Phil Gerbyshak, small business expert, shares insights from his book on starting a consultancy with minimal investment. Learn about finding a focused niche, practical pricing strategies, building client trust, and smart scaling strategies.
Starting a consultancy with minimal financial investment requires finding a focused niche and building strong client relationships through trust.
When determining consulting rates, consider personal expenses and business costs, double the hourly rate for non-billable time, and negotiate rates to avoid underselling oneself.
Deep dives
Starting a $0.00 Consultancy
Phil Gerbechak discusses his latest book, $0.00 Consultancy, which provides guidance on starting a consulting business with little or no money. The book was inspired by the numerous questions Phil received from people struggling to get started in consulting. Phil shares his own experience of starting out in consulting without a clear roadmap and how he gradually built a successful practice. He advises aspiring consultants to find a guide or mentor, consider their strengths and interests, and take assessments to identify their zone of genius. Phil emphasizes the importance of getting started, even if it means taking on clients at lower rates initially, and highlights the need to continuously evolve and adapt as a consultant.
Pricing and Getting Clients
Phil offers insights on pricing consulting services and acquiring clients. He suggests defining the amount of money needed to cover personal expenses and business costs as a starting point for determining consulting rates. Phil recommends doubling the hourly rate to compensate for non-billable time, such as marketing and administrative tasks. When it comes to getting clients, he advises consulting professionals to reach out to people they already know and trust, utilize LinkedIn, and pick up the phone to initiate conversations. Phil also stresses the importance of negotiating rates and not underselling oneself. He recommends saving a portion of earnings for taxes and being prepared for the challenges and uncertainties that come with starting a consulting business.
Common Mistakes and Looking Ahead
Phil shares common mistakes aspiring consultants should avoid, including rushing into partnerships and hiring employees too soon. He advises consultants to thoroughly evaluate potential partnerships and carefully consider the need for additional staff. Phil also emphasizes the importance of saving for taxes to avoid financial hardships. Looking ahead, he mentions that artificial intelligence (AI) will significantly impact the consulting industry, making processes faster and more efficient. Phil encourages consultants to embrace AI tools and stay up to date with technological advancements in order to enhance their service offerings and remain competitive.
Embark on a transformative journey as Phil unveils strategies for launching a consultancy with minimal financial investment. Learn how to navigate the challenges faced by those starting out in the consulting world and discover practical steps to initiate and grow your consulting business.
Key Takeaways
Phil Gerbyshak, a seasoned small business expert and author of The Zero-Dollar Consultancy shares invaluable insights on mastering the art of launching a consultancy with minimal financial investment. In this episode you'll learn actionable steps for beginners, the importance of finding a focused niche, practical pricing strategies, building strong client relationships through trust, and smart scaling strategies. Phil's expertise provides a roadmap for both aspiring and experienced consultants to navigate the complexities of starting and growing a consultancy successfully.
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Connect with Phil on LinkedIn - linkedin.com/in/philgerb/