Are you tired of generating profit for other companies? 

Are you a professional looking to seize control of your career path? Based on many of the challenges and uncertainties of the corporate world, many seasoned executives are taking matters into their own hands. They are deciding to control their destiny and professional success by creating their own consulting or coaching business. Many employment-retraining organizations say that the average person experiencing an “inconvenient corporate experience” is between the ages of 45 and 55. These are well-educated professionals who have a great deal of experience. 

“In 2016, an average of 0.33 percent of the adult population, or 330 out of 100,000 adults, created new businesses each month. This business creation rate translates into more than 550,000 adults switching into self-employed business ownership in each month during the year. In 2015, the Rate of New Entrepreneurs continued a two-year increase that reversed a downward trend over the past few years. The Rate of New Entrepreneurs increased from 0.28 percent of the adult population (280 out of 100,000) in 2013.” -Kauffman Index of Entrepreneurial Activity 

According to the SBA, small firms represent 99.7% of all employee firms; they employ over one-half of the private sector, and they have generated 64% of new jobs over the past 15 years. Sustainable small businesses are a significant economic driver in the prosperity of the U.S. economy. This is an exciting time to have the desire to establish your own consulting or coaching practice! 

Do you have what it takes to move from being a highly compensated executive to a successful and sustainable consultant or coach? The transition is not necessarily difficult if thought through and managed, but it is a transition nonetheless. What can you do to ensure your consulting or coaching practice is a success? We have helped our network of consultants and coaches succeed in building sustainable businesses, and as a result, have uncovered five important keys to making the transition work. 

• Create a plan. Decide what kind of consulting or coaching practice you want to pursue, do the research, and then create a plan. Having a plan will allow you to make good decisions because you have a clear vision. Will this plan be an all-encompassing strategic plan? No. It will be a starting guideline to research which will help you make sound initial decisions.
• Know what investments, if any, are involved and what cash flow is needed. When partnering with an existing organization like a franchise or business opportunity, they will be able to answer your questions. However, it is important you ask the questions.
• How comfortable are you in promoting yourself? The first thing most consultants and coaches have to promote is themselves and their ideas. In the beginning, you really are your business. This is where you need to have unwavering confidence in yourself and your business or partner with an organization that can help you build a step-by-step plan that will help create that unwavering confidence.
• The next step is to create a marketing plan. Although you are the primary face of your business, you need to create a marketing plan, so you know what activities you need to do to make your business known. Is it best to market your products or services through networking, advertising, speaking, retail,etc? In the beginning, you cannot invest your time, efforts, and money into all things marketing. Youneed to be selective. In order to be selective, you need a defined plan and you need to know how your buyers prefer to find you. You can then use those marketing avenues with purpose. 
• Find a solid support team. Align with people or an organization that you trust and believe will provide positive as well as constructive feedback. Having an honest, outside perspective is critical. No one said that being a consultant or coach had to be a lonely business.

In our experience supporting new businesses in the training and development industry, these five steps provide a strong foundation. Look for more ideas in our white papers and blogs. 

*Written by Tammy A.S. Kohl, President of Resource Associates Corporation. 

Although at Alexa Consulting we help entrepreneurs from all types and sizes of businesses realize success and improve their life styles we specialize in helping former specialists and executives enter the highly profitable world of consulting. We have a full training program and program support software platform available to people interested in starting a consulting practice.