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Your first 90 days on a job are often the most important. That\u2019s where you lay the foundation for the years to come and learn more about how\u00a0your skills<\/a>\u00a0best fit into the organization. That\u2019s just as true when you\u2019re\u00a0launching a startup<\/a>.<\/p>\n The early days of an entrepreneurial endeavor, especially in\u00a0the fast-growing consulting space<\/a>, not only help to define how the business is received, but also its trajectory. As the mad dash begins for clients, there are fundamentals that you\u2019ll need to pay attention to and long-term planning you\u2019ll need to focus on at the same time.<\/p>\n Get these steps right and you can lay a foundation for future growth. Ignore them, and you could be setting yourself up for headaches down the road. Here are some of the areas that will demand your attention.<\/p>\n Increasingly, the most successful consulting companies are the ones that are specific about who they serve<\/a> and which problems they solve. \u201cClients prefer boutique firms offering regulatory expertise, sector specialization, and competitive pricing, driving growth in niche consulting segments,\u201d says research firm StartUs Insights<\/a>. Tighten your focus instead of trying to be all things to all clients.<\/p>\n It seems a basic step, but as you choose a name for your business<\/a>, check to ensure that it\u2019s not already being used on the web and on social media. You\u2019ll want a URL that matches the company name, and you should secure social-media accounts on as many platforms as possible, even if you don\u2019t plan to use them immediately, to protect your name.<\/p>\n As you launch your own consulting business and begin the search for clients, it\u2019s people you know and people they<\/em> know who are most likely to be of assistance. \u201cSixty percent of consultants get their first client through referrals<\/a> from their network,\u201d writes coaching and training platform Consulting Success<\/a>. \u201cThis isn\u2019t luck\u2014it\u2019s about strategically positioning yourself within your existing professional relationships.\u201d<\/p>\n Some consulting firm founders prefer billing by the hour. Others prefer to charge a lump sum for a project. And some focus on intangibles, factors that make a client\u2019s life easier. Hourly billing is easy and a favorite of people just getting started. Fixed sum billing for projects is preferred by about one-third of consulting firms. And value-based pricing has the largest revenue potential but is the most challenging. Just remember that you can switch models down the road. Here are some helpful formulas<\/a> to consult when trying to determine what to charge. <\/p>\n It\u2019s not just enough to build a list of companies you think would benefit from your expertise. You\u2019ll also need to determine which of those are worth your time, writes Roland Eva<\/a>, a U.K.-based business growth consultant. After you\u2019ve assembled a list of the types of clients you want to work with, determine which will not balk when they hear your fee. If they\u2019re publicly held, a look at their SEC filings<\/a> will give you good intel on the state of the company. If they\u2019re private, do some research on Lexis or even with the Better Business Bureau. The idea is to avoid wasting your time with companies that are unlikely to be able to afford your services.<\/p>\n As you run down the list of things to consider when starting a consulting firm, mastering Excel and PowerPoint might not be something you think about. It should be, says Namaan Mian, COO at Management Consulted, which helps people break into the consulting field<\/a>. \u201cAt most consulting firms, you\u2019ll spend 80 percent of your day in Excel and PowerPoint,\u201d he said in a recent video<\/a>.<\/p>\n Hiring experts to handle your startup<\/a>\u2019s finances and legal issues can remove a lot of stress from your shoulders, letting you focus on core business aspects. These don\u2019t need to be full-time employees. Services like LegalZoom can let you access legal assistance where you pay for an hour or two when needed. Consider a small local accounting office for an affordable way to get your taxes done professionally.<\/p>\n This is something that\u2019s more applicable to solo entrepreneurs. If you aren\u2019t planning to start your consulting firm with a business partner<\/a> or two, it could be worth your while to find an accountability partner<\/a>. That\u2019s someone with whom you can set up short, daily (or weekly) calls during the first few months of your business to gain outside insight that helps keep your startup on track. This could be a former colleague or mentor. Or you could find an accountability partner by getting involved with a local trade association, business owner group, or networking group<\/a>.<\/p>\n \u2014Chris Morris<\/em><\/p>\nDefine your niche<\/h2>\n
Make sure your company name isn\u2019t already spoken for<\/h2>\n
Start networking<\/h2>\n
Determine your billing model<\/h2>\n
Create a potential client list\u2014then filter it<\/h2>\n
Fine-tune your tech skills<\/h2>\n
Find an accountant and a lawyer <\/h2>\n
Consider an accountability partner<\/h2>\n
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