Business

5 Tips for Starting Your Own Consultancy Firm

Starting a consultancy firm is not an easy feat. Even if you have all the industry contacts and you have the skills and expertise to do consulting, getting your first customer to sign a deal would still be a challenge.

Starting Your Own Consultancy Firm

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Here are five helpful tips to get you started on landing your first consultancy client.

1] Exploit specific knowledge gaps.

Always remember that your prospective clients will hire you because they seek your expertise and your knowledge on the specific industry you are in. Their goal is to explore unfamiliar problems and methodologies as well as new markets and that is where you come in.

You need to provide insights and solutions that their in-house employees have no knowledge about. Try to fill in the gaps that their team is lacking.

2] Focus on building relationships instead of getting revenues.

The foundation of any consultancy firm is the business relationships they have accumulated over time. Focusing on building strong relationships is a wise strategy that will always lead you to getting revenues.

And so, when striking deals do not start with costs. Instead, start with discussing your client’s needs and objectives and learn to work from there. Build a reputation wherein you put the needs of the clients first and the cash flow would follow.

3] Sell results.

Getting the best clients in the consulting industry happens via word of mouth. Make sure that you sell your value and expertise to avoid being viewed as a commodity.

Sell the End Result

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Bill them based on the value your firm creates by producing lasting end results based on your agreed scope of work. You can provide them value-adds once you have presented a range of possible cost scenarios, avoid billing by the hour.

4] Have a flexible organizational structure.

Having this kind of approach will let you reduce overhead costs while minimizing risks. This type of business will require you to get different skills and expertise for every project as no two projects are alike.

It is wise to have a freelance support network where you can hire a person that is specifically tailored for a project’s needs.

5] Always be closing.

Finally, always be closing. The goal of every business consultancy firm is to get their clients to sign the deal. However, getting a client seal the deal takes about six to 36 weeks, use this knowledge to reinvest in other business development.

About the author

Harshil Barot

Harshil Barot is a Computer Geek, Internet Entrepreneur, Blogger, Day Dreamer, Business Guy, Fitness Freak, Music Lover and Digital Marketing Specialist. He also helps companies to grow their online businesses. At Just Web World he Writes about Blogging, WordPress, SEO, Business, Technology and Computer Tips and Tricks.

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