S8 E47 How to build a successful coaching/consulting business?

Step 1 Develop your initial market.

Tell your family, friends, contacts about your decision to launch a consulting business. Ask them for introductions to folks who are able to hire and who you may be able to help. If time permits you should do this with a personal call or e-mail. And be specific about the type of client you want to attract. I would love to work with anyone in the aviation industry, or do you know anyone in Google, they would be my dream client. Of course, this assumes that you have a clear idea of what type of coaching/consulting business you want to build.  

If it is not obvious to you where your skill set lies, or maybe you are a generalist, complete an assessment of your areas of expertise.  Some pointers from Bozi Dar who runs an online business as a side gig,

1.   Understand what you are well qualified to share. In her book Dori uses the phrase uniquely qualified, but as few of us are uniquely qualified, that is we are the only one in the whole world I have modified the term to well qualified. You can build a business based on the skills you have. What are you well qualified to share? Think about the questions people seek you out to ask. When would your work colleagues turn to you for advice?

2.   Do not quit your day job. Take the time to test your hypothesis of what type of work people are willing to pay you for. What’s the problem? Are people looking for a solution I can provide? Who and where are my potential customers? As you start to close deals and build a client base then you can take the plunge and become a full-time consultant. Check your employment contract with your current employer to ensure there are no clauses prohibiting you entering other part time employment. When I started my consulting work as a side business, I advised my company’s HR executive of my plans and obtained their approval. I felt that added a level of integrity to my business, I could tell clients that I was not working behind my employers back. And I avoided all conflicts of interest by only having clients in fields totally unrelated those of my full-time employer.

3.      Build your competencies. If you are employed full time and even if you are highly talented, you may not have all the skills required to be an entrepreneur. If you are a marketing exec, possibly your financial skills need improving. Consider taking courses, hiring a business coach, join a group focused on entrepreneurship. Re-invest the income you are earning in rounding out your skills, so you are ready when you break ties with your employer and launch out on your own.