How to build a profitable consultancy, coaching or training practice

Category: Coaching Notes

Coaching notes Many people, at some stage in their professional lives wonder whether there might be more to life than working for others. You might be facing early retirement or redundancy, but still feel that you have something to give back. Surely, all that experience could be of value to others? Why not become a consultant?

Consultancy is a profession in its own right, which requires specialist skills

It takes time to launch a new business and to establish a successful consultancy.

You might find that you do not enjoy self-employment.

My experience when starting in business on my own was that there were three things I really needed.

The biggest challenge was that there was nobody to talk to. In your early days, you will find that self-employment is lonely. Just at the time when you need lots of advice and someone to bounce ideas off, there is no-one there. Later, of course, you build up a personal network and even get social support from your clients.

Then of course, there were lots of things we needed to learn. You will need to find out how to set up a business, how to set up your office, what to buy and where; and all the new skills and attitudes of your new role. You may be surprised what a difference your new identity will make – are you suddenly an expert, or 'trade'? How should you behave?

Finally, there was the challenge of finding work. Many people start well, calling on their existing network. It might look easy, but soon you run out of contacts. How do you go about building a new business network? And what should you charge? You might get a shock; and you are sure to over estimate the number of fee earning days in the year.

With 25 years experience and research among successful coaches and consultants in the UK and USA here are some of the things that we have learned: -

Priority 1: identify your product/service - and focus

Priority 2: identify your market - and focus

Priority 3: focus on your personal niche and target market

Priority 4: learn to enjoy networking - and get out and do it

Priority 5: prospect, prospect, prospect

Priority 6: build an effective presence on the Internet

Priority 7: build networks and alliances

Whether you are considering becoming a consultant, coach or trainer, or are an existing consultant, coaches or trainer who would like more clients, the same rules apply.

On the 10-11 June I shall be conducting a masterclass on how to build a profitable consultancy, coaching or training practice. It is based the challenges I faced when I first became an independent consultant and draws upon the lessons I learned as Brefi Group built its high profile web site, including how to review your product and market to build an effective marketing strategy and how to ‘enjoy’ networking. The class integrates my own experience with strategies I have learned from CoachVille in the USA. It will be a small interactive group involving personal coaching as well as presentations.

Book now. Price: £300 + VAT

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