5 answers
Maria
Student
Elizabethtown, Pennsylvania
5
Questions
Asked
1571 views
How do you build up a consulting firm ?
How much experience should you have to build a successful consulting business? What are the biggest obstacles to success, and what skills are essential?
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5 answers
Godfred Arhinful
Software Engineering
21
Answers
Grambling, Louisiana
Updated
Godfred’s Answer
As a consultant, you're not just selling expertise, you're selling trust. And trust takes proof.
Most successful consultants spent at least five to seven years working in their field before going independent. Not because you need permission, but because clients pay for results you've already delivered for someone else. If you can't point to real problems you've solved and real outcomes you've driven, it's nearly hard to convince someone to pay you for advice.
The biggest obstacle isn't skills or knowledge. It's getting your first three clients. Everyone says "just network" but what that actually means is: talk to people who already know your work, tell them what you're doing, and ask if they know anyone who needs help. Your first clients almost always come from people who've seen you in action, not from cold emails or a fancy website.
The essential skills are being able to clearly explain what you do and why it matters in under 30 seconds. Listening more than you talk. Delivering what you promise when you promise it. And honestly, being comfortable with uncertainty, because some months will be great and others will be slow. Consulting isn't a steady paycheck.
Start small. Maybe take on one or two projects while you still have a job. Test if people will actually pay you. Build case studies. Get testimonials. Then scale up when you have proof that what you offer actually works. Don't quit your job to start a consulting firm on day one. Build the foundation first.
Most successful consultants spent at least five to seven years working in their field before going independent. Not because you need permission, but because clients pay for results you've already delivered for someone else. If you can't point to real problems you've solved and real outcomes you've driven, it's nearly hard to convince someone to pay you for advice.
The biggest obstacle isn't skills or knowledge. It's getting your first three clients. Everyone says "just network" but what that actually means is: talk to people who already know your work, tell them what you're doing, and ask if they know anyone who needs help. Your first clients almost always come from people who've seen you in action, not from cold emails or a fancy website.
The essential skills are being able to clearly explain what you do and why it matters in under 30 seconds. Listening more than you talk. Delivering what you promise when you promise it. And honestly, being comfortable with uncertainty, because some months will be great and others will be slow. Consulting isn't a steady paycheck.
Start small. Maybe take on one or two projects while you still have a job. Test if people will actually pay you. Build case studies. Get testimonials. Then scale up when you have proof that what you offer actually works. Don't quit your job to start a consulting firm on day one. Build the foundation first.
That's insightful to consider the importance of those first few clients. It makes me think about what skills and coursework I should prioritize now as an undergrad, and also about pursuing some 1099 work to start building trust with organizations.
Maria
Coursework: Take classes focused on strategy and case analysis. Communication matters more than you think. Being able to write a clear one-pager or present well puts you ahead.
Skills: Practice breaking down messy problems into manageable pieces. Get solid with Excel for data analysis and charts. Learn to explain technical things to non-technical people.
For 1099 work: Start with small businesses or nonprofits. Don't worry about charging much initially. You're building proof you can deliver. Document the problem, your solution, and results. Always ask for testimonials and referrals.
Don't try to do everything. Pick one problem you're good at solving, do it well a few times, build credibility, then expand.
Godfred Arhinful
Wong Loke Yuen
Head of Programme cum Senior Lecturer
645
Answers
Johor Bahru, Johor, Malaysia
Updated
Wong’s Answer
To build a consulting firm, you should choose a specific area where you have deep knowledge, such as marketing, finance, IT, or human resources. You need to understand your target market and what problems you can help solve. Then, you should create a business plan, register your business, and build a brand. This includes setting up a website, creating marketing materials, and using social media to promote your services.
You should have at least 5 to 10 years of experience in your field before starting your own consulting business. This gives you the knowledge, confidence, and credibility needed to give valuable advice to clients. Experience also helps you understand how businesses work and what challenges they face. Without enough experience, it's hard to win clients' trust.
There are several obstacles to success. One major challenge is finding clients, especially in the beginning. Without a strong reputation or referrals, it can be hard to prove your value. Another challenge is managing your time and finances, since you will likely be working alone at first. You must also compete with other consultants and large firms.
Essential skills for a consultant include communication, problem-solving, and time management. You must be able to explain ideas clearly and listen to your client's needs. Strong analytical skills are also important to help businesses find solutions. In addition, you need sales and marketing skills to promote your services.
You should have at least 5 to 10 years of experience in your field before starting your own consulting business. This gives you the knowledge, confidence, and credibility needed to give valuable advice to clients. Experience also helps you understand how businesses work and what challenges they face. Without enough experience, it's hard to win clients' trust.
There are several obstacles to success. One major challenge is finding clients, especially in the beginning. Without a strong reputation or referrals, it can be hard to prove your value. Another challenge is managing your time and finances, since you will likely be working alone at first. You must also compete with other consultants and large firms.
Essential skills for a consultant include communication, problem-solving, and time management. You must be able to explain ideas clearly and listen to your client's needs. Strong analytical skills are also important to help businesses find solutions. In addition, you need sales and marketing skills to promote your services.
Thank you! This gives me ideas to build a roadmap. I really appreciate it.
Maria
You're very welcome
Wong Loke Yuen
Rebecca Tang
Banking
2398
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to know that you have would like to establish a consulting firm.
Below are my suggestions :
1. There are many different types of consulting, e.g. finance, accounting technology, management, etc. You may need to find out what types of consulting you have interest
2. Explore the entry criteria of colleges on the subjects related to the types of consulting you have interest
3. Identify the opportunities to work in the consulting sector of relevant industry and establish people network
4. Take a Master of Business Administration courses
5. Start your own consulting business in small scale if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions :
1. There are many different types of consulting, e.g. finance, accounting technology, management, etc. You may need to find out what types of consulting you have interest
2. Explore the entry criteria of colleges on the subjects related to the types of consulting you have interest
3. Identify the opportunities to work in the consulting sector of relevant industry and establish people network
4. Take a Master of Business Administration courses
5. Start your own consulting business in small scale if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Denise Heffron, PSM, PMI-ACP, PMP
Experience Strategy
48
Answers
North Aurora, Illinois
Updated
Denise’s Answer
Hello Maria,
As someone who works at a consulting firm, currently, I appreciate this question. I echo the other answers provided and would build on those answers, encouraging you to research the consulting industry, understand what aspect of consulting you would like to focus on and would encourage you to first build relevant skills in that industry before venturing out and starting your own consulting firm.
1. Understand the Consulting Industry
Research Different Types of Consulting: Consulting is a broad field including management, strategy, IT, financial, HR, operations, auditing, and more. Learn about each to identify your area of interest.
Familiarize Yourself with Key Firms: Study top consulting firms like PwC, McKinsey, BCG, Bain, Deloitte, Accenture, etc., to understand their culture, services, and client base.
2. Build Relevant Skills
Develop Analytical and Problem-Solving Abilities: Consultants analyze complex problems and develop actionable solutions. Engage in coursework or extracurricular activities that enhance these skills.
Improve Communication Skills: Strong written and verbal communication is crucial. Join clubs like debate or Toastmasters, and practice writing clearly and concisely.
Learn Business Fundamentals: Courses in economics, finance, marketing, and strategy provide valuable foundations.
Gain Technical Skills: Depending on your focus, skills in data analysis (Excel, Tableau), programming (Python, R), or project management tools can be beneficial.
3. Gain Practical Experience
Internships: Secure internships with consulting firms or in related industries. Even roles in corporate strategy, business analysis, or project management can offer relevant experience.
Case Competitions: Participate in case study competitions organized by universities or consulting clubs to practice problem-solving in a consulting context.
Student Consulting Groups: Join or start student-run consulting organizations to work on real-world projects for local businesses or nonprofits.
4. Network Strategically
Attend Career Fairs and Information Sessions: Engage with consulting firms on campus to learn about opportunities and make contacts.
Connect with Alumni and Professionals: Use LinkedIn and your university’s alumni network to seek informational interviews and mentorship.
Join Professional Organizations: Groups like the Consulting Club or industry-specific associations provide networking and learning opportunities.
5. Prepare for the Recruitment Process
Master Case Interviews: Consulting firms heavily rely on case interviews. Practice by reviewing frameworks, solving sample cases, and conducting mock interviews.
Refine Your Resume and Cover Letter: Highlight leadership roles, analytical projects, teamwork, and relevant experiences.
Develop Behavioral Interview Responses: Prepare to discuss your experiences, motivations, and competencies with the STAR method (Situation, Task, Action, Result).
6. Consider Further Education
Graduate Degrees: An MBA or specialized master’s degree can enhance your prospects, especially if you aim for more competitive firms or higher-level roles.
Certifications: Depending on the niche, certifications in project management, data analytics, or business analysis might be helpful.
Hopefully this helps. Best of luck to you in your future career!
Research consulting sectors and firms.
Build analytical, communication, and business skills.
Seek internships and real-world consulting experience.
Network with professionals and peers.
Practice case interviews and prepare application materials.
As someone who works at a consulting firm, currently, I appreciate this question. I echo the other answers provided and would build on those answers, encouraging you to research the consulting industry, understand what aspect of consulting you would like to focus on and would encourage you to first build relevant skills in that industry before venturing out and starting your own consulting firm.
1. Understand the Consulting Industry
Research Different Types of Consulting: Consulting is a broad field including management, strategy, IT, financial, HR, operations, auditing, and more. Learn about each to identify your area of interest.
Familiarize Yourself with Key Firms: Study top consulting firms like PwC, McKinsey, BCG, Bain, Deloitte, Accenture, etc., to understand their culture, services, and client base.
2. Build Relevant Skills
Develop Analytical and Problem-Solving Abilities: Consultants analyze complex problems and develop actionable solutions. Engage in coursework or extracurricular activities that enhance these skills.
Improve Communication Skills: Strong written and verbal communication is crucial. Join clubs like debate or Toastmasters, and practice writing clearly and concisely.
Learn Business Fundamentals: Courses in economics, finance, marketing, and strategy provide valuable foundations.
Gain Technical Skills: Depending on your focus, skills in data analysis (Excel, Tableau), programming (Python, R), or project management tools can be beneficial.
3. Gain Practical Experience
Internships: Secure internships with consulting firms or in related industries. Even roles in corporate strategy, business analysis, or project management can offer relevant experience.
Case Competitions: Participate in case study competitions organized by universities or consulting clubs to practice problem-solving in a consulting context.
Student Consulting Groups: Join or start student-run consulting organizations to work on real-world projects for local businesses or nonprofits.
4. Network Strategically
Attend Career Fairs and Information Sessions: Engage with consulting firms on campus to learn about opportunities and make contacts.
Connect with Alumni and Professionals: Use LinkedIn and your university’s alumni network to seek informational interviews and mentorship.
Join Professional Organizations: Groups like the Consulting Club or industry-specific associations provide networking and learning opportunities.
5. Prepare for the Recruitment Process
Master Case Interviews: Consulting firms heavily rely on case interviews. Practice by reviewing frameworks, solving sample cases, and conducting mock interviews.
Refine Your Resume and Cover Letter: Highlight leadership roles, analytical projects, teamwork, and relevant experiences.
Develop Behavioral Interview Responses: Prepare to discuss your experiences, motivations, and competencies with the STAR method (Situation, Task, Action, Result).
6. Consider Further Education
Graduate Degrees: An MBA or specialized master’s degree can enhance your prospects, especially if you aim for more competitive firms or higher-level roles.
Certifications: Depending on the niche, certifications in project management, data analytics, or business analysis might be helpful.
Hopefully this helps. Best of luck to you in your future career!
Denise recommends the following next steps:
Thank you so much! This is super helpful!
Maria
Jackson Lagerwey
Consulting
32
Answers
San Francisco, California
Updated
Jackson’s Answer
Hi Maria,
This is a good question and there are a few things you should consider here:
1. Credibility
You have to build credibility because no one will trust your advice until you prove yourself. You can do this by gaining experience, showing real results, and following through on what you say you will do. Typically, it takes at least a few years to build strong credibility.
2. Expertise
You need to determine what area or expertise you have enough skills or knowledge in to help others. If you don’t feel like this is clear yet, focus on learning, gaining experience, and trying different projects until you find the area where you can truly add value.
3. Networking
Building relationships is one of the most important parts of starting a consulting business. Meeting people, asking questions, and learning from others in your field can open doors to new opportunities and help you find your first clients. I'd also recommend working within an actual consulting organization first to observe how this is done and to learn different skills required for the job.
4. Communication skills
Strong communication skills are essential because consulting is all about helping others understand and act on your ideas. You need to be able to explain complex topics clearly, listen carefully to your clients’ needs, and present your advice in a digestible way.
It isn’t easy to immediately start a consulting business because building trust, expertise, and a client base takes time and experience. You need to prove that you can deliver real value before people are willing to pay for your advice. I also believe you should really look for a niche to specialize in to make your services unique and attractive. It is easier to differentiate yourself in this way as there are a lot of huge consulting firms out there that a company can just go to instead. I also highly recommend you work within a type of consulting firm or in a job that can provide you with that niche skillset that you can then transfer into some kind of consulting role.
This is a good question and there are a few things you should consider here:
1. Credibility
You have to build credibility because no one will trust your advice until you prove yourself. You can do this by gaining experience, showing real results, and following through on what you say you will do. Typically, it takes at least a few years to build strong credibility.
2. Expertise
You need to determine what area or expertise you have enough skills or knowledge in to help others. If you don’t feel like this is clear yet, focus on learning, gaining experience, and trying different projects until you find the area where you can truly add value.
3. Networking
Building relationships is one of the most important parts of starting a consulting business. Meeting people, asking questions, and learning from others in your field can open doors to new opportunities and help you find your first clients. I'd also recommend working within an actual consulting organization first to observe how this is done and to learn different skills required for the job.
4. Communication skills
Strong communication skills are essential because consulting is all about helping others understand and act on your ideas. You need to be able to explain complex topics clearly, listen carefully to your clients’ needs, and present your advice in a digestible way.
It isn’t easy to immediately start a consulting business because building trust, expertise, and a client base takes time and experience. You need to prove that you can deliver real value before people are willing to pay for your advice. I also believe you should really look for a niche to specialize in to make your services unique and attractive. It is easier to differentiate yourself in this way as there are a lot of huge consulting firms out there that a company can just go to instead. I also highly recommend you work within a type of consulting firm or in a job that can provide you with that niche skillset that you can then transfer into some kind of consulting role.