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Thursday, June 01, 2006

IT Consulting: Generate Income in the Beginning

When you are beginning your IT consulting business, you will need to generate demand, get good leads and prospects, qualify them, go out on sales appointments and follow up on those.

Avoid Channel Programs

Focus on finding paying clients before joining channel programs. Many new consultants believe that these programs will bring them immediate success only to be seriously disappointed.

Determine How You Will Be Paid

As you do the work, make sure you get payment or get credit card authorization, especially when for products. To take credit cards, you'll need to get a merchant account. Do not give credit unless you’re going to do a regular credit application and credit check.

Require Deposits

Always, always, always get a deposit check - a substantial amount of the purchase - especially for product purchases. Even on a big IT consulting project, you should require a deposit.

At the absolute minimum, your deposits should be something in the neighborhood of 10 to 25%. Usually it should be somewhere more in the 25 to 35% range.

The Bottom Line about IT Consulting

In starting your IT consulting business, be sure you don’t end up feeling pinched. It is a good idea to bill weekly and always include a due date on your invoices. Don’t just put "Due in X number of days." This concrete due date to show your clients you are serious about your business.

Learn more by reading the entire article (link above).

Blogged by Joshua Feinberg