the founder is creatively independent. So, choose new projects and challenge yourself to explore your potential in the ever-competitive consulting industry.

Business Challenges

Technology disruption, trendy business models, and the rise of intense global competition are a few factors impacting the fast transformation of the consulting landscape. To start a new venture and survive the rough weather, a consulting startup must keep the business basics intact. Here is how:

  • Do Not Hesitate to Initiate: The first project may not turn as successful as you assumed in the initial phase. So, do not over expect or lose confidence in the initial plans. Also, initiation itself is a huge success, so do not hesitate to start something new. Give your best shot in terms of creativity and passion for earning the confidence of prospective clients. Focus on the project quality, not the size.
  • Deliver More Than Promised: It is the most accessible approach to please your clients. Also, this move will encourage them to give rave reviews about your company in their business network. Try to deliver more than expected to the clients without sacrificing your budget. Give your clients good reasons to trust you, which is possible only when your project proposal is comprehensive and attractive.
  • Standard Proposal Ready: Always keep a basic proposal ready that outlines your credentials, skills, competencies, and ability to work for the clients. The last may vary from different project requirements, but others can remain the same in the initial phase. A read- to-tweak proposal can impress the client about your efficiency. This move will help you pull a couple of clients from his network.
  • Define Your Niche: The consulting business demands adequate care in the initial phase. As you initiate a new venture, work on getting regular income and loyal clients. Do thorough research in your consultancy field and identify the gaps that your enterprise can bridge. Think about honing your skills and offer a value-add service that most of your peers do not offer.
  • Maintain Low Cost: Instead of overextending yourself right from the beginning, start with a compact workspace that you can afford at a reasonable rent. Those who wish to run a solo consulting firm must consider working from home office. Once the business grows, you can rent a space for yourself and hire staff.

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