Niche Consulting firm?

[forchunet]

Hello YE community,

So I've had this idea to start a niche small business consulting firm in my area for a couple of days now. I love business and I've read and learned a lot about the basics through my college courses and through personal enlightenment. Problem is, I have no extensive experience whatsoever.

My parents run a restaurant business and through the past six months I've helped them turn a better profit by cutting down their menu and helping to focus their resources into key foods. I walk into restaurants nowadays and play a game with myself in which I try to spot ways to improve the business without even looking into their financials.

My girlfriend graduated with a degree in IT and marketing and shes willing to jump into the venture with me in due time.

I have a couple of books on hold in the public library but in the mean time I thought I'd ask this community about any advice it may have in starting and implementing a successful consulting practice.

-Glenn

[jasaunders]

To be honest, unless you have experience starting and/or running your own small business, or unless you have significant knowledge and experience in the area (such as dealing with government issues, investors, loans, financing, leases, contracts, suppliers, human resources, the long list goes on...), I can't imagine any small business owner would want to hire you.

If you were to go forward, the best approach would be to start small and convince family and friends to be your first clients. Then it becomes a networking game in finding other clients, because the only way you're going to gain traction is through word of mouth from happy customers. With your limited experience, it will be hard to build a customer base on your own without this first step.

[rogercbryan]

I agree with the above post. I spent five years working in the non-profit industry before I was able to start my consulting company. It's all about references, referrals, and track record. You need to keep doing what you are doing with your families restaurant. You need to document everything you are doing. You need to publicize everything you are doing.... then maybe in a few years you'll have a sellable product (service).

You can organize yourself now as a consulting firm with your parents restaurant as your primary client. Learn how to document and track the changes that you make and the success that those changes have brought. This will help you to build a marketing platform when it comes time to solicit new clients.

There is nothing against soliciting for new clients now. You just have to remember that you only get one chance to make a first impression. So if you walk into a restaurant and alienate the owner because of your lack of current experience you are going to handicap yourself in the future.

Have you done any market research for this business yet? Are their other consulting firms that do what you want to do? Have you called them to find out what they charge? Have you asked your parents to have a firm come in to do a review on their business so that you'll know how they work? These are all things you can do now that will help you in the years to come.

[forchunet]

Wow! Thanks for the advice and information and for putting everything into perspective for me.

I knew from the beginning that my lack of experience would hinder my ability in performing to the level of the traditional small business consultant and that is why I never intended to pursue the venture as such, at least not for a couple of years.

In my community there are scattered mom and pop restaurants and stores that cater to a large community of Filipinos. These owners are typically immigrants like my parents who, although they may perform successfully, have no formal knowledge of management principles and techniques (neither do I for that matter). I believe it is easy, even with my limited education and experience, to implement small changes that can help these small businesses for the better. I am fluent in english and the filipino language (most of these business owners operate with limited english speaking abilities) and I already have close ties with a lot of these business families. I think those along with other factors will serve to my advantage when seeking these people out as clients.

I plan to continue with what Im doing at my family's restaurant for the next couple of years and to research the field of business extensively all while nurturing a strong network of potential clients. When the time is right and when I feel confident with my abilities I'll think twice about diving into the field.

Thanks for the advice!

[jasaunders]

Consider speaking and working with free organizations in your community as well. Whether it be a local SBA office or Score, or chamber of commerce or local entrepreneurship center that provides free assistance. You'll gain a lot of knowledge by working with these folks and possibly build a reputation at the same time.

[spawn]

Hello YE community,

So I've had this idea to start a niche small business consulting firm in my area for a couple of days now. I love business and I've read and learned a lot about the basics through my college courses and through personal enlightenment. Problem is, I have no extensive experience whatsoever.

My parents run a restaurant business and through the past six months I've helped them turn a better profit by cutting down their menu and helping to focus their resources into key foods. I walk into restaurants nowadays and play a game with myself in which I try to spot ways to improve the business without even looking into their financials.

My girlfriend graduated with a degree in IT and marketing and shes willing to jump into the venture with me in due time.

I have a couple of books on hold in the public library but in the mean time I thought I'd ask this community about any advice it may have in starting and implementing a successful consulting practice.

-Glenn

Glenn,

my policy in life.. nothing is impossible .. anythign can be learnt through resources available or there is someone who can teach you ( a mentor)

not everyone will have experience before one starts a business.. but that shouldnt stop you from wanting to start a business.

having the right people guiding you can work miracles. Just make sure you find a mentor and run things by them before you make decisions.

your GF will understand the market and be a great asset. do your research learn your ABC;s and then well you can go out and jump into the big bad business world!