Doug Haynes Explains Five Lessons He Wishes He had Learned Before Starting His Consulting Business
Consulting is a largely unregulated business, meaning you can fly solo and offer services as contractors or subcontractors to others. Doug Haynes of Council Advisors has been working in consulting for years. Over the years, he’s been fortunate to meet several successful consultants. Here are five things he wishes someone had told him before he started his business.
- Focus on value
As a consultant, providing value is your driving motivation and must be the primary objective. You are in business to solve problems, not just to make money, so understand what is of value and focus on that. Doug Haynes believes that the job of a consultant is often far more personal and fulfilling than a regular job because the client trusts you with their most valuable assets. At the same time, you are responsible for running a business and should understand its many facets.
- Understand your field and acquire relevant knowledge
Be a student, not an expert. Consultants often get stuck in their comfort zone, working within their core competencies. The best consultants understand their market and acquire the skills to handle various projects. You will have your strengths and weaknesses, but the key is to be aware of them and adjust accordingly.
- Be productive in times of low demand
In consulting, there will be times of low demand, and it is during these times you should be adding value to yourself and your business. Prepare yourself by establishing pieces of your business that can be updated and maintained easily. You won’t have time to do everything you need during peak demand.
- Carefully choose your clients
Haynes states that not every client willing to pay your fees is good. He says it’s better to be known as a consistent and quality resource than simply good at working with every client. Understanding your client’s needs is important as ensuring you can help them. Dealing with unethical clients can be a distraction, so be aware that your reputation will be on the line if you deal with unsavory people.
- The 56 hours rule
Being a business owner can be exhausting, so being prepared and organized is critical to success. Doug Haynes recommends not working more than a 56-hour workweek to manage your energy better. This encompasses the time you spend consulting and maintaining your life outside work.