Play the Long Game

⏰ Today in 5 minutes or less:

• Your clients will come from your network, or their referrals.

• A generalist consultant is less likely to sell projects.

• It can take up to 18 months to get solid footing for your business.

How to Build a Solid Business Plan: Three Essentials That Indie Consultants Shouldn’t Skip

Thinking about going solo? 

There’s a lot to prepare before transitioning from the corporate world to indie consulting – including a solid business plan. 

Now, before rolling your eyes and thinking, “I don’t need a 20-page document,” let’s be clear: developing a business plan isn’t about bureaucracy – it’s about clarity. 

A business plan doesn’t have to be formal, but it needs to be intentional. 

At the very least, it should answer three fundamental questions: 

1. Who are you serving? 

2. What are you offering? 

3. How will you sustain and grow? 

Without these, you’re not running a business, you’re just relying on luck and hoping for the best. 

But ‘hope’ isn’t a strategy that will keep the lights on at home (or in the office). 

Let’s break down what makes a business plan solid. 

Defining a Target Market: Who Are You Serving? 

You can’t serve everyone with your consulting services.  

After years in the consulting industry, I realized that finding the right people with the problems you solve is often harder than proving you can solve those problems. 

My advice? Start looking at what you already have because the first clients tend to come from existing networks.  

And future clients will come from referrals. 

That was the case for me: I picked up the phone and reached out to old clients and colleagues until I got in touch with a former mentor who worked on a project I could help with. 

It’s important to define the target customer for your consulting services. To refine the ideal client, I’d ask myself the following questions: 

• What industries have I worked in? 

• What types of clients have I helped the most? 

• What kinds of companies need what I offer? 

Niches shouldn’t restrict work opportunities. 

Defining your niche is about finding the people who have the problems you can solve and emphasizing why YOU are the right expert to solve that problem. 

Remember that no company pays for vague advice. They hire consultants to solve the most complex and specific problems. 

If your expertise directly solves a burning issue, then the client will be more inclined to hire you. 

Structuring Services: What Are You Offering?

The biggest mistake that consultants make is highlighting their wide skill sets in hopes of impressing the client. But often enough, these propositions end up as vague, open-ended services. 

A ‘generalist’ consultant is less likely to sell projects than a consultant with a defined niche. 

It’s because clients don’t just buy advice, they look for solutions with a clear scope and impact. 

Package Your Expertise Right 

It’s not enough to say, “I do strategy consulting.” 

Thousands of other strategy consultants already do that, so what makes you different?  

Instead, it’s better to frame it in a way that solves a specific problem, has a clear scope, and allows repeatable success.  

Here’s how I do it: 

I help B2B execs ‘find the yes’ for 8-figure+ investments. 

This is the kind of packaging that gets clients to sign consultants. 

Choose a Business Model 

Independent consultants usually price their services in one of three ways: 

1. Project-based. A fixed fee for a defined scope. 

2. Time-based. Hourly rates for more flexible engagements. 

3. Retainer. Ongoing advisory support for a fixed rate. 

Most consultants start with project-based work before transitioning to retainers once they establish trust with clients. 

Regardless of which business model works best for you, make sure to protect yourself from underpricing and scope creep with an airtight contract. 

To get you started, download our templates for time-based and project-based agreements. 

Planning for the Future: How Will You Sustain and Grow? 

Corporate paychecks arrive like clockwork. But consulting income? Not so much. 

One of the biggest shifts for indies was learning to manage cash flow. 

Early on, having a financial cushion was a lifesaver for many consultants. It gave them the leeway to establish a client base without the threat of immediate financial instability. It also allowed them to say no to low-value work and focus on building something sustainable. 

It took me about 18 months to get some solid footing, but here are the things that helped me keep finances on track: 

• Deposits upfront – No more “I’ll pay you when the project is done.” 

• Budgeting for slow months – Some seasons are naturally quieter. Planning for that reduced stress. 

• Setting aside taxes immediately – No surprises when quarterly payments came due.  

The Trap of Underpricing 

New indie consultants have the tendency to be undercharged for their services, mostly because of their lack of confidence in their impact on the clients and their businesses. 

Admittedly, I also accepted work way below my pay grade in the beginning. 

I was naive about what I should be paid, but at least I gained a stellar case study from that experience. 

A simple shift like benchmarking rates against peers and the industry helped many consultants avoid or recover from the trap of underpricing. 

Consulting isn’t just about landing work. It’s about ensuring the numbers work, too. 

That financial stability makes it possible to focus on delivering real value instead of constantly chasing the next gig. 

Build a Business Plan That Works 

The transition to indie consulting looks different for everyone, but we can all agree that it takes a lot of planning (and nerve) to take the leap. 

What worked for me might work for others too. 

At the end of the day, indie consulting is something that fits individual strengths and goals. And a consulting business should be intentional, not just a reaction to leaving corporate life. 

That’s the difference between struggling and thriving. 

Remember, the path to success is paved with continuous learning and embracing fresh perspectives.

Let's stay connected, share ideas, and elevate your consulting business.

Stay curious, friends.

The 2×2 is brought to you by Keenan Reid Strategies

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