Do you already have the leads to start your own Advisory Business?
The most important part of starting a Consulting, Coaching or Advisory business is getting clients that will generate income for you.
What is a lead?
A lead is an individual or organization with an interest in what you are selling.
For an Advisory Business, leads are potential clients that are interested in your Business Consulting services and the problems you will be able to solve for them.
“Approach each customer with the idea of helping him or her solve a problem or achieve a goal, not of selling a product or service.” — Brian Tracy
How do I know if a business would make a good client?
There are five elements that make for a good client.
This list is ordered from most important at the start of the engagement, and a good advisor will be able to develop the ascending elements over time…
Desire to improve their business - does the business owner express a desire to improve the profit, growth or value of their business?
Acceptance that they aren’t where they want to be - does the business owner know they can be in a better position?
Coachability - does the business owner seem interested in coaching?
Reliability - will the business owner be reliable and work towards their desired goals?
Accountability - does the business owner seem like they would benefit from someone keeping them accountable?
Where can I find leads?
Leads are everywhere and you likely already know some.
Any business that wants to improve, grow or even be rescued makes for a suitable lead. Almost all companies fall into one of these categories and chances are you have the leads to start your own Advisory Business without even realizing.
Think about the connections you already know, we like to use the ‘Circle of Intensity’ framework to kick start your lead list.
Start with the connections you already have and the people you know really well, you will have a high level of trust and understanding with these people already i.e family members and friends. Is it your friend who owns a retail shop the next suburb over, or your cousin who owns a plumbing business?
Once you’ve exhausted these connections, move on to those in your next circle and so on, until you get further out. Use the below list as a starting point, as you get further down this list it is likely you may be unengaged, with or without a connection as you work through the below. Leave no stone unturned.
Family
Friends
Colleagues
Customers / clients in your current job
Suppliers
Businesses you buy products or services from
Businesses you haven’t bought from, but think they would be worth having a conversation with
What to look and listen for?
I’ve got a list of leads, but how do I know if they’re worth having a conversation with? Some key indicators that they could do with your help are:
Poor customer service. This means they business is xxx
Businesses that are hard to find online
Underpriced products or services
Overpriced products or services
Employees that are dissatisfied
Businesses that are behind the latest trends
Under stocked businesses (indicating cash flow issues)
Secret tip
Ask business owners and managers “How’s your business going”... You’ll be amazed at what you find out with these simple words.
So, do you already have the leads that you need?
Leads are everywhere. You’ll likely know more potential clients than you may realize from leveraging the people you already have a connection with and know well, to those that you have a connection with but not have a relationship with yet.
Remember, there is opportunity in every conversation, even if it is the one you have as you pick up a coffee from the local cafe after you asked “how’s business going?”
