3 Tips for Launching a Consulting or Business Coaching Practice

So you’ve had a good career, but got tired of working for established companies with all their internal politics and hassles. You’re taking the set of skills you’ve built and launching a consulting or business coaching practice. Now begins a set of decisions and actions that may be new for you.

Here are three tips for preparation and launch of your new business:

  • Do a reality check to make sure that consulting or business coaching will be suitable for you at this time. For many of us, it’s a wonderful way to make a living—but it’s not for everyone.

Rainwerks offers a free guide that’ll help you decide if you’re on the right path. Information on “Is Consulting Right for You?” is available at https://rainwerks.com/is-consulting-right-for-you.

  • Define who you’ll serve and the challenge you’ll help them solve. The more clearly you define these, the more quickly you can expect to succeed.  This can take some research. Make sure that prospective clients are exhibiting more than polite, lukewarm interest. You’ll know you’re on the right track when you hear confirmation that prospective clients see the challenge you describe as relevant, important and urgent. And you’ll hear them ask questions that indicate they’re figuring out what working together might look like, and seeking evidence that your solution works.

If you haven’t done research and strategy of this sort, check out Rainwerks’ Packaged to Prosper program. https://rainwerks.com/packaged-to-prosper.

  • Thoroughly plan the administrative aspects of your business. You have some important decisions to make. Should you incorporate, and if so, which form of corporation or partnership? How do you register your company with various levels of government? What about insurance? What are your options for setting up a website? How do you structure your proposals? What’s required to handle client agreements, billing and collections?

There’s a lot to think about and prepare. At Rainwerks, we’ve identified 24 business functions that you’ll need to put in place. Some of these you can delegate, but you do need a plan for handling them. Some items are essential to set up in your earliest weeks in business. With others, you can wait a bit.

Learn more about Rainwerks’ Start Me Up! guide at https://rainwerks.com/start-me-up

Bob Sherlock

Posted in Find The Right Clients, Run Your Business, Startup & Launching

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