How To Get Started In Consulting
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How To Get Started In Consulting Presentation Transcript

  • 1. How To Get Started in Consulting Jeff Thompson Managing Partner Aventi Group LLC IMC Norcal January 10, 2009
  • 2. Agenda The Process   Evaluation Phase  Set Up Phase  Execute Phase  Next Steps  Resources IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 2
  • 3. A Proposed Process -Understand personal -Develop your pitch -Plan launch Set Up Phase Evaluation Phase Execution Phase motivations -Create your tools -Develop sales -Talk with consultants strategy -“Start” building your -Self SWOT infrastructure -Network -Quantify personal -“Start” securing -Begin developing needs services pipeline -Model success -Begin building -Monitor progress consulting knowledge -Complete Business Planning IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 3
  • 4. Evaluation Phase Understand personal motivations   Talk with consultants  Self SWOT  Quantify personal needs  Model success IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 4
  • 5. Personal Motivations Possible Drivers 1. Manage your own career 2. Greater work life balance 3. Increase earnings – short or long term 4. Broaden scope of work 5. Expand range of professional endeavors Myths 1. You can only enter consulting at the end of your career 2. You have to work much more or much less than in corporate roles 3. It is hard to find clients willing to buy consulting Realities 1. You work as hard as you want to 2. You have to manage your own success 3. You can improve your balance IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 5
  • 6. Consultant Interviews One on one interviews with at least five  (5) seasoned consultants ◦ Why and How they started consulting? ◦ What are their experiences? ◦ What are their likes and dislikes about consulting? ◦ What are the most significant learnings? ◦ What is their advice to you? IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 6
  • 7. Your Personal SWOT Strengths Weaknesses -Sales -Time management -Relationships -Technology -Execution Opportunities Threats -Increase revenue -Economic environment -Expand your involvement in the xxx industry -Tough to differentiate my skills -Explore interest in teaching at a university -Steady income needs IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 7
  • 8. Your Needs and Preferences - I need to make between $xxxK and $xxxK per year Income - I want to limit my work to 40 hours or less per week Time - I am motivated by: Motivation - Interesting projects -Career progression -Working with interesting people -Variety - I want to limit my travel to x% or x days per month Travel -I want to pursue writing a book Other Interests - I want to operate my own blog - I want to have x number of articles published -I prefer to work at home and by myself Work Style -I need to be in an office environment most of the time to be productive and happy - I prefer a mix of work environments (office and home, group and individual) IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 8
  • 9. Your Business in 3 years What types of projects are you doing?   What types of companies are you working with?  How much are you working, traveling, etc. (what does your day look like)?  What other activities are you pursuing?  How much money are you making?  What do you like most about consulting? IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 9
  • 10. Set Up Phase Develop your pitch   Create your tools  “Start” building your infrastructure  “Start” securing services  Begin building consulting knowledge  Complete Business Planning IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 10
  • 11. You, Inc. What you offer / what problem(s) you solve? How do you do it? How are you different? What types of services do you offer? What are your relevant skills and experiences Who are your clients? What type of outcomes can clients expect? IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 11
  • 12. You, Inc. Marketing Identity (name, email, address, phone)   Bio / Resume  Business Cards  Online Profiles ◦ LinkedIn ◦ Facebook ◦ Plaxo Proposal Template  IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 12
  • 13. You, Inc. Infrastructure Website   Office Space  Equipment  Bank Acct  Other “Presence” ◦ Logo ◦ References ◦ Blog IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 13
  • 14. You, Inc. Business Services Health Insurance (AB 1672)   Liability / E&O Insurance  Tax and Legal  Financial Planning  Payroll  Time Tracking  Invoicing and Bookkeeping IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 14
  • 15. You, Inc.Year 1 Business Plan Pricing Strategy Up front investments Business development Engagements Metrics -Number of clients -Duration of engagements Revenue Forecast Time management Risks IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 15
  • 16. Build Knowledge Base Pricing  Proposal writing  Project scoping  Business structures  Engagement management  Contracts  Invoicing  SMB tax planning  Social networking  Communication  Self – Promotion  Networking  Business Development  IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 16
  • 17. Execute Phase Plan launch   Develop sales strategy  Network  Begin developing pipeline  Monitor progress IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 17
  • 18. You, Inc. Launch Plan Timeline   Announcements  First 30 days  Goals IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 18
  • 19. You, Inc. Sales Strategy Fine tune “pitch”  Pick several target segments  Plan introductions and engagement approach  What is the main message?  Outcomes (Advance)  ◦ Ideal ◦ Next best ◦ Next best Set some goals  IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 19
  • 20. You, Inc. Networking Strategy Who do you want to meet?  ◦ Consultants, Prospects, Organizations, Regional Leaders Why do you want to meet each group?   Where can you find each group ◦ 3-5 locations for each group What will you do?   Set some metrics IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 20
  • 21. Pipeline Development Create an opportunity tracking  worksheet  Define your sales process  Set up the stage criteria  Manage against business plan IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 21
  • 22. Metrics and Milestones Track progress each couple of weeks  ◦ Actual vs. Planned ◦ Advances vs. Delays ◦ Learnings ◦ New opportunities Assess / adjust business plan   Assess / adjust tactics IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 22
  • 23. Next Steps Assess your situation   Personalize the process IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 23
  • 24. Resources A Business Setup and Management www.mycorporation.com - business setup and incorporation www.ehealthinsurance.com – business and personal health insurance www.businessinsurancenow.com – business liability, umbrella and errors and omissions (E&O) insurance www.incorporate.com – business setup www.legalzoom.com – business setup and forms Infrastructure and Presence www.vistaprint.com – business cards, letterhead, etc. www.overnightprints.com - business cards, letterhead, etc. www.godaddy.com – domain registration, website hosting and email www.register.com – domain registration, hosting and email www.onebox.com – virtual phone system / services www.ringcentral.com – virtual phone system / services www.earthclassmail.com – virtual address and mail collection www.regus.com – temporary and rental office space / conference rooms Business Operations and Management www.zoho.com – office applications, invoicing, other www.freshbooks.com – invoicing services www.paycycle.com – payroll services www.quickbooks.com – payroll, bookkeeping http://docs.google.com/ - online applications www.onepageplan.com – business planning State and Federal Business Information http://www.sos.ca.gov/business/resources.htm - California new business site http://www.irs.gov/businesses/small/index.html - IRS small business center IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 24
  • 25. Resources B Communication Services www.gotomeeting.com – web / audio conferencing services www.gotowebinar.com – webinar services www.timebridge.com – personal assistant, scheduling tool, conferencing services www.freeconference.com – audio conferencing www.vonage.com – VoIP services www.skype.com – VoIP and chat services Networking www.linkedin.com www.facebook.com www.norcalconsultants.net www.plaxo.com www.imcusa.yourmembership.com Marketing www.verticalresponse.com – email campaigns, newsletters, cards, other www.icontact.com – email campaigns and newsletters www.typepad.com – blogging www.blogger.com – blogging www.99degress.com – logo and graphics auctions www.logoworks.com – logo services www.ihance.com – personal email tracking www.prweb.com – public relations Professional Organizations www.imcnorcal.com www.imcusa.com www.ama.com www.nsa.com IMC Event | January 10, 2009 | Jeff Thompson | How To Get Started in Consulting 25
  • 26. Thank You and Good Luck!