Setting Up Your Consulting Practice

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Topic: Research Industry Problems

Before you start your own firm, you may be in an excellent position to conduct market research to determine what problems your target clients have paid – or would be willing to pay – a consultant to solve. Ideal problems are pervasive, urgent, expensive if not addressed, and a match for your skills. This episode […]

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In the strategy section of this course we talked about identifying the problems that you want to solve by going out and asking potential clients what problems they have engaged a third-party to help them solve or what problems that they’re currently struggling with.

If you’re currently a corporate executive and haven’t yet made the transition, you’re in a fantastic position to do that research. As you speak to peers in your industry at other firms, when you go to conferences, look at what are the breakout sessions that are most well attended. 

Have those conversations about what problems peers at other firms are working on and take notes on that. That information will be incredibly valuable as you think about shaping your strategy and what problems you want to work on.