Forget About Your 1-Man Consulting Practice’s Competition for Now. They Drive You Nuts.
Because when we focus on others for too long, we forget about ourselves.
Competition is like oxygen. They are everywhere.
And we cannot ignore them. If you run a successful 1-Man consulting practice, I guarantee you will attract some competition into your niche.
Then, the mechanics of macroeconomics kicks into gear.
Consulting service providers increase = profits erosion
And this is the thing. We cannot always try to outcompete our competition. I know Peter Thiel’s Zero to One comes into mind, but that is not my message.
I want my 1-Man consulting practice to survive for the next 3, 5, 10 years, and beyond. Focusing my attention on my actual plus potential competition does not help me do that.
Agree?
The Thing About Our Consulting Competition Obsession
Thank God I am not in the digital marketing space. There, competition springs up 24/7/365.
A high barrier to entry to consulting services is possible given our professional experience and portfolio of work done.
Yes, there is competition. But, no, newbies do not immediately erode your entire service margins. So, this is what I will say to my fellow 1-Man consultants.
Take a chill pill. You have time to 1-up your competition.
So, go ahead. Grind. Step on the brakes from time to time. Then grind again.
Repeat this cycle for as long as possible.
Billionaire Mark Cuban’s advice below helped me build my 1-Man consulting practice.
There is no sport as competitive as business. It’s 24 by seven by 365 by forever, and there’s all these young kids out here trying to kick your ass
That said, I forget about my competition every now and then. Here’s why.
We Have Enough On Our Plates. Our Competition is Meaningless Distraction.
Our work as 1-Man consultants requires us to do the following things.
- Endless professional development
- Overcome never-ending client issues on site
- The need to continue to win new consulting clients
These fundamental points justifying our business require us to be on the move perpetually. Let me explain more in detail.
Firstly, we are expected to stay ahead of the curve.
Are you a technology consultant? Right.
New opportunities come from the latest software products. Are you still deploying Lotus Notes to new clients?
I doubt you can find any high-margin consulting margins doing that work.
Please do not take offense. I am not disregarding your work. I am (just) saying that consulting opportunities with mature digital products do not generate higher margins.
We must continuously master new digital products and offer them in our consulting service. That takes time.
And then, there are consulting clients’ issues on site. There are 3 types in the 1-Man consulting world.
- Those you have never encountered
- Recurring ones you have successfully overcome
- Issues you did not manage to overcome in previous consulting engagements came back to haunt you
Let me share my experience with you. After all, I have made dumb mistakes as a 1-Man consultant.
Because I was obsessed with competition snatching all my clients away previously… I did not take time away to find practical solutions I encountered at the client site.
Sounds stupid, right? I know.
The truth is… your fellow 1-Man consultants are likely to be stumped by different issues they encounter with their active clients. They have their knees deep in their consulting engagement swamp.
They have no time to snatch your business. Now, I assume that what you do as a 1-Man consultant is difficult for others to copy.
Of course, winning new clients means our ability to solve their day-to-day problems. But we must focus our pitch on what we can do, not how we can do better than our competitors, right?
Let Us Turn Our Focus Back to Us
You must understand the nature of our work as 1-Man consultants.
- We are our business
- We are our selling points
- Also, our skillsets and knowledge drive our revenue and client acquisition
You see, our 1-Man consulting practice business is about us. It is about what we can do individually.
No one else is carrying our brand and reputation.
And look, no one comes to you and says the following.
“Hey Aldric, I love your pitch. But hey, can you do what Alex can do, and in the way he does it? Can you charge me the same price as he does?”
Tell me you find this odd.
One more question. Have you ever encountered this situation?
I have, ironically. But only twice in my 1-Man consulting career for 4 years.
And you know what? Twice I rejected.
Because I know I cannot do what Alex does. More importantly… I think I can do better.
Parting Keynote
No, you do not always have to focus on your competition. It drives you nuts.
Here’s why. You are going to have competition no matter what you do. The natural law of business dictates that they keep appearing like weeds.
Don’t bother.
Instead, find ways to improve yourself professionally. Also, do what you can to stay unique in your consulting niche.
That is the best way to grow your 1-Man consulting practice.
Focus on you. Not your competitors.
As a content contributor, I write my observations from daily life and my business exposure. Because our life experience is the bedrock of our unique perspectives.
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