Assignment:
Review these two articles from Entrepreneur.com and consider the Flawless Consulting course content to date. Then, post a discussion addressing the following questions. What would be your first steps in establishing yourself as a consultant and why? What organizational structure and/or business strategy would you employ and why?
Three Tips to Start a Consulting Business - https://www.entrepreneur.com/article/220267
How to Start a Consulting Business - https://www.entrepreneur.com/article/41384-1
Also, please comment to at least 2 examples I provided.
Example 1
1.) What would be your first steps in establishing yourself as a consultant and why?
The first step I would take to establish myself as a consultant would be to research the field I was going to enter into. Every industry has certain trends, for example, the culture, lifestyle, market, etc. Regardless of whatever industry I would choose, one thing would be for certain, I would have to be passionate about it. As the article, How to Start a Consulting Business stated, there is "no magic formula or secret that makes one consultant more successful than another one...but what separates a good consultant from a bad consultant is a passion and drive for excellence" (Entrepreneur, n.d.).
Other points the article makes are to consider certifications or licensing that you may need. I also thought becoming involved in organizations and/or associations would also be a good way to establish myself. Going back to what I mentioned above, it would also help with staying up to date with trends in the industry. Becoming involved in associations is also a great way to network, which as we've learned, is the basic foundation of consulting. The article also mentions organizational skills and setting long-term and short-term goals.
Perhaps the most important qualification in establishing yourself as a consultant is your reputation. Everyone needs to start from the bottom and work their way up. It would be beneficial to start a consulting firm in whatever industry you have worked in before. While you may not think it, the years of experience will be invaluable when interacting with other companies and organizations. Also by working in the same industry you want to consult in, chances are you probably already have connections and some type of reputation...hopefully all good. Having a good reputation will also help decrease resistance you may experience from other companies you are working with. They will be more likely to have confidence in you if they've heard about how you helped other companies similar to theirs.
2.) What organizational structure and/or business strategy would you employ and why?
If I were to open my own consulting business I would try to partner with someone else when first starting out. As the article, Three Tips to Start a Consulting Business suggests, partnering with an established company "allow(s) you to build your name, refine your services and reach clients you wouldn't otherwise have access to on your own" (Merritt, 2011). Partnerships can be very beneficial for both parties involved; however expectations need to be set from the beginning. Much like a consulting contract, each individual needs to know the other person's wants and needs; what they'll compromise on and what isn't negotiable.
The second business strategy I would implement would be to differentiate myself and my product, also known as a unique selling proposition (USP). This could come from providing a truly unique product, for example, consulting on an issue that no one else has ever thought of. It could come from your website, your ability to fix problems and/or provide solutions, or a promise that you make and deliver each time for each client. Any benefit that your client receives for your service can be your unique selling point. It is all about understanding the clients problems, fears, and frustrations and how to alleviate them. No company today is going to succeed if they are just copying their competitor. What sets your company apart needs to be enough of an advantage to justify your client hiring you versus another company.
Example 2
What would be your first step(s) in establishing yourself as a consultant and why?
Based on the two articles, my first steps in establishing myself as a consultant would be to establish my reputation before starting out on your own, partner with another firm while building my business, and differentiate my service. This involves knowing my area of expertise or specialization. This can be accomplished by working with a reputable firm in the same field, which would expand my network, and also lend credibility to my experience in the field when starting soliciting consulting services. People always want to know your background, and years of experience in the field. Differentiating your service means having a niche that is unique to fit the needs of my clients.
What organizational structure and/or business strategy would you employ and why?
I would try to use a flexible structure by using the skills and talents of a variety of contractors from different industries to have a more stable structure. This type of structure would help me to reduce overhead cost, minimize risks, and better staff projects to meet the needs of clients.
My strategy is not only to make money, but also to focus on building strong business relationships. Too often people focus on making money, and loose focus of the importance of lasting relationships with clients. These relationships could bring referrals and word-of-mouth clients to the business, as well as future business with the same client. Other strategies would be to close contracts and have positive results with projects to remain successful in the consulting business.
Example 3
1.) What would be your first steps in establishing yourself as a consultant and why?
I found that in the Article "Three Tips to Start a Consulting Business" (Merrit, Entrepreneur.com,) tips one and two, "Establish your reputation befores triking out," and "Partner with another firm while building your business," are the two best pieces of advice possible when starting a consulting business. Of course you need to establish a reputation, but in todays social network and online service reviews wold, if you don't have a strong reputation online, then you simply don't have a business at all. Partnering with another business is how you take your existing skills and begin applying them and enhancing them, all the while making contacts and networking with other industry professionals and consumers. These two steps are very closely related to me for this purpose.
2.) What organizational structure and/or business strategy would you employ and why?
That is not to say that the final step, "Differentiate your service," is a bad idea. I simply find that differentiating your service is strong business sense and corporate strategy, a way to get customers your competition may not reach, but it is not the first or most important step when starting a new business. Differentiation is my favorite corporate strategy, that I consider more valid than price competition. If it were me starting a consulting firm today and I had to come up with a structure for the organization, I would probably structure it in a way similar to the new "no boss, everyone is part of a team" sort of way that the 20-30 year-olds starting new tech firms in silicon valley are today. The trend is that while maybe someone technically is the boss/owner of the company, the people picked to work with him/her are hand-picked for skills, passion, and creative thinking. Then once a team of these unique talented individuals is completed they work almost adjacent to each other but not stepping on each others toes by always working on the same projects.
I think this sort of close collaboration but separate structure would allow for creative idea exchange while giving the firm the autonomy needed to serve several clients at the same time. This structure also encourages hard work because a team-member will get incentives only based on how large and how successful a consulting project is, and hard workers can take on more than slackers. I can imagine a room full of 4-8 marketing consultants working on different projects and one of them asks out loud "what would you guys do in this situation" just to get ideas and spur creativity moving forward.