I am trying to get my SB consulting firm up and running. I have a few clients but what to know how to narrow my area of expertise down (i.e. technical, organizational, finance, etc.). Are there any consultants that can give some suggestions?
Hello,
Thank you for your question. I think you are doing the right thing by wanting to narrow your focus. You know the old saying; Jack of all trades, master of none. There are a few questions you might ask your self to determine which areas you want to concentrate on:
1. Look at you current mix of clients, what services are you providing them? What services are they interested in?
2. What areas do you have the most interest and expertise in?
3. What is the competition like? Are there more competitors for some areas than others? If so, why?
4. What kind of fees can you charge? What level of billing can you expect to realize? While you might be able to charge $500 an hour for one area compared to $200 for another, if you can only do 2 - 3 hours for the first vs. 40 for the latter.....
I know that I am only scratching the surface here, but I hope this has given you some food for thought.
Jim
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Building on the great advice that you received from Jim, I would identify your current clients that you would describe as "ideal clients". Then interview them to find out, in their words, why they think you are special. Ask questions like:
Use questions like this to learn how they really make decisions and what types of opportunities you can take advantage of (relieving frustrations).
Don't forget to take into consideration the types of clients you like to work with. Some clients are open to advice and coaching, others just want the work to get done. Some people like to work with startup companies, others prefer to work with bigger, established companies.
If you are interested, the report in my signature line goes into more detail about how to identify your ideal clients and develop your core message that will help you attract more of them to your practice.
