Consultancy start up advice?

switcher

Hi,
I have a query or two i am hoping maybe answered. I have recently graduated from college lst year and have got a decent job across the water in the UK. I have noticed a niche which has opportunity both now but more so in the future. Part of this is a consultancy based niche, i.e there is a shortage of consultants in this specific sector. I have a years experience and have a very good understanding of the sector itself and the work involved. There is considerable opportunities for this both here in the UK and def abroad. Mostly in eastern european countries which have recently joined the EU.

Since i have very little experience but i have proven myself in carrying out this sort of work already, i am wondering what steps to take next? I have pretty big visions of where i want to be but am unsure of where my first step should be? Can anyone offer any input on this? I am also worried people will not take me seriously as i am quite young (24) and lack in field experience.

ssbob

Hi Switcher first of all 24 is not all that young, just look at the successfull entrepreneurs of our time: Mark Zuckerberg etc......... so don't let age put you off setting up your own business. If as you say there is a market for this service out there and you are knowledgeable on it then you should be able to pursue this. Francis Brennan(from room to improve) bought the Kenmare Park Hotel when he was 24 and that is now a 5 star hotel turning over huge figures.

Can you say what area you will be going into?

DoMyBooks

I'd agree that your not too young. If you act professional you will be taken up as professional. If your consulting is IT related even better. Some traditional industries maybe slightly different.

I would suggest getting your name out there through personal networking and getting to know as many potential clients as you can . I know a few lads SAP consulting in London at your age and they had no problem finding work at £800 a day without huge experience.

switcher

Hi Lads,
Cheers for the advice, well when you put it like that i suppose i am not to young considering the young age of many of todays successful business people. The area i am targeting is within the waste industry, mostly to do with landfills and the environmental side of things etc. The area itself is very broad and there is a range of services to be provided within the waste industry and i have just focused in on this side of things since i know a bit about it. There is other areas which i know for a fact are waiting to be exploited but i am don't have the knowledge and experience to deal with it yet, that's what's fustrating me i think.

Are those guys who are carrying out the SAP consulting do much advertising or do they use public procurment sites to get work or?
Many Thanks,
Switcher

user1842

switcher wrote: »

Hi Lads,
Cheers for the advice, well when you put it like that i suppose i am not to young considering the young age of many of todays successful business people. The area i am targeting is within the waste industry, mostly to do with landfills and the environmental side of things etc. The area itself is very broad and there is a range of services to be provided within the waste industry and i have just focused in on this side of things since i know a bit about it. There is other areas which i know for a fact are waiting to be exploited but i am don't have the knowledge and experience to deal with it yet, that's what's fustrating me i think.

Are those guys who are carrying out the SAP consulting do much advertising or do they use public procurment sites to get work or?
Many Thanks,
Switcher

All the major consulting houses are really focusing on environmental issues now. If you see a niche take it straight away. Be careful, without a company behind you, consultancy can be very difficult and clients would tend not to take you seriously if your a sole trader.

switcher

Hi Dunc,
That's my fear that if i do go ahead with setting everything up that i will not stand a chance as i have no major company backing me up as i will be a sole trader, that's my main concern.

antoinolachtnai

The key to successful consulting sales is a large network of good contacts in the industry (or failing that, a small network of good contacts in the industry). You do not have that network and that will make it extremely difficult.

Gloomtastic!

One the ways I used to network was speaking at conferences and writing for trade journals. You probably won't get paid for them but it's a great way of getting your name out there quickly.

switcher

switcher wrote: »

I am also worried people will not take me seriously as i am quite young (24) and lack in field experience.

Big problem unless your skillset is really scarce, the SAP lads mentioned charging £800/day were peddling a rare skill. Unless there is currently demand for what you think the niche is and people will pay you to do it I don't see how you can get going. You'll find it hard to do consultancy while you work fulltime. If there is a demand however and you can make it pay the ltd company/sole trader side of things is no problem at all.

John368

I am a consultant in a construction-related field.

A word of caution. The knowledge and experience you gained in working for your present firm will have a certain shelf-life. You will need the time as staying in touch will be much more difficult than in your present job. In your present job you probably keep in touch without realising it, by just talking to the colleaugue in the desk beside yours or in the canteen etc. That will be all gone when you are on your own.

The only way to keep on top as far as I can see is to grow as fast as you can. Save the high earning you get at first to start employing people as soon as you can. that way you will be free-ed up to spend your time staying ahead and thinking of the bigger picture.

John

antoinolachtnai

I would be very reticent about rapidly growing a consulting business. I do not think it will resolve the expertise problem.

The best way of keeping up expertise in a rapidly changing environment is to work on a lot of diverse, cutting edge projects and to develop financial expertise.

Another view for the OP. What about going into high level sales for one of the big waste companies? It is similar work in terms of scoping solutions with clients but it might be more profitable and fulfilling.

Switcher, I'd have a little bit of a different opinion when it comes to consultancy. If you told me that you were just out of college and had 1 year in the job, I would be a bit worried that you havent got enough experience to act as truly reliable consultant that really knows his stuff.

I suppose it depends on the industry, IT might be a different story. Can't say I know anything about the waste industry. I just think to be able to be a really top class consultant you need to have been around a bit longer to have seen more.

But saying all that if, you were the only guy in town that can consult on that niche, I might't have a choice but to choose you!

switcher

Thanks for th advice guys, plenty to think about there....Well for the moment i'm obviously staying in my full time job but registered a business name and applied to two contracts,no harm in getting out there, so i will wait and see what happens..Experience if anything.
Cheers,
Switcher