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Launching a tech consultancy. Any advice?

Hi all!

Looking to launch a tech consultancy by the end of the year, I wouldn't go solo but with friends (of friends).

Any of you that have 'been there, done that'?
Other than a micro business ages ago I don't have much tech business experience, so there a lot of unknowns for now.
What do you think will be the hardest after starting out?
How to prepare for and avoid clients who don't pay?
Can you recommend any good value for money solicitor/lawyer who can write up bulletproof contracts fro clients and subcontractors?

Thanks!

on October 1, 2020
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    Hi,
    we prefer to ask a complete payment upfront and then offer a reimbursement!
    And well... the highest mountains are:

    1. find customers
    2. find customers again :)
    3. build trust

    that's why we funded Techlend, to have a critical mass and offer guarantees.

    Good luck!

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      Thanks techlend!

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    Here are just a couple of tips and lessons learned form my consulting / agency past:

    • Always charge (at least) a percentage of the project upfront
    • Don't sell individual hours. Sell weeks / months of work
    • Don't do project work (your estimates will almost always be way off)
    • Don't get yourself too much into company politics
    • Don't get too attached - See yourself as an exchangeable cog in the wheel
    • From day 1 start with content marketing to establish your brand and show that you're worth it (publish useful and valuable content every week)
    • Always raise your prices once you're done with the project until the first client says "no"
    • Be proactive in projects - Don't just sit back and wait until you get work assigned to you
    • Have multiple clients but don't have too many at the same time (In Germany that's a must)

    You can find other, useful information at https://www.kalzumeus.com/ and http://doubleyourfreelancing.com/

    Best of luck!

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      Thanks Philipp for the top tips!

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        Sure! Just let me know if you have any other questions...

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          Hi Philipp, let me jump on the opportunity since you've offered. :)
          I'm in the process of getting help to get my contract templates in place, both for clients and subcontractors. Unsure how little (or lot) to spend on these, who would be the optimal lawyer/solicitor to write those up? I mean there are a lot of legal freelancers out there but I guess I need someone who does specialize in IT contracts but is also versed in the European tone of contracts if there is such a thing? I also know the written agreement with clients is 'just' a framework, nothing is bulletproof, it is on us how much are we able and willing to enforce every detail of it. Any referrals are welcome.

          I shall dig into all the useful information you've provided too.

          Thanks again!

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            Sure. That's a tough problem and TBH I don't have any referrals I can point you to (as the laws differ from country to country). I guess I'd start with some online research trying to find different templates / example contracts and look where they overlap.

            Then I'd use this information in your talks with your lawyer. Most of the time they have the basic understanding but might need some pointers as to what they should dive deeper into.

            Maybe you can ask on /r/entrepreneur or /r/freelance on Reddit. A lot of helpful and experienced people hang out over there.

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              Thanks Philipp, offers from freelancers are rolling in, will dig into the templates and reddit as well.