Companies rely on management consultants in making key decisions. The demand for consulting services is always high, and despite the COVID-19 pandemic, the industry has seen significant gains in less than a decade, valuing at $160 billion in 2019.
It might take some time before the demand for management consultants picks up again. Even then, the future is promising for professionals who want to start their own firms and help the business sector recover from the onslaught of COVID-19. Are you planning to build your own firm? Here’s a quick guide to help you:
1. Know what you are good at
It’s not enough to say you offer consulting services. You still need to determine your specialty. Consultants, after all, are very knowledgeable about a certain niche or organizational, so it’s best to build the firm around the industry you are familiar with. If you are good at business strategy, for example, you can use it as a way to structure your firm’s flagship service.
2. Hire the right people
Consulting is nothing like any other field, so you might want to take extra time sifting through resumes and finding people who best fit your business. Aside from hiring partners who will be busy generating revenue for the firm, you also need to hire people who will handle day-to-day operations and background tasks. It can be overwhelming from the start, but you can always outsource such tasks to freelancers. This relatively costs less compared to hiring in-house administrative assistants.
3. Get help with finding the perfect location
If your vision consists of working for Fortune 500 executives, location plays a big role in making your firm visible. You only need to find office buildings or spaces you can rent out in high-opportunity areas like Los Angeles or Dallas.
Then again, the rent in these cities is too much for your fledgling firm. You may have to find reliable realtors and lease advisors to help you get better deals at high-end commercial areas. If you are planning to set up shop in LA’s Century City, Jeff Tabor Group is a great brokerage to work with.
4. Package and promote your services
Aside from securing the location of your firm and hiring people for the core team, you also need to figure out how you are going to market your consulting services to the organizations that need them. Consider developing a brand identity and building a professional website. It’s also important to set your payment terms. Will you be billing clients by the hour or will they pay a flat rate? Lastly, make sure you start a marketing campaign to promote your firm.
This should include social media, telemarketing and even traditional marketing channels such as print. Still, the best way to get the word out about your consulting services is by building and nurturing professional networks, so take time to rub elbows with people who might need your services in the future. It will be easier to build a client base from there.
Consulting services are at the forefront of innovation and the fact that you are building your own management consulting firm puts you in the right path. You just have to consider these pieces of advice before you can give your own to your initial clients.