Questions about Consulting Business

[angelo]

I have spent the last 20 years in the Food, Beverage and Hospitality industry.

I have Been very successful at all of my employers.

I am considering starting a consulting business. (Part-time to begin)

Any Advice.

Ang

Pour at least half your revenues (in the beginning) into marketing. Be prepared to starve.

[Iowanian]

Be prepared to starve your first year.
It may be different in your field, but consulting part time wouldn't work in mine.

Be prepared to work harder than you've worked before, more hours, more stress and less reward the first year....

The best advice I have been given, some from a person or two here, is that you will starve in year 1, be hungry but see gain in your 2nd and make it by your 3rd year....or you won't.

I don't want to discourage you....go for it, and come into it knowing its' not going to be easy and you can do it.

[Rain Man]

Initial advice knowing nothing about your consulting field or your personal situation:


1. Your early jobs will likely come only from networking among people you know, so be sure that there's potential there before you make the leap if you need income.

2. You will likely starve for a year or more until you get momentum and a reputation. That's not a statement intended to dissuade you, but rather to prepare you.

3. Buy Quickbooks and use it from Day One.


What type of consulting do you hope to do?

[Rain Man]

Heh. Two of the first three responses included the word "starve".

Three out of four now, though this one shouldn't count in that stat.

[Iowanian]

Originally Posted by Rain Man

3. Buy Quickbooks and use it from Day One.


?

I was 2 years too late in listening to this advice. I tried to save money with self built spreadsheets, but at tax time...holy moley wasn't worth it.


THIS. THIS. THIS.



Ang, It will be a lot easier if you have a nest egg to use. I had some, but still worked a couple of part time jobs to pay the bills so the company could fund itself, stay afloat and grow.

Having some idea where your first contracts will come from is a big step, and I concur with the advice given by bRainman on this topic.

[scorpio]

if I answer your questions I'll have to charge you a consulting fee.

[Iowanian]

My best move early on was to work cheap for the first couple of clients whom I felt would be good communicators for my cause. This is especially true IMO if you're competing against known or existing entities/competition. They have to have a reason to try "the new guy".

Work very hard to keep those initial clients happy. Heck, I sent emails today to some clients from a couple of years ago, just to keep my name fresh and make sure they were happy and didn't need anything.

[angelo]

Originally Posted by Rain Man

Initial advice knowing nothing about your consulting field or your personal situation:


1. Your early jobs will likely come only from networking among people you know, so be sure that there's potential there before you make the leap if you need income.

2. You will likely starve for a year or more until you get momentum and a reputation. That's not a statement intended to dissuade you, but rather to prepare you.

3. Buy Quickbooks and use it from Day One.


What type of consulting do you hope to do?

I would do Food and Beverage Consulting specializing in

Food and Liquor Cost control
Staffing training and Development.
HACCP Compliance (this is a state and federal regulation)
General cost cutting.

In my current job I have been able to increase sales by 15% and reduce cost by 13% on a 1.2 million dollar budget this year.

I have a proven 15 year track record of turning around businesses in the F&B industry.

Ang