How to Start a Project Management Business

If you’re project manager bogged down in corporate politics and busy-work, the thought of freelancing as an independent project management consultant may sound like a dream. You pick your own customers, choose your own hours and set your own pay.

The only question is: Are you ready? Do have what it takes to be effective? Do you understand how to start a consultancy? 

Here are 3 signs you’re ready to go solo:

  1. You’ve mastered project management strategies, are adept at personnel management, have excellent communication and impeccable interpersonal skills.
  2. You have a wide network of customers, associates, and peers who can aid you in finding new work
  3. You’re financially stable and willing to take a risky move.

7 Steps to Success as a PM Consultant:

So, you’ve got what it takes to create a project management consultancy. But how do you really get started?

Step 1:
Find your strengths. How are you going to position yourself as a specialist? What specific skills and understanding will your clients be looking for? Can you promote your skills with proven experience and recommendations?

Step 2:
Market yourself. Now that you know what skills and knowledge is required, spread the word and persuade customers you can deliver their job effectively. Carefully choose your target market. Construct a website. Consider offering a promotional rate to land your first few jobs.

Step 3:
Build your network. Maintain solid relationships with old co-workers and clients, and keep expanding your social network. Make certain you tell everyone about your business as a consultant so they can spread out the word. 

Step 4:
Lay the foundation of your organisation. Being an effective consultant takes more than simply being a good project manager: it takes a good helping of business sense too. How will you handle billing and costs? Will you charge by the hour? Do you need to rent a workspace? The time to answer these questions is now.

Step 5:
Prepare for the first few months. You’ll need a reserve a bit of savings to last you those first months while you’re lining up work. 8-12 months of living expenses is a good start.

Step 6:
Work out the logistics. Determine how you’re going to arrange all your work. What tools will you use to track your existing customers, potential clients and projects? How will you stay in touch with your stakeholders? Find a management software application that you like — just make sure it’s easy to invite external partners to gain access to certain tasks while keeping your other details personal.

Step 7:
Take care of yourself. When you’re self-employed, it’s easy to push yourself too hard. When you’re tired and exhausted, you’re more most likely to make mistakes. And as an independent expert, errors are one thing your credibility can’t afford. Take time off when it’s needed.  

Do you have the confidence?

Ultimately, you require more than experience, networking skills, and a solid company plan. You need confidence in yourself and in your choices.

If you haven’t already considered formal training in project management, now’s the time. Many project managers around the world rely on the tried-and-tested PRINCE2 method, due to its practicality and scalability.

If you’d like to know more about how PRINCE2 can help you achieve your dreams of starting a project management business, make sure to see more helpful info on the whatisprince2 blog.

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