It is estimated that there are over 400,000 consultants in the United States, and that number is expected to double in the next two to three years due to all of the changes in the business environment and the economy. Many former executives are taking the opportunity to use their expertise and experience to provide consulting services to businesses and organizations from the outside-in. If you are in that position and are considering making the leap to consulting here are five success keys to consider.

1. 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 will have a clear vision of what kind of consulting practice you want to have and what types of clients you want to serve. There are professionals consulting in all types of areas. All of our consultants have the privilege focusing their consulting businesses in areas such as strategic planning, improved business results, people development, and process improvement. This core focus allows them to become thought leaders in very specific areas making them stand out among the other consultants in the crowd.
2. After you have your niche identified, then you will need a marketing plan so you can properly promote yourself and your business. We assist our network of consultants with their marketing and promotion plan. Your answer to key number one comes into play here because once you identify whom your ideal client is, it becomes far easier for you to specifically market and promote yourself to that audience. Marketing yourself as a potential solution to everyone will become a frustrating experience, and you will run out of time and energy.
3. Create a support network. Consulting can be a lonely business, especially in the beginning, so create a support network with purpose. Reach out to centers of influence from previous roles you have held and companies where you have worked, and make a point to educate them on your new business. Use them as a sounding board and a source of idea generation. Align with other consultants in your area who may offer different services. Create a mastermind group with the goal to focus on lead exchange, idea generation, and general support.
4. Charge by the project not by the hour. Many consultants diminish their value by charging by the hour instead of the project. Build value and through your questions establish a clear return on investment when you are working with a potential client through the business generation process. Business owners buy value, not necessarily features and benefits. Your fee should not be based on how often you show up or how long a project takes. It should be about the value you bring to the table and the return on investment for the client.
5. Go do it! Out of 400,000 consultants currently out there in the field about half are generating the amount of business they desire. In our experience, the lack of doing is often times linked to not having a plan of action (#2) or not being confident on how to implement the plan, so they just don’t do anything. Obviously, doing nothing leads to bad results. This is where having a strong support network around can be extremely helpful. They can help celebrate the wins as well as tell you when it is time to get out there and just do it some more!

Consulting through your own practice is exciting. Just imagine being able to control your own destiny and control your income potential. Consulting has great possibilities and we work over 500 independent consultants everyday to help them make that happen!

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has been the first choice among business partners for creating successful business consultants and coaches. For more information visit www.resourceassociatescorp.com or contact RAC directly at 800.799.6227.