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Transcript of Page 1 BUILDING A SUCCESSFUL CONSULTING PRACTICE Amy Holloway, Chief Sherpa Avalanche Consulting...
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B U I L D I N G A S U C C E S S F U L C O N S U LT I N G P R A C T I C E
Amy Holloway, Chief SherpaAvalanche ConsultingFebruary 22, 2012
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I N T R O D U C T I O N
Your name About yourself What do you hope to gain from this session?
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I N T R O D U C T I O N
Session Objective:
Provide inspiration and advice for building a
successful consulting practice.
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A G E N D A
Motivation Taking the Leap Tips for Success Conclusion
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M O T I V AT I O N
Art sale today15711 Diana ln.
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M O T I V AT I O N
What’s upwith my hair?
What’s upwith my hair?
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M O T I V AT I O N
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M O T I V AT I O N
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M O T I V AT I O N
12-years in the making.1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Avalanche Incorporation!
Freelance
Grad School
TPG
AE – Austin!
AE - EuropeAE- VP
GrayRin
g
Volu
me
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M O T I V AT I O N
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M O T I V AT I O N
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M O T I V AT I O N
What are the signs for you?
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M O T I V AT I O N
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M O T I V AT I O N
What are your concerns about starting your own consulting
practice?
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A G E N D A
Motivation Taking the Leap Tips for Success Conclusion
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TA K I N G T H E L E A P
Are you passionate enough to take the leap?
I can’t stop thinking about my idea. I am irritated at work knowing I could do better. I hesitate to initiate improvements at work because
it might compete with my future business. I possess a skill set that no one else has in my firm. I doodle logo designs during conference calls. I JUST KNOW IT.
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TA K I N G T H E L E A P
Defining your practice
In my office, I am called on as the expert in ________.
Customers and clients ask for me to do ____________.
I have been asked to speak on the topic of _________.
My skills and knowledge intersect at ______________.
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TA K I N G T H E L E A P
Why are consultants hired?
Expertise Objective opinion Consensus building Save staff time Carry the heavy load and deflect criticism
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TA K I N G T H E L E A P
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TA K I N G T H E L E A P
What makes a great consulting practice?
Targeted services Crossover expertise Approachability, listening Communications Confidence Implementable product
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TA K I N G T H E L E A P
What does a consulting product look like?
Written reports and white papers Recommendations and implementation Research and benchmarking One-to-one conversations Software platforms Point person for stakeholders and media Training programs and coaching
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TA K I N G T H E L E A P
Scalability: Making a Profit
Making money is ultimately an issue of hours: You can only charge so much per hour.
New clients… more labor time:Adding an employee means profits stay the same as the revenue increases.
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TA K I N G T H E L E A P
Determining Your Fees
• Your hourly rate is tied to demand and industry standards.• Start 10-15% lower than standard to start• Determine your salary tolerance level• Go for fixed fee contracts• Consider a 20% “pain in the rear “ fee for, well, you know
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TA K I N G T H E L E A P
Study Your Competitors
Map competitors’ strengths, weaknesses, sales messages, and pricing.
Develop your 2-3 differentiating points. If it’s difficult for you, it will be even more so for your prospects.
ExperienceIn
novati
on
high
hig
h
Bubble size indicates pricing or # of employees
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TA K I N G T H E L E A P
Marketing
• Friends and past clients first• Website, electronic marketing • Establish yourself as the expert ~ write and speak• Subcontract and partner• Give away information
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TA K I N G T H E L E A P
What differentiates your business idea?
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TA K I N G T H E L E A P
Do you understand the marketplace?
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TA K I N G T H E L E A P
Do you have advisors?
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A G E N D A
Motivation Taking the Leap Tips for Success Conclusion
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TA K I N G T H E L E A P
The extremely sad and unfortunate tale of…
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TA K I N G T H E L E A P
The landslide success of…
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TA K I N G T H E L E A P
Am I passionate about the idea?
Can I differentiate our product?
Do I have time for business building?
Do I understand the marketplace?
Have I spent time becoming an expert?
Do I have strong relationships in the field?
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T I P S F O R S U C C E S S
Business plan
DBA
Business cards
Website
It’s easy to get started.
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T I P S F O R S U C C E S S S
Start with a client.
Contract $ value: 3 months of living expenses
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T I P S F O R S U C C E S S
Know your limits.
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T I P S F O R S U C C E S S
Work with partners.
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T I P S F O R S U C C E S S
Talk about your idea.
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T I P S F O R S U C C E S S S
Set priorities.
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T I P S F O R S U C C E S S
Hang in there.
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A G E N D A
Motivation Taking the Leap Tips for Success Conclusion
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Number of small businesses in the Austin Metro Area:
35,000
C O N C L U S I O N
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Percentage of all businesses in the Austin Metro Area:
85%
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The number of Austin Metro small businesses is growing 20% faster each
year than the rest of the economy.
20%
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The question is no longer“Who am I going to work
for?”
Everyone should be prepared to be an
entrepreneur.
?
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Discussion
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B U I L D I N G A S U C C E S S F U L C O N S U L T I N G P R A C T I C E
Amy Holloway, Chief SherpaAvalanche ConsultingFebruary 22, 2012