Starting a Consultancy

Abstract

Dianna and Fred discuss starting a consultancy.

Key Points

Join Dianna and Fred as they discuss starting a consultancy.

Interested in becoming a consultant? This episode dives into the realities of starting a consultancy. Listen to learn more about:

• the consulting career path, which is not always clear cut and involves a significant learning curve from being an employee to a business owner, requiring new skills and knowledge.
• how consultants need to be problem-solvers who can identify the root cause of a client’s issue and understand the business implications, not just treat the symptoms.
• why building a strong network, social profile, and online presence are crucial for attracting clients and establishing credibility in the competitive consulting landscape.

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SOR 1030 Starting a Consultancy

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Show Notes

In this episode, Fred and Dianna discuss starting a consultancy, a topic prompted by a question from two individuals looking to start their own consultancy. They share their personal experiences and offer advice on the transition.

The conversation highlights the many challenges that come with managing the administrative side of consulting, including navigating business licenses, taxes, and banking. They touch on different business structures, such as sole proprietorships and limited liability companies. There are also different types of consultants, which they describe. They address some of the less glamorous aspects of consulting, such as dealing with long payment cycles and a lack of benefits. However, they also point out that consulting can provide flexible work options and opportunities to learn about different industries and ways of doing things.

There are two key pieces of advice:

1. It is crucially important to network, build a social profile, and create a strong online presence to attract clients. They also underscore the need to be visible, such as through presenting papers at conferences, participating in committees, and building an email list or contact list.
2. Act like consultants in your current roles, so you can gain experience and develop necessary skills. Fred’s experience as an internal consultant at HP provided him with significant training in client interaction, problem-solving, and proposal writing, which he now applies in his consulting work. Dianna advises that people think of their internal customers as if they were external customers and start practicing. It can only help you today while also preparing you for a potential future career in consulting.