I receive, on average, hundreds of questions per week from people. They are mainly on very specific topics, never generalized. As someone who is paid hourly for the advice I give, I tend to give very generalized answers.
Today, I want to talk to you about how to start a consulting company. So many people are consultants, coaches, strategist and such. Which is perfectly fine if, it is your calling and you’re passionate about it. More or less you are a teacher. If your heart beats fast, you love helping others, and you want to turn that passion into a consulting company…this is the post for you.
Know Who You Are
Don’t just launch a consulting firm because everyone is doing it. If you do website design, you don’t need a consulting firm. If you do graphic design, you don’t need a consulting firm. You need to do work. Not every service based business needs to consult. That’s like me hiring a cleaning service to clean my house then asking them questions on how to clean my home. I need them to provide a service not consult me on how to clean my home. I have seen teaching coaches, tax coaches, graphic design strategist and more. Leave the fancy titles alone. Consult on what you know and what is needed.
Build An Audience
Its funny, I don’t receive thousands of likes on my social media post but I know people use my tips. I am either on their page and see it being done or I receive emails or campaigns in the mail. My audience has been built solely off of social media and word of mouth. Your audience needs to trust you to buy from you, otherwise, you will be a consultant with no clients. Every client I currently have watched my actions on social media before reaching out. Create a social media schedule for the content you will be sharing. This will help build your expertise in your industry. My goal is to share on social media once a day information my potential clients or customers need.
This is something I have recently started to A/B test my audience on. Many people will tell you “oh you need a free opt-in” to get people to sign up. Last year ICB Consults had 970 signs up with no free opt-in. However, I did throw in a freebie once in awhile. If you’re wanting to build your email list, you can do a sign up where it immediately alerts them by saying “sign-up for our newsletter to gain access to my 7 Secerts To Winning Big In 2016” eBook. Or you have the option like I do now, when someone signs up for an email list, the final welcome email has a freebie inside. At the end of 2015, I included the “Year In Review” download for my subscribers. A quick worksheet that could help them assess how they did.
Add Passive Income
One of the best things you can do is add passive income to your consulting company. If you’re not consulting your not making money. Adding an extra stream of income helps you not only boost your company’s revenue stream, but you are able to add another means of expertise to your list. ICB Consults has 30+ digital products in its library for my audience to purchase. This Spring I will be launching video content under the Kick Start Your eCommerce umbrella. When I am not consulting I am still making income. Learn how to make passive income for your consulting business.
Everyone of my clients who work with me signs a contract. All my contracts come from Brandi Howard Law Education. Make sure every little detail is covered in your contracts. You want to outline your payment schedule, fees, duties and more. Don’t just go along with someone’s word that they will pay you for your services. When I first started none of my clients had written contracts. They were verbal agreements. I had a couple issues with people not wanting to pay as well as other complications. So, before I speak, a contract is signed and money is paid.
These 4 things are what you need to know about how to build your own consulting company.