Like many students quickly realize during their freshman year of college, money is often tight. Between paying for Austin’s rent, dues for clubs, and a meal plan, I quickly understood that I needed to find work. However, I didn’t just want any job; I wanted something intellectually stimulating that would challenge my ability to think and ideally apply what I was learning in my finance classes.

Early Ventures in Consulting

In my freshman year, I joined a pro-bono consulting organization and became obsessed with driving results for non-profits. My very first semester, we successfully helped our client raise $28,000 in a single 24-hour giving event. This achievement opened my eyes to the impact we could have and the potential mutual benefit I could provide to a variety of businesses.

Motivations for Starting My Business

Several key motivations drive my decision to start my own consulting S-corporation:

1. Flexibility: I desire a flexible job that allows me to balance work with my academic commitments. Owning my business enables me to set my own schedule and choose projects that align with my interests and availability.
2. Intellectual Stimulation: I am passionate about finding intellectually stimulating work. Consulting offers constant challenges and opportunities to solve complex problems, keeping me engaged and motivated.
3. Practical Application: Starting my own business allows me to practice what I learn in school in real-world scenarios. It provides a platform to apply financial theories and business strategies directly, enhancing my understanding and skills.
4. Love for Business Practices: I have a deep interest in business literature and enjoy reading business books. Running my own consulting firm lets me apply the various business practices and strategies I read about, experimenting with different approaches to find what works best.
5. Stepping Out of My Comfort Zone: This entrepreneurial journey forces me out of my comfort zone. I could have picked up a standard retail or restaurant job, but those positions do not fulfill my real desire to grow as an aspiring business leader. By starting my own consulting business, I am challenging myself to take risks, learn continuously, and adapt to new situations—key principles emphasized in “The Lean Startup.”

Inspiration from “The Lean Startup”

One of the most significant inspirations for starting my own business is “The Lean Startup” by Eric Ries. This book has provided me with invaluable insights and a practical framework for launching and growing a successful business.

1. Lean Principles: Ries emphasizes developing a “lean” business that minimizes waste and maximizes value for the customer. This principle is crucial for my consulting firm, where efficient use of resources is paramount.
2. Build-Measure-Learn Feedback Loop: The concept of the Build-Measure-Learn feedback loop encourages developing products incrementally, learning from customer feedback, and iterating accordingly. This approach will help me refine my consulting services based on real client needs and feedback.
3. Validated Learning: Ries stresses the importance of validated learning, demonstrating progress based on learning milestones rather than conventional indicators like product development stages. This will guide me to make informed decisions and adjustments to my business model.
4. Experimentation and Pivoting: The book advocates for experimentation and the willingness to pivot or change direction when necessary. This mindset is essential for navigating the uncertainties of starting a new business and ensuring long-term success.

Vision and Goals for My S-Corporation

Inspired by my early consulting experiences and the principles of “The Lean Startup,” I decided to start my own consulting S-corporation. My vision is to create a consulting firm that offers unique, tailored solutions to small and medium-sized businesses and non-profits. I aim to deliver high-quality, data-driven insights that help organizations achieve their strategic goals.

In the short term, my goal is to build a strong client base and establish a reputation for delivering tangible results. Long-term, I aspire to expand my services and possibly explore additional areas where I can contribute meaningfully to my clients’ success.

Unique Selling Proposition

What sets my consulting business apart is the unique perspective I bring as a student and the flexibility to take on smaller projects that larger firms might overlook. My academic background in finance provides a strong analytical foundation, while my hands-on experience with non-profits has honed my ability to drive results under constraints. Clients can expect enthusiasm, current knowledge, and a fresh approach to problem-solving.

Challenges and Opportunities

Starting my own consulting firm comes with its challenges, including building a client base from scratch and managing the operational aspects of the business. However, I see immense opportunities in the market, particularly in providing affordable consulting services to smaller organizations that are often neglected by larger firms. By leveraging my academic network and continuously learning from industry experts, I plan to navigate these challenges and seize these opportunities.

Legal and Structural Considerations

Choosing an S-corporation structure for my business offers several advantages, including tax benefits and limited liability. This structure allows profits and losses to be passed through to my personal income without facing corporate taxes, which is particularly beneficial in the early stages of business growth. Additionally, the limited liability protection helps safeguard my personal assets.

Marketing and Client Acquisition Strategy

To market my consulting business, I plan to leverage social media, attend industry events, and actively network within my university and professional circles. I will focus on building a strong online presence, including a professional website showcasing my services and success stories. My client acquisition strategy involves offering free initial consultations to demonstrate value and build trust with potential clients.

Personal Reflections and Aspirations

Embarking on this entrepreneurial journey is more than just a business venture; it’s a personal mission to apply my skills and knowledge in meaningful ways. The experience of starting my own consulting firm has already been incredibly rewarding, and I look forward to the challenges and successes ahead.

In conclusion, starting my own consulting S-corporation is a step towards fulfilling my passion for finance and helping businesses thrive. It’s an exciting journey that combines my practical experience, intellectual curiosity, and entrepreneurial spirit. With inspiration from “The Lean Startup” and a commitment to stepping out of my comfort zone, I’m eager to see where this path leads and how I can make a difference in the consulting world.