Consulting Success Podcast Steve Shu on How to Earn $100,000 to $200,000 For Each Consulting Project
Steve Shu is a management consultant who has worked and consulted for Vodafone, Allianz, Nortel, Lucent and Wolters Kluwer, as well as taught courses in the business school at Irvine University. He helps incubate technology-oriented startup initiatives within other companies, including new business units, innovative areas, and new product development. In this episode, Steve shares key tactics for securing high-figure consulting projects, the value of workshops and networking, and the benefits of making regular investments of increased knowledge within your area of consulting expertise.
Key Takeaways:
[1:15] Steve details the process of a recent start-up project, beginning with the business definition, and leading up to the acquisition of new clients and staffing the organization.
[2:30] What does a $100,000 project look like to Steve? Several phases can contribute to the total project, including funding, organization, and prospecting.
[4:50] To win a $200,000 project, Steve suggests starting small — a $40,000 workshop can sell the end vision of a high value project.
[9:50] Rather than viewing workshops as a one-time engagement, approach them as the first step to a long-term investment with each company.
[11:15] The process of setting fees can be made easier by looking at the trajectory of each business, then aiming for value-size projects and retainer fees, rather than hourly rates.
[14:20] An appetite for variety within his area of expertise was the driving reason that Steve began focusing on start-ups within larger companies.
[17:17] Steve’s background in working with startups as both a consultant and an operating manager has been advantageous in attracting larger companies, while his knowledge of how to get things done appeals to startup companies.
[19:10] Networking and creating strategic relationships are a key strategy in finding referrals and new partnerships.
[22:00] Independent consulting has allowed Steve to control the companies he works with, as well as the frequency of change in his geographic location.
[23:50] Successful consultants need to make knowledge investments; investing in intellectual capital provides market stability.
[26:22] Consultants need to make regular investments in their expertise to keep themselves relevant in an ever-changing market.
[28:30] Knowlege investments are meant to create a new kind of thinking within the existing space of each consultant’s expertise.
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