3 Mistakes That Will Kill Your Consulting Business

Are you constantly looking for ways to improve your consulting business? However, especially for new consultants, if you’re making any of these mistakes, you may sabotage your success.

Read on to find out what they are and how to fix them.

Mistake No.1 — Unable to Identify Your Niche

Selecting a niche is an essential step in becoming a successful transformational consultant. It allows you to focus your attention and expertise on a specific group of your target audiences, making it easier for you to help them achieve their desired results.

Let me give you an example of tax consulting in Singapore.

You can be a tax consultant but precisely what is your specialization.

You can identify your niche based on the different types of taxes — direct tax planning (e.g., personal income tax and corporate income tax); indirect tax planning (e.g., Goods & Services Tax and customs duties).

You can identify your niche based on the different industries — e.g., Telco tax planning, FMCG companies, and tax planning for pharmaceutical companies.

You can identify your niche based on the different types of tax services — routine tax compliance services, tax structure…