Starting a consulting business is not easy task, let alone one you start as a side hustle. But what resources are available to help guide you down the right path towards success and great financial posture?
After running my consulting business for over 4 years, I finally sat down to think about where I wanted to go. I asked myself several times why I started a consulting business, how do I get clients, and how do I make profit?
These three books played a pivotal role in taking my side hustle to the next level. It helped me create a strategy that I could easily implement and tune over time.
Add these books to your list and take time to act on their recommendations. Disclaimer: Links to the books are affiliate links.
Start With Why by Simon Sinek
Do you know why you’re running a side hustle? Do you want to make it your main hustle? Be successful by understanding why you do what you do. Get a clear sense of purpose which will inspire and guide you.
Your “why” should be the driving force behind what your side hustle does, whether it’s the product you make or the services you offer to the marketing and branding you put out there. With everything aligned, it will naturally attract like-minded clients and partners who believe in the same things.
Most importantly, people don’t buy what you do, they buy why you do it. That is the key to attracting ideal clients. It’s the believe of what you and your side hustle stand for. Communicate this in a way that resonates with others and they will be more likely to support it and become loyal clients.
Discover the why and build a sense of meaning and purpose for yourself and others.
Building a Story Brand by Donald Miller
How do you connect with your clients and communicate the value of your business? Through a clear and compelling story.
Building a successful business or brand means focusing on a single, clear message, communicated in all your marketing materials and especially your website.
Communicating your message as a story will help people understand what your business is about and how it can help them. It’s how we’ve been able to work with clients who land on our website and fill out our contact form.
It doesn’t have to be a Disney-like story. A good story has a protagonist (the client), a problem that protagonist is facing, a guide (your business) who can help the protagonist solve the problem, a plan for solving that problem, and a successful outcome.
By structuring your story and your website with a simple message will allow your clients to understand how your business can help them and why they should choose you over your competitors.
A clear compelling story will build trust by making it easy for clients to understand what you offer, why it matters to them, and what actions they should take to use your services.
Profit First by Mike Michalowicz
My side business never had savings or enough to pay myself consistently. And then I came across Profit First. It taught me how to increase profits by changing the way we managed finances.
The traditional accounting methods only focused on revenue and expenses. There was no clear picture of my business’s profitability. So instead, I learned to prioritize profit by implementing a specific percentage of revenue to profit, taxes, payroll, and other expenses.
Several strategies for increasing profitability are outlined in Profit First. For example, allocating a percentage of all revenue to profit before paying other expenses. Profit First also suggests evaluating your expenses and looking for ways to eliminate unnecessary expenses, setting financial goals, and creating a budget.
The approach is a simple straightforward way to ensure a small business owner is consistently making profit while gaining knowledge and control to make better financial decisions.
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