Five Things to Consider for a New Practice…

Here are five questions to ask yourself when starting a consulting practice — or any small business. This post was inspired by an answer to a business post on franchising vs independence.  Good advice for new consultants too.

(1) Is it interesting and motivating? There are consulting opportunities everywhere, but you will do much better and be more productive if you enjoy what you are doing. Done right, it won’t even seem like work – at least most of the time 🙂

(2) Is the market big enough? I’ve emphasized identifying your niches, but make sure the niches are not too narrow. Can you identify multiple potential clients, not just one or two? On the other hand, are there too many players in your niches? You don’t want to get lost in the crowds. (We started with two part-time contract clients, and ramped up from there.)

(3) What make you different and unique? Even if you are in a generic area like accounting, what is special and unique about your practice?  What sets you apart from the competition, and why should clients choose YOU? (Think about those niches...)

(4) Will the need/market endure? You don’t want to jump in just as the bubble is about to burst. Ask where the market going, but be prepared for changes. Watch for changes, and adapt as needed. (My consulting practice today is very different from 30+ years ago.)

 (5) Last, but not least, can you make money? Maybe this should be first, since if you can’t make money, why do it? This is true for non-profits too, where you still have expenses that need to be met. (Consulting is a business, not a charity.)

Five simple questions, but worthy of serous consideration. Unlike the inspiration post, franchising is not an option. If you are making a JumpToConsulting, you are almost always starting from the ground up. But if successful, it is worth it!

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