Starting a Consultant Company Online

[MnJ]

Well i am new to the forum so hello! Both my cousins just graduated from uni and poly and we are thinking of doing up a consultant company without any office but with just a website online. The reason is probably because both of us at working at the moment and we would like to try out hands on entrepreneurship. We are quite good in our area of aspect but it is not possible for us to give up our jobs now. Do you guys think its a good idea to start out now when we don't have any experience on it but we feel we have the ability and knowledge to do it? Another problem is do you think we are too young to come out as consultants? We are 24 and 25 respectively. We decided to do this part-time to try it out and see what there is to offer. But of course we will give our 100% effort on this for sure. Anyone can give us some pointers and suggestions? All help are appreciated thanks!

[Sam Barona]

What area of consultancy are you guys looking to get involved in?

You can start by doing some of the following:

1-start marketing your selves (consultancies are about people, so you're better off starting by gaining some credibility in the market place through article writing (online & print), writing whitepapers and citing them in your articles, etc). Let people know who you are, and as prospects look for you on the internet, they will find plenty of resources that will point directly at your expertise, not to mention that some of these articles are also likely to win you business. Build a "fame" book with press and internet clippings and mentions. make these available on your site.

2-carry out some freebies to develop case studies. This will help you back up your claims of how effective your take on your area of expertise is, as well as potentially winning you some repeat, or referral business. Its a necessary investment in my view; specially since you're inexperienced. The bigger the companies you get to participate, the better. Try to develop a set of case studies covering major scenarios that are relevant/key to your potential clients.

3-join industry bodies and associations. This will help you build credibility and trust. If there is a chartered institute in your field of expertise, join it.

4-Arrange, or attend industry specific round tables and forums. this will help you build your reputation, as these are normally well publicised and news worthy. You may also find clients through these.

5-Network. Attend as many business meetings and events as you possibly can, this will help you to get your name out there amongst your target market. Be choosy about who you give your business card to; its not a leaflet. The better the quality of the contacts carrying and passing around your details, the better the class of client you will win, which translates into a better reputation and increased profit (remember that it often takes as much work to do a small project than a big one).

6-carry out research studies relevant to your target market. not only will this prove a great tool for promoting your selves as experts, but will also represent a potential revenue stream. People pay for information like this that is nto readily available anywhere else. The same applies to analytical reports and high quality whitepapers.

7-Use as much publicity as possible. get involved in public events and provide consultancy to these. Get your names and faces out there as much as you can, but dont advertise until you have a solid brand, or a service pacakged in such a way that will attract instant purchases; things like courses for managers/executives, or packaged consultancy (ie. " European Marketing in a Box").

8-Never stop reading about your industry. trends change very fast and your job is to be ahead of the competition. THe best way to do this is to help shape trends. DOnt be afraid to be controversial or to go against the flow,a s long as its something you can prove.

Finally, consultancies are not built overnight. Reputations take years to build and can be crushed by one single sentence. Look after your brand (YOU).

Good luck

Sam (Previously Head of Marketing at international marketing consultancy Bridgehead International)

[MnJ]

somehow i am wondering if we are too young to be consultants..anyone can highlight this point

[EntrePR]

somehow i am wondering if we are too young to be consultants..anyone can highlight this point

Not necessarily. I started my first consulting firm when I was 19. Two years later I had 8 employees and was working on $500k plus contracts. Not exactly Dell territory, but exciting nonetheless.

Just make sure you limit your liability (probably s-corp) and try to build a group of advisors and mentors to help steer you in unfamiliar waters.

[MnJ]

hey EntrePR , did you really went full time with it yourself? If so care to elaborate your experiences?

[kozuch82]

somehow i am wondering if we are too young to be consultants..anyone can highlight this point

Sure,

if you are experts nothing matters.

[rachelleg]

I dont think age matters as much as reputation and credibility. Being of the same age, i'd recommend networking and word of mouth marketing, both of which cost little to no money. Become involved in as many associations as possible. Attend networking events, etc. Get the word out to all of your family and friends and begin to build a portfolio by performing your services on them at no cost. From there, hopefully word will travel and you'll slowly build up clientele.