Setting Up Your Consulting Practice

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Strategy

Topic: Set Intentions and Goals

Writing down your intentions and goals helps you get clarity on the reason why you are setting up your own consulting practice. What do you hope to accomplish?

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Transcript

As you start your journey on setting up your own independent consulting practice, my suggestion is that the first step is to set aside a few hours and to write down your intentions and your goals for your practice. You could do this on the computer. I suggest that you get a good old-fashioned paper notebook, take a couple of hours and first just write down what are your goals in life, in general.  

The way I do this is to think about different categories, so family, significant other, kids, parents, siblings, family, financial, skills, places you want to go, things you want to do in life, to really write an exhaustive list of just your goals in life. And then, to narrow that down and think about what are your goals for your practice.  

Financial. What are your financial targets? What would be making enough?  What would be a comfortable living that you’d be happy with? In terms of the clients that you want to serve. 

What types of clients do you want to serve? In terms of the impact, what sort of impact do you want to be having? 

In terms of time, how much time do you want to be devoting to your practice? Do you want to be able to be at home to read to your kids at night?

Do you mind traveling?  Are you willing to be traveling internationally, on the road 4 days a week?

In terms of your visibility and your prestige — and how important is that to you? Are you okay working in obscurity, or is it important to you, as an independent professional to be well known and to be giving speeches to large audiences? 

So, financial, client impact, your personal life, your skillset, skills that you want to develop with your practice, your visibility.  So write down all those skills and in the supplementary materials, we have a worksheet to help you on that exercise.