Many people dream of creating their own business. But what if you’re already working full-time and unable to leap? Maybe you need a way to generate extra income or be able to provide your skills for other companies on the side. Then, executive consulting might be the perfect gig for you.
The term “executive consulting” refers to professionals who supplement their work as executives by providing consultation services to other organizations without having any ownership stake in them. Executive consultants come from many different backgrounds, but they often have experience as executives in large organizations, making them ideal candidates.
Who are Executive Consultants?
Executive consultants are professionals who work with organizations to help provide them with advice and guidance on management, strategy, operations, and more. They usually come from a background in business or an executive role with a large organization.
If you’ve got experience in the business world and want to leverage your skills for other companies while working your day job, this might be the right opportunity for you!
How to Set Up an Executive Consulting Business
The first is to find or create your consultancy firm. This may be the best option for you if you already have experience as an executive in a large organization and want to provide consultation services. The second option is to become an independent contractor; in this way, you can be hired by subcontracting through an intermediary company.
Finally, you could work as an independent consultant by providing services directly without any intermediary company. For example, you could offer your services on Fiverr or Freelancer or create your website.
It is always necessary to investigate before launching any type of business. First, determine what type of business structure will suit you best and meet all legal requirements (you may need to incorporate). It would help if you also thought about how much time and money you can afford to invest in your business before deciding which route is right for you.
What Does an Executive Consultant Do?
An executive consultant’s job duties vary depending on their specialization and industry, but there are a few commonalities. Executive consultants work with boards of directors, CEOs, and other executives. They provide a variety of services to these high-level professionals in order to help them achieve their goals.
Some examples include:
· Provide advice and counsel
· Assess organizational needs
· Develop strategies to improve performance or reorganize
· Train staff
· Identify the best candidate for the job
Executive consulting is a business that can be done from anywhere – from your home office to your favorite coffee shop! As long as you have an Internet connection, you can work. In addition, many consultants offer services remotely to allow clients the flexibility they need when running a business. This opens up a whole new set of opportunities for people who want a flexible schedule without giving up their careers!
What Successful Executive Consultants Have in Common
The most important thing to remember when setting up your executive consulting business is that you will need a clear niche. You can’t be all things to everyone, so it’s important to choose one area and specialize in it.
If you’re looking for an example of a successful executive consultant, look no further than Sheryl Sandberg, the COO of Facebook. She was once an executive at Google and had significant entrepreneurial experience before becoming Facebook’s COO.
Similarly, Karen Catlin is the co-founder and CEO of Framebridge, a company that provides custom framing services for art enthusiasts around the world. And who better than someone with ample experience as an entrepreneur to offer top-notch consulting services?
The Ten Commandments of Being a Good Consultant
- Be a good listener.
- Develop a strong emotional awareness and put yourself in your customers’ shoes to better understand them.
- Anticipate the client’s needs and try to meet them before they are even aware of them themselves.
- Be open-minded and flexible, with a willingness to take on new ideas from all sources.
- Recognize that people come from diverse backgrounds, cultures, and faiths, and be respectful of these differences when dealing with clients or potential clients.
- Make every effort to learn about the business of the person you are consulting to more fully understand their needs and issues, then do what it takes to help them succeed–even if that means going against your own self-interests or personal opinion at times.
- Prepare thoroughly for every meeting with a client by researching their company thoroughly beforehand so that you can make informed recommendations about their situation without asking too many questions during the meeting itself.
- Understand that your clients will not always tell you everything upfront; get comfortable with probing for more information to get answers to any questions you might have–you owe it to yourself and your clients to give the best possible advice in every situation.
- Treat everyone in your organization fairly: junior employees with respect just as much as senior employees and “lesser” clients with respect just as much as “more important” ones.
As an executive consultant, you are there to advise clients on increasing company value, increasing profit, or developing a new product.
If you are considering starting an executive consulting business, you need to determine if you are really suited to consulting. Ask yourself what your strengths are, what areas are of interest to you, and what sets you apart from other consultants. For example, consultants cover a large branch of a company’s economics and will work on marketing and strategic planning topics.
Once you have that figured out, the next step is to come up with a name for your company. When it comes down to it, clients see your name and logo first.
Ultimately, the most important thing is that you love what you do. If you do not enjoy what you are doing, it will be very difficult for you to be successful as an executive consultant.