How to be a consultant or business consultant?

Being a business consultant or consultant after your retirement is a good way to stay active and updated and to continue leaving your mark in the business world. If you are clear about this scheme, we share some steps to dabble in it. 

Let's be clear: For decades, you focused on generating resources and building wealth. But, over time, you may have found actress Audrey Hepburn was right when she said, "As you get older, you realize you have two hands: one is to help yourself, and one is to help others. " And if in the work of forging your birthright and inheritance you generated an enormous amount of experience and knowledge, a golden opportunity to help others and share your knowledge with the world, especially with the new generations, is to start your business consultancy.

Historically, consultants have been key players in the consolidation of companies. The first recognized business consultant was Charles Sampson, a figure who reorganized the work of a Chinese factory in the United States in 1870. However, consulting services date back to the Roman and Greek civilizations, when the role of the consultant was fundamental to the proper functioning of cities.

We have built a guide to guide you towards opening your own business consulting agency, aligning your professional and personal needs with the current market.

The consultants have been key pieces in the consolidation of companies.

Ideal qualities that a business consultant or consultancy should have

The main activity of a consultant or consultant is to advise and help their clients, be they individuals or companies, in specific assignments that the contracting party cannot resolve due to a lack of knowledge, equipment or experience on the subject.

You can venture into business consulting services independently or by establishing an agency with experts in certain areas. However, you do it, you and your team will need to have a few qualities:

• Be a good listener. Although a business advisor or consultant has experience and knowledge, no one knows a company better than those who work for it. To offer a good analysis, first listen, attend and empathize with all points of view within the organization.
• Understand contexts. Every company, sector and industry is different. It is important to understand the different contexts in which the organization you work for may be immersed. 
• Know your limits. The consultant or business plan consultant is not a magician capable of solving any problem with his magic wand from her. Recognize the limitations and scope that you may have in each company or project, and do not hesitate to extend the capacity of your service by asking for help.
• Be a good leader and motivate. No person is an island. After an adequate diagnosis, you will need to influence the collaborators regarding the importance of implementing an action plan. The work team must be sensitive to the objectives, process, strategy, and benefits to get on the boat and work together.
• Adaptability. The ability to adapt often implies that of daring to modify plans or strategies if they are not giving results. Business consulting is not exempt from errors or risks; it is important to identify and resolve them in time.
• Specialization. Even if you have all the experience in the business world, you will never be a specialist in all industries, and you will always be prone to experience situations that could unbalance you. Specializing will allow you to easily identify your market and, if you need help, rely on more business advisors.
• Creativity. In general, when companies request business consulting, it is because they have already tried to solve the problem in various ways. Assume that they have already gone through the most common paths and show your creativity to generate solutions outside the box.

Where do you start?

Before talking about names, brands, logos and other relevant aspects when formalizing a company or a consulting venture, analyze your competitive advantages, market opportunities and differentiators:

• I would invent your skills. Identify your areas of expertise and list your knowledge and hard and soft skills. On what topics, industries or knowledge have you built most of your career? Recapitulating your achievements will help you identify where to add the most value.
• Align your credentials. Someone expert is a person with extensive experience in a certain area. In this field, list your academic degrees, diplomas, courses, workshops, and everything related to your training.
• Point out your goal. Ask yourself what motivates you to do this and how you want to impact the lives of your clients: is it just an economic issue, or does it also involve other satisfactions and rewards, such as involvement in projects or knowing that you improve and solve the work of others ? ? Clarifying your motivation will allow you to make the right and value-focused decisions, so never forget it.

Analyze your competitive advantages, market opportunities and differentiators

Prepare a business plan

Whatever the size or format of your venture, develop a business plan that works as a compass for your path. Remember to include five key elements:

1. Marketing plan.
2. Financial projections.
3. Market research.
4. Commercial purpose.
5. Mission statement.

All these points are essential to establish the foundations of any company, even if your consultancy only has you as an employee. Although the business plan can be modified according to the needs of your project, your plan will help you stay focused. Additionally, it contemplates:

• Executive Summary. It is, as is, a summary that is very useful for investors, partners or financial institutions to read, if necessary.
• Company's description. Introduce your company, values, philosophy, history, motivation, key offerings, and positioning statement.
• Business opportunity. You will establish the market need your consultancy will satisfy; that is, what problem do you identify, and how will you solve it?
• Competitive analysis. Determine your company's position in the market; For this, you can do a SWOT analysis.
• Target audience. Define your potential customers using demographic, psychographic, behavioral, and geographic data.
• Marketing plan. List the advertising strategies of your business as a consultant or business advisor.
• Financial Summary. How much money do you need to get started on this trip? Here you also integrate your financial plan in case external investment is necessary.
• Organization chart. What positions must be covered in your company, either with plant workers or temporary employees? Initially, it may be just you, and even if you don't need them now, it is important to integrate them to define how you should scale your venture.

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