Biz Consulting/ Coaching

How to Get Started - part 2

Build a thorough business plan. It is crucial to have a sound business plan from the very beginning of your consulting endeavor. A good rule of thumb is: If you can plan for it ahead of time, by all means do so. This includes, but is not limited to:

1. Pre-establishing your strategic approach for running the day-to-day aspects of the business. This includes considering items such as: Securing a business credit card, establishing standard hours of operation, deciding whether or not to invest in purchasing certain tools as opposed to renting services or tools (like choosing between buying a laser printer or using a service like Kinkos).
2. Marketing your business. Deciding how to market your business in the most cost effective way possible. Will you need business cards? Would it be in your best interest to hire someone to design and develop a website for you? How about radio or television advertisements? Newspaper ads?
3. Establishing principal funding. Will you be starting this business from scratch out of your own pocket? Are you interested in acquiring funding from an angel investor? Do you have friends or relatives who may be interested in getting in on the ground floor with an initial investment based on your reputation and experience, which could later pay off for them in the form of a return on their money? Perhaps you may want to offset the initial investment by applying for a small business loan at a financial institution. You will also certainly want to investigate grants, tax credits, and loans made available by the federal, state, and municipal government which are often made available to individuals starting a new small business (particularly if you live in the United States, which has many programs available for just this reason). These are the types of things you may want to take a closer look at when deciding on how to find your venture.