If you’ve ever hired a consultant for your business, you’ll know that they charge a fortune. It costs money to bring in the eyes of an expert. However, it’s good practice to get a fresh perspective of your business from the outside. You need someone to point out the flaws and the areas for improvement. It’s true, consultants earn the big money. They swoop in, point out the problems and send you an invoice for their trouble.
However, instead of bemoaning the cost, why not become one. You can work for yourself, no more pesky bosses to answer to. You can charge the big money instead of paying it out! You’ll get to work on a variety of different projects so you’ll always be kept interested. There’ll always be a big challenge. If you’re an expert in business, now might be the time to start your own consultancy. Here’s how.
Fill a niche
Companies hire consultants because there’s a gap in their knowledge. This will usually be related to turning data into results. It will be to understand how their company can be more efficient or implementing new strategies. Paduka Consultants Private Limited are one group that did just that. Smart consultants know that companies aren’t looking for someone to crunch numbers or advise on products. They already have these skills on the payroll. They pay you the big money because you can improve their services or implement a new way of thinking. Find that niche and fill it.
Companies will hire you because of the end result you offer. When you pitch to them, make sure they know how this relationship will end. Make sure they know what they will gain from you. Don’t sell services and don’t quote hourly rates. You’re not just another employee Sell an ideal. Sell a goal. Sell your expertise and outline everything they will gain from hiring you. Once they agree to take you on, get into the hourly costs and service details.
Get really good at pitching
You will spend a lot of time doing it. Corporate businesses are huge machines. From the moment you make contact, it could be months before they agree to use your services. You’ll need to fill that downtime with pitching and building your brand. There are hundreds of consultants out there, you need to figure out how to pitch the best offer. Be prepared to spend a lot of time making presentations and visiting new companies. Structure this into your budget.
When you’re a consultant, there is no one-size-fits all approach. The best consultants really listen to their clients and construct a very specific answer. No two businesses are the same and there are always different factors to consider. Spend a lot of time with your contact at the company and really learn what services they need. Only once you fully understand should you make suggestions and offer quotes. Offering a flat fee is a sure sign of a dodgy consultant.
You’ll need the expertise, the drive and the people skills to be a great consultant. If you do, there’s no better time to do it. Going freelance might be the best decision you make. Use all of the contacts and skills you’ve gained and give yourself more freedom.
Thanks to 401(K) 2012 for the image.