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Certification as a minority can help win consulting jobs
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Q I am a minority entrepreneur who recently retired from a Fortune 500 company. I have more than 20 years of experience in my field and I have carefully developed a business plan to market my experience as a consultant. What advice can you give me to help me ensure that I get off to a good start?
A To start, you've done something that many entrepreneurs don't do, which is to take time to develop a business plan. It is absolutely vital that your business has a road map to reach specific goals and objectives.
As you start to market your business, it probably would be a good idea if you had your company certified by the National Minority Supplier Development Council (NMSDC). This nonprofit organization has branches all over the country. You will have to submit some of your company financial information to the NMSDC and it will certify your company as minority-owned. This can be helpful to you, because most Fortune 500 supplier diversity departments seek to do business with minority-owned firms.
The Minneapolis NMSDC chapter is the Metropolitan Economic Development Association, or MEDA. It can help you get off to a good start. It may be a good idea to try to solicit business from the company from which you recently retired. Many early retirees who start their own business are able to sell their services to their former employers. Assuming you left on good terms, call some of your contacts at your old company and ask for the opportunity to make a pitch.
When I started my business five years ago, I set a goal to send at least five proposals per week for the first six months to companies that I thought I could help.
I was very specific in how I thought my services would help in my area of expertise and I had to travel a lot. What I'm trying to say to you is that just because you have a great deal of experience in your field does not mean that business will magically fall in your lap.
You must work very hard, set realistic sales and profit goals and expect the unexpected. Most importantly, do not get disappointed by setbacks.
Les Haughton is a retired Target Corp. executive and president of the Business Leadership Group, a Twin Cities consulting company that specializes in corporate diversity. His column appears on the fourth Monday of each month. Send e-mail to: les@theBLG.com,or call him at 612-328-4030.
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