5 Steps Each New Consultancy Startup Wants To Make it Previous 12 months 1 – Crunchbase Information
By Erin Halper
The pandemic has forced most people to reassess their lives and rethink their priorities. In fact, almost everyone knows at least one person who has decided to leave work or change careers.
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As professionals left and right quit their jobs, some are turning to counseling to run their own businesses and still leverage their skills and talents – so much so that applications for new IRS Employer Identification Numbers rose 24 percent in 2020 .
Erin Halper, founder and CEO of The Upside
While entrepreneurship can remove some of the business frustrations and grievances that came to the fore as a result of the pandemic, starting a startup consulting firm can be a huge challenge for those who are unfamiliar with the ins and outs of the business. It is a decision that requires trust, resilience and leaving the comfort zone of your “employees”.
So why do that?
The joy of creating something of your own and sharing your expertise and talent with your customers is second to none. If you are committed to it, there are ways not only to be successful, but to be successful as well.
I asked some top independent consultants 1 how you get through the first year and have long-term success in mind. This is what they said:
The numbers are important
Dorothy Kolb, founder and CEO of dk east Associates
Dorothy Kolb is the founder and CEO of dk east Associates and opened a store in 2016. Over the past five years she has noticed that many founders do not take the time to fully understand their annual financial statements.
“Founders need to stop being scared of their numbers, especially in the early years when, frankly, they can be scary,” she said. Unless you work with someone who can help you make these numbers meaningful, Kolb explained, you will not be able to set the course. And if you do this for too long, you cannot “recover quickly enough to know when something is getting out of hand”.
Avoid decision fatigue
Sonia Narvaez, founder of Operation QOL
“Decision fatigue” is not just another trendy buzzword, explained Sonia Narvaez, founder of Operation QOL. This phenomenon can actually cripple your ability to cross the starting line of your business dreams.
“At the beginning we get stuck with a lot of hats and can easily start to question every single decision. This can lead to internal chaos, ”she said. By structuring your day and prioritizing non-negotiable things, you can better focus and make the decisions that need to be made before you get carried away with the details that aren’t strictly necessary to get started.
Dayna Lapkovsky, President of Frank Women’s Leadership
Dayna Lapkovsky is the president of frank Women’s Leadership and sees every day what drives some to success and others to failure. She founded her first company in 2012 and recently opened a second one in 2019, with which she has now successfully mastered the hump of the first year twice.
“Accepting feedback is a critical part of success as it enables your business to thrive. Not only accepting it but also inviting and asking for it will help you understand your gains and barriers better and give you a strategic opportunity to adapt, ”she said. To do this successfully, however, one must work flexibly and avoid rigidity.
Define your niche
Maggie Phrompechrut, founder of Centerstone Consulting
Maggie Phrompechrut, founder of Centerstone Consulting, spends her days as a retail marketing consultant emphasizing the value of a specialty.
The last year is about defining your niche so that you can “communicate exactly what you are doing and your value,” she said. Additionally, Phrompechrut emphasizes the importance of establishing outcomes and expectations with clients who fall into your niche that will ultimately form the foundation of your business.
Play the long game
Evan Sargent, co-founder of Commit
Of course, if you can’t survive the first year, you won’t get into the second year, but Evan Sargent, co-founder of Commit, a brand strategist and creative director, points out that “it can take up to three years”. get going with consistent relationship building. “
The key to doing this is having a memorable product and brand from day one – the “sticky part of you that travels like a phone game and stays intact while you work your networks,” she said. Even if you do this well, you might not hear from a prospect for three to five years, but they’ll remember you when they’re ready to hire you.
Erin Halper is the founder and CEO of The Upside, an exclusive community of top independent consultants who share the resources and expertise to grow their businesses together.
Since founding The Upside in 2017, Halper has advised thousands of professionals in building a prestigious consulting practice that generates consistent clients and gives them the freedom to work when, where and how they want.
Illustration: Dom Guzman
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