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Is starting an own consultancy doomed?  


Rajash
Posts: 2
 Rajash
Guest
(@Rajash)
Joined: 5 months ago

Hello, so I read almost all of the threads and answers here on the forum. Amazing work you all do here, thank you all for replying in such a detailed way!

I have a question about starting an own consultancie:

I heard that a lot of people fail with their first try in starting the own consultancy. Is this a rumor or reality? 

And what are essential steps to not fail with that?

Thanks in advance!

2 Replies
M. Haddad
Posts: 7
(@mhaddad)
Junior Consultant
Joined: 5 months ago

Hello Rajash, 

If you’re going to become a consultant and start a consulting business, it’s important that you know both the strategies, tactics and the mindset required to succeed in this business as these are the main tools that will help you survive.

If you’re serious about starting a consulting business and succeeding then you need to be offering something of a more specific service or working with a specific type of client. Even better if you can do both. You cannot be the consultant who helps everybody. You will get the attending of the Decision makers if you can clearly name what it is you do and specify the industry it is you serve.

The next step is to make sure to conduct proper validation of the service you are willing to provide as you need to make sure that clients are willing to pay for this expertise and skill, so research and validation is necessary prior you start, and this can be discovered by talking to real clients as this is where you can discover what the market needs and to make sure you are able to present to the world a demanded service.

By taking the above into consideration, and ensuring your skills matches with the required then you should not worry about your consultancy been doomed as you have done your homework properly and you are prepared.

All the best 👍 

M. Haddad 

https://www.linkedin.com/in/mohammad-haddad-6a679666/

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Robison
Posts: 5
 Robison
Guest
(@Robison)
Joined: 5 months ago

Hi Rajash,

1st Step

I have met a few people who failed in starting up their own firm. A common issue I see is the gap between AMBITION and EXPERIENCE. Many start-ups are very ambitious (a good thing) but, given deficiencies in Core Resources and Competencies is a real downfall. As Haddad suggested; Strategy, Tactics and Mindset is crucial in addition, a stronger network is essential.

2nd Step

If you are under control considering the above factors, it all comes down to the first assignment. 

1. How you approach the client?

2. How you present yourself?

3. Professionally Engaging with the Client

4. Maintaining Deadlines and Final Delivery

What usually happens is we get a carried away, our proposals might go through and get accepted by Reputed Clients, we may tend to exaggerate and may not DELIVER as expected. That's probably the last you will hear from that particular client.

3rd Step 

If your maiden assignment is delivered as expected and the assignment goes well. You might be in for a ride but, CONSISTENCY should be maintained looking forward. If you are not consistent, the first assignment might be the last.


Failure is a not the end, as long as you take adequate measures to bounce back. To the same extent we have seen faliures, we have also seen faliures that have overtaken giants of the trade by learning from mistakes.

Hope this helps.

P.S. I  would take the risk. Just be Genuine and Ethical.

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