As we begin to wrap up the year, I wanted to share with you a few mistakes I made during my time as a consulting business owner.
Consulting can be very lucrative when done right.
It’s a high-margin business that can produce cash flow you can use to pursue other things.
Maybe you’re building a software product on the side or using consulting as a stepping stone to create your dream business or even travel the world.
Whatever your ultimate goals are, consulting can give you the boost you need to get there.
When I think of my own management consulting journey, I realize I could’ve achieved more faster if I’d avoided certain mistakes.
I’ve documented FIVE of them here that I feel every consultant should be mindful of and avoid or get around.
Doing so will help you get better at your craft, earn more, and free up your time to work on bigger goals.
That’s when you do consulting right.
For short videos on each mistake (and how to avoid them), click #MyTop5ConsultingMistakes
01. Saying “Yes” to Everything
Early on, 80% of my income came from one client. I was addicted to this income.
Anything the client asked me to do, I did. I wasted precious time learning unrelated skills just to satisfy the client’s demands.
02. Remaining a Dabbler for Too Long
My expertise was business planning. I took on ANY business planning engagement that came my way.
My business only took off when I decided to specialize in business planning for academia and university researchers.
03. Thinking Clients Buy Services (They Don’t)
Clients buy outcomes.
This makes little sense: “I provide business planning and strategic planning services for academic researchers.”
This makes a LOT more sense: “I help inventors at universities go to market within 90 days using lean business planning.”
04. Losing Revenue in-between Projects
Not having continuous income meant I couldn’t take my family for a nice vacation or reinvest in my business.
There is no substitute for building a sales pipeline.
05. Winging the Sales Call (and Hoping for “Yes”)
Not having a sales background was a massive disadvantage.
Only when I learned consultative selling did my sales take off.
Click #MyTop5ConsultingMistakes for videos on each mistake (and what you can do to avoid them).
Ready to Land $100k+ clients consistently without burning out? Schedule a call and let me show you how.
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