10 Tips for Naming Your Startup or Small Business
- Think about what you want your business name to convey.
- Brainstorm to identify name possibilities.
- Keep the name short, simple, and easy to write and remember.
- Avoid names that are too narrow or too literal.
- Avoid decisions by a committee but do “test” your company name with others.
- Avoid plain words.
Project management, process improvement, data science and analysis, financial modelling and business transformation are the most commonly requested consultancy services in Australia, according to analysis by consulting-on-demand provider Expert360.
Here are 12 helpful suggestions on how to come up with a winning name for your business:
- Avoid hard-to-spell names.
- Don't pick a name that could be limiting as your business grows.
- Conduct a thorough Internet search.
- Get the .com domain name.
- Use a name that conveys some meaning.
- Conduct a trademark search.
Using your name as a business name makes sense if you are the brand. If your consulting business is very personal, and buyers are reaching out to and buying from you because they see you as the expert, then it's a good idea to name your firm after yourself.
Five top tips for writing a good consulting business plan
- Write the first draft. Don't worry about grammar, structure or neatness.
- Do your research. Understand the market you're going to be working in.
- Identify your USP. That's your unique selling proposition.
- Get feedback.
- Keep it simple.
What are the Top Consulting Firms?
- McKinsey.
- Boston Consulting Group,
- Bain & Company.
- Accenture,
- Oliver Wyman.
- Booz Allen Hamilton.
- PricewaterhouseCoopers (Strategy&)
- Ernst & Young.
A consultant is an person who provides professional or expert advice in a particular field of science or business to either an organisation or individual. As there is no legal protection given to the job title 'consultant', in theory, anyone can on a day wake up and decide to adopt the consultant title.
8 CHARACTERISTICS OF GREAT CONSULTANTS
- Great consultants are flexible. Great consultants adapt to new projects, work cultures and colleagues easily.
- Great consultants have great discipline. Great consultants work hard and they work smart.
- Great consultants are confident.
- Great consultants are persistent.
Attention to Detail. It pays to have a big picture mentality, but clients are looking for more than a generalist in their consultant. They want someone who can roll up their sleeves, dig in, and deal with the meticulous details of a specific problem. That's where they need help.
A professional business plan consultant will generally charge between $5,000 and $20,000 for a complete business plan (although there are cases where $50,000 is justified). The low end applies for “simple” businesses such as a pizza shop, a small retail store, a hairdressing salon, etc.
5 Things to Look for When Hiring a Consulting Firm
- Track Record of Success. You should always ask about who they have worked with and how successful the project was.
- An Experienced Team. You can learn a lot about a consulting firm based on how they pitch you as a client.
- Reasonable Cost Structure.
- Added Value.
- Communication Skills.
10 Effective Marketing Strategies for New Consultants
- Place Google and social media ads.
- Launch an email newsletter.
- Host events.
- Reach out to potential clients directly.
- Attend networking events.
- Get referrals.
- Speak and present at events.
- Make connections on social media.
Follow these six steps to get your first client.
- Understand how to sell your services.
- Research your industry.
- Build your network.
- Prepare Yourself.
- Provide solutions.
- Create a pricing strategy.
- Find your first independent consulting job through MBO's marketplace.
“The market rate” is the average price and range of pricing a typical customer will pay for your type of consulting service. If the average business consultant charges and receives $100 per hour, than the “market rate” is likely between $50 to $150 per hour.
Here are six ways to set yourself up for success before you make the leap to consulting.
- Ask why clients will choose you. A successful IT consultant has a standout sales pitch.
- Find your consulting role.
- Prepare to put in long hours.
- Build a business plan.
- Decide what you'll charge clients.
- Get the right insurance coverage.
8 Effective Branding Strategies for Consultants
- Understand Personal Branding. When you start out as an independent consultant, it's important to remember that you are now your brand.
- Create an Effective Sales Pitch.
- Create a Personal Website.
- Establish Thought Leadership.
- Grow Your Social Network.
- Bookmark Your Content.
- Embrace Video.
- Network Offline.
Generally, a service firm establishes hourly rates at 2.5 to 3.5 times the base compensation of the person doing the work. For example, if you feel your time is worth $60,000 a year, or $30 per hour, you may have a standard hourly billing rate of $75 per hour (2.5 x $30).
Market your expertise to start your side hustle and get in on the gig economy
- Figure Out Your Niche for Your Consulting Business.
- Do Your Research: Skills and Rates.
- Establish Your Brand and Identity.
- Find Clients for Your Consulting Business.
- Get Your Back-Office In Order.
6 Steps to Getting Your First Consulting Contract
- Make a list of your areas of expertise. To get the contract, you have to understand what areas you could possible train on.
- Start with targeting companies where you live.
- Get a meeting with the owner or a decision maker.
- Prove your fee is worth it to solve the problem.
- Make it legal and deliver.
Many consultants choose to earn money on a per-project basis rather than an hourly rate. Being a consultant involves a lot of perks, but it also involves hard work and risk. Your hourly wage should and can reflect this. In fact, the average consulting fee ranges from thirty to hundreds of dollars an hour.
Examples of valuable consulting skills
- Creative thinking.
- Thinking conceptually and practically.
- Problem-solving.
- Communicating clearly and empathetically.
- Collaboration with all job levels.
- Organization and time management.
- Curiosity.
- Credibility.
While you only need a business license to open a consulting practice, earning additional consulting certifications can help you separate yourself from your competitors. Business consulting is a crowded field, and you could be up against numerous competitors when trying to win new clients.
Too many career change aspirants think management consulting is a good career option after completing their MBA. And that's what they write in their MBA application essays without trying to learn more about what it means to be a consultant.
Types Of Consultants
- Strategy Consulting.
- Business Consulting.
- Financial Consulting.
- Information Technology Consulting.
- Management Consulting.
- Sales Consulting.
- Marketing Consulting.
- Brand Consulting.
A bachelor's degree is often the minimum requirement for a business consultant. In many industries, a master's degree is preferred. While there are some programs with a specific program in business consulting, you might also choose to pursue a degree in business, economics, management or finance.
10 Questions to Ask a Consultant or Business Advisor Before Hiring Them
- Are you collaborative?
- Do you have knowledge of our industry?
- Can you tell me about your process for going about work?
- What do you think is the biggest change that has happened in (consultant's sphere of knowledge) the last year?
