The Complete Master Class On Starting A Consulting Business | Chris B. | Skillshare

The Complete Master Class On Starting A Consulting Business

Chris B., Instructor, MBA and CFO

The Complete Master Class On Starting A Consulting Business

Chris B., Instructor, MBA and CFO

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30 Lessons (1h 25m)
    • 1. Section 01a Consulting Introduction

      2:03
    • 2. Section 01b Pros and Cons of Consulting

      9:12
    • 3. Section 01c Traits of a Consultant

      10:39
    • 4. Section 01d Independent vs Firm

      2:06
    • 5. Section 01e How Much Can You Make

      7:53
    • 6. Section 02a Introduction to Setting Up Your Business

      0:59
    • 7. Section 02b Forming a Legal Entity

      4:48
    • 8. Section 02c Business Address

      1:37
    • 9. Section 02d Bank Accounts

      3:14
    • 10. Section 02e EIN

      1:49
    • 11. Section 03a Introduction

      0:34
    • 12. Section 03b Logo and Branding

      2:22
    • 13. Section 03c Website and Domain

      3:19
    • 14. Section 03d Blogging

      2:35
    • 15. Section 03e Paid Advertising

      2:53
    • 16. Section 03f Facebook Pages

      2:31
    • 17. Section 03g LinkedIn

      2:28
    • 18. Section 03h Other Marketing

      3:18
    • 19. Section 04a Intro to Finding Clients

      0:22
    • 20. Section 04b Online Freelancing Websites

      3:18
    • 21. Section 04c LinkedIn Prospecting

      1:36
    • 22. Section 04d Direct Email and Direct Mail

      1:52
    • 23. Section 05a Introduction to Running Your Consulting Business

      0:32
    • 24. Section 05b Proposals

      2:50
    • 25. Section 05d Invoicing Clients

      2:00
    • 26. Section 05c Deliverables Milestones and Client Expectations

      2:48
    • 27. Section 06a Introduction to Business Upkeep

      0:20
    • 28. Section 06b Financial Performance Tracking

      2:07
    • 29. Section 06c Taxes

      1:07
    • 30. Section 07a Course Conclusion

      1:34
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About This Class

Are You A Topic Expert In Your Field and Want To Capitalize On Your Knowledge?

Are You A 9 to 5 Worker For Someone Else and Feel You Have More To Offer?

Are You Someone Who Enjoys a Challenge and Has Both Expert Knowledge and a Desire To Work For Yourself?

Have You Ever Wanted To Start Your Own Consulting Business But Didn't Know Where To Start? 

If You Answered "Yes" To Any Of The Above, Look No Further.  This Is The Course For You!

Start today and join the 100,000+ successful students I have taught as a Top Rated instructor!

Three reasons to TAKE THIS COURSE right now:

  1. You get lifetime access to lectures, including all new lectures, assignments, quizzes and downloads

  2. You can ask me questions and see me respond to every single one of them thoroughly! 

  3. You will are being taught by a professional with a proven track record of success!

  4. Bonus reason: I started my own consulting business 10+ years ago which is successful and growing year over year!

  5. Bonus Reason: Udemy has a 100% refund policy - no questions asked and no risk for you!

Recent Reviews:

Joe B says "Empowering.  I'm an expert in my field but never really thought about or knew how to get into consulting.  This has opened my eyes.  Practical and useful information from the very start.  After taking the course I felt empowered to get my consulting business off the ground, and started working on it immediately.  Chris is a great instructor and very knowledgable in business and consulting, couldn't ask for more.”

Have You Ever Dreamt Of Living a Lifestyle of Freedom, Financial Independence, While Using Your Natural Skills To Help Others?

It's time to take a step towards your work from home Consulting business TODAY!

Ever dream of the freedom of working from home, for yourself, andmaking more than you do at your 9 to 5 job?  Then consulting is for you!

If you have knowledge in an area that others need to know, a computer, and are ambitious, you can be up and running your own consulting business is less than a week!

That's right.  You literally need nothing other than:

  • A computer

  • Yourself

  • Ambition

I've been personally working as a finance and accounting/CFO consultant the last 10+ years, helping small companies grow. I took my vast background from the 10 years before that, working in corporate life, and turned it into a profitable consulting business that has given me the freedom to work from home, travel when and where I want, and make far more than I ever did working for someone else.  

By the end of this course you will have the knowledge and tools needed to get your very own consulting business up and running in next to no time, for next to no cost!!

Business owners are desperate for help out there, and YOU can provide them with the help they need!

You will learn EVERYTHING you need to hit the ground running with your very own consulting business in my course.  Below are some of the highlights:

  • The Pros and Cons of becoming a consultant

  • How to legally establish your consulting business

  • How to market your business

  • How to find clients (this is the big question out there, and we have the answer!)

  • How to keep your current clients coming back for more!

Free Bonuses For You

I have also included a copy of my ebook "Fund Your Startup by Chris Benjamin" which you will find as a download in the last lecture.  Learn your options for funding, where to find investors, how to wow them, and lastly the must do steps to successful funding!

*** JOIN NOW AND LEARN HOW TO START YOUR CONSULTING BUSINESS, HELP YOUR CLIENTS AND EARN A GREAT LIVING ***

About The Instructor

Chris Benjamin, MBA & CFO is a seasoned professional with over 20 years experience in accounting and finance.  Having spent the first 10 years of my career in corporate settings with both large and small companies, I learned a lot about the accounting process, managing accounting departments, financial reporting, external reporting to board of directors and the Securities and Exchange Commission, and working with external auditors.  

The following 10+ years I decided to go into CFO Consulting, working with growing companies and bringing CFO level experience to companies.  I help implement proper best business practices in accounting and finance, consult on implementation of accounting systems, implementing accounting procedures, while also still fulfilling the CFO roll for many of my clients which includes financial reporting, auditing, working with investors, financial analysis and much more.  

Thank you for signing up for this course. I look forward to being your instructor for this course and many more!

Chris Benjamin, Instructor, CFO & MBA

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Instructor, MBA and CFO

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Transcripts

1. Section 01a Consulting Introduction: Hi, everyone. Welcome to the course how to start a consulting business and work from home. My name is Chris Benjamin Rhodes, CFO. I really appreciate you signing up for the course. We're gonna be going through a lot of material, and I'm really excited to teach this course because it's basically what I did. I started a consulting business over 10 years ago, so I've gone through a lot of ups and downs, learn the best business practices of all different areas, like working with clients, how to market yourself how to write winning proposals, all that stuff we're gonna cover in the course. So, as you might remember from the introductory video before you signed up, we're gonna be going through a lot of video is gonna be just like this, me talking to you, explaining different concepts and then as well, we'll probably do a few screenshots along the way. And then as well, there's some samples to download as well. Things like a proposal template, if you will, are how to do your taxes or at least links to get you to where you need to be. So we're gonna be covering a lot of stuff in this course. First of all, in this introductory section of the course, we're talking about the pros and cons of being a consultant. There's definitely both are also going to be talking about traits that you need to have to be a successful consultant. So I dont attorney one, but at least want to give you an idea of kind of those traits that definitely takes the stand out there and be out on your own. Ultimately, being consultant means also running your own business. There's a lot of personality traits that go along with that as well. We're gonna talk about what it's like to be an independent consultant versus a consultant that works with a consulting group. Now we're gonna focus much more on just being an independent consultant, because that's what I am. And I believe that most you taking this course. That's what you're really after. You wanna work for yourself? You wanna work from home, have your clients do what it is that you do best and make money at itself. That's where we're gonna focus on. But I will just touch on what it is like to work with a consulting group. If you will. And then it's well, last topic that's always of interest is how much money can you make. We'll get into that in one of the lectures coming up here shortly and about three or four lectures, and we'll just talk about what your earnings potential could be and what to expect to see there. That said, That's the introduction to the introduction part of the course. Let's get started on teaching you how to be a consultant. 2. Section 01b Pros and Cons of Consulting: OK, in this video, we're gonna talk about the pros and the cons of being a consultant. So let's start off with the pros that will list out three or four, and then we'll get to some of those bad things to conserve being. And Consultant will say at the end of the day, I personally believe the pros outweigh the cons by far. So if you're okay with the cons and can deal with them, definitely you're on the right track for consulting. So, first of all, Big Pro, it's even in the name of the course. We're gonna be consultants, but we're working from home, and that's everyone's dream. If you ask me who likes commuting the work spending money on gas, we're dealing with co workers. So working from home, you're can, you know, get up breakfast, walking dogs and then start on your consulting business. Depending on how you structure it as well. With your clients, you might have flexibility on the time as well. Just because we work from home doesn't automatically apply. We just goof off work when we want. But that's not to say that that's not an option, if you will. So depending on how you set up your schedule, like you might be a consultant from home, but you set your office hours as 8 a.m. to 5 p.m. So you kind of want to be at your desk those hours in other situations. I'll speak for myself the nature of the clients I have. They're not calling me day to day asking questions or needing stuff. It's much more week, toe week or hey, by the end of the month, can this be done? So whether I do it first thing Monday morning or Thursday afternoon, they don't care. As long as the ultimate deliver verbal is provided. That's all they care about. So that's what I strive to set up is a business. And that's sort of what I'll be kind of alluding to as we go through the course. So flexibility is schedule and working from home are obviously too kind of big prose if you will kind of push those in together. But I mean, working from home is one thing. But the flexibility of the schedule is the other. Another pro would be. You could ultimately work wherever you want. Often times I've been on trips, traveled to other cities, bid on vacation. I didn't actually have to tell my clients. Hey, I'm going out of town. It wouldn't necessarily look bad, but why bother them with that information when I know that if I'm on vacation and they send an email, I could still reply to it, and they don't care that I'm somewhere else in the world. So having that flexibility to travel and kind of do what you want, so whether to do what you want during your day to day. Like I said, you decide you want to run to the grocery store at one PM you could do it or you want to go on a trip to Paris. You could do that as well. Another protocal insulting, and we're not gonna get every specific one. But if you have a home office set up, that's your office based, and you can use that for tax purposes. And not just that. Your computer equipment, whatever specialised computer equipment, software, office equipment you have that you use for a consulting business is now a tax write off. So that's a terrific bonus, too, working from home as well, not to mention you're also saving money paying rent. So think of, say, a lawyer, c p, a type of accountant who has an actual office space now there, paying rent. So they got a little bit overhead to cover us working from home next to no overhead, maybe your cell phone bill every month, your Internet connection, not things that are huge. So there's definitely a big cost savings toe working from home and sharing the knowledge that you have one last pro. And I know we just kind of touched on some high level ones. But I want to get to sort of excited for consulting and really give you the overall picture cause there's lots of little prose, but each one will be so unique to each person. I don't want toe bomb people down with information that's useless. But the biggest pro, I would say, is just you get to do what you want, like to do most like you have some knowledge base. So for me, it's accounting and CFO type skills, a zwelling Advanced Excel user. So I do a lot of financial modelling and budgeting and excel for my clients that kind of tie. It all together. I love doing that stuff. So being a consultant, you know, I get Teoh Get up. Like I said, eat my breakfast, walk my dogs to sit in my computer and do what I love to dio. It's exciting. I love working with my clients. And speaking of that, another pro is that I get to work with different companies and different people on personalities all the time. So while the way I have my business set up, I have some ongoing clients who are just regular clients that I work with a month a month. But then I also have one time projects will call them that. We're gonna have a little bit about how to find sort of both of those later on. When we get to marketing, don't worry, but so I have my one time projects where maybe a company comes to me and says, Hey, you know, we love what you do. Would you be able to build us a financial model? And that's all we really need, I'm sure, so that I get to learn all about a new business, you know, new management team. They give me the information I do what I do and build what I build and send it back. We go back and forth with any revisions. At the end of project, you get paid any move on, so it really is rewarding to be able to do that. I could just get exposure all these different people and also makes you very marketable as a consultant as time goes on. You know, when I first started consulting, I only had a limited amount of dollars that I had from my previous corporate life, plus anything I'd read and what not but the experience of being consultant. Over the last 10 years, I've worked in so many different industries now with some of different people working with different investors and just have been brought into situations where maybe it was new for me, but I got to learn from it. Now it's stuff that I can apply other clients so your knowledge based only grows and grows longer hearing consulting. So if you can't tell, I definitely think there's a lot of pros and it really Jazzes me up to talk about consulting. Now let's talk about some of those columns about being a consultant. Celt. There's a few, but I like I said, I don't think they're too too big that you should sway away from from really considering it being a career. So the first is I mentioned. I kind of have my ongoing clients and then my one time projects. When I first started out, though, I didn't have those long going clients. All I had was one time project, so I really had to hit the ground running and start looking for clients to work with, doing good work, getting referrals, getting good reviews online. And then once the project's done, you're on to the next. So it's constantly like you're looking for work. Now, as a consultant, you can charge a bit more than, say, just a normal hourly rate, which is good. We'll get to that in the earnings, but still you constantly searching for work, searching for work, and sometimes that becomes a bit of a burden comes tiresome. You know you have projects need to be working on, and in the meantime you need to be prospecting and finding your next round of job. So in the early stages, first year, 1st 3 years, that's very much how it can be. So you kind of have to be okay with really getting in there and hustling to find work. If you have that mentality in that spirit than that's not gonna be a hurdle for you. But just expect it. The money just doesn't start flowing in from day one just because you put up a website. So another conto is there's a bit of ah inconsistency when it comes to your pay. Basically now, So you're dependent on, especially in those early years. You're dependent on what you're making off your project. So you might have one really great month where you just go gangbusters and everybody's paying you on time and they're paying your fees up front under the next month. You're just not finding as many jobs. People are dragging their feet on paying you these sorts of things, and believe me, it happens. You'll have, like, two or three great months and then all the sudden, just a really bad month. I don't know where it's hard. It's easy when you have, like that third good month to think. Oh, I'm on Easy Street now things are gonna be great going forward. But the reality snaps back and you have a bad months. You have to be okay with that roller coaster ride and a lot of this. We don't get too much into it in the course, but you need to be financially ableto handle that. So you need to have some savings set aside, assuming you're going from sort of a full time career into consulting, and that's basically what I did. I kind of transition where I was working full time and starting my consulting business. I definitely jumped in the consulting earlier than probably most people would have felt comfortable with. I made it work, though. In some ways, depending on your personality, that's what you have to do, and it's sort of forced me to sink or swim literally. It was either find consulting work and make it all happen or have to go back to a corporate life. Believe me. Longer urine consulting, the less you want to go back to a normal 9 to 5 type of job, so one other downfall or conto being consultant. It's something that I again a lot of this comes from personal experience. I'm talking about here, so it's a big proto work from home, but it's also there's a bit of a con to it. You lose that personal interaction. You know, I spend 90% of my time in my house. There's days where I don't leave my house for a day or two. Just because I get up busy walking are working. I might walk my dogs on a busy working away and then, you know, you're worn out at the end of day. Just want to relax. You stay home, go to bed. You get up to do the same thing the next day. And you realize two or three days later like, wow, I haven't even started in my car in three days. That happened. So you get a bit of that isolation things. So again, you have to have the personality for it. If you're really social person, do you like getting out there and meeting people? Working from home all the time Might not be the greatest thing now for me. I don't mind it. I make use of my time and you learn over time how to balance what works and what doesn't. So for me, I learned to just almost make it more of a daytime. You know, I like to get up and take my time in the morning, But then I worked really hard from same mid morning till about six. And then the evening is our mind. I can go and socialize with my friends, go the movies or stay home and watch TV, whatever it is. But nonetheless, you kind of work out a schedule for yourself. That works. But I do want to give you that little bit of information that staying home all the time and working can be a little bit, you know, just when it's the middle of the day and you go to the kitchen, which would be the equivalent, the water cooler. And there's no one else to talk to. So just keep that in mind when you're thinking about going into consulting again. These constantly don't out weigh all the pros. The pros air just so terrific. I think you should be able to deal with a few little comes 3. Section 01c Traits of a Consultant: All right, So now I want to give you some traits that you should have in order to be a successful consultant. As a consultant, you're definitely sort of a different breed. You're putting yourself out there as an expert in whatever topic it is. So for me, I'm a CIA FOMA chief financial officer. I'm expected to know a lot of have a lot of answers. And that's, you know, people are hiring you basically, for your knowledge and to do things like whether it's answer questions for them proof, read something. They have build them something, whether it's software, my situation on building financial models and business plans, they expect me to do a good job and to know what it is I'm talking about. So let's talk about the specific traits that you should have. So the 1st 1 is professionalism. You know, it's fun to work from home. Don't get me wrong and sit in your T shirt and shorts. But when you're talking to clients, you want to be professional again. They're expecting you to be the pro, the professional. So you want to portray that professionalism and what I say that that means no good communication and my good communication. I mean timely. Be responsive. Don't speak cloak really speaking professionally. So speak. Use business terminology. Get to the point. Don't waste their time, things like that. So when you think of a business, professional acts like a business professional with your clients. So the second point I want to make a time management. So in my previous video, we talked a lot about the you know, the pros of being concerned. You can work from home and get up and eaten, you know? Quit it, five. Or do whatever you want to a degree, though. So time management is really important. So for one for you, procrastinators is very difficult to self motivate yourself toe work when you're just at home and all those creature comforts a homer here. You know the kitchen is calling a TV show you recorded last night should be seen. So you need to have that in you where you can just say no from you know, 8 to 5. I'm gonna be working no distractions. And even if you have to force yourself, you know you close your office door, you put on some music in your office. You tell your family, you know, I happen to be single, so I don't have to worry about, you know, family members or kids coming in distracting me. But, you know, if you have a family, kids, kids want to play those types of things, you're going to get them in on your dream as well. And tell them you know what? I'm working right now. I need to be left alone. So time management is a big part of it. And so that's time management of your bigger picture, like your schedule. You as well need to manage your individual clients. So if you have three projects and all three are due in two days, you got to manage your time and make sure that all three you're going to get done. You'd never want to be late delivering a project of Clyde. If anything, it's the old adage of over under promise and over deliver. You also have to have good judgment skills. So when I mean it's a lot of times you're gonna be put in a situation where you have to make a judgment call and you obviously aren't an employee of the company. You're not the CEO, so but you have to make the best decision. Sometimes that decision might be Do I pester them with this question, or do I just go with what I think is right? And it depends What's the magnitude where the implications. So that's all part of judgment making process. So think about your abilities to make good judgments. If you're constantly asking people for their opinion and you can't seem to quite ever decide on something that's not really gonna work well, for being a consultant, you're expected to work quickly being there, use your best business practices and your knowledge to make decisions and ultimately give them what they want. So a lot of times I'll go back to this thing about well, what am I really hired to do here? And so are they going to be okay with me making X Y C decision and go from there? Or if I feel it's big enough thing that I would go ask so good? Judgment skills are definitely important for being a consultant now, depending on what type of consultant situation injury in, but you have to be a good team player. So for myself, I mentioned I'm at home isolated most of time. But that's not to say I don't work with other people. So along with working with the company's, oftentimes I'm interacting with their staff, whether it's their accounting staff or maybe it's their board of directors. So you do have to be a team player. You can't be completely independent. I mean, you are independent in the sense that you're out on your own here, the consultant a hired gun. But you need to work well with their teams in the infrastructure that they have. Remember there ultimately the client and the company that's being impacted. So be a good team player and that also again ties back in the communication, the good communication with people and being able to sort of do that and again, a lot of it will depend on your specific situation. But keep that in mind that if you are the situation, we're gonna be interacting with lots of different parties. You need to really have those team player skills, so next and it's kind of been touched on a little bit, but just is good communication skills. So I'm talking about aural speaking. You need to be able to get your point across and think about the party's you're speaking to . That's the way I always like to think of things. Whether it's I'm typing email, writing paper, speaking to someone I think about who it is I'm speaking to and are they gonna have any idea what I'm talking about? If they have no knowledge about the subject that I need to sort of slow it down and bring it serve on his basic form. But if they're an expert in the topic, then no, I can probably rattle off what it is I want to say. Well, you want to be clear, concise, quick, be respectful their time. They also don't be so fast. People have a tendency to just agree. So you say a bunch of things and they don't really understand. They would probably just agreeing. Okay, Yeah, that sounds good. Go ahead. So you want to make sure what you're trying to say does get across and really know if someone doesn't understand you. It's really your problem because you didn't do a good job conveying the message, So that's gonna go early. But also written so email communication a lot of times when I read emails. I'm just horrified because it doesn't the person, but someone might fire off five questions and personal this right back. Yes, that doesn't help whatsoever. Take the time to do good email communications again. Think of the person reading the email. You don't want to be overly wordy, but you want to make sure the points you have to make are getting across and you're gonna save yourself some back and forth. So good communication. Definitely important. So along with that is good listening skills. So the clients coming to you with a problem presumably, or just a skill set that they need to bring into their company that they don't have. So you are gonna have to listen to them and what their problems are, what their goals are, what they're hoping out of you. You want to get all that out of them, and they're going to say what they need. I need to listen to it, not just ask ticket because it's the right thing to ask. You really want to legitimately here what it is they have to say, and if you aren't clear, they think asked him questions so have good listening skills. But then also be have that ability to ask questions. So at the end of the day, everybody's on the same page, and everybody could do the best with the jobs that they're given. So next on one thing that I hope is just implied. You had need to have expert knowledge in whatever it is you're going to be a consultant in . I definitely encourage you if you if you just think about becoming consultant. But you don't know what in for. The first thing you need to figure out is what you're an expert in. And then, secondly, you'd have to figure out. Is there market even for the skill set that you have? So I'm gonna use myself as an example through the course. Thomas Outsource CFO. There's a lot of early stage companies that need someone who understands accounting, finance. You know how to go public, how to grow a company, how to build a budget had implemented counting system. I could rattle off 20 things easily that start up companies usually don't have in house experience with. The other thing they don't have, though, is the money to hire full time CFO. So that's where someone like myself is. A consultant comes in. They can pay me less because I'm only there a little bit of time, and I'm not even there. Virtually they're working from home. So what? I'm charging them. It's far less than they would pay for a full time employee. They don't have to pay my benefits or my employment taxes any of that stuff. So there's a lot of prose for them hiring me. And for that, they're willing to pay, you know, a higher rate than they would pay an employee on an hourly basis, if you will. So there's pros and cons on each side. But getting back to the knowledge piece of it, it's having that sort of expertise in specific subject. That makes me a very marketable consultant. People need what I have. Essentially, you have all these skills and all this knowledge. They need them. It's a good fit, and it helps us well and we'll get to this and marketing again. But then I have the marking aspect in terms of I have a lot of experience and I worked with a lot of companies and I've seen it all before. So those sexual things make you sort of a valuable asset for them to look at. So have that expert knowledge in whatever it ISS. You know, I tend to pigeonhole because obviously I'm in the sort of finance and accounting industry, but a lot of I t consultants out there and when I say a T for me, that means everything computer and Internet related. So whatever your niche is, if you are in some mighty related profession, there may well be a consulting position out for you. Consulting them can really go beyond just thinking of professional careers. I don't want everyone to think that we're just speaking about professional careers. I'm gonna focus more on that just cause that's my experience. But you could be the best dog trainer in your city, and people come to you and say, You know what would really like to have you helpless with their dog? Well, maybe you should go into dog training. Is that consulting? In some ways, it is. You have an expert knowledge that people want to give you money for your good work from home. Not necessarily. But you would be doing sub stuff from home. You know your marketing, all that stuff. So I really want people to think outside the box, not just professional careers, although that's what we're gonna focus on here. But whatever skills that you have that you're really, really good at, you might well be able to become a consultant in it and encourage you to go online and start Googling and look around and see. Are there other people doing what you do and see? Are there people looking for people like yourself who have this knowledge? So the last point I want to make is your reputation. You want to build a solid reputation where people love working with you. They can't wait to have you back, and they're recommending you to their colleagues and peers. That's how you grow your business. But also it's just the right thing to do. When you think about it, you know you want to do things correctly, and you want to bring your skill set. You want to add value to their come to their companies. That's why they're paying you. So nothing is more rewarding than going into a situation where they just feel flustered or they don't know what to do and you hop in. You say, Look, I can do this. This and this. I'll be done in a week. Here's how much it'll cost. They say, Terrific. You do it on their just blown away. They're like, Wow, we have no idea how to do this. And you just came in and did it like a whirlwind. So here's your money. Um, that's consulting, essentially consulting one on one, if you will, and that's how you want to be. But it's building up a good reputation because you delivered on time. You did a terrific job. The client wasn't pressed, and you help them out of a jam in that situation so built up your reputation and over time it just again this all snowball. So whether it's your reputation getting referrals, you know, expanding your reach through your website, finding other work. So we're gonna talk more again when we get to marketing will really talk, and that's really where your reputation will grow. But just start with doing great job street clients. Doing right by them on your reputation will follow, So that's it for traits. Hopefully, you recognize a lot of that in yourselves. You're excited to get started on becoming a consultant. Let's move on and talk about the next subject. 4. Section 01d Independent vs Firm: all right. I just want to briefly talk about this topic might not apply to a lot of use, so feel free to skip it if you have zero interest in it. But essentially, we're going to talk about being an independent consultant, which is what this course is really focused on. Its what I am versus working for a consulting company. So there's big consulting companies out there. The one that comes to my family is the center, their business consultants, lots of different industries that they cover. Those were great companies to get into. If you want to get your feet wet on consulting, but you're not ready to take the leap of faith and jump out on your own and start your own practice. So maybe you want to a sort of middle step auras. Well, those types of companies tend to hire younger people out of college who want to dive into consulting directly. But they're obviously don't have the experience to start their own company. So this don't have that knowledge built up yet. There's nothing wrong with that. They need to build it so they'll join a company like a censure, who will then send them out on jobs. They'll gain their experience that way. And then maybe over time, those people will leave and become independent consultants as well. Or they might stay with the big company. There's some pros. I mean, the big company is basically, you are just working for a consulting company who then firms you out to different projects . So you get you get a taste of what it's like to be a consultant. You're out there working with different clients. You're solving problems, you're going their site. But you have a security of you know, you have a job, that you work for that consulting company, probably getting benefits and things like that. So there's some pros and cons, obviously more. The big cons to that is that you lose the whole work from home flexibility aspect of this, and that's for me. That's one of the big reasons why I do what I do and why I'm assuming a lot of you do what you do. So that said, we're not gonna get too far into it. If you have any interest in learning more about consulting firms like those big ones, either google it or send me a message. I'm happy to tell you about it. I have no problem with them. It's just not a good fit for say myself. And I'm guessing for most of you guys, so we're not gonna focus too much on them. So I want to give you the heads up by the same time, let you know that they're out there. Maybe you're not quite ready to jump into being a you know, human resource consultants. So you want a partner with one of the consulting firms and check that out for a little bit and see what it's like. That's that Let's move on to the next subject. 5. Section 01e How Much Can You Make: all right, This is a big one. A lot of people ask up front. How much can I make as a consultant? And of course, I don't have a clear, straightforward answer for you because there really is no clear, straightforward answer. If I could just give you a number like you're gonna make 100 50,000 you will go. Yes. Perfect. Sign me up, Chris. What do I do? It's not that easy. But what I want to do is give you some high points and kind of just discuss it a little bit about what the potential is. And then you can infer and kind of figure out for your own industry and your own personality and how much time you can spend, what that might translate into for you. So when you first start out, I will tell you it's definitely slow. The first year, Couple years, Perry, how much time you put in? You know, you're starting out. You don't have any ongoing clients of that point, so you're very much just fine to find trying to find projects, an individual work. Now, that's not to say they don't pay well and whatnot, but I mentioned one of the other lectures. It could be a bit of a rocky road. You might have really good months and might have bad months. 10 things tend to be cyclical again. It might depend on your industry. You know, if you're a Christmas decorations consultants, you're gonna be a lot more busy and sort of the fallen winter than you would be in the dead of summer as an extreme example. So going back to what I was speaking of, what you would hope to expect to see is that over time, your income growth. So my goal and potentially your goal is well, was to sort of try to take some of those one time projects and turn them into ongoing clients. That's exactly what I did. So I have a balance that where I have my ongoing clients who are just paying me a monthly retainer, and we'll talk a bit about that in a second. But as well, I still like to take on the one time projects, whether it's because I have time to fill or just it's fun. I still enjoy consulting and helping smaller companies build a financial model which only takes may say no 10 hours. I could do that and still fulfill the needs of my ongoing clients. So the goal is to build up your business essentially now, Eventually, you would have to hit a plateau. You know, you only have so much time in the day now, depending on your aspirations, you might continue beyond that. You might say, You know what? I've maxed out my time. But now I'm gonna turn this into a small consulting firm of my own and maybe hire a couple other consultants who worked part time for you. Are you Just outsource some of the work to them. I've done that in the past. It's enjoyable. But at the end of the day, I didn't really ever want to grow beyond just my own, you know, consulting deal, if you will. He start to lose a bit of that flexibility. I would say if you grow too big, because now you have people coming to you with more questions. You know, you can't take that trip, Teoh. Wherever it iss Los Angeles on the sunny summer day because you know that somebody might be email you're calling you. So you really need to be around the office. I like having a bit more flexibility. So you have to wait. What's that reward worth for you? And what do you value more? You know, your your flexibility in your freedom or your or the money that would earn from, you know, doing extra consulting work. So that's up to you. So that said, you're earnings may be the best way to put it is your earnings are really dependent on you and how much time and effort you want to put into it. It's not something you're probably still thinking, Chris. You haven't give me a straight answer or a number yet. I'll tell you this much. As a consultant, there's essentially two ways to Bill so you could charge by the hour or charged by the job . Sort of a fixed fee depends on your industry. Completely. I do both for my clients, depending on what it is, if it's something where I'm not sure how much time it's gonna take, it might take five hours. Might take 10. You know, I want to be paid by the hour in that situation for my ongoing clients, someone some busy someone, some not they prefer just having a regular mouth. They know that they're paying the X amount every month and I'll be available and I'll get done when I need to get done. And if it's a busy month, it's still going to get done. So in those cases, it's just a fixed fee flat retainer every month that I'm paid both of those work. You have to enjoy the flat return because, you know, up front what you're gonna be getting every month from those but as well the hourly jobs. You can kind of dictate how much you may cause. The more you work you do, the more you're going to make on those. So when it comes to the hourly rate, I would say in general, you typically are charging much more than you would be paid as an employee. So, for example, if you were just, I'm gonna use again account. Let's just say an accountant like a mid level account is paid on. I'm just guessing here. I haven't done the research, say middle of accountants paid $40 an hour out of corporations say $40 an hour than making 80,000 year. That sounds about right? Actually, So $40 an hour as a consultant. Don't say you were consulting that. So some of those same type of task that a mid level account would do Start charging 40 an hour. You'd probably returned some more like 80 or $100 an hour. Big jump, right? I would say That's pretty standard now. It doesn't go across the board like something, and the market will dictate that a little bit. In some situations, you might have a pro account who's like a son? One specific topic. Their pro it derivatives accounting. And they're the only one in town, and they're charging $200 an hour. Things like that, you know, obviously impact the hourly rate. But in general, I would say, as a consultant, you could expect the charge somewhere around double 2.5 times what a normal person would be paid that. Now you think to yourself, Why would a company want to pay that? Remember, you're only working part time or specific short about a time, so you need to get rewarded for your time and the fact that you will be started doing piecemeal work. So in my example. I'm on outsourced CFO. You know, if a company was gonna pay a full time CFO, say 120,000 year, that's 10,000 month when they much rather pay me $6000 a month. Yes, some only part time. But I still get all the work done. I'm available on call and what not? And maybe from an hourly perspective, that works out really favorably for me. And I'm only doing 15 hours of work and getting paid $6000. That works out pretty well if you do the math. But from their perspective, they're saving 4000. They don't have a full time CFO sitting around who probably would do just as much work. So you have to not worry so much about your client. Just think about your time and how much will you have The thing your client in summer got everything about? What's the benefit to them? You know, if I wouldn't even say why charge $20,000 a month, they would say no. Well, just hire somebody to be here full time for 10,000 so you have to think about it from that perspective. But I do say that you will definitely make him or on an hourly basis consulting. Keep in mind, though, that not every hour spent is spent working. You know, I spent a lot of time marketing or I spent some time traveling or I don't work, you know, eight hours a day, every day more. I have those clients, those fixed clients, and I do end up spending more time on that. Stay in a given month when the 10-K report is doing. If you don't know it, take ages. That's all right. But a big report is due. So I spent a lot of time on them and I have any time to devote to projects. So in that month, my effective hourly rate is dropping. So think about those types of things you know, you're not gonna be building eight hours a day every day of the week. You're building a fraction of those, so you have to make up for that by increasing your rate over what a sort of a normal rate is one other thing. Keep in mind, you're covering a lot of your own expenses. If not a lot, all of them, your cell phone, your power, your truck. You know your gas, your meals, your own health insurance, things like these. Keep that stuff in mind as well when setting a race. So the point of this lecture was How much can you make? I don't have a specific number for you. I can tell you that in general, consultants do fairly well from themselves as long as they have clients that are paying them and sort of work. If they're working consultants, they're doing all right for themselves. Definitely. So I wouldn't worry too much about the money. It's one of those things where if you're doing what you love, the money will follow. And I think that's definitely true and consulting. So do what you love the skill sets you have. Get out there, start working with clients and the money will just start coming in naturally, do what you do, and you won't even worry about how much of this 6. Section 02a Introduction to Setting Up Your Business: All right, So now that you've decided to become a consultant, I'm excited for you. You got to do a few things. First of all, now, you could certainly start the whole marketing process now as well. But I encourage you to kind of do things a little bit in order. First of all, before you market, you need to create a logo. Before you do that, you have to have a company name, right? So let's in this section, we talk about just sort of forming and setting up your business. It really doesn't take long. So if you're worried like I don't know what to do, like, how do I pick all those things? Things were going through it a little bit and then all kind of structure on where to look further, but ultimately in the day, setting up the business is not that much work cost a little bit of money. I want to say maybe 200 bucks depends on your state. If you're in the United States, possibly more, depending on if you want to hire somebody, help you set up your business. But nonetheless, for a few $100 you could have your legal company all set up. That's it. In this section, that's what we're going to go over is the legal formation, you know, setting up your address, all those types of things. So onto the next lecture. 7. Section 02b Forming a Legal Entity: Okay, So since we touched out in the introduction, the first thing to do is set up a legal company. Now, I don't want to go through all the pros and cons and all the details of the different methods. There's a lot of videos out there on how to do that. And each one is going to be so since that so specific to your company that it would be hard . Teoh do everybody justice. So layout kind of the major ways you could go about it. I'm certain my recommendation, if you will. And you can kind of then infer if based on the size of your company, if it applies to you or you want to do something different. So the whole point of setting up a legal formation and like a legal name for your company is primarily one is professional. You know, I wouldn't want to go into a consulting gig in to say Oh, hi. I'm Chris Benjamin. Consultant. Um, you know, I have a company name. My name actual company named Legally is Crisp Enduring Consulting LLC. What do I do business, though? As that's the road cfl. So if you ever heard the term db A. That's doing business as that's me. So I don't have a company named Real rogue CFO. That's just what I do business under and kind of present myself as, and you can certainly do the same. So for setting up your company, you're gonna need to do a bit of paperwork. It's with your state or with a state's first figure out what state you want to register in on. Whether you form a limited liability company with a partnership or a corporation or C corporation s corporation. That's where I'm gonna leave you to your own devices to determine what's best I personally say. Like if you're a one type, one person type of consulting company on LLC is terrific, a limited liability corporation. The business is its own entity, you know. You know any transactions, you're doing our through the business and aren't linked to you personally. So, for example, if you had a disgruntled client they want to see you have to soothe the business. They can't sue you personally, and that's if you will. One of the main reasons you do set up a company, So my recommendation LLC, if you're doing kind of what I'm doing. Also, though, look into s corpse and see corporations. And definitely, at the end of the day, don't take anything I'm saying in this video is legal advice. I really do encourage you to go investigate all those and decide what's the best fit for you. So we'll use L. L. C. As an example, though, just cause that's what I'm familiar with staying up in LLC, you can choose which state, and there's different tax ramifications depending on the state you're in. I personally just chose to incorporate in the state that I live in. And in my case, I was familiar enough with the paperwork because I helped other clients with it. Before that, I just did it myself. So you can go to your state's website, find the forums. There's a few forms you have to fill out. You know what company named you want? What's the address? No, who are you basing the members, which is essentially going to be you? Pentagon. The state. They'll have different things like you have to have a resolutions, maybe a board meeting again. It's fairly simple, and there's a lot of boilerplate documents out there that probably the state will provide you that you really just need to fill in like you could honestly probably fill them in in under an hour You send off the fee, which might be $150 roughly depends again on the state, and that's it. Eventually will get a letter in the mail, or they'll send you an email saying your company's legally for him. Suddenly, all the stay up documents to prove that your company is actually, legally for him. One thing to keep in mind is, every year, probably you will have to go back and pay like a renewal fee. Or maybe update your remembers those types of things. So keep that in mind. And again, I'm keeping fairly general because each state is going to be different. On the flip side, if you don't feel comfortable doing all that paperwork, you could go to different websites like LegalZoom and again. I'm not. I don't represent them. It's just one that comes off the top of my head. I think there's another one rapid legal something like that. Nonetheless, there's companies out there will use legal Z was example. You can go to them sign up for an account and say, Hey, I want a Forum LLC in my state. They will walk you through all the questions so you'll pay a little bit more because you have to pay them a fee to do this stuff for you. But I guess that much you might have to pay them $100 on top of the $150 fee to the states . So if you feel more comfortable doing it that way, certainly encourage you, then you know it's definitely done right. And not only that, they will then make sure that they're emailing you, like next year when you're your fees or do and what not so they'll keep you on us on those types of things. So not a bad idea. So that's pretty much it for forming corporations. So just remember, you know, first of all, decide on the name. Of course. Remember, you can do business as something else if you want, but think of a good name for your company. It's gonna have to stick on. Then you will get to filling out all those forms, whether it's on your own or with the help of somebody. And then once it's all filed and stamped and comes back to you usually within a week, your company is legally formed. Congratulations. You know, only company. 8. Section 02c Business Address: So in this lecture, this will be a quick one. Just something else to consider such a. If you're working from home, you might want to set up a business address if you will, and usually that's just done through a P o box. So whether you go to the post office or you go to like an actual mailbox establishment like UPS as theirs, you get like a nicer address. So if you go to the post office, you're literally gonna get your company name. P O box. 123 You know, Phoenix, Arizona, etcetera. If you go to like a UPS store and the other story has mailboxes, you'll get more of an official address like an actual street address. No. 123 ABC Road Suite 500 which is really just your mailbox number that looks a little bit more professional. The reason I recommend that is to just keeps your business and your personal completely separate. You might not want your clients knowing where you live. You know, people are pretty hand that can hop on Google maps and see your home. If you use your home address, it's not the end of the world if you want to use your home address. But I'm just putting that out there cause that's a decision that's best made now, and you would also then use that address when you incorporate and put it just from the start. Use all of your business address. Let's assume it's the the P. O. Box, the mailing address. You would use that for all of your communications with anyone and whether it's setting a bank account, which we're gonna talk about next, or the legal formation. So to something, consider another expense. I know, but I'm really not much, I would say, for 102 $100 a year, you could have ah, P o box. Hopefully, if you live close to one, a mailing address and get your mail there. So that's it. I just want to put that out there something you had you might not have thought of. And it's easier just to do it up front rather than have to worry about it down the road. 9. Section 02d Bank Accounts: Okay, One more housekeeping thing when you're setting up your business. This one could be kind of fun, though, because that's how you get paid. So you're gonna need a bank account, potentially some other accounts as well. But let's talk about bank account first, so you're not able to set up a bank account until you are legally formed in the way you prove you're legally foreign companies. You'll get those papers from the state, you know, with the official stamp and signed by the secretary of whatever saying, Hey, you know, this company was officially formed on whenever it was January 1st 2018. And here it is, Science stamp delivered. So you're able to bring that to the bank, and that will kind of be your proof that the company exists. People will also be able to look you up online and see Yes, you have a business. That's the name. It's in good standing. But those papers, or what the bank's gonna want to see so you go to the bank, or you could possibly do it online to stop a business bank account. So again, we're keeping your personal and your business affairs completely separate even though we set up a limited liability company. If you start mixing mingling your personal life with your business, If somebody did try to see you, they could point the thing that say, Hey, look, they're mixing everything up so they should. Personal assets should also be considered the business business personal, etcetera. So you definitely want to avoid that and just keep everything separate. And it's just best distance practice. You really want to track your business as your business. You have your own business address. You know the business encouraged its own expenses, and one way you handle that is the Admiral Business Bank account, something choosing where the bank I leave that completely to you. You can look up pros and cons of banks in your area. Obviously, having one that's convenient to where you live is definitely something you wanna look into . If you have multiple choices, then get online, or maybe talked other business owners and see if there's benefits toe one bank over another . So it's it's that once you choose a bank, go in, sign up, bring that paperwork. Your idea, of course, all that you probably have to start a initial deposit, and that's it. Once you have your business account set up now you have. You know, Chris Benjamin Consulting LLC. Make account at whichever banks up. Now you can receive things like payments. Say, if people want to send you texts or, ah, wire transfer, given those of structure go right to your make in terms of other payment methods. I mean again, I'm speaking a lot from my own personal experience. A lot of my clients like to pay me, if not directly like a wire transfer. They will pay through PayPal. PayPal is a big payment transfer. We're sorry. Way of paying people. So you want. Then set up a PayPal account that you can link to your bank account and transfer funds between the two to set up a papal business account. Fairly easy. Go on the site. Sign up for first count. You switch the business. Or I think you can just choose business from the start. Putting all your business information and off you go. So you're then set with your PayPal business account. Clients can pays or paypal and then you go and then you can choose to have that money transfer them to your bank account. Or if you gotta pay pal debit card, use that for expenses or just pay with for things online using PayPal. So that's that. So there you go. There's lots of other payment processors as well won't get adult like squares or square up stripe, etcetera. So, depending on the nature of your business, you're gonna look into maybe if there's other things that you need, But just as a general consultant, all you really need is a bank account, and I'd suggest sending up a PayPal account. 10. Section 02e EIN: All right, guys. One last thing to talk about for setting up your business than we can jump into the more exciting stuff Anonymously. All this stuff should happen really quick. It doesn't take you long. This side up there felt the forms to establish your company. Mail them in. Once you get them, go sign up for a bank account. Takes me an hour. The mailing addresses Well, maybe an hour at your post office getting that's it up. And this is well, we'll take you less than an hour guarantees. And the thing we're gonna be talking about, it's setting up a. Basically. It's like a Social Security number. But for your business, that's called an employer identification number. Same idea in the U. S. So this refers exclusively to the United States. If you're not in the United States looking to what you need for your country, it's basically some type of tax identification number that your government uses to identify your business. When you're paying your taxes, that's the number you would use. So in the US, it's the E. I am employer identification number. Um, filled out the form. It's fairly simple. You google it you can find the site through. The ire s basically entered the information about your business. You already have. Now you're legally formed. Corporate name, your business address. You hear to put in things like your phone number a little bit about your business, what it does and that's it. You click submit. It's totally free and they will sign you, E i n right then on the spot so you don't have to wait for it to be mailed to you. They will make you a letter just to have something official, but they'll provide you with any i n Now do you need that day one? Probably not. But I have occurred you just to take care of all this housekeeping stuff up front so that you have it and then you can file it away, and then it comes tax time. You can use that as well. Where you might need it is when you go out for certain positions with companies as a consultant, that might ask for your tax information, so that would be part of it. And you would provide your e. I am so that said, There you go. That's just the kind of final Big Step, but takes literally no time Go sign up for that E i n for your company. 11. Section 03a Introduction: Okay. In this next section, we're gonna talk all about how to market your consulting business, A big part of starting new businesses. You need to get the word out there about what it is that you're doing, how you can help people, the value offer. There's lots of different ways to market your business. So in all these topics we're gonna talk about, they might not all apply the you, and that's okay. Feel free to either watch all the videos and figure out which ones do work best for you. Or if you already kind of know that. Maybe just watch those videos that do apply to you the most. But nonetheless, I'm gonna give you some great ideas on how to market your consulting business on a lot of these or what I did. And they were terrific for me. 12. Section 03b Logo and Branding: So first things first before you can even start to market your business. Do you have toe have a logo on kind of a brand? Now, just as an example, I go by the rogue CFO. I am I a logo of website that's all completely branded under the same logo on the same kind of coloring scheme carries my message. All of that. You need to do the same for your business. There's a couple different ways you could go about it. Maybe you have an awesome idea in your head on what sort of your logo branding should be. That's terrific. And if you have the skills to put that together, terrific. But think about the things they're gonna needs are going to get images for your website. You're gonna need business cards. You might need pamphlets or flyers or one pagers that you hand out that maybe trade shows. What's that truck? Any type of sort of online presence. You have it. You're gonna have to use some of these images, so it encouraged you to definitely take the time to really think through your logo on your branding. Ondas Well, maybe hire professional to do it for you. It doesn't have to cost a lot. I would recommend in. What I always do is I go online the websites I used, or either fiver dot com or up work dot com. If you go to those sites, you could put your project online and say, Hey, I'm a consulting business in X Y Z industry. I'm looking for a logo design, and you'll have hundreds of people bid on your project. It's way more cost effective than you're probably thinking for well, under $100. Maybe you for 20 or $30 you can get some terrific logos, and those freelancers will provide you with several different options. And then you can pick and they'll give you all the source files and they'll design whatever it is you want if you want, just like a normal logo sized image if you want the high quality ones. If you want some banners, done all that type of stuff you can request and have done for you. So I definitely recommend to go that route. Unless you're a really creative person. Want to do it yourself? Definitely recommend hiring the the skills of a professional online much like you'll be a professional. Now you can hire someone else, toe work on your logo and branding. So think through what it is that sort of image or you want. Look at your competition, see what they're using. Go from there and could pick a message that you really want to stick by because that's what you're going to be using threats, your career. You might change over time, and I know I did as well. I probably changed my logo maybe three times over the last decade, and it's just updated. Make it fresh, something new, those types of reasons. So think it through, decide, And once you pick and get your logo and brand designed, then we can move on to more of the marketing steps where we're really putting ourselves out there. 13. Section 03c Website and Domain: So next thing need to think about your own website. So you have your logo on your branding, obviously. So your website is next it again, much like the logo branding. You probably want to hire someone to help you out. Now myself, I used to always create my own websites, and I'll always go in and sort of edit them after the fact. But I hire a professional to do it up front, to do the bulk of the work that could do it really quickly and make a really terrific looking website for you again. For fairly cheap. You could go on some of those online consulting sites and freelancer sites like Up work or fiver. Put out the requirements that you have and they'll build your website. My recommendation personally, is to use WordPress. It's kind of what I would say the norm right now. It's super easy to use, and it's super easy to edit. Later on, I would still hire someone to do the upfront work just cause there's a lot of setting up templates filling in all the initial you know, different pages, setting the privacy What not so hire someone to do that for you again. Maybe it's $100. It's definitely time. Time saved on your part of money well spent to get your website up. You also have to think about what's your website? Address your domain name. So obviously elect mine is rogue CFO dot com. So whatever the name of your business is, certainly want to get it. You want to keep it short, and then they can link your website to your domain name and you'll be up and running. But first things first. Start about. Think about how you're going to get it built and designed. Then the second part of this is what what information do you want on there again, I really recommend looking at other consultants websites specifically in the industry that you're in. That'll be a big help. It'll spur lots of different ideas for you. You can then take it as far as you want. Some people might. You might want to fully right out each page and like a text document like a word document to send to the person that's building your website so they can put all that information in . Or maybe you just point them to the other websites and say, Hey, I want you to create something like this. Let them create and then you can go in and edit the little details after the fact. Of course, you'll have to send them your logo so they incorporate in your website. But the most important part is, what content are you gonna put on there? So it'll be things like Who are, you know, like an about page? What services do you provide? You might put pricing on your website, or he might not. You'll find that probably most consultants do not put pricing on their website. They want to talk to the customer, see what it is they need from you. And then you can decide on the pricing and be specific to their needs. Things like contact page, possibly your address, your phone number, your email linked to your linked in page or Twitter, all those things, all the marketing that we're gonna talk about in the upcoming videos as well put links to those. So that's your website in a nutshell. So think it through. Don't be too baffled. Like I said, hire someone else to build it for you will be definitely money well spent. Get a terrific website up quickly, and then you worry about editing after fact or just have the minute it for you. You can definitely do that as well if you don't have time or you just don't have the skills . So speaking for myself, I have enough skills to be dangerous. As they say, I can go in and edit it. I could probably put it up, but I hired the initial person to put it up, and then I can go in and tweak it and edit the content on their myself. Another idea and we're gonna get to. This is a marketing technique, but just a heads up. It's also have a blawg. So one of the pages I have a blogger. I talk about different accounting of finance topics or topics about entrepreneurship. So there you go. That's all about your website and your domain name. 14. Section 03d Blogging: Let's talk about having a block. Now. Not everybody does this, although definitely more and more popular for several reasons. So for one, it allows you to showcase your talent and your knowledge. If you're writing, say, a weekly blogged about whatever topic it is in the industry period, just use me is example. Home writing, accounting and finance and CFO and entrepreneurship related topics. And every week and putting it out, a new article that will help generate content that people will read and they'll say, Okay, this guy actually really knows what he talks about. And to be honest with you, Ah, lot of that did result in actual business early on in my consulting career because people would read that and see, Oh, this person really knows what it is they're talking about. It also adds content, so what you'll do is you'll incorporate your blog's into your main website. What that does then is it's helping drive traffic, so I want us like following your blog's might come to your website, and also another reason is Google searches or any type of search engine. You know, they're looking for new content, new content. So if your website is having new content by this blogged that you're now posting as well. It's gonna help drive more traffic to your website over time. Now don't get me wrong. It's not easy to get number one ranked on Google overnight. Not so whatsoever. You might never I know I never have. But having that block definitely brings in traffic. People searching for, say, a topic that I wrote about well, that brings them to my website. So definitely right the blocking. And then you're able to kind of cross promote and we're gonna get to smaller the marketing techniques. But you would be able to then post a link on your Twitter about the new block post you wrote and likewise, and maybe write a blogged about your Twitter account and you say, Hey, everybody, follow me on Twitter So able to cross the road all over, we'll get to some of those other marketing techniques in just the next to videos. Unless writer blogger, if you have time, that's one thing that's definitely can be time consuming. Another tip, though, is you could hire much like we hired someone to work on our logo and branding, and we hired someone to work on our website. You could hire someone to ghost, write articles for you and just give them topics and say, Hey, can you write 10 articles on entrepreneurship related topics? Keep it to 1000 words. Whatever the specifications air that you feel are appropriate, let them go on right. You might need to edit them a proof, read them and make sure they kind of line with what you would actually say. But you could definitely sort of find some help to help you write that block. If that's an avenue you want to take, I definitely recommend it. I recommend doing as much as you can when it comes to market, especially free market. This is some that's completely free. It's just gonna take you a bit of time unless you pay someone else. So that's the trade off on the block. So there you go. That's the benefits of blobs. I would definitely start showcasing your knowledge, like putting a blogger out there 15. Section 03e Paid Advertising: let's talk a little bit about paid advertising actually paying for advertising. Well, there's lots of ways you could do this. You know, in the old days, it would have been television ads on a billboard and maybe a newspaper ad. Definitely not as popular. These days we're thinking more of online paid advertising again. I'm sort of relaying things that work for me. So Mike sort of journey through paid advertising would be things like placing ads on Facebook or paying for Google ads. It's called AdWords Are you can as well pay specific websites to say there was a website that everybody in your industry visits Well, they might let you pay them to place an ad permanently on their website, so there's lots of ways to go about paying for advertising. Now. You don't want to waste your money and pay for ads is easily a away to waste money quickly . Could you could spend $100 a day $1000? It doesn't matter. Let's say a Google ad, and it's gonna pop up on all different websites. You won't even know where you'll just see that it had, you know, 3000 impressions and five people clicked on it a little bit disheartening when you see that , and then nobody contacted you in the end. So you need to carefully choose how you write your add keywords that you're using the markets that you're targeting. So, for example, you can go in there and say, Hey, only show this to people in the United States. Well, if you only service your local markets or say your state, you might want to narrow it down to just your state that that I'd get shown in. So just a few tweaks can help really refine the market that seeing your ad on that will help drive actual traffic and hopefully calls to your company. So those are the two big ones, I would say. Facebook, Google AdWords, Go check them out. Google AdWords. You have a bit more reach because they're placing ads on lots of different sites. You know, when you go to a site and see the Google ads somewhere, or even when you search something on Google and there's ads on the side or the first few results are paid at advertisements, that's where your ad would be showing up if you paid through Google AdWords up. If you do go that route. Definitely, research is a bit more. I can give me all the tips and tricks on writing and add because it's really a craft of its own. It's another area where you could honestly pay a freelancer to help you write ads. This is when I always tackled on myself. I did OK, but certainly I could've used some help professionally to write better ads that would drive more traffic because the end of the day this is one where you're spending money. But once you get a great ad going and to start getting traffic and hopefully people calling or emailing you, then it's worth the money. Definitely so. And you kind of to balance the budget between how much you're willing the span versus how much will you results? You know if you spend, say, $100 a day on advertising, but you're selling a service that only gets to $50 when you sell it, and you only get a call every few days, you're losing money. It's fairly obvious on that deal, so you want a balanced what your budget is, where you targeted how much you're actually charging for your services and then decide. Is that really the way for you to go? Or do you want to put in a little bit more effort on the other free method? So that's about paid advertising? 16. Section 03f Facebook Pages: so another way to advertise is to create a Facebook page for your business. And I'm talking like a business page completely free to build a page like this. Now what you're doing it is just more Brandon. You're out there now. You know you have your website. Maybe you're doing some advertising. Uh, you create a YouTube channel on Twitter and instagram for your business. Whatever applies to do all the things you can't but Facebook pages really important, obviously. Facebook. Huge platform. A lot of people on there, and people will go on there and search for topics of interest. So, you know, for my example, CFO Services, somebody might search that, and they'll find my broke CFO Web page on Facebook, and then they'll click, and then they can join the conversation again. We'll be cross promoting. So when we write a blogged, we'll be posting it to Twitter. But we'll be posting it to our Facebook page as well. That way, anybody that's joined our Facebook group, we'll see that. Oh, hey, there's a new article and everybody views the Internet in a different way. Not everybody's out there Just reading blog's through some type of blawg feed. They might only focus on Facebook. I know for myself, very seldom go. I got other places looking for news or topics that I'm interested in. I just go to Facebook pages that I'm interested in and know that I'm gonna get most of the relevant content that I need. So do the same for your business. Make that business page. Give it a nice title. Obviously you have your logo. Now it's gonna be branded. You want to get people on there and you want to engage with them. So when you say you post a log article or a link to it and someone says, Hey, great article right back. Thanks. You know, like their posts. Do those types of things. Show them your real person you're watching. You appreciate what they're doing. You could also then do a bit of free advertising on your Facebook page like this weekend only. Yeah, we're having a sale on whatever consulting services we have or a product that we sell is half off, you know, and we'll help you install. It's a It's a software product. So Facebook is a terrific way to really interact with people potential customers. Current customers as well. Just get your information out there and again we're adding more and more to potential shirts. Results. Somebody goes on Google and searches for ABC Consulting. Maybe they find your Facebook page now instead of your actual home page just because it's better ranked and getting more traffic. So lots of good reasons have a Facebook page starting off with its free, so definitely go set it up. It's easy to manage, and it's It's really easy to link all these different things together. So say toe link your blog's to your Facebook to your Twitter. You literally would post into Blawg and click a button. Click a few buttons. It'll post to Twitter close to Facebook. It a link to your website automatically. All that stuff will happen. So definitely get out there and create that Facebook page as well. 17. Section 03g LinkedIn: all right now, this is one I really like. And this one worked really well for me, so I can't stress it enough again. It's good. Depend on what your consulting in. But let me tell you a little bit about it's no mystery. I don't have a secret one, but it's linked in the website linked in. It's like a professional networking sort of Facebook, if you will. Not quite, but get your your linked in profile up there. You know, talk about your business, all your work history, what you do, etcetera. So what? I did. So besides just having my own linked in page where I talk about myself and I'm broke CFO consulting. And here's how I helped companies. I would go in different groups. I would post article. So those blog's that I'm writing, I'm also cross posting them in different groups on LinkedIn. I think back a while ago used to be 50 groups, was the most you could belong to, and I don't know if it's changed honestly, but I joined this many groups as I could, and I would post that article of every single group sometimes is irrelevant. But other times he would occasionally get somebody 70 message. Oh, hey, I saw your article. I have a question about that. I might be able to use your help. LinkedIn led to several of my biggest ongoing clients, and I still have some of them today. We're talking like, 67 years later, all because I posted a few things on linked in and it just works, you know, it seems like a lot of effort. At first you're posting articles, you're writing the articles. Nobody is commenting, you know, it's taking you all day, just the right article. Now go posted everywhere and you know, you get no calls of no emails kind of defeating. But it's ill takes. Is that one call from a potential client that turns into a seven year relationship so definitely worthwhile going out lengthen and basically becoming a presence. So all of this were basically creating an identity for yourself. It's sort of an industry leader and really knowledgeable in what it is that you do and you are. It's not that you want, but you need to put it out there, make sure everybody sees it, and you say, Hey, this is who I am. This is what I do. I'm great at it. And here I'm gonna show you through example is exactly what I was doing, and that's what you'll be doing. And so, by doing so like I keep saying that led to ongoing clients so I can't stress linked in enough. It's where people go just to read up on topics they're interested in. I had people even just find me without even seeing my articles. They just went on there to search for, you know, interim CFO. Oh, here's Chris Benjamin and I was one of the top ranked one because I was so active on linked in posting things. I was commenting on other people's articles, you know, putting up links to say my courses, all sorts of different things, any way I could be involved on linked in. I was on there being involved. And believe me, it does pay off. So you just got to put in the time go on there. Do those types efforts at all payoff. In the end 18. Section 03h Other Marketing: so I just want to touch briefly on some other marketing ideas. I mean, there's certainly lots. You can do it. I'm touching on just a few. These were the ones, really That worked well for me. So I'm trying to give you guys like firsthand experience and say, Yes, this stuff works like you could go read a book about, you know, marketing on LinkedIn and working on Twitter. And it's easy to read. You think. OK, I need to ABC, but I'm telling you from first hand experience that stuff works so as faras other ideas. So I keep mentioning Twitter and actually make a specific video about Twitter. Go create a Twitter account and link it all those things like your blawg and your Lincoln's . We post new stuff. It's coming up on Twitter as well. Go on there and interact with other people. Your actual potential clients. You know, if you're having a sale, put it on Twitter. Another big avenue is YouTube. YouTube is, I believe, the second biggest search engine right now, so people go to Google, search for something, but next to go to YouTube, and I do as well if I need to learn how to do something. Say, I need to figure out how a part of my vehicle broke and I need to figure out how to fix it on much rather go to YouTube and find a video for free that somebody put up on how to fix that part in my vehicle. Or maybe whatever it iss. Maybe they're looking for a CFO. So I make sure I put up videos to all my courses on there. So if somebody goes on, this is how do I create a budget? They go on and they find my video. That's Italian. I'm Chris Benjamin, the broke CFO. I wrote a whole course on how to create a budget. You should check it out. Here's a discount coupon while you're at it. Those types of things work. People search for that stuff on YouTube. They search for whatever it is. Whatever it is that you do, somebody is searching for it. So you want to create good, short little introductory videos and then direct them to your website. Tell him all about yourself. The services you provide, how great you are. However you want to make the video's gonna encourage you to kind of look around at people in your industry and see what kind of industry norm is. See what other people are doing. Look at how many views their videos air getting coming. Subscribers do. They have. So use YouTube as a powerful tool. Again. It's more work for you, I know, But nobody said this was gonna be easy and up front. You will spend a lot of time marketing your business, probably more than you do actually doing work. But eventually the title change and you'll spend more time doing the actual work and less time doing the marketing efforts. That's that. Get out there. Use Twitter. Use YouTube. Third option, Possibly Instagram. I don't personally do it for my own consulting business, but Instagram it's certainly growing. There's no lie. People. People are on their, especially the younger generation. So if your consulting business is something that would be geared towards, say, millennials twentysomethings, thirtysomethings, it's gonna might be a great way to go in there and start gaining following putting links to your website links to your articles, your blawg, those types of things. So now you create this huge sort of world off social media that you're posting on linked and YouTube, Twitter, your block, your website, all those avenues. But guess what? It's all gonna pay off, and it all helps generate traffic for you. Your website. I just shows that you are someone who is knowledgeable in industry that you're in. So again, I'm just giving you ideas that worked for me. There's certainly lots of other ways to go about advertising. We didn't even talk about sort of those traditional methods, like a TV ad newspaper ad. Definitely date. And I mean I can think of to make consulting businesses that would work well where you're placing a television that but nonetheless, you have to think about your industry and see what other people are doing and copy of the ones that are successful and put your own twist on it to make a special and have it work for you. So that's a marketing for your new consulting business. 19. Section 04a Intro to Finding Clients: Okay. In this section, we talk about where to find clients. So the last sexually talk about marketing. So we're trying to generate ways clients confined you, but there comes a time where you just need to go out and start finding clients as well, a sort of pitching what it is that you do. So in the next two lessons, we're going to talk about lots of different ways to do that and specifically ones that worked for me. So get ready, and we're gonna go out and find you some clients to get your consulting business started. 20. Section 04b Online Freelancing Websites: So I mentioned I talked about linked in. That was a big way that I found clients. And honestly, that was probably the biggest way that I found ongoing clients the second biggest way. And I've been doing this from the start. I did it before, even broke off from the corporate world and went into full time consulting. So you wanna had a full time corporate job? I was finding work freelancing on these sites. And so these sites are the same ones we were using to find people to build our logo and whatnot. So fiver up work. Those sites used to be under different names, but now let's just go with what they are now. So I used to be one of the top ranked finance and accounting professionals on what up work used to be, which was a Lance actually wrote the test the admittance test for the free flow of the finance and accounting section. Just to show how far I go back. I go with with those websites, but nonetheless, so we're gonna focus on upward cause that's geared a little bit more towards sort of professional consulting. What not There is a wide gamut on there, but go create your profile. Unless goto up work, create a profile. It's free. You can pay a monthly fee, and it's like $10 you get more connection so you can bid on so many projects for free. And then at some point you have to pay the $10 if you want a bit on Lawson from projects. So if you're not familiar with up work, people are going there and posting projects like you posted a project. Hey, I need a logo design. Here's the specifications, you know, bid on it. Then the freelancers who is now you as your consulting business are going in bidding on projects. So, for example, myself, no CFO, I do a lot of financial modelling writing business plans. I would go on there and just daily, and I still do this. Look at all the projects that are posted, and you'll be amazed at how many projects air posted. I could go on there every day. And there's all new projects being posted by companies looking for CFO services budgets, business plans, just general consulting advice, even on finance. They're they're starting a company and then I go in bid, I say I have my pre sort of Britain pitch, if you will. That I, Taylor to what? Their specific needs air so high. I saw your project. I think I'd be a great fit. Here's a bit about me. Here's what I've done in the past. I'd really enjoyed working with you. You know, I hope to hear from you and then you bid and you say how much your bid is, whether it's an hourly rate or fixed rate, it's a great way. And now you're not gonna get every project? Definitely not. It is a numbers game. But the more that you been on stuff, you will get those few people that then say OK, I want to work with you. We won't go into specifics of it. But yeah, it's all handled through the website. The payment is guaranteed its esque road. So you're gonna get paid, you get the work done, and then what you're gonna be doing is building a reputation on there like any other website. You know, you're getting started like five star review. Oh, I loved working with Chris. He was terrific. He turned around really quickly and did a great job. So you build up enough of those reviews and that people start to notice that and they want to hire you then because now you're a trusted consultant on there, so definitely get on up work. Or, depending on the nature, your business, maybe five. Er, there's other websites that are geared more towards different professions. So find the one that's the up work equivalent of what it is that you're into and definitely get on there and start bidding up projects. You will go find clients again. You're gonna spend a decent amount of time sort of out there prospecting, finding people, you know, doing a marketing, but now finding clients. But once you start getting jobs now, you can focus more on doing the actual work and less on the prospecting. So that's my advice to you is get out there, do a little bit of online freelancing and start to grow your business. 21. Section 04c LinkedIn Prospecting: so we talked about before when it came to marketing. We're talking about it a little bit more again, so linked in again. I can't stress it enough because I found so much work and really the majority or the biggest clients of mine, I should say through linked in, I probably have more quantity of work through freelancing sites like up work, but they're smaller. One time projects Lincoln led to someone time projects but also ongoing clients. And that's really ultimately, what you want is people who are just sending money every month for your consulting services . So we already did our marketing on LinkedIn, posting articles, joining in groups, you know, commenting on other people's posts. Now what you want to do is go out and search for potential clients and just reach out to them. Say hi, I'm Chris Benjamin. I'm an interim CFO. I see you're a small start up company that's growing. Hey, here's what I do. If you have any interest, definitely give me a call. I mean, you could write it better than that, of course, but you're reaching out specifically to people and trying to connect with them on that led to a lot of phone calls. I talked with a lot of companies. Now, did it always work out? Of course not. Probably nine out of 10 times, you know, it just doesn't lead anywhere. It's not a good fit. They don't want to pay the rate that you're charging. They don't really need. You get me there beyond where you're at. They need a full time CFO like they didn't really need interim CFO. But you talk it through and you find that out. It's worth the phone call or the email conversation to find those things out. So just get on linked in I basically, all I can say is be all over it. Just be in every corner of Lincoln that you can be talking to people you know, rounding up potential clients, marketing yourself, putting yourself out there at the same time. Definitely. I want to say it's close to guarantee as possible to just get yourself out there and well known in the industry 22. Section 04d Direct Email and Direct Mail: So the last method we're going to talk about is direct mail and direct email. So again, much like you did on linked data where you're going and finding companies and messaging somebody there Hey, you know, I might fail to help you out. You could do the same thing in other ways. So, for example, for myself, I would go. And there's one website that lists all new companies that are going public, the necessary in public. Why would an email those companies directly and say, Hey, you know, I'm an interim CFO. I work with companies, they're going public. If you need help from a CFO, then you should definitely get in touch. And that works. I put direct mail as well, probably gonna be less use where you actually write a letter or type a letter out, obviously and sign it and mail it to them. But if for some reason they didn't have contact information or if you just wanted a bit more of a personal touch, or maybe you want to include some brochures and stuff and they're more likely toe open a letter than they are on email unsolicited, So go ahead and maybe start emailing companies and just say, Hey, this is what it is that I do. I might be of some use to you. Well, nine times out of 10 you just won't get a response. Occasionally get a response. That's nice and says, Uh oh, sorry. You know, thanks for reaching out, but we don't need your services right now, and that's okay. Very self. I always, always heaven first to do direct mail, but I was afraid people would write me back me and email basically and say, Hey, don't contact us again. Leave us alone. Where'd you get our information? I think that happened one set of probably thousands of emails that ever since. So don't even worry about that. Your goal. Now it's just a reach out in prospect. So definitely whatever it is that you do, find out how you find out about potential new customers and clients, whether it's a database, different websites to crawl, get out there, get their email addresses and just start contact them and have a nice sort of pre written approach to it. And if there's any way you can tailor it to their business, all the better because then It's like you actually know who they are is not just a mass junk email that you sent out direct mail, direct email the last way for you to get out there and reach out to potential clients. 23. Section 05a Introduction to Running Your Consulting Business: okay, in this section, we're talking about just running the business. Some of the things you need to do to actually run the business. So now we're at the point where maybe you have a client, and now all the things you need to do to sort of be successful with working with that client. That first client will always be exciting. But it's almost enough. It's overwhelming, but a little bit scary. You're like, Oh, shoot. Somebody actually pay me money for the skills that I have. They agreed that my fees. Now what? Now what do I need to do? So we're gonna talk about the few different things you need to do. And honestly, I get it to you. It's not that difficult. And once you start doing it will be quick and you'll just feel right for your business. 24. Section 05b Proposals: So once somebody comes to you or you find them and you kind of agree, Yes, we should work together. They're most likely Or you will say, Hey, let's put together a proposal So it be sort of an official agreement, like, here's the things we will do for you. Here's all the things you know that we're promising each other, you know? Sign it. How how much is it going to cost, you know, sign and date and agreed to and get started on the work. I'll include a sample proposal for you that it could take lots of different forums. So when it comes to proposals, certainly use the sample right up your own go search and find other samples. They would obviously differ depending on the industry that you're in. But essentially your first step. Once you kind of those talks with somebody and, you know, say I have somebody comes to me and they want a financial model built, I say, Okay, it'll take about a week and it's gonna cost $1000. And, you know, if you need revisions, that's fine. At the end of day, I want you to be happy with it. you supply the data, I'll supply it. You know, I'll sign a non disclosure agreement. All those things, All those little bits and pieces. They OK? Terrific. Sent over a proposal. All right, all right. That on a proposal, Maybe it's 234 pages side of date. Send it to them. They signed Date it again to get started on the work. You also definitely want to put into your sort of billing terms in there. So you need to specify how you're going to get paid and win. So say for me the example We're using this, they're gonna pay me $1000. So I might say I need 500 up front to get started and then the last 500 after I deliver it . And you are happy with the changes. That way I get a little bit of reassurance upfront that I have some money from the project . Last thing you want to do is sort of do a lot of work and have somebody run away with that now, where most people dishonest know most people will pay you. But it's not to say and I can definitely guarantee there's been more than once for somebody just didn't pay. Or maybe they didn't pay the last half. So they definitely weren't gonna pay the first half if I had left it toe later. So, um, that's why using sites like up work or good, because there's a lot of guarantee built into those up work has their credit card will be charged. Money is in escrow. But when you're directly dealing with clients one on one, you do want to get some of that money up front. So that's kind of an aside. But you wanna work that into the proposal to make sure that all the terms air spelled out, everybody's on the same page. So then when you say okay, I need that $500 and they say, Oh, no, you know, I think you're building for say, Well, no, we agreed right here just the other day to you would pay a little bit up front. So things like that you want something, you go back to that's hard copy and say, Here's the rules we agreed to. So if there's ever a complaint, you have something to fall back on. I will tell you very some things that happened like, quite honestly other than a handful of times. Or maybe I had somebody just not paying me on the back end again. And I'm talking a handful. We're talking less than 1% really. It's just a few out of thousands of clients that I've worked with, so I don't want to upset your concern you that this happens all the time. But I definitely think you need to have that proposal in place. It's just and people are used to it, so definitely don't be shy about putting together a proposal and use the template provided to get you started. 25. Section 05d Invoicing Clients: so one thing more. That's just sort of Ah, housekeeping, if you will. But you're gonna need invoice your clients, probably. So when you sign that original proposal they might to send you might, they might say, OK, well, how did we send you that money? And it might be already in that proposal or contract. No, I accept Pay, pal. Or you can pay on my website where you contend a wire transfer. Here's wire instructions and they just pay you. That's terrific, but it's definitely times you need to send an invoice, and they will just want to invoice for their own records. I encourage you to either do one of a few things If you really plan on using sort of your own accounting software. I'm just gonna use QuickBooks as an example. But there's other ones out there. Certainly that or even free, So check those out. You can do invoicing tour there so you would set them up as a client. Create an invoice, you know, 50% down payment on financial model. Here's the amount. Email it off to them and then they'll pay you. It's a good idea to do that if you don't plan on using US accounting software, necessarily at least create some sort of template, whether it's in word or excel, just something you can feel it and send them. You want something? You can send them as an official invoice with a date and say It's do. On this day. Bigger companies have accounts payable departments, and they will didn't take that invoice and enter like Okay, we owe, You know, Chris Bender $500 on this date on. Then it'll get paid automatically, or as best as they can. So definitely make sure you have a way to invoice your clients as part of setting up your business again. This is all just mechanics of running a consulting business. So unfortunately, not everything is the consulting part. You know, we've talked a lot about marketing and branding and getting out there in prospecting, and now you've found some clients and need to do proposals and contracts, and now you need to send invoices so eventually it will actually do the work. But this is all part of the consulting business, and I think it's important for you to know about it, so create either create some sort of invoice template or use accounting software. I want to say my best recommendations, using the free ones, the free sites and search what they are and sign up, create. You know, your business in the free accounting software, and you'll be able to generate invoices for your clients and the look professional and terrific. 26. Section 05c Deliverables Milestones and Client Expectations: So a big part of big consultant is having deliver ALS and setting client expectations. So say, in my case, will this use me again? I'm building something for them and excel in this contain me two weeks. It's a really elaborate financial model. So what I might do is I'll set up a deliverables. I'll say, OK, you pay me half up front within a week, I will send you a template of the financial model. It's not gonna be filled in yet, but I'm gonna send you the framework so you can look at and say Okay, yes, this is good. Keep going or no, we need to change a few things before you get any further. So that would sort of be a milestone and a deliverable. I'm gonna deliver you this sort of half done template or sort of the template without any data at with the one week period. You give me the okay and I will then finish the model, and after another week I will send you the complete and model. Then there's just a nice series of steps along the way. They know what they're getting, you know when they're getting it and they know what the process is, and they know what they need to do. They need to give the okay on the halfway point for me to move on. It's just good business practice. Otherwise, you don't want a vague proposal where it's just like I'll build financial model for you and I'll deliver it later on after you pay me like that doesn't work because now there's no there's no accountability on your part or there. So and you want to hold people to specific milestones because a lot of times clients have to give you stuff a swell. You might be doing the main project, so I'm the one building the financial model. But they need to supply move data, numbers, statistics, whatever it is they have in order for me to build it properly. So you want to make sure you hold them accountable to what it is they're supposed to be doing for you as well. It's not all a one way street, so definitely whatever deliverables to set within the proposal, you want to make sure you reach them, so as the saying goes, you want to under promise over deliver, so you might say, Hey, by the end of the week, I'm gonna have you the template. And then midway through the week, you say, You know what? I really got working on it. I was really excited. I wanted to get it to you guys as quick as I could. So here it is on Wednesday instead of Friday. That's terrific. That looks good in a client's eyes, so any time you can be ahead of schedule is a good thing. So my recommendations air put in different milestones. Different If there's multiple deliver bols. So say, for example, when I would build a full business plan, I would have things like, Well, I need to build their financial model. I need toe right. The business plan I need to create investor pitched, activated, right at one page executive summary for them separate from it. So I would have deliver Bols on specific dates for each of those things. So they knew when it was coming on what to expect. So do the same for your business. And make sure you meet those definitely. And if you have problems meeting a deadline for some reason, communicated early, do not just let it slide by and hope they forget or anything like that. You want to be on top of it. You know, you're the consultant with professional. They're paying you, and nine out of 10 times, if not 99 out of 100 times, they will be understanding. If you have a good reason why you might be late. Sure enough, they will understand. Communicate that early. So always keep only communication as well. What's your clients? So there you go a little bit about the deliver Bulls milestones. 27. Section 06a Introduction to Business Upkeep: So in this next section, we're talk a little bit about business, upkeep some or just things you have to do just a part of running a business. So whether you're in consulting or you run an online store hard, you know brick and mortar shop, you have to do these types of things. So this sexual talk about a few of the things you need to think about doing the most important ones on top of doing your actual consulting business. 28. Section 06b Financial Performance Tracking: So one thing you want to do is track how profitable you are. How much money are you making doing consulting. So I mentioned setting up free accounting software and sending out invoices. So another benefit to that is your automatically logging how much you're charging your clients for keeping track of when you send on invoices. You know, when you're starting out and you just have one or two clients, it's not that hard you have in your head. But so you got to the point where you you grow a nice little empire, if you will consulting Empire. Do you have 100 different clients and different dates, different things or do. And maybe you work for this client only every quarter so that we were coming up. You need to schedule that using county softer will make your life a lot easier. And part of that, too, will be able to financial tracking. So every time in accounts. Obviously, I love doing this stuff, but not everybody does. But I want to see how much money did I make every month in a county software. You can also track your expenses. You know, you went out and bought a laptop. You bought pens. You spent gas driving to clients. You could track all that and see what your actual profitability is. So the revenues abroad is less all those expenses. But at the end of the day, whatever mechanism to use, I definitely encourage you just to keep track of your profitability. On another metric, you might want to use this. Keep track of how many hours you're actually working. So just because you spend, say, five hours on a client's project, you might have spent 20 hours marketing as well that weeks up keep track of all your hours . So at the end of the month, when you say okay, I made $10,000 I worked 200 hours, were able to do the math and figure out what you're our hourly rate is, and there's really compared over time. That's what we're really after is to be able to compare and see value in there. See? Okay, I'm making more per hour. Obviously, I'm doing something right. I'm getting more work and spending less time doing the things that don't pay money and that's the ultimate goal is to be working a lot more than you're spending time doing the things that are non pay and door to sort of. Take some of that money you're making working and pay someone else a lower rate to do this stuff for you, like write the block posts or posts on Twitter and go on, linked in and look for new clients. You could ultimately help find someone to help you do that type of stuff. But for this section and the selection will rash time. I was just financial tracking, so a little sidetracked. But what you should do definitely track all the money you're bringing in track. What your hourly rate effectively is after all the stuff that you do, and you want to see that number grow over time. 29. Section 06c Taxes: Okay, this lecture. Not everybody's favorite topic taxes. Unfortunately, when you run your own consulting business or any type of business of your own, you're gonna ultimately have to pay taxes. So whether it's state tax, federal tax and things that are, you have to paying quarterly, most likely. So what I've done is I've included some links in this lecture so you can click on and download it where you can go calculate how much taxes will be as your sort of consulting and bringing in money. You definitely want to have a heads up, an idea how much you are. You have to pay in taxes because you want to set that money aside. The worst thing that can happen is you know you're bringing in money and you think great. You know, this is all profit. Well, and then the end of the quarter rolls around and you, oh, you know, $5000 in taxes because you made so much money. Well, that's a good problem to have, but you should have saved 5000 set aside so you can help pay your quarterly taxes. Definitely somebody think about Don't forget to do it. I'm providing your links so you can go and calculate them. So it's all say about that. And again, that's something that maybe if you're not good at it and you don't really want to do these types of no different housekeeping chores, if you will for your business, have somebody else do it. You can pay someone an hourly rate just to make sure they take care of your taxes and just let you know what it is you need to pay. Fill in the forms, etcetera. 30. Section 07a Course Conclusion: That's it, everybody. We made it through the course. I hope you learn a lot all about setting up and starting your own consulting business. So one thing you might have noticed is we didn't actually talk about the consulting part of it. The thing is that everybody's business is so unique and really, you're the expert in in what it is that you do. So I don't need to tell you how to do that. For example, I'm really good at building financial models. I wouldn't need a course on how to build once is already know how to do it. But the course that we talked and we just went through right now teaches you all the steps to get up to that point and what you need to do during and after in terms of the proposals on the deadlines and the taxes, all those other things. So I hope you learned a lot. You can definitely take your skill set. I want you to just try really hard it. Sometimes people are sort of nervous or intimidated to start their own business. Hopefully have seen through this course, it really doesn't cost a lot. Some of those things that we talked about that you could spend money on are optional. You don't have to do those things like Google AdWords. If you'd spent in next to no money in this business for a few $100 to give your consultant business up and running, it's worth a shot. And if you weren't really hard and put in the effort and take a lot of those steps that we talked about, especially the free marketing things, you will land clients and then people will be paying you for his skill sets up. It worked for me. Like I said, it takes time to build up a business, but it is worth it. I can guarantee you self definitely encourage you all to jump on there and start building your own consulting business. I thank you for taking the course. I hope you go ahead and leave a terrific review for May. I really appreciate it. I love hearing from students. So write me tell. But tell me all about the business you're starting. That's all for me on Chris Benjamin Roque, CFO consultant and I hope and I wish you all the best of luck in your endeavors