Welcome back to season 21, where we’re diving deep into the world of entrepreneurship and technology. In this installment, we’re tackling the ever-challenging journey of managing a consulting business, likened to a roller coaster ride. Like the thrill of a roller coaster, entrepreneurship has its ups and downs, twists and turns, but finding balance is key to riding the waves of success.
As entrepreneurs, consultants, and developers, we often find ourselves caught between working in and working on the business. It’s a constant struggle to balance being busy with client projects while also dedicating time to growing and developing our businesses. This balancing act is what we refer to as the consulting roller coaster.
What are some of our challenges?
The challenge for Michael Meloche at Envision QA lies in getting his QA consulting business off the ground. With years of experience in software development, Michael faces the unique hurdle of convincing companies of the value of quality assurance (QA) services. Unlike selling software solutions, QA is often overlooked or misunderstood by businesses focused solely on product development. Michael’s struggle is finding clients and figuring out who within an organization to approach and at what level.
Similarly, for Rob Broadhead at RB Consulting, the roller coaster manifests in the constant juggle between project work and business development. With multiple projects on the go, Rob finds himself switching gears frequently, from client deliverables to administrative tasks like project management and sales. It’s a challenging balance but necessary for sustaining a steady pipeline of work.
Challenges of the consulting roller coaster
One of the biggest challenges faced by entrepreneurs during the roller coaster ride is the temptation to take on any work that comes their way, even if it’s outside their niche or brand. While this may generate short-term revenue, it can lead to a dilution of focus and reputation in the long run.
However, there are strategies for navigating the consulting roller coaster and finding balance amidst the chaos. One approach is to focus on building relationships and marketing efforts targeted at the ideal client base. By defining a clear niche and value proposition, entrepreneurs can attract clients who align with their expertise and vision.
Another strategy is to leverage off-brand projects as opportunities to showcase skills and add value. Even if the project doesn’t align perfectly with the business’s core offerings, finding ways to incorporate elements of the brand can turn it into a valuable case study or learning experience.
Furthermore, entrepreneurs can use downtime between projects to invest in working on the business. This includes activities such as refining marketing strategies, building out service offerings, or investing in professional development to stay ahead in the industry.
Ultimately, the key to mastering the consulting roller coaster lies in finding a balance between short-term revenue generation and long-term business growth. By staying focused on the target market, delivering exceptional value, and continuously investing in the business, entrepreneurs can confidently navigate the ups and downs of entrepreneurship.
As Michael and Rob continue their entrepreneurial journeys, they’re committed to sharing their insights and experiences to help others navigate the consulting roller coaster and achieve success in their ventures. Join us for the next installment as we dive deeper into the world of entrepreneurship, technology, and the pursuit of business excellence.