An Insider's Guide to Building a Successful Consulting Practice
272
An Insider's Guide to Building a Successful Consulting Practice
272Paperback
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Overview
Do you relish your independence and autonomy? Are you looking for a job that makes use of your energy and expertise? This invaluable resource is the guide you need top get started.
Industrial psychologist, consultant, speaker, and author Bruce Katcher combines his years of experience and insights with real stories from a range of other independent consultants to guide you on your journey of growing a consulting practice--whether they're beginners just starting up or veterans looking for new ways to invigorate their businesses.
In An Insider's Guide to Building a Successful Consulting Practice, you'll learn simple yet powerful strategies for success, including how to:
- identify a market and narrow your focus;
- make a smooth transition from employee to independent consultant;
- sell effectively even if you've never sold before;
- establish visibility through speaking, writing, and networking;
- set prices based on value;
- develop a marketing strategy;
- and divide your time between marketing and delivering your services.
With applicable data and tangible advice gleaned from the survey results of professionals in a diverse range of industries, you'll not only learn how to keep plenty of work in your pipeline--you'll be able to adapt your consulting practice to thrive in any market.
Product Details
| ISBN-13: | 9780814414361 |
|---|---|
| Publisher: | AMACOM |
| Publication date: | 03/10/2010 |
| Pages: | 272 |
| Sales rank: | 267,000 |
| Product dimensions: | 6.00(w) x 9.00(h) x 0.90(d) |
| Age Range: | 18 Years |
About the Author
Read an Excerpt
Introduction
AT APPROXIMATELY 2:00 PM on Thursday, February 18, 1993, a was sitting in my Wellesley Hills, Massachusetts, office at a large international consulting firm. My new boss came into my office and said, “Bruce, we are going to have to lay you off.” I was devastated.
Immediately, my mind started racing. How was I going to support my family? How much severance would I receive? How soon would I have to leave? Should I look for work at another consulting firm, or a corporate job, or go back to teaching college?
I was anxious, scared, and angry. I felt powerless. What happened next changed my life. A lightbulb went on in my mind. “I am not going to let this ever happen to me again,” I said to myself. “Nobody is ever going to have total control over my financial fate again. I am going into business for myself so that I can control my own destiny.”
The experience reminded me of that famous scene from the classic movie, Gone with the Wind, when Scarlett O’Hara returns at the end of the Civil War to Tara, the magnificent Southern plantation where she was raised. She finds that her home had been used as a military headquarters. All of the artwork and furniture are gone. The slaves, of course, have left. Her father has gone mad. She is devastat-ed. She doesn’t know what to do. She’s hungry, but there’s no food in the house. She goes out into the field in search of food, but it has been totally picked over. She manages to find a root in the ground a grabs it, holds it up to the sky, and declares, “As God is my witness a they’re not going to lick me. I’m going to live through this, and when it’s all over I’ll never be hungry again. No, nor any of my folk.… As
God is my witness, I’ll never be hungry again.”
That’s how I felt. At that moment, I made up my mind that I was going to make it on my own. I knew that if I put all of my energy into building an independent consulting practice, I would be financially independent and never have to worry about losing a job again.
More than seventeen years have passed since that day, and I have never looked back. I am not the world’s most brilliant marketer a salesperson, or consultant. But I have learned over the years what it takes to make it as an independent consultant. Through a combination of continuous learning from my fellow consulting colleagues a trial and error, and perspiration, I have made myself into a successful a valuable consultant. And you can too.
It’s not rocket science. All you need is the willingness to expand your comfort zone, learn, work hard, and meet the needs of clients.
You may ask, “To get started, do I need to incorporate, have a website, a separate checking account, or disability insurance?” You will most likely need to consider them all eventually, but the truth is you don’t need any of these things to get started. You need only two things: a client and a method for finding more clients. This book will provide you with everything else you need to know to get started.
If you are already an independent consultant, this book will help you to accelerate your practice. It will discuss how other consultants have been able to grow their businesses into vibrant and dependable sources of continuous income.
Who will benefit from reading this book?
- The Restless Employee: Employees who are tired of working for someone else and the shackles of the corporate world, and who are willing to take a risk with their professional lives. What you hold in your hand is a guidebook for those who are sick and tired of having their work schedule and activities dictated by someone else. This book will help those who long for more control over how, where, and when they work to decide if the time is right to leave their job.
- Those Seeking Financial Independence: Wouldn’t it be nice if you didn’t have to worry about being laid off because the company where you work merged with or was acquired by another company, or decided to downsize, or your boss didn’t like you, or your employer was being outsmarted by the competition? As an independent consultant a you call the shots. You determine your own destiny.
- Those Desiring More Income: A career in consulting can be much more lucrative than working for a corporation. Think about it. Your employer is making a profit from your work. It stands to reason that if you can satisfy the needs of customers without an employer, you can keep your share (i.e., the salary you earned as an employee), as well as your employer’s share (the profit).
- The Wannabe Consultant: Although working for yourself has always been a desire of yours, it has been on the back burner. The pressures of monthly bills, mortgage, car payments, college tuition a health insurance, and saving for retirement have made the idea of working for yourself seem too impractical and unrealistic. This book will provide you with the tools you need to make the leap. It will demystify marketing and sales and show you how many others have successfully started and sustained independent consulting businesses.
- The Independent Consultant at an Early Career Stage: You still haven’t quite figured out how to get to the next level of your consulting career. The allure of a monthly paycheck is tempting you to return to the corporate world, but you are not ready to give up on your dream of making your consulting business viable. You want to increase your income and make certain you are doing everything possible to stay independent.
- The Experienced Consultant Seeking New Energy and Methods:
You have tasted the good life of independence and are not looking back. You know that the key to your success is to refine your consulting skills. Your goal now is to keep your business alive and growing.
What you need is to learn new techniques from experienced consultants that will help you to propel your business forward.
- Junior Consultants Working in Consulting Firms: You work for a successful consulting firm. Senior consultants expect you to do most of the work. Other consultants have refined the methods you use. You realize that the only way to get ahead in your firm is to learn how to market and sell so that you can be the rainmaker.
- Senior Consultants Working in Consulting Firms: You understand that in order to continue to grow your consulting practice, you need to get back to the basics of marketing and selling. This book will provide you with insights from the perspective of the solo consultant that will help you get back to the only two things that matter in your work: selling consulting services and keeping your clients satisfied.
Each chapter is self-contained; the book does not have to be read in one sitting and can be used as a reference to address a particular problem. Each chapter focuses on a particular challenge faced by independent consultants (e.g., establishing credibility, staying focused and motivated, and setting the appropriate fees) and is organized in the following way:
-Introduction: Each chapter begins with a story that demonstrates a particular challenge faced by a real, live independent consultant.
- The Challenge: This section describes the challenge in more detail.
- Solutions: A number of different ways to overcome the challenge are then presented.
- Conclusion: This section summarizes the challenge and the solutions.
Throughout this book I will share the experiences of other consultants and the lessons they learned the hard way. In addition, we conducted a survey of two hundred independent consultants to learn how they got started and what has helped them to become successful.
The results of that survey are interspersed throughout the book.
So find a comfortable chair, sit back, and enjoy reading An
Insider’s Guide to Building a Successful Consulting Practice. It could change your life. I encourage you to have a pen and a notepad nearby—not to take notes, but to start a to-do list. Include items that will accelerate your consulting business and make a personal commitment that you will follow through on each one of them until completion.
If I did it, you can too.
Introduction to The Consulting 200
In preparation for this book, a Web-based survey was sent to established independent consultants. The survey asked a variety of questions about:
- The type of consulting practice they operate
- How they got started
- How they feel their consulting life compares to their former corporate life
- How they market their services
- What advice they would offer to new consultants
The survey was e-mailed to 368 consultants I have met over the years while networking with other independent consultants in the
New England area. Two hundred responded, yielding an excellent response rate of 54 percent. Although this is by no means a statistically representative random sampling of all independent consultants a it does include consultants in many different specialty areas who have developed and established thriving businesses. Here are a few characteristics of the sample:
- 78 percent have been an independent consultant for more than five years.
- 7 percent started their consulting business before the age of thirty,
71 percent started between the ages of thirty and fifty, and 22 percent started after age fifty.
- 80 percent work out of an office in their home.
- 73 percent are solo practitioners, and 18 percent own firms that have at least one employee other than themselves.
- 63 percent had never worked for a consulting firm before starting their own consulting business.
- The industry sectors The Consulting 200 serve most frequently include financial services, computer hardware, software, and business services (e.g., advertising, marketing, consulting, legal, printing a and staffing).
- 41 percent earn more than $100,000 per year from their consulting work, with 12 percent earning more than $200,000.
Table of Contents
Contents
INTRODUCTION I-1
PART 1 CHARGING YOUR BATTERY 1
CHAPTER 1 DECIDING WHICH IS BEST FOR YOU: EMPLOYEE, CONTRACTOR,
OR CONSULTANT 2
CHAPTER 2 UNDERSTANDING THE ECONOMIC REALITIES OF
INDEPENDENT CONSULTING 15
CHAPTER 3 FOCUSING YOUR WORK ON A SPECIFIC PROBLEM OR
NICHE 27
CHAPTER 4 CHOOSING A BUSINESS MODEL 34
CHAPTER 5 ESTABLISHING YOUR CREDIBILITY 59
PART 2 MARKETING YOUR CONSULTING SERVICES 67
CHAPTER 6 DEVELOPING AND IMPLEMENTING A MARKETING PLAN 68
CHAPTER 7 MARKETING DIRECTLY TO PROSPECTS 79
CHAPTER 9 MARKETING YOUR CONSULTING THROUGH SPEAKING 117
CHAPTER 10 MAINTAINING YOUR VISIBILITY 126
CHAPTER 11 MARKETING YOUR SERVICES THROUGH NETWORKING 143
CHAPTER 12 SELLING YOUR CONSULTING SERVICES 152
CHAPTER 13 WRITING PROPOSALS THAT LEAD TO BUSINESS 163
PART 3 KEEPING THE GAS TANK FILLED 171
CHAPTER 14 DELIVERING TANGIBLE RESULTS 172
CHAPTER 15 MAKE CERTAIN YOUR RECOMMENDATIONS ARE
IMPLEMENTED 178
CHAPTER 16 MAXIMIZING THE VALUE OF NETWORKING MEETINGS 184
CHAPTER 17 MARKETING EVEN WHEN YOU’RE BUSY 189
PART 4 AVOIDING ROAD HAZARDS 195
CHAPTER 18 LOSING YOUR MOTIVATION 196
CHAPTER 19 BECOMING LONELY 200
CHAPTER 20 DILUTING YOUR BUSINESS MODEL 205
CHAPTER 21 CHARGING TOO LITTLE 210
CHAPTER 22 CHASING PROSPECTS 215
PART 5 GETTING MORE MILEAGE OUT OF YOUR
BUSINESS 221
CHAPTER 23 TAKING STOCK OF WHAT’S WORKING AND WHAT’S
NOT 222
CHAPTER 24 ESTABLISHING A BOARD OF ADVISERS 227
CHAPTER 25 CONDUCTING RESEARCH 232
CHAPTER 26 MAINTAINING READINESS TO ADAPT TO CHANGE 237
CONCLUSION 241
RECOMMENDED READING 244
INDEX 247
ABOUT THE AUTHORS 253
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