Key objective for the first year or so of a new business

1. Define your niche clearly. 

It is easy to fall into the trap that, for example, many MBA students do when asked about their career objectives saying, 'I want to keep it open for all opportunities'. That answer is almost certain to result in a 'no job at graduation' situation. It is the same with creating a new business. The issue is that without a clear definition of your niche you will be unable to build credibility. After all, people want you for your depth of knowledge, your expertise, your commitment, and your passion. There are a million 'I can do anythingers' out there, and, you know what, they can't - at least not effectively - and potential clients know that. Maybe when you have built a solid reputation you can expand into related areas, or pull in people with the deep skills and experience to augment your basic model, but start by building a business with targeted marketing, and a wonderful portfolio of material related to that niche. In this business especially reputation is everything. My survey last year showed that most coaches get new business by word-of-mouth. Make sure that you get the recommendations because of great and specific work.

2. Define your price, and over deliver: 

Following on from my previous comment - the reputation point - the recommendations of those first clients is critical to building your business. So, go the extra five kilometers for them. Not on price; define the price level you want to have and stick with it. Cheap prices suggest cheap delivery. I grossly uncharged my first couple of clients because I desperately needed the work. Later, in preparing a quote for a potential new client - late at night and in a rush - I made a typing error in my fee rate, putting it much higher than earlier quotes. I still got the work, actually more than I could handle. The potential client assumed that, with that fee rate, I must be good. And, I am :-) Already have gone the extra distance for clients I had developed a more than good reputation. The word spread, and I have been doing this stuff now for more than 20 years! 

3. Build your network: 

As a beginner you need to get your name (and reputation) out there. Use your initial contacts to introduce you to clubs, people, and organizations that are in their network. Social networking, like this, is fine, but it is important to develop a physical presence. Get to know people face-to-face. In the first year or so, you may not have so much work, so now is the time to develop the network. You will know if you have done a great job when you never have to apply for work - they will come to you. 

4. Build the processes, systems, and administration that will provide the rock on which to build your business. 

Later, when you get busy, having these in place, tested, and running smoothly, will enable you to operate with much less stress. By processes etc, I mean such things as a decent calendar and contacts system - I use Google apps now that automatically synchronize between my phone and PC because it's all in the cloud. However, there are others. I also backup most of my material in the cloud (I use Dropbox, but there are many) as well as carrying it on a USB key AND a portable hard drive. Also consider making sure that the billing is done on time, and the follow-up rigorous - good clients will expect prompt billing and expect to have to pay on time. Avoid those that don't pay on time - they are likely to have a poor reputation in the business community anyway, and you do not want to get linked to a firm with that kind of reputation.