Consulting Mind: Elliot Begoun and The Power of Betting on Yourself: Podcast #9

You will find greater satisfaction and incredible value in your work when you stop working for someone else and start investing in yourself.

Description:

Elliot Begoun is the principal of The Intertwine Group, a consulting group which works to help food and beverage brands grow. Elliot spent over 25 years working in the food industry before his wife challenged him to pursue his dream of becoming a consultant. On this episode of Consulting Success Podcast, Elliot shares how he made the leap from the safety of a big company and experienced the incredible satisfaction that comes with working for yourself. He shares his ideas on retainer fees, how expert writing can keep you in demand, and the number one mistake he made that has taught him the importance of consulting mentors.

Bet on yourself.

You may feel a sense of security working for a big company, but working for someone else means you are betting on someone else. Taking the leap to become an independent consultant means betting on yourself. This is a path that Elliot has gone down, and he shares what it means to him to be able to ‘fish for his own food.’ The success he has enjoyed since starting his own consulting business proves that there is something to his theory, so be sure to listen to find out more about the incredible benefits of betting on yourself.

First things first — find clarity.

Instant gratification is just not something you can expect to achieve when growing your own business. The amount of work and effort, specialization, and focus that has to go into your business when you start out can absolutely be discouraging at times. According to Elliot, confidence is the number one thing that helped him stay the course when times have gotten especially tough. He shares more insights on what else has worked for him, and you won’t want to miss the tips he shares on how you can find the greatest success as you are growing your consulting business.

Moving away from retainer fees.

Retainer fees are often considered the ideal payment structure — they provide consistency and can be a sure-fire way to monetize your efforts with each client. But Elliot shares a strong argument that maintaining these fees will make your consulting work feel just like your regular old job. He has found a better way to capture greater value in his work, and it has produced a higher level of satisfaction both in him and from his clients. It may sound risky, but you’ll definitely want to hear the approach he takes when determining appropriate fees and how happy his clients have been with it.

Make your network work for you.

Even if you happen to have a background in marketing, you may find marketing yourself and your business to be a great challenge. Your visions for success in your work is undoubtedly on your mind all the time, and that is why it’s essential to connect with other consultants, masterminds, and mentors. Utilizing this network will help you work through your tunnel vision and maintain a healthy — and slightly removed — perspective of your efforts. Without these proper outlets, you may actually be putting your business at risk. Don’t let this happen to you — listen to and learn from Elliot’s mistakes on this episode of Consulting Success Podcast.

Key Takeaways:

[1:00] Elliot’s leap from the food industry to independent consulting was 20 years in the making.
[5:06] Growing your own business doesn’t come without challenges.
[7:55] Clarity in consulting success comes first from confidence.
[10:05] The evolution from retainer fees to something that really works.
[15:59] How you can leverage writing to increase your credibility and keep you in demand.
[21:02] The single biggest mistake Elliot made in his business was also the most isolating.