Start Up

Naming Your Consulting Practice

You will need to get a ‘domain’ name, if you do not have one already. This is the name of your web site and the ‘address’ your customers will type into their web browser when they want to visit your site. You should be prepared with several options and spin-offs of the name you think you want, since your first choice may not be available. If the name is already registered to another business, you will not be able to use it for your web site. Of course if you have an existing consulting practice the process of finding a domain name is fairly easy, though you may have to use a derivative of the name. For a new business you have much more flexibility.

Here are some things to look for when choosing a domain:

Keep the name short

A short name -- if you can get it -- is important for several reasons. It is easy to fit into logos, makes a better brand, is more easily recognizable, and is harder to misspell.

Make it memorable

You remember generic names, such as consultant.com and advisor.com. But you also remember more unique names such as Amazon.com, Google.com, and FogDog.com. Putting together strange combinations of words is fun and can be very productive. But as a consulting firm marketing to businesses, you should make sure the name conveys the sense of professionalism that you want to bring to your business. Say your prospective domain name out loud to listen to how it sounds. See if your tongue gets twisted around any syllables. Whatever your domain name, it should stick in the mind.

Consulting Fees - Part 2

Fees stated as a percentage of cost or dollar volume involved are commonly used by some consultants where this dollar figure reflects the extent of services rendered by the consultant.

This method is often used by consulting engineers in connection with construction costs and by financial counselors in connection with the amount of debts to be prorated.
The fee as a percentage commonly decreases as the dollar amount it is applied to increases. In a large volume situation, the client must be partially protected against a consultant's temptation to increase costs in order to increase his fee.
Read more... Add new comment

Consultant Fees - Part 1

An essential element of any agreement with a consultant, oral or written, is a statement of the fee to be charged, or a formula or other means of determining the compensation to be received by the consultant.

The actual dollar amount of fees charged depends to a large extent upon the services to be provided and the ability and experience of the consultant or the members of his staff who will perform services for the client.

The simplest means of compensation (in application if noting original determination), although not commonly used in many types of consulting work, is the fixed fee or lump sum payment for services rendered.

This method can be used only where the particular service to be performed and its cost are clear.
Even in this case, the agreement should contain some provision for a change in the amount of compensation in the event that unforeseen contingencies arise.
In this context, fixed fees are often used when the required performance is the preparation of a report or where only an office consultation is called for and the specialized knowledge of the consultant is not reflected in the time he spends on the matter.

Read more... Add new comment

Grow Your Consulting Revenue

Decide what products you want to sell, if any. For example, have you developed worksheets, project plans or procedures while working with other clients that you could remove any proprietary information from and remarket? If you have products that you think provide value, not only could you sell them on your website, but you can also look at sites like www.clickbank.com for affiliate type programs. As a consultant, you clearly have to offer services or you do not have a business!!! Offering products, on the other hand is not a requirement. Below are some advantages and disadvantages of offering products online:

Consultant Website Tips

“Most salespeople try to take a horse to water and make him drink. Your job is to try to make the horse thirsty”

Gabriel M. Siegel

As with any business you need to create demand for your services and “make your horse thirsty.” Most consultants have a website and not a web presence. Being familiar with online tools to grow your business is a necessity for your consulting practice. A website creates an image for your company and helps save on marketing costs by providing online access for your clients to view your services and capability. But it is much more than just a website you need to create, you need to develop, an online presence.