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You may be a phenomenal consultant with many years and projects worth of experience but if you haven’t taken the time to drill down and consider who your ideal client demographic is, then you’re falling short in your planning.
On the one hand – in the consulting, finance, investor and academic world – what is meant by a Business Plan is a fairly comprehensive research project.
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Because cash flow can be so difficult to manage as a consultant, it’s a good idea to build some safeguards into your invoicing that will keep your cash flow fluid throughout a project’s lifespan.
Popular finance author Brian Hill advises consultants to invoice at the beginning, middle and end phases of a client’s project.
If you’re struggling with this piece of your business plan, pause and back away from the plan itself for a moment.
Take ten minutes to draft up a simple mission statement or “vision document” of your service.Independents often avoid specificity in describing their value proposition.Consider these questions to identify what makes you stand out: These are all vital thinking points when brainstorming a business plan for yourself and working through the all-important process of productizing your services. Does your consulting lend itself well to an ebook or online class?In our recent post 6 Fearless Steps You Can Take to Grow Your Consulting Business, we discussed the importance of creating a functional business plan for your independent career.As we’ll explain in this piece, if you write a business plan that is truly tailored to your own consulting career, it likely will not be the headache you’ve been dreading.Try to talk about yourself and your work in the most specific way you can manage.Any time you say “ This can be tough, especially if you’re just starting out.Independent consultant Will Kenny wrote an excellent article that straightens out many of the myths surrounding templates and the reasons why you can do better with your own common sense and creativity.“You may not need a lengthy, detailed document at all,” says Kenny.In every meeting I attended along with the founders, when there were critical questions, I had to answer them.” Simply put, if someone else writes your business plan for your freelance business, it’s no longer your vision.It’s not something you live everyday and work toward.