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ed2go Business Small Business Starting a Consulting Practice
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Starting a Consulting Practice

Do you have training or knowledge that could be useful to others? Have you ever considered providing consulting services based upon your background? This course is designed to help you set up a consulting practice. You will learn the complete process of starting and operating a consulting practice. The course will begin with surveys and assessments designed to help you pinpoint the best consulting services to offer.

The course then progresses into the business start-up process, including issues such as licensing and legalities. You will then develop a complete business plan for their consulting firm that details finances, pricing policies, contracting, and marketing. The course concludes with a discussion of record-keeping and tax concerns. The course will keep you updated by citing resources such as books, periodicals, and organizations designed to help small businesses.

6 Weeks / 24 Course Hrs
Starting June 17, 2020

Offered in Partnership with your Preferred School

ed2go

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Learning Method

Instructor-led

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Starting June 17 | July 15

Starting a Consulting Practice

Details + Objectives

Course Code: sc1

What You Will Learn
  • Learn to recognize the prospects of independent consulting by exploring 20 of the most common consulting fields
  • Learn to use a tool that will help you interpret your skill set and choose the type of practice to run
  • Learn to set concrete goals and discover strategies for attracting clients
  • Learn to craft a business plan
  • Establish a pricing structure and determine what services you will offer
  • Discover 8 physical steps you will need to start off right (including: issues related to licensing, legal construction, naming your business, choosing a business card, etc.)
  • Learn to develop a budget for each stage of your company's growth
  • Learn about billing
  • Learn to identify the kinds of customers who want or need your services
  • Discover a marketing plan
  • Learn about record keeping for management and tax purposes
  • Discover the basics of business tax deductions
  • Learn about dozens of resources that can provide you assistance
How the course is taught
  • Instructor-led course
  • 6 weeks in duration
  • Courses begin each month
  • 2 lessons released each week
  • 24 course hours
How you will benefit
  • Learn the characteristics of running your own consulting business
  • Determine if owing a consulting company is a good decision for you
  • Explore the different consulting fields to identify the kind of consulting practice you may want to run
  • Pinpoint your area a expertise
  • Take steps toward actually creating your consulting firm

Outline

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Why Start Your Own Business?

In the first lesson, you'll learn about all of the characteristics of running your own consulting business. In the process, you'll have the opportunity to take an entrepreneurial career test that will help you determine if owning a consulting company is a good decision for you. As you study independent consulting, you'll also learn about alternatives that will allow you to offer your consulting services without the issues associated with self-employment. Finally, you'll see how to lay the foundation for success as a consultant.

What Is a Consultant?

In this lesson, you'll turn your attention to the profession of consulting. You'll learn to recognize the prospects of independent consulting and explore 20 of the most common consulting fields. Your goal is to identify the kind of consulting practice you may want to run. Finally, you'll meet some successful consultants in various industries so you can see how they started and grew their businesses.

Assessing Your Skills

In this lesson, you'll work through a series of exercises designed to help you pinpoint your area of expertise. You'll use a tool that will help you interpret your skill set and help you choose the type of consulting practice to run. After you go through the exercises, you'll read two case studies about consultants who, after thoroughly assessing their skills and backgrounds, started practices quite different from what they originally envisioned—both financially and personally.

Setting Goals

In this lesson, you'll begin taking steps toward actually create your consulting firm. You'll learn how to set concrete goals, both short-term and long-term. Once you know how to set goals, you'll learn how to use them in your strategies for attracting clients to your new business. You'll apply a simple goal-based analogy of seed planting to get you well on your way to understanding what it takes to get customers.

Business Planning: Your Firm's Concept

In this lesson, you'll take the first steps toward opening your doors. First, you'll learn how to craft a fundamental business plan, then you'll see how to use a basic planning template to develop the business plan for your individual company. You'll begin by creating the conceptual basis and mission of your consulting practice. Then, you'll learn how to research the marketplace to both uncover your clients' needs and discern how other consulting practices operate. Finally, you'll work on establishing your pricing structure and determining what specific services you'll offer.

Business Planning: Eight Steps to Start-Up

You're just about ready for your grand opening! In this lesson, you'll learn about the eight physical steps you'll need to follow to start off right. Each of these steps, completed in sequence, will move you toward opening day. Among these eight steps, you'll examine issues related to licensing, legal construction, naming your business, and even choosing a business-card style that will get you noticed.

Business Planning: Financial Planning

In this lesson, you'll explore the financial aspects of your company. You'll begin by developing a series of budgets for various stages of your company's growth. You'll create a complete start-up budget, and then forecast your ongoing expenses for one year. Next, you'll estimate your gross income and use the income and expense figures to estimate your potential profit. After developing those financial sheets, you'll learn why you'll need to use contracts and letters of agreement. Finally, you'll learn all about billing, including several options that can help your cash flow.

Marketing: Market Analysis

Now it's time to go after your first client! This is the first part of a two-part lesson in which you'll learn how to obtain customers. In this lesson, find out how to correctly identify the kinds of customers who want or need your services. You'll learn how to recognize them using two market analysis tools: demographics and psychographics. You'll also learn why you should target your customer base first, and then create advertisements aimed toward those customers.

Marketing: Your Marketing Plan

In this second marketing installment, you'll learn how to select advertising forms that will best reach your customers. You'll explore the four major categories of advertising as well as their subcategories. You'll use a marketing plan worksheet to detail which forms of advertising you'll use to reach each type of client. Then, you'll learn about the major difference in strategy between marketing to a consumer clientele and marketing to a commercial clientele. Finally, the lesson will explain the concepts of frequency and response rates and how each will increase your chances of success in securing paying clients.

Record Keeping

Now it's time to learn about the administration of your business, namely record keeping. In this lesson, you'll learn about the seven basic components that comprise your record keeping system. The lesson will discuss which kinds of records you should keep for management and tax purposes. After you learn which items to record and track, you'll learn about the calculations you'll need to perform and how to read the financial condition of your company. Finally, you'll practice these computations using real-world scenarios.

Taxes

In this lesson, you'll learn the basics of business tax deductions and how to estimate your business taxes. You'll find out how to identify tax deductions for your business, as well as how to unearth potential tax deductions from your personal affairs that could be related to the business. You'll also learn how to work with your accountant to properly plan for tax time and help minimize your tax obligations. The lesson will conclude with two case studies that will help you practice estimating taxes owed.

Resources for Assistance

In this final lesson, you'll learn about dozens of resources that can provide you with assistance as you build your business. You'll get information about government agencies at the federal, state, and local levels, as well as local organizations that exist to serve entrepreneurs like you.

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Instructors & Support

William Flood

William Flood is a small business consultant, speaker, and the owner of Horizon Business Services, a small-business training firm. He has conducted training seminars for over 15 years, reaching over 35,000 students. Mr. Flood has extensive experience working with home-based businesses in such diverse areas as mail order, consulting, import/export, e-commerce, and real estate investing. A dedicated entrepreneur, he regularly works as a volunteer counselor for the Maryland Small Business Development Center, and was nominated in 1991 for the Small Business Administration's Young Entrepreneur of the Year award. Mr. Flood holds a master's degree from the University of Delaware.

Requirements

Requirements

Prerequisites:

There are no prerequisites to take this course.

Requirements:

Hardware Requirements:

  • This course can be taken on either a PC or Mac.

Software Requirements:

  • PC: Windows 8 or later.
  • Mac: OS X Snow Leopard 10.6 or later.
  • Browser: The latest version of Google Chrome or Mozilla Firefox are preferred. Microsoft Edge and Safari are also compatible.
  • Adobe Acrobat Reader. Click here to download the Acrobat Reader.
  • Software must be installed and fully operational before the course begins.

Other:

  • Email capabilities and access to a personal email account.
Instructional Materials

The instructional materials required for this course are included in enrollment and will be available online.

FAQs

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When can I get started?

A new session of each course opens each month, allowing you to enroll whenever your busy schedule permits.

How does it work?

Once a course session starts, two lessons will be released each week for the six-week duration of your course. You will have access to all previously released lessons until the course ends.

How long do I have to complete each lesson?

The interactive discussion area for each lesson automatically closes two weeks after each lesson is released, so you're encouraged to complete each lesson within two weeks of its release.

What if I need an extension?

The final exam will be released on the same day as the last lesson. Once the final exam has been released, you will have two weeks plus 10 days (24 days total) to complete the final and finish any remaining lessons in your course. No further extensions can be provided beyond these 10 days.

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