Success Archives – Page 7 of 16

Build the Least Capital-Intensive Business That Can Potentially Generate the Biggest Return By Theodore Henderson The Wisdom Man The stability and security offered by 9-to-5 jobs are no longer as convincing as they once were. There are factors like lack of intellectual stimulation, no growth prospects, limited income or career advancement, or you're nearing retirement age that makes getting an alternative career path seem like a better option than you may have previously thought. While being an entrepreneur looks promising, the insufficiency of capital deters any attempt. There is a kind of business that is the least capital-intensive and offers the most significant possible return. It is called business consulting. It utilizes your intellectual leadership, management capabilities, technical skills and experience to be able to help other businesses prosper. If you are an expert in your industry, this might be the career path for you. This line of work, however, is time-consuming and entails adequate planning, preparation, and strategy. It has no age limit either. A business consultant is what you can become after 50 or even before you reach retirement age as long as you have the internal motivation to achieve personal and professional success, taking this direction may be the most lucrative for you. What do business consultants do? The role of a business consultant relies on the consultant's ability to support the goals of the client's business. This includes the improvement of their business system, information system, data management or increasing productivity levels. Clients may also seek expert advice on improving financial, operational and overall business performance. The demands can be as varied as the industry to which they belong, and the business consultant must ensure performance expectations too. It's important to highlight your consultancy achievements, numbers such as revenues generated repeat customers, levels of productivity achieved and other relevant business metrics. These would help keep your network of clients and encourage them to recommend your services. How to become a business consultant? Invest Invest in your talent and tools to enable you to perform and achieve the expected results. Advanced studies and specialized training help in this aspect as well as in building your credibility and reputation. There are tools, techniques, and methods that consultants use to serve the clients better. Invest also in time and experience by allowing yourself to go through the learning curve that business consulting presents. Objective It's important to set goals and objectives in every stage of developing your business consultancy firm. It keeps you organized and aligns your daily activities towards achieving your goals. In dealing with clients, staying objective also matters to rise above the differences in culture, values or perspectives. Risk There are operational and financial risks involved in starting a small consulting business. By understanding the possibility of failure and how much of your business is exposed to risk, you will make the necessary effort to get all these covered. All the legal, tax or accounting issues should also be examined to ensure efficiency and business continuity. There are also threats from competitors and technological advancements that may restrict your sales and profit margins. As a small business owner, your challenges may be limited, but your growth potential is excellent. You can use these external challenges as an opportunity to take your business to greater heights. Promotion Take some marketing or advertising initiatives for your business consultancy. However small the effort, you are slowly establishing a client base familiar with your business. Create opportunities by developing relationships with your clients and other consultants in your field. Knowing how to become a business consultant presents a career choice you can become after 50. Young professionals with experience, education, and clients may also pursue this role as a full-time job or as a sideline. As a business consultant, your role is pivotal to the achievement of a business growth objectives, strategic goals, and financial success. Whether you're in the field of IT, human resources, finance or marketing, you can make a mark as a successful business consultant. Click Here for a FREE Copy of "13 Tips For Success In Your Small Business Or Internet Business" About The Author Theodore Henderson works with business owners, entrepreneurs, and corporate professionals. He is an Amazon best-selling author, a Certified Career Coach, a Certified Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA. In addition he is the author of the business program “Launching Your Great Business Idea,” as well as the author of the following books; “The Wisdom Compass: Your 31-Day Journey to Wisdom-Filled Living”, “9 Simple Strategies to Becoming a Strong Leader” and the Security eBook “30 Smart Ways to Protect Yourself from Cyber Criminals" aimed at owners of Smartphones, Mobile Devices, and also those who have significant online activities including Social Media, financial services, etc. He is available for keynotes, seminars, and workshops. He may be reached through www.TheodoreHenderson.com.