I am considering starting a hospitality consulting practice. How do I go about doing this?
What is the best way to start a consulting firm? What are the pitfalls? What is the best way to contact potential clients? How do I charge for my services?
I can help you by providing complete business research & establishment services.
If you have strength and expertise in this area , especially in niche domains, you can take the freelance route and begin networking with people/ organizations. Please remember that patience and relationship building is the key in expending your business.
I would also recommend that you assess the need in the market befor you proceed. Detailed ground work has to be done for the process.
This is great, but in which country, and which area. then we can develop a feasibility and viability plan for the firm.
the mode of legal registration for operating
cheers , let get talking
You need to researh your demographical location, who your expected potential clients will be, what you fees will be, what kind of hospitality consulting are you going to have, look at other hospitality consulting businesses and examine the good aspects of the companies along with the bad so you know what could go wrong or how they created successful businesses.
Compare other consulting businesses' fees. This will help you determine what the basic fees are and an estimate of what you should charge potential clients. How will you charge the clients? You need to have your banking system set up to deposit the monies, but also, pay business expenses.
You will need to advertise. With social networking, you could create a website, but also, make an account on LinkedIn, or another social network. You can go to hospitality conferences where you could meet potential clients and hand out business cards.
When starting a business, you should choose a LLC. You would register the business name on your state's corporate bureau website and get your federal tax I'd number.
The staff you hired is inexperienced and can't help clients.
Not enough advertising.
Not enough clients.
You charged outrageous and expensive fees.
Don't have a PayPal account, credit card, check, or cash system set up.
First things first: you work on a venture design plan, before working on the business plan. Do you have one, or a template to use?
You need to review the web sites of others offering hospitality consulting services. This should give you a better idea of the magnitude of the challenge you are contemplating.
Starting a hospitality consulting practice is a good idea to consider, however it is an onerous task that will be profit oriented. Besides, the first to consider is your technical ability needed to run and manage your consulting firm. If you have this already, you need to develop your business template that will be customer friendly and competitive in your chosen market area. By this I mean being able to provide your services at an affordable rate considering the prices/rates charged by the most established firms consulting in hospitality businesses in that location where you hope to establish yours.
Also, you must define your human resource requirements needed to assist you in providing your proposed services to your identified clients.
Furthermore, you should draw out your business proposal detailing your expected cost outlay and income projections while maintaining low cost profile to ensure business profitability and sustainability always. In addition, you must be guided by the principle of good customer relations while abstaining from get rich syndrome that is capable of destroying your organization in no time. Also, Your charges should not be exorbitant so as to receive patronage but not too cheap so that you will not be considered incapable or incompetent to deliver your proposed services.The watch word is that your charges must be within the industry range while manoeuvering around it in order to get good patronage.
Apart from the aforementioned, you must define your asset acquisition level to avoid tying working capital that is needed to facilitate operations. Also, you must be aggressive in your marketing strategies. This will enable you to lunch out to the clients in their remote locations as well as giving you an edge over established consulting firms that usually depend on mass media among others for their marketing programmes. You must be the leading Marketing Manager and not an arm chair marketing manager.
Finally, your Corporate values and goals should be defined at the outset and ensure that all your employees imbibe these values because professionalism with sound moral, ethical values and attitude is exercise in futility.
Poor client relationships, poor corporate attitude, over promising and under delivering in you business promises, corporate lies, poor services, outrageous charges, improper feasibility studies, too much asset acquisition, sharp practices and poor facilities management.
WAYS TO CONTACT CLIENTS.
Personal contact and referral from friends and colleagues, Visit to outreaches to inform them of your services, Internet platform among others.
While I appreciate that you are asking the right quesyions I need to question wether you are ready to consult?
The type of question you are posting is the type of question a consultant would know
You need to be in the industry to know people and have the knowledge that would make answers to these questions superflous
Consulting is not an answer to a whim, it is a very serious profession that requires knowledge and accountability built from experience, know how and trust in the industry you decide to consult in
If this is a scholastic project then just google the questions you will get hundreds of answers+
Be firm in your standard. You'll be getting the customers by being a member in social medias or portals. Target your right audience. Even if you are adding a friend is very important. Why i mention this statement is even a single irrelevant may harm your standard. Create a website, briefly explain about your service and pricing and promote it online. You can even run ads, this make you popularize in online industry. Try to register in local listings related to your category. Once you reached a right road you can travel for a long way. All the best :)
As a consulting firm, first you need to build up a repertoire of your knowledge products and solutions. These could be presented in the form of testimonials(from your old employers or clients) and case studies on your website or as blogs(including on Linkedin) on your views on management issues (in case you do not have testimonials). Create strong content based website/blog page /professional linkedin page..
Have a newsletter for all those who have read your content and shown interest. Chances are that barely 1% will transform into clients, but the entire exercise will give depth to your promotional activity. It will add credibility to your knowledge base.
The power of personal calling to build your prospects and client base is undisputed.
Formalize a standard service delivery protocol and strive to offer more than your clients' expectations.
All the best!