7 Things to know About Starting Your own Consulting Business

Starting a business is exciting and scary. Thousands of people have dreamed about starting their own business. But running a business effectively can be tough. Nowadays there are lots of consulting companies. And this kind of companies seems to be highly demanded in our life.

Before you begin your consulting business, there are many things to be considered. Ask yourself a series of questions, and be thoughtful in your responses to them. For example, how you will structure and operate your business, or how you are going to determine your pricing, how you will finance your start up. The more you know about starting a business, the more power you have to form a company and make it work effectively. Here are 7 things to know about starting your own business.

Setting the goal

First of all, you should have a goal. Why do you want to run a consulting business? Study the market, and learn what kind of problems you might face. Do SWOT analysis for your company in order to know what your company’s strengths, weaknesses, opportunities, and threats are.Next, start to work 

A good business starts with good planning. Develop your strategy in advance: how are you going to work? Think about your fees, bills, office equipment. Also, define your target audience to know for whom you are going to work. Then choose a name for your company. This is not an easy task. The name should be easy to remember. The perception people have of your business when they hear your company name. You can work on your company’s image, too. A business’s image is composed of an infinite variety of facts, events, personal histories, advertising and goals that work together to make an impression on the public.

Investing in your self-education

What is the difference between a good consultant and a bad one? A good consultant is well informed about the subject he/she is consulting. Your potential clients are going to judge you based on your knowledge, skills, and experience. You will have to take part in lots of seminars related to a specific sphere. The internet gives unlimited opportunities to do research and get acquainted with the latest innovations concerning your business.

Meeting different people

Be ready to meet capricious people, because the consulting is face-to-face work. You meet people, talk to them, shake hands, go for dinner with them, in short, you communicate. That is to say, you may meet unpleasant people, who do not know how to behave, speak, eat. You may talk to them, and they may not even understand you. In such a case, do not talk in difficult words, use as many simple words as possible.

Choosing the staff

Your workers are the face of your company. Do not be afraid to spend more money to hire experienced people for your business. Also, your company’s inner atmosphere is very important for the development of your business. It is always interesting to work with friendly staff. Find ways to make them closer to each other. People get closer during trips. Organize hikes with your staff 2 or 3 times a year. During breaks play team-building games together, too. In other words, make your working hours interesting.

Setting the price

As you have decided to start your business, you should seriously consider how much you will charge your clients per each service. This is the main issue you should plan before setting up your business. There are lots of consulting companies. This means the competition in the market is very high. If you want to survive do research and get acquainted with the price lists of the leading companies. This will help you to set reasonable prices.

Overcoming disappointment

At some point, disappointment might be unavoidable. Because, you know, everyone can fail. There is no perfect strategy to avoid this, but you should always be ready to go on. It is the emotional part of your business you have to survive to keep your business going. If you do not have enough patience, this job is not for you.

Running a consulting business is not easy. To explain, it requires hard work, lots of things to do: from creating your company’s image to setting the price list. Self-education is one of the many ways to promote your business. Working on your self-development and building a strong team will help you achieve success.

And remember, there will be ups and downs in your career, but be ready to learn from your own mistakes.  To put it another way, ups and downs teach you, as a result, many ways to run your consulting business. 


Armen Margarian

Armen Margarian is an attorney with The Margarian Law Firm.

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