Business consultant, fitness consultant, marketing consultant…
Irrespective of the kind of consulting service you sell, it can be exciting and daunting at the same time. After all, running your own business is a rollercoaster ride with many ups and downs. However, if you’re not prepared with the right plans, the ‘downs’ may lurk around more often and the ‘ups’ may not last very long.
As a professional consultant, here are 3 unexpected events you may encounter:
1. Complete stagnancy
This could be quite discouraging, but it’s a part of the process. You will get to a phase where you might not get any new client. The business will feel stagnant. You will feel stuck. Your operational cost may exceed your returns, bringing you losses. For such situations, you need to be prepared in two ways. One, have enough capital and stay liquid so that such phases of stagnancy doesn’t cause you any financial trouble. Second, be mentally prepared for something like this; expect it. This will help you persevere through.
2. Lawsuits
This is getting more common for consultants now. Imagine you offered some advice to your client and it didn’t bring them any good result. They may sue you for this poor quality service. Further, if your advice brought them any loss or damage to property, their litigation could have a solid ground against you. Needless to say, such lawsuits can be expensive. You’ll have to spare a lot in defence cost. A simple solution to this is having professional indemnity insurance. Professional indemnity policy protects you against legal liabilities, covering a range of expenses if you’re sued by your clients for specific reasons. Connect with a licensed insurance broker and learn more about professional indemnity insurance.
3. Unexpected growth
This happens. All your hard work and perseverance finally starts paying off and you start seeing more business growth. The growth rate gets so high that it almost becomes unmanageable. It’s important to stay prepared even for such situations. Know from the go that if indeed something like this happens, how you’re going to hire more people, how you’ll build a team, how you will manage the clients, how you will streamline the operations, and so forth. When your business is growing, you don’t want to take a pause just to figure things out. You should ideally have figured it out from the start.
These are three unexpected events you may encounter as a professional consultant.
Act as a true entrepreneur, stay prepared from ahead, and steer your business in the right direction.
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