Before you start your own local consulting business, you should first find out whether you are capable of doing the work. You can first start doing it part-time. This way you will know whether you have the potential for you and how much you can earn from it. Here are the steps to set up our own local consulting business.
Develop a business plan
It is the first step of any business. You must have a detailed business plan in hand. By having a business plan, you will know what step to take next on your business.
Once you start to have revenue flowing in your business, you should start the basic housekeeping. You can start your business as a sole proprietorship. You should have your business contact details, licenses, insurance, business cards, brochures, internet connection, printers, computers and other office equipment.
When you start the business, you won’t have a good budget for your marketing efforts. So, you can start by word of mouth. You can also attend business conferences and meet potential clients. You can set up a booth at a local business expo and market yourself by giving away brochures and business cards. You can give a short free consulting session.
You can decide to work the hours. In such case, you should make sure that you note down the number of hours worked and get it signed by the clients to avoid any dispute. Every month, you should send invoices to the client requesting to release your payment. You should avoid working with clients who doesn’t pay you on time.
Provide deliverables on time
You should provide the deliverables on time. In case you can’t do it for any reason, you should let the client know as soon as possible.
Have constant cash flow
The reason many businesses fail is through cash flow. You should know from the beginning how much cash you need to keep running your business. You should have about three to six months of funds to run a business.
It is always better to start local consultation work while you are still in your current profession. This way you will know that you are taking the right decision by changing your career. Local business consultancy is a very demanding field right now. So, you have a high possibility of being successful.