Start Your Own Consulting Business 5th Edition by The Staff Of Entrepreneur Media, Terry Rice ISBN 1613084226 9781613084229

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ISBN 10:    1613084226
ISBN 13: 978-1613084229
Author:      The Staff Of Entrepreneur Media, Terry Rice

Use What You Know and the Profits Will Flow

Whether you’re a graphic designer, an accounting expert, or an advertising guru, your special skills are in high demand. Let the experts at Entrepreneur show you how to capitalize on your talents and help others achieve their business goals.

With new and revised chapters, consulting and coaching expert Terry Rice presents his tested, repeatable framework to building a consulting business, developing a client base, and creating a steady stream of referrals―and so much more. Dive in and learn how to:

• Craft a business name and build abrand that stands out
• Find the right niche in your industry that fits your business model
• Set the right price for your services and prove you deserve it
• Set up your business with minimal startup investment
• Ask for referrals, the right way and at the right time
• Hire team members that support you and your business No matter what your area of expertise, this hands-on guide will tell you everything you need to know to start your own successful consulting business.

Start Your Own Consulting Business 5th  Table of contents:

Chapter 1: Understanding Your Audience and the Problems You’ll Solve

• Determining What You Do and Who You Do It For: Define your expertise and who benefits from it.
• Finding Your Zone of Genius: Identify the area where your skills and passion intersect.
• Defining and Determining Your Target Audience: Understand who your ideal clients are.
  • Empathy Mapping: Use this tool to deeply understand your audience’s needs.
  • Market Research: Attend workshops, meetups, and events related to your area of expertise.
  • Social Listening: Monitor platforms like Reddit to identify trends.
  • Conduct Interviews: Engage directly with potential clients to understand their challenges.
• Determining the Problems You’ll Solve: Pinpoint the specific issues your services address.
• Action Items: Take steps to clarify your audience and the problems you aim to solve.

Chapter 2: Business Models, Pricing, and Goal Setting

• Choose a Business Model: Select the best model for your consulting business:
  • Time-Based
  • Project-Based
  • Retainer-Based
  • Results-Based
  • Consulting Firm
  • Subcontractor Model
• Determining Your Pricing: Research competitors, ask others, and finalize your rate based on market insight.
• Setting Your Goals: Establish measurable business goals to track growth.
• Action Items: Decide on your model, pricing, and goals.

Chapter 3: Setting Up Your Consulting Service

• Naming Your Business: Choose a name that reflects your brand and secures a matching domain.
• Legal and Licensing: Apply for necessary licenses and set up your business structure (LLC, etc.).
• Work Environment: Decide between working from home or joining a coworking space.
• Action Items: Secure your business name, licenses, and establish your work environment.

Chapter 4: Tools of the Trade

• Essential Tools:
  • CRM System
  • Project Management Software
  • Appointment Scheduling
  • Video Conferencing
  • Email Service Provider
• Action Items: Select and implement essential tools to streamline your operations.

Chapter 5: Establishing Your Credibility

• Credentials and Certifications: Obtain necessary credentials and join industry organizations.
• Networking: Attend industry conferences, local business groups, and online communities.
• Action Items: Build your credibility through certifications, organizations, and networking.

Chapter 6: Positioning and Packages

• Crafting Your Positioning Statement: Clearly articulate the unique value you offer.
• Service Packaging: Create structured service offerings that resonate with your target audience.
• Action Items: Develop your positioning statement and service packages.

Chapter 7: Launching Your Website and Social Channels

• Creating Your Website:
  • Include a homepage, about page, services page, contact page, and blog.
  • Optimize for user experience and SEO.
• Social Media: Set up profiles on LinkedIn, Twitter, Instagram, and Facebook. Post valuable content and engage with your audience.
• Action Items: Launch your website and set up your social media channels.

Chapter 8: Activating and Growing Your Network

• Reintroducing Yourself: Use a reintroduction letter to rekindle past connections.
• Action Items: Reach out to people in your network to re-establish relationships.

Chapter 9: Getting in Front of Your Target Audience (Passive Prospecting)

• Speaking Engagements: Identify opportunities to speak at local events, conferences, or meetups.
• Best Practices for Presentations: Prepare impactful talks that speak directly to your audience’s needs.
• Action Items: Start pitching yourself as a speaker and secure engagement opportunities.

Chapter 10: Sales and Marketing

• Content Marketing: Create engaging content like YouTube videos, explainer videos, and webinars.
• Email Marketing: Build a newsletter and send personalized outreach emails to potential clients.
• Cold Calling and Direct Mail: Reach out to prospects using personalized cold calls or mail.
• Action Items: Start creating and distributing your marketing content.

Chapter 11: Pitching and Proposals

• Pitching Your Services: Use questions to deeply understand a client’s problem and offer tailored solutions.
  • Sample Questions:
    1. What’s affecting you right now?
    2. What have you already tried?
    3. What resources haven’t you explored?
    4. What does success look like?
    5. Would you like my help?
• Proposals: Provide a clear and actionable proposal outlining next steps.
• Action Items: Refine your pitching process and prepare your proposals.

Chapter 12: Your First Clients and Commitment to Excellence

• Onboarding: Create a clear onboarding process to make new clients feel welcomed.
• Tracking Progress: Monitor and report on the work completed, ensuring client satisfaction.
• Feedback and Boundaries: Seek regular feedback and maintain professional boundaries.
• Action Items: Perfect your client onboarding and ongoing service.

Chapter 13: Scaling Success and Managing Employees

• Delegation: Focus on your “Zone of Genius” and delegate tasks to a virtual assistant (VA) or freelancer.
• Hiring: As your business grows, consider hiring employees for more specialized roles.
• Action Items: Begin building a team to support business growth.

Chapter 14: Additional Revenue Streams

• Group Coaching and Online Courses: Create and sell group coaching programs or self-paced online courses.
• Paid Speaking Gigs: Research speaking opportunities and build a paid speaking career.
• Affiliate Marketing: Partner with products or services that align with your business.
• Action Items: Diversify your income through new revenue streams.

Chapter 15: The Game Within the Game

• Strategic Patience: Focus on long-term success with thoughtful planning and consistency.
• Positive Self-Talk: Maintain a mindset of perseverance and growth.
• Action Items: Develop habits that support your mental resilience and long-term success.

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