Before we get to talking about what a Consulting Accelerator can do for you, it’s important to understand what accelerators are, as well as how they can benefit the people who use them.
So, what exactly is a consulting accelerator?
In business, accelerators are programs that offer companies or employees access to guidance, advice,mentorship, as well as any other type of support which can help them become stable, well-balanced businesses or entrepreneurs.
The businesses and people that use accelerator programs are typically young startup companies or new entrepreneurs who have only recently established themselves. In other words, they are businesses that are just reaching their “adolescent” phase, are already self-sufficient, and just need guidance and support in order to gain strength and momentum within their industry.
On the other hand, when a business isn’t quite ready for an accelerator, incubator programs exist that are designed to help them prepare themselves for accelerator programs.
Read more about accelerators and incubators here.
Not only do accelerator programs offer guidance within any given industry, they also help put businesses in touch with potential investors. Additionally, an accelerator program gives budding enterprises access to both logistical and technical resources which can be difficult to find otherwise. They also connect young companies and entrepreneurs with networks of like-minded individuals with real industry experience they can learn from.
Types of Accelerator Programs
Traditionally, there are two distinct types of accelerator programs: seed programs and second-stage programs.
Seed programs are usually designed to last anywhere between two to four months and are targeted at younger startups that are just getting themselves established. In a seed program, the goal will be to help businesses learn the fundamentals of their industry, while also preparing them to be able to pitch their ideas to potential investors.
On the other hand, second-stage programs are targeted toward mature startups and generally last for more than 6 months. This type of accelerator goes beyond the fundamentals and helps connect businesses to a wide range of support systems and growth opportunities.
The Benefits of Accelerator Programs
One of the biggest benefits of working as part of an accelerator program is that you’ll receive comprehensive support from mentors and sponsors within your industry. This goes a long way in helping new entrepreneurs and businesses with the direction, knowledge and hands-on experience needed to improve their skills and take their business to the next level.
- Investment Opportunities
Aside from providing support and guidance, accelerator programs also connect entrepreneurs with investors who are already interested in investing in up and coming businesses. While all accelerator programs are different, most will include a period where investors will be invited to watch presentations from students in the programs.
Furthermore, there is usually some time allotted where students will have the opportunity to meet with and talk to investors in person. This can often lead to additional funding offers, which is doubly true after investors get to see the improvements that the accelerator program has made in an entrepreneur’s idea or project.
- Skill Development
Finally, with all the knowledge that comes from joining an accelerator program, entrepreneurs are able to develop the skills needed for effectively running a business. This includes all aspects of running a business, which includes sales and marketing, finance, communication, as well as an abundance of technical skills.
You can read more about the benefits of using accelerator programs by going to this link, https://www.entrepreneur.com/article/308764.
Starting a Consulting Business?
If you’re planning on launching your own consulting business, the most important thing to remember is that you’ve got to start somewhere and starting small is always the best choice.
Starting small is the best way to master what you’re doing first. And then, once you’ve gained some experience by demonstrating your skills and expertise on a few small-time jobs, you’ll be much better prepared for going after bigger and better clients, with progressively larger consulting budgets.
Take Sam Ovens, for example, he is the founder and CEO of http://www.samovensconsulting.com, a website dedicated to helping people build and scale profitable consulting businesses.
Sam’s story started with him working from his parent’s garage in New Zealand. Then, by taking things one small job at a time, he was able to eventually scale his operation, which is now valued as a leading, multi-million dollar consulting firm.
So, as much as you might dream of finding clients with massive budgets right away, it’s important to be realistic about your expectations. And, by taking things slow, you’ll be able to scale properly and continue to run things efficiently, no matter how big your business gets.