Your first order of business when considering how to start a consulting business in Tier 1 country (US, Canada, Australia, NZ, UK, EU), is to determine how your service will be relevant to your target clients. I have the most experience providing consulting services to other businesses and organizations, and that’s what I’m going to talk about.
How to start a consulting business that serves other businesses and organizations.
If you want to Become a World-class Consultant providing your services to 2-3 high-level companies at a time, then you need to package and present your service offering to these companies in a way that speaks to THEIR needs.
Many of these companies could care less about the number of degrees you hold, or how many years of experience you come with.
What they really care about is whether you understand their market and can help them solve their current problems or meet their existing needs.
Not every company may see themself as having problems. But all companies have needs – even the cash-rich ones.
There are 6 major needs that all businesses face at one point or another.
If you can package yourself and what you bring to the table in a way that speaks to at least one of those needs, you will be rolling your sleeves and getting to work really, really quickly.
What are those 6 needs?
Here they are:
=> They want to increase the number of clients or customers with their current offer
=> They want to increase the retention rate of existing customers or clients
=> They want to increase the price of their offering and the average order value per customer
=> They want to improve the quality / or sophistication level of the clients or customers they attract
=> They want to open new markets and expand their market share
=> They want to increase profit margins by lowering or avoiding expenses related to taxes, fines, penalties, etc.
It does not matter if you’re a spiritual coach, a wellness consultant, an executive coach, an HR practitioner, or a relationship coach. You can position your offer to address at least one of those needs that companies have, and you can get them to pay you quite well for it.
If you are looking to land a top management job, or a coaching / consulting engagement with an established small or medium-sized business in one of the countries mentioned above, I have a worksheet I’d love to give you that will help you determine which of the 6 needs your offer is best suited towards.
Let me know in the comments, and I’ll be happy to share it with you.