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How To Build A Successful Consulting Business, Part 2

With layoffs and downsizing becoming more how much you will be paid. In slow
and more frequent in today's job market economic times, payments tend to be
an increasing number of people are delayed, so you may want to indicate an
parlaying their experience and know-how interest charge on payments delayed over
into a small consulting practice. thirty days.* Scope of work. As in the
Consulting can be a wonderful and proposal, be careful what you promise to
fulfilling field but to be successful you do for the client. If the limits of the
have to be much more than a well-paid project are too broad or fuzzy, you could
business advisor.In part 1 we covered how be responsible for years of follow-up
to set up, market, and qualify leads for work at no fee.* Duration. Some projects,
your consulting business. In part 2 we especially if you are dealing with the
will cover how to write proposals, public sector, can be delayed suddenly,
contracts, and build better relations even in the midst of your assignment. By
with your clients.Once you've met with a specifying a duration in the contract,
prospect, identified problems, and you protect yourself from unforeseen
convinced the prospect that you have delays and stoppages of fees. But you are
something to offer, you will try to sell also reassuring clients that they will
him or her specific solutions. Your see results in a reasonable time frame.*
solutions should be presented in a Guarantees. Be careful about what you
proposal that, if the client accepts it, guarantee in terms of project results.
forms the basis of the contract. Knowing Guarantee only that which you have
how to write a good proposal is one of control. Don't guarantee increases in
the most important things a consultant productivity even if you're working on a
must know to succeed. Poorly written or productivity-improvement assignment.
poorly organized proposals will destroy There are too many other factors over
any chance for a contract.While every which you have no control.* Ownership. In
proposal is different, all proposals the contract, even more than in a
should contain certain key things:* proposal, it is important to specify who
Background and definition of the problem. owns materials you develop during the
Review what caused the client to call on assignment. For example, will training
you, and what specific problems your work materials you develop in conjunction with
will solve.* Scope of the assignment you a training project be owned exclusively
propose. Explain what you are going to do by the client, or can they be used by you
to solve the problem. It's more important for future training assignments.*
here to also pinpoint what you will not Nondisclosure. A nondisclosure clause is
be doing. Don't leave the boundaries of essential. It should prohibit disclosure
what you intend to do fuzzy or the client of both your own and the client's
will never be satisfied with your work.* proprietary data, technology, and
How will you be doing it. Give details on strategies.The overriding goal of a
how you'll conduct the assignment. You consulting project is, of course, to
should include specific information but satisfy your client by doing the best job
still keep it general so that the client possible. However, this is not always as
understands it can't be done without you. easy as it sounds. Internal conflicts in
Also include how and how often you will the client organizations, or conflicts
be reporting to the client on the between you and the client, can lead to a
progress of the project.* Deliverables. contentious, and ultimately unsatisfying
List what you will be producing during relationship. Never underestimate the
the course of the assignment (plans, importance, and potential difficulty, of
seminars, programs, designs, etc.) Also maintaining a good relationship with your
specify who will retain ownership of what client.You should always treat your
you produce (for example, whether the clients with respect. Never talk down to
client can conduct seminars based on the a client or make him or her appear stupid
program you conceived during the or unknowledgeable. And never get into
project).* Fees and costs. Make an personal conflicts with clients or
estimate of how much the client can employees of client organizations.
expect to pay, broken down into fees and Otherwise, it is unlikely you will be
reimbursable expenses. For example, "Fees considered for future projects.As a
are estimated not to exceed $25,000, and consultant, your will become privy to
reimbursable expenses are estimated at inside information about the
$4,000."* Resources needed. These include organizations that hire you. Your clients
on-site desk and computer equipment, expect you to keep that information to
access to materials, and specific yourself. If clients hear you giving
personnel resources and the roles the details about other clients, they'll
people are to play.* Schedule. Pinpoint assume that you will be as loose-lipped
when the project starts and when you with their own information.Sometimes, you
expect the assignment to be completed if are going to have to take sides as part
started on time.Use graphics and of a project. But, if possible avoid
illustrations in your proposal because taking sides in internal conflicts. To be
they help to convey a lot more effective and respected as a consultant,
information. Don't stop your marketing you must remain objective at all times.As
efforts after you've submitted the a consultant, you will often be
proposal. Follow up with calls, letters, considered by employees of client
and e-mails to be sure the proposal has organizations as a hired hand brought in
been received, and ask prospects if they by management to do harm. For example,
need more information. Don't hesitate to employees may think you were hired to
check periodically on the progress of the help downsize the organization. There
proposal evaluation.One of the most will be times when you might face
important questions a consultant can ask outright hostility and perhaps sabotage.
is, "How much should I charge?" Fees Be prepared to deal with those problems
compensate your time, effort, and know by, for example, specifying in the
how. But they must also cover your contract that success is contingent on
overhead, expenses, benefits, and time employee cooperation.As a consultant you
spent on marketing between will wear many hats, business advisor,
assignments.The fee structure you choose salesman, administrator, and production
depends on the project. If you can manager. You will have to learn to wear
estimate accurately how much time you are all these hats with ease. But being an
going to spend, then you can ask for a independent consultant will allow you to
fixed price plus expenses. If the time have a career that gives you freedom,
you will spend on the project is excitement, fulfillment, and money. But
unpredictable or variable, then bill by most of all being an independent
the hour to ensure that you are paid for consultant allow you to use your
your time.Never start a project without expertise to reach out and help many
getting a signed approval from the people to succeed and fulfill their own
client. There is too much money, too much dreams.It is the ultimate win-win
time at stake, and too many details to situation.Copyright© 2005 by Joe Love
cover. Never base the agreement on a and JLM & Associates, Inc. All rights
handshake, no matter how friendly you are reserved worldwide.Joe Love draws on his
with the client.A contract can take on 25 years of experience helping both
one of three forms. One option is to individuals and companies build their
include a letter of agreement in the businesses, increase profits, and achieve
proposal for the client to sign. It total success. He is the founder and CEO
should clearly indicate that the of JLM & Associates, a consulting and
signature signals approval for the training organization, specializing in
contract. You can also have a separate personal and business development.
contract, preapproved by your lawyer, for Through his seminars and lectures, Joe
the client to sign. Or, in some cases, Love addresses thousands of men and women
clients will draw up their own contract. each year, including the executives and
It's very important in this situation to staffs of many of America's largest
let your lawyer review the agreement.Here corporations, on the subjects of
are some important points that should be leadership, self-esteem, goals,
included in every contract:* Payment and achievement, and success psychology.
billing terms. Specify how frequently and




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