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Wednesday, 5 August 2015

Reasons & Steps You Must Consider Before Going Into Consultancy Business


Reasons to Become a Consultant
Although money is sometimes a key factor when someone decides to become a consultant, there are a few other reasons why more people are choosing this profession:
  • You are not living your dream -- Maybe your dream has been to work on your own, and to be your own boss. As a consultant, you are responsible for your career; not anyone else.

  • You are about to lose your job -- Job security is becoming a thing of the past, and for people who are about to get laid off, becoming a consultant is a viable way of earning a living and using their expertise.

  • You have a talent people will pay money for -- Whether you are an expert as a fundraiser, computer wizard or marketing guru, once you discover your talent, you will find an audience who will pay you to do what you do best.

  • You believe you can make a difference -- Many people become consultants because they know something in a particular field better than anyone else. And they use that knowledge to make a difference, either in the corporate or nonprofit world.
Steps to Becoming a Consultant
If the above information has you ready to say "yes" to becoming a consultant, congratulations, but take some time to create a plan before you hang out that shingle and start looking for clients. In other words, there are steps you should follow before launching your own consulting business, including:
  1. Assess your skills and talents -- People who want a career as a consultant should be aware of both their strengths and their weaknesses. Be honest when making a list; if you are not, you will end up with problems down the road.

  2. Decide on your specialty -- Do not make the mistake of deciding to become a consultant in a "hot" field just because there is a demand right now. Think carefully about where your interests lie, and how dedicated you believe you can be in serving other clients.

  3. Research your field -- If you want to become a computer consultant, carefully research everything about that field. Who uses computer consultants? How much money can they make? Will it be easy to find clients?

  4. Define your target audience -- No matter what type of consultant you have decided to become, you must define your audience. For example, will it be companies and large corporations, or individuals? Will it be nonprofit organizations or politicians?

  5. Take the plunge -- If you truly believe you are ready, then take the plunge and launch your consulting business. Be sure to obtain any local or national licenses that you might need, as well as paying careful attention to any zoning laws, especially if you will be operating your consulting business from your home.

4 Reasons Why Your Organization Need A Consultant


Consultants are hired on the basis of their expertise, and their ability to get the job done. Organizations hire consultants for a variety of reasons, including:
  • To identify problems -- Sometimes employees are too close to a problem to identify and deal with how to solve it. A consultant can come in and save the day.
  • To supplement the staff -- Sometimes a business discovers it can save lots of money by hiring consultants on a temporary basis, rather than hiring employees.
  • To bring new life to an organization - Often times a consultant is needed to "kick start" a company that has found themselves in a rut.
  • To teach a new skill -- Technology consultants are especially in demand, as companies are hiring them to teach their employees how to use the latest computers and other high tech gadgets.

While many people have a preconceived notion of what a consultant does, there are some common denominators that all consultants share. These include:
  • Listening skills -- When people talk, the consultant will listen. By paying careful attention to your clients' problems, you will be able to serve them well.
  • Investigative skills -- A good consultant will have the ability to investigate and uncover data necessary to meet the goals of their clients.
  • Action skills -- A good consultant will be ready to "take the bull by the horns" and do whatever it takes to get the job done.
Read more...

Top Ten Consulting Businesses You can Start with


According to the latest statistics, here are the top ten consulting businesses in the United States and across the globe:
  1. Accounting -- Every business needs good accounting help, and many are hiring accounting consultants.

  2. Advertising -- With the price of advertising these days, it is no wonder that advertising consultants are in great demand.

  3. Career -- With more people finding themselves victims of corporate downsizing, career consultants are thriving.

  4. Computer -- From software to hardware and everything in between, if you know computers, you will have no problems finding clients.

  5. Executive search -- Despite the downsizing trend, headhunter consultants are in great demand these days.

  6. Human resources -- As long as businesses have people problems, there will always be a need for this type of consultants.

  7. Public Relations -- Getting good press coverage for any organization is a real asset for these types of consultants.

  8. Management -- If you can help a company manage their business and solve their problems, they will beat a path to your door.

  9. Insurance -- Every company needs insurance, and if this is your area of expertise, go for it.

  10. Education -- From helping a parent find scholarship and grant money to helping school districts cut costs, this field is also in great demand.


5 Guided Steps to Starting a Bookkeeping Business

How to start a bookkeeping business 









Thinking about starting a bookkeeping business? Bookkeepers are always in demand, and if you are good at organizing financial information, it might be the right business idea for you. Follow these steps to start your own bookkeeping service.
Sometimes the best business ideas are simply finding something that people could do but don’t have the time, the education, or the personality type to do well. That may be why bookkeepers are always in demand.

Some people are organized—others are not. Surely, you know somebody who is super smart but a quick look at their office reveals organizational disaster. Maybe you’re the type of person that organizes for fun. The idea of a closet in shambles or a stack of bills and bank statements that need addressed may be your idea of a great time. If that’s true, you would probably love being a bookkeeper.

According to the Bureau of Labor Statistics, the 2012 median salary for Bookkeepers was $35,170 per year--$16.91 per hour. The industry is expected to add about 204,000 positions through 2022—an average rate of growth compared to other professions.

But these stats reference somebody who works directly for a single company. According to Entrepreneur, independent bookkeepers make between $25 and $40 per hour depending on where they work and the nature of the job. As you become more established and gain more clients, you may consider bringing in a partner or small staff. Some bookkeepers establish larger companies with hundreds of clients but first, you have to land enough clients to sustain yourself, personally.

Some formal training will help establish credibility but as long as you have some formal experience managing the financial affairs of a company or organization, you can start your business right away. Here’s how to get started.

Step 1- Train
You don’t have to become a certified public account but in a world where so many people advertise themselves as experts, it’s hard to stand out from the crowd if you have no training. Community colleges offer bookkeeping courses and some offer additional or specialized services including tax preparation, loan packaging, and software training. The popular account software, Quickbooks, offers certification programs, for example. You can also become a Certified Bookkeeper through the American Institute of Professional Bookkeepers.

Step 2- Home Office or Office Building?
If you’re just starting out, don’t quit your day job. An advantage to this type of business is the ability to take on clients you can service after hours. These clients will likely come from contacts you’ve made in your current job. In time, your increasing client mode will force you to make the decision: Is it time to quit your job and devote all of your time to bookkeeping or keep your business part time?

New independent bookkeepers often work from home. They may meet clients in their home office or at a local coffee shop but some advise to rent a small office as soon as possible.

Because clients trust you with their money, having an ultra-professional working environment may be important to some of your clients. And don’t forget privacy. If you have children or other people living with you, clients may see your home as an insecure environment. Finally, having meetings at your home might make your clients feel uncomfortable.

Look for a company that offers office space for rent as needed instead of a traditional lease. Larger cities tend to have places like this. Ask friends who are business owners if they have extra space for rent, and if that fails, look at traditional office space. Single office rentals aren’t as outlandish as you might think.

Step 3- Establish the Business
Laws in your state may require that you establish a formalized business structure. A limited liability company, or LLC, is the most common type of business structure for small businesses. In most states it’s easy to set up and costs less than $100. Go to your state’s Secretary of State website to learn how. There are also business registration services that can help.

Because of the nature of the business, consider insurance. Errors and omissions insurance is a common type of insurance held by bookkeepers but general liability is another option. E&O insurance is cheap—some policies are around $25 per month.

Step 4- Pound the Pavement
At the beginning, clients aren’t going to find you; you have to find them. Prepare some basic marketing materials. If you have an eye for design, you may be able to create these materials yourself. If not, there are plenty of templates for sale and freelance designers that can help for a reasonable price.

Ask others in the industry what clients find to be important. Look at marketing copy from bookkeeping firms and observe what they stress. They’ve already done the research for you based on their experience in the business. If they stress something, so should you.

Also create a basic website. Unless your business model will exist mostly online, keep your site simple and professional. Only include the important information. No fluff.

After that, do some old-fashioned marketing. Work your contact list, go door to door reaching out to small businesses and individuals, and attend community events. Start with people who know you from your current job and branch out. Once you become more established, clients will find you through word of mouth but plan to always market.

Step 5- Go Overboard with Great Service
Any business that survives beyond the startup phase knows this instinctively. Going over the top with customer service, is what makes you stand out. Are you available after hours? Do you have a network of trusted professionals you can refer clients to when they need something outside of your expertise? Are you fast an error free? Did you remember to acknowledge their birthday or their child’s high school graduation? Great service isn’t a strategy; it’s thoughtfulness—taking an interest in your clients as individuals will make you a stand out. Customers in all businesses complain of the lack of a personal, human touch in business. This is an easy way to stand out.

Bottom Line
If you love numbers, organization, and some financial grunt work, bookkeeping is the perfect business for you. Don’t quit your day job. Start small, care about your clients, do a fantastic job, and soon enough, you’ll be your own boss if that is your goal.

businessknowhow 






Top 7 Principles For Transforming Your Business From Mediocre To Great


In the words of motivational speaker, Les Brown -- "You don't have to be great to get started, but you do have to get started to be great." Where do you start to transform your business from mediocre to great?

Below are your top 7 essential ingredients for cultivating greatness within your own business:

1. Know What Your Business Stands For And Live Those Values.More than ever, today, customers don't just ask "what products do you offer?" They also ask "what values do you stand for?" What values does your business stand for? What practices have you developed to live those values daily?

2. Know Your Compelling "Why."Viktor Frankl, the great Austrian psychiatrist, said it best: "Success, like happiness, cannot be pursued; it must ensue ... as the unintended side effect of one's personal dedication to a cause greater than oneself." For what "transcendent" purpose does your business exist? How does your business make a difference in your customers' lives?

3. Always Seek The Edge.
In 1954, Roger Bannister did the seemingly "impossible" and ran the first 4 minute mile. When asked how he did it, he said "It's the ability to take more out of yourself than you've got.'" How can you "take more out of yourself than you've got" to achieve the seemingly impossible in your business?

4. Dare To Be Different.
Contrarians are the change agents in the business world. These wealth-building businesses are not simply "executing better" -- they're radically changing the rules of the success game in their field or industry. Where in your business can you break the rules? How can you set yourself apart from the crowd in your industry?

5. Find Models Of Greatness.
Within every industry, every geography, every career path, there are examples of greatness everywhere. Find those people, those businesses that inspire you the most. What is it about them you would like to emulate? What changes can you make today to be like them?

6. Know The End In Mind.
Great businesses **decide** their future. They are not dictated by it. They know exactly where they want to be, by when, how, and then persist in getting there. What decisions have you made about your business future? What do you need to decide differently in order to have a great outcome?

7. Commit To Personal Greatness.
Your business is a direct reflection of where you are at. It only grows as quickly as you do. To build a great business, you must commit to your own personal greatness. How do you define personal greatness for yourself? What changes can you make to unleash your own greatness?

By Denise Corcoran