He or She must first assess his or her own talents and expertise.

The scope of a consulting practice is defined by the expertise and experience of the consultant within the practice. To be successful, it is extremely important to recognize the firms background and expertise so that the scope of the consulting practice can be well defined for proper communication to the potential clients.

Market research will specifically involve

Study of the listings of management

consultants Survey of local CPA firms to determine which are offering consulting services Determination of possible oversaturation of consultants in ones specialty area Identification of new services that may provide a competitive edge

Quite frequently, a consultant gets started when his or her clients indicate that they would like to use his or her talents as a consultant. Every practice needs to have a continual flow of work and steady stream of new opportunities and new contracts.

Equipped with necessary information, one needs to establish an operating plan for the practice that is, to set goals and objectives.
A desired income level, Potential clients, and

Strategies to obtain those clients.

To develop a meaningful and worthwhile network, the practitioner must establish quality contacts and educate the network as to the type of services he or she offers. Building a successful network requires keeping the practitioners name in front of clients and contacts.

1. The goals and objectives should include the following except:

a) Desired income level b) Quality network c) Potential clients d) Strategies to obtain those

clients

b)Quality network

2. Before entering a consulting practice, the prospective consultant should conduct market research to identify opportunities in the market place. This will involve the following except:
a) Study of the listing of actively practicing management consultants b) Survey of local CPA firms to determine which are offering consulting services c) News release in Philippine Daily Inquirer about the opening of the consultancy firms d) Identification of new services that may provide a competitive edge

c)News release in Philippine Daily Inquirer about the opening of the consultancy firms