In addition to what you know, your consulting business will use what others know. You will go to other experts for information or advice. You may also refer to technical or reference books, government reports, or other data. Chapter 5 goes deeper into this topic. For now, take a brief look at your need to develop data and human resources for your consulting business.

Data Resources

Many consultants rely on data as the raw material that helps them help others. For example, investment consultants need to keep up to date on the latest investment data and watch for data trends. They subscribe to numerous data services that assist them in developing sound advice for clients. Physical fitness consultants draw data from the client: height, weight, health, physical conditioning levels, etc. They compare this personal data with fitness data from experts to develop personalized fitness plans and goals.

As you design your consulting service, consider the types of data you will require and begin developing sources for accurate data. You will use this data to develop information that will be useful — and valuable — to your clients.

Human Resources

Investment consultants don't rely solely on their own knowledge. They also have contacts within the industry who help them gather, analyze, and communicate valuable information. Dog trainers do the same thing. Many consultants, especially those new to the field, find and use a mentor who can advise them on topics in which they are less familiar.

Begin identifying potential mentors in your field. They are well-respected consultants or topical resources who can answer tougher questions for you. Yes, you may have to pay them for advice, but you'll learn to ask cost-effective questions and produce profit on the answers.