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12 Questions to ask when developing your consultancy business plan

Guest post by: Fiona Mati

Article Overview: With the number of jobs dwindling in the formal sector, and the emergence of outsourcing, many professionals are finding that using their expertise as a consultant is the way to go. Being a consultant offers several benefits: you are your own boss, you can set your hours as well as the clients you offer your services to.

12 Questions to ask when developing your consultancy business plan

With the number of jobs dwindling in the formal sector, and the emergence of outsourcing, many professionals are finding that using their expertise as a consultant is the way to go. Being a consultant offers several benefits: you are your own boss, you can set your hours as well as the clients you offer your services to. However, when developing a business plan for your consulting enterprise, it's also vital to ask yourself a few questions to ensure that your business gets off the ground in the most successful way.

Ask yourself:

1. What skills and experience do I bring to the business?

2. What is my unique selling point? What do I bring to customers that's different to the other players in my field of expertise?

3. What legal structure for my business will I use? Will I maintain sole proprietorship, or will I form a limited liability company?

4. How will my company's business records be maintained? This is very important for those who are not financially savvy.

5. What insurance coverage will be needed? This question is also crucial if only to protect you from heavy litigation expenses.

6. What equipment or supplies will I need? Who are the most competitive suppliers available?

7. How and when will I compensate myself?

8. What are my resources?

9. What financing will I need?

10. Where will my business be located?

11. What will I name my business?

12. Who will be my primary customers? How will I let them know of my services?

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Article Tags: billing, business plan, clients, consultancy, consultant, developing a business plan, expert, expertise, freelance, hours, jobs, outsourcing, professionals, services, writing a business plan



Related Forum Posts
Re: Your weapon for success - Yes this is a great list to success , My plan is always to provide service to customers, give ideas, market my business, coming up with more strategies to improve the business, expanding business, developing new marketing strategies, searching new market place for business etc. Following such things will really help you to succeed.
Is A Business Plan A Waste Of Time? - According to various government statistics, up to 80% of businesses will fail within their first five years of operation. That number is staggering to me. At the same time, when I look at most business owners, most of them do not have a business plan for where they want to go. When you ask entrepreneurs why they don’t have a business plan, most of them will say something like: “it’s too much work”, “I’m not trying to raise money”, “it’s all in my head already”, or “my business changes too often for a business plan to be worthwhile.” Sound familiar? Did you write a business plan for your company when you first started? Are you planning on doing it for your new business idea?
Re: Are you Self Employed or a Business Woman? - Thanks, Jude. How interesting you already had this discussion elsewhere. Don't they say great minds think alike? :0) It will be interesting to check out. I really appreciate your offer of support. I've done research and teleclasses on infomarketing so I already have a plan I'm quite excited about. As you know, the ideas and possibilities are endless! It makes wealth actually seem easy to produce. (No wonder you call yourself the Rainmaker!) Since I'm currently setting up a different business with my husband, my focus is much more in that direction for the next few months. I've committed to balance so I'm simply prioritizing right now. In the meantime, I'm actually enjoying coaching some of my own clients about multiple income streams. We look at exciting ways they can share their knowlege that also fits what they want their overall business and lifestyle to look like. Your plan for developing systems for women sounds exciting and I'd really like to hear more about it. I'll keep you in mind for clients who want to focus more deeply in that area. Thanks for sharing your resources. I haven't read them, but I plan to now. Best wishes to you, too! Tami
Re: just joined - This is Richard Chiong from Singapore. Am a business consultancy active in the Indo China banking & financial market. Looking forward to interacting with all of you!
Re: Is A Business Plan A Waste Of Time? - A business plan is never a waste of time. A friend of mine was funded by the quality of his business plan. The banker looked at his business plan and concluded that he knows what he is doing.


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