The New Consultant's Quick Start Guide: An Action Plan for Your First Year in Business

Description

An action plan for working as a consultant Management consulting is a $250 billion industry and growing at a rate of over four percent annually. Many predict that more than 40 percent of the U.S. workforce will soon be contingent, freelance, or consulting members of the workforce—making this book more relevant than ever. Individuals become independent consultants out of necessity or preference: necessity because they lost their job or the company offered an attractive exit package; preference because they want a career change, more control over their time, or an enriched, varied work situation. Consulting also appeals to the Millennial workforce who are searching for careers that offer a good salary as well as meaningful work. The New Consultant’s Quick Start Guide: • Serves as a companion to The New Business of Consulting • Provides you with a place to plan your transition into consulting • Helps you identify your niche, develop a business plan, charge what you’re worth, and create a marketing strategy to ensure a steady stream of clients • Prepares you for changes you will encounter beyond your professional life, including social, family, and financial aspects The New Consultant’s Quick Start Guide helps you work through the challenges of consulting such as working alone, deciding on necessary insurance coverage, finding your first clients, struggling with cash flow, and understanding market trends.   The New Consultant’s Quick Start Guide Contents Acknowledgments Introduction Why This Guide? Why Consulting? Who Will Find This Guide Useful? How to Use This Guide 1 First Things First: Why Consulting? Chapter Overview Consulting: What Is It? Why a Consulting Career? Explore Your Experiences Inventory Your Competencies Skills and Knowledge Required of Consultants Assess Your Consulting Aptitude Are You a Match for the Profession? Pull It Together: Your Initial Consulting Focus Entrepreneur Attitude: Do You Have What It Takes? Quick Start Action: Questions to Ask a Consultant Quick Start Lists 2 Planning Your Consulting Future Chapter Overview Your Preferred Future Describe Your Ideal Day Describe Your Future Will Consulting Lead You to Your Life Goals? Why Are You Considering Consulting? Your Responses and Things to Ponder Your Goals and Consulting Professional, Financial, Personal, and Health Considerations Professional Considerations Financial Considerations Personal Considerations Health Considerations Identify the Changes You Will Need to Make Professional Changes Financial Changes Personal Changes Health Changes Quick Start Action: Create Your Personal Expense Plan Quick Start Lists 3 Dollars and Sense Chapter Overview Establish a Start-Up Budget Put a Price on Your Head Five Reasons You Are a Good Investment Calculate Required Revenue How Much Money Do You Require? How Much Will Clients Pay? Before Moving On Fill Out Financial Forms Quick Start Action: Setting Your Fee So What’s It Take to Get Off the Ground? What Will It Cost? Where Will I Find the Money? Quick Start Lists 4 Taking Care of Business Chapter Overview Getting Started What’s in a Name? Choose the Right Name Hire the Best Accountant and Attorney Quick Start Action: Find an Accountant and Attorney Determine Your Business Structure Sole Proprietorship Partnerships Corporations Limited Liability Structures The Business Structure That’s Best for You Business Entity Selection Worksheet Explore Your Banking and Insurance Needs Bank on Good Advice Insure Your Success My Business Insurance Needs Check Local Zoning Laws, Licenses, and Taxes File Legal Documentation Quick Start Action: Your First To-Do List Quick Start Lists 5 Your Business Plan Chapter Overview Are Business Plans Really Necessary? Evaluating Your Responses Write Your Plan Cover Page Table of Contents Executive Summary Business Description Market Analysis Competitive Analysis Organization and Management Plan Marketing and Sales Service or Products Financial Projections Appendices Printing Your Business Plan Plan to Use Your Business Plan Quick Start Action: Plan a Review Quick Start Lists 6 Make the Switch Painlessly Chapter Overview Gain Consulting Experience Before Leaving Your Job Practice Being an Entrepreneur Getting Started Discussions with Your Boss Determine Your Transition Plan How Will You Transition to Your New Professional Life? What Transition Issues Are Ahead? What Personal Transitions Will You and Your Family Make? Where Will the Money Come From? Personal Financial Statement Quick Start Action: Plan with Your Family Quick Start Lists 7 Setting Up Your Office—or Not Chapter Overview Office Location Options Renting Office Space Sharing Executive Suites Using a Home Office No Office at All Weighing Your Op Set Up Your Office An Office Is an Office, Not Your Family Room Furnishing Your Office Planning Your Technical Needs Supplying Your Office Paper, Paper Everywhere! File, Don’t Pile Establishing Your Record-Keeping System Electronic Financial Records Staying Organized What About a Website? Quick Start Action: The App Age Quick Start Lists 8 Finding Clients Chapter Overview Determine Your Market Niche Who? What? Where? When? Why? Is There a Need? Quick Start Action: Is There a Client Base? Analyze Your Call Who’s Your Competition? Know Your Industry Know Your Competition Know Yourself Competitive Analysis Your Niche Identify Your First Clients Land Your First Work Warm Up Your Cold Calls Reviewing Results What About the Referrals You’ve Received? A Dozen Quick Prospecting Ideas You Have an Appointment—Now What? What to Ask Potential Clients Follow Up After Every Meeting Quick Start Action: Make a Sale to Solve a Problem Quick Start Lists 9 Marketing Chapter Overview What Is Marketing? The ABCs of Marketing Assess Your Situation Build a Client Base Contact Potential Clients Create Your Marketing Plan Step 1: Analyze the Present Step 2: Clarify Your Strategy Step 3: Set Measurable 6- to 12-Month Goals Step 4: Select Marketing Tactics to Accomplish Your Goals Step 5: Identify Resources Step 6: Develop an Annual Marketing Activity Calendar Step 7: Implement Your Plan Step 8: Monitor Your Results and Adjust as Needed Build Your Marketing Plan Step 1: Analyze the Present Step 2: Clarify Your Strategy Step 3: Set Measurable 6- to 12-Month Goals Step 4: Select Marketing Tactics to Accomplish Your Goals Step 5: Identify Resources Step 6: Develop an Annual Marketing Activity Calendar Step 7: Implement Your Plan Step 8: Monitor Your Results and Adjust as Needed Marketing on a Shoestring Budget What About Internet Marketing? Quick Start Action: Grab Attention with Your Headlines Write Winning Proposals Steps to Writing a Proposal Writing the Proposal Track Your Clients Tips to Become a Better Marketer Quick Start Lists 10 Surviving the First Year Chapter Overview Take Care of Your Health Manage Your Time The Big Jobs Do the Hardest First Invoice Ease Tickler Files Establish Good Business Habits The Basics Financial Advice Client Counsel Delight Your Clients Balance Your Life Identify Any Imbalance Make Your Own Rules Enjoy the Doing Take Time Off Identify Other Interests Take Advantage of Being Your Own Boss Manage Your Balance Did You Hear the One About the Consultant . . . ? Why Ethics? Developing a Personal Ethics Statement Quick Start Lists 11 So, Now What? Year Two and Beyond Chapter Overview Assess Your Progress Quick Start Action: Review Your First Year with Your Family Plan Your Next Steps Professional Financial Personal Bring It All Together Quick Start Action: Review Your First Year with a Colleague ebb’s 13 Truths to Ponder Quick Start Lists Electronic Resources Reading List About the Author Index EULA