A few weeks ago, I received an email from someone planning to start a career consulting in the sports industry, and he asked me if I could give him any advice.
Instead of giving him just one piece of advice, I decided to ask some of the most accomplished professionals in the business what insights they could give. Big thank you to everyone who replied and contributed with this article. That was immensely appreciated.
Here is a compilation of some of the best advice they shared:
1- GAIN EXPERIENCE FIRST
This seems obvious, but we will start with it nonetheless. It is very unlikely that anyone will want to hire your consultancy services – never mind pay for them – if you don’t have a proven track record showing that you’re an expert on a given topic. So before you think about starting a consultancy business, make sure you already have some experience in the field in which you want to provide a consultancy service.
Michael Payne, the first Marketing Director of the International Olympic Committee (IOC) and one of the most renowned sports consultants in the world, says that before you offer your services as a consultant, “you must have clear proof that you know what you are talking about. When clients look for the help of a consultant, they don’t want to hear just general headlines, that anyone can spout, but real detailed insights, that can then be explained in a logical, simple, methodical way.”
Therefore, if you have no experience, you probably shouldn’t start a consultancy business. Maybe join another established consultancy and acquire some experience first.
2- BUILD A STRONG NETWORK, AND USE IT WISELY
As you start to gather experience in the field that you chose, you will also start to build your network. That is one of the most valuable assets you will have.
Frank Persyn, Founder and Director at Team Persyn Sports Consulting, says: “Over the years, I have built a widespread network in and outside the sports industry. From grassroots to C-suite. From the day I started to work in the sports industry, I have never let an opportunity pass to meet new people, to gain knowledge or to chase business opportunities. When it comes to building a network, it’s better to build a diverse one. I always try to stay in close touch with the next generation of sports enthusiasts and sports fans, as I try to understand how the new generations engage with sports, how they engage with certain technologies and which new social media channels they are using.”
Siri Wallenius recently left the European Club Association to launch Club Affairs, an independent advisory firm focused on football strategies, with her co-founder Olivier Jarosz. She stresses the importance of building a strong professional network before launching a consultancy business. “That network will give you not only clients, but potentially collaborators and even a business partner.”
Nick Lau, a Partner at Gilani & Lau International, says "Generating new business can be one of the hardest - if not the hardest - aspects of running a consulting firm, especially in the beginning. It is therefore helpful to line-up one or two key clients from within your network for the first year or so, in order to establish your company’s track record, to generate revenue, and create some important momentum in general."
3- HAVE A CLEAR VALUE PROPOSITION
There is no such thing as an “Expert in Everything”, so you must be clear about the services that you will provide and areas of expertise that you will cover.
Saam Momen, Founder of The Sports Executive Path, says: “It is still incredible that some consultancies don’t understand what their strengths are and promise work which they can’t deliver. If your consultancy expertise is, say, in marketing or operations, be straight with your clients and ONLY offer this delivery expertise. Do not enter other fields since this will show your weaknesses and most likely will hurt your relations with the clients.”
Michael Payne also stresses the importance of defining what your real specialty is. “It’s no longer enough to be general. There needs to be real focused insights, in order for you to be able to make a difference to the clients. Those focused insights may be in a given sport, a specific country or region, a certain specialist filed, such as law, etc.”
Frank Persyn says: “In any market, it’s important to clearly define your value proposition. Have a clear service offering that sets you apart from your competition, or that at least makes you known in the market. Know what your client needs and be clear how your services answer their needs.”
Nick Lau notes: “There are a lot of consulting companies and even more freelance consultants on the market. Make sure you review your business model and value proposition as critically and as honestly as possible to ensure that you offer something truly unique and/or needed.”
4- HAVE AN “ATHLETE MINDSET”
Resilience, persistence, determination, perseverance and discipline are essential traits for both, athletes and entrepreneurs, to achieve success.
Frank Persyn, who’s also a passionate outdoor endurance athlete, says that, just as in sports, “in order to be successful in business, you need to be determined and disciplined to reach your goal. It’s key to have the mindset to overcome the challenges you will face along the way - like a true athlete.” Michael Payne, who was a professional skier in the late 1970s, also uses the sports analogy: “Like an athlete, when things get tough DO NOT GIVE UP. The biggest deals that I have driven have all collapsed many times along the way. Most people would have thrown the towel in and walked away. No! You hang in there, and fight until you win.”
5- COLLABORATE WITH OTHER CONSULTANTS
There will be times when you feel that you are capable of delivering value to big clients, but you may not have the resources to take on entire projects. In that case, Peter Stafford, CEO at Mitchell Stafford Management (MSM), offers this advice: “Don't be afraid to partner up with other entrepreneurs or SMEs to pool expertise and take on bigger projects.” Remember that when you invite another consultant or company to take on a project with you, they're likely to consider you when a similar opportunity comes their way.
6- ALWAYS DELIVER (AT LEAST) WHAT YOU PROMISED… IF NOT MORE
“Delivery is a very important part, if not the main part, of consultancy”, says Saam Momen. He points out that it’s crucial to meet your deadlines and stay organised in order to keep your client happy. “Be very clear with your communication”, he adds. The problems a consultancy face are often related more to poor communication of the objectives, between consultant and client, than to the delivery itself. It is critical for the delivery to meet your client's expectations.”
Pedro Trengrouse, who is a lawyer partner at Trengrouse & Gonçalves, the Academic Coordinator of the FGV/FIFA/CIES Executive Program on Sports Management and a senior consultant to companies such as Ab-Inbev and Coca-Cola as well as organisations like the United Nations, the Brazilian Olympic Committee and the Brazilian Paralympic Committee, says that the focus should always be on the client. “If you don't have a client, you don't have a business", he stresses. "And once you have a client, make sure you under-promise and over-deliver. Focus on providing a memorable client experience, rather than the ‘low bar of mere satisfaction’. Strive to exceed expectations. Nothing motivates repeat business or referrals better than good results and a trust-based relationship with the client. Last but not least, the client’s needs must always come above yours. It is perfect when they are fully aligned. When they are not, the client must always come first.”
7- “OUT OF SIGHT, OUT OF MIND”… TELL THE MARKET ABOUT YOUR BUSINESS
“You will quickly discover how accurate the proverb ‘out of sight, out of mind’ actually is”, says Peter Stafford, from MSM. He continues: “Make sure that the market – specially your network – knows what are you are doing, where you are working, and what services you provide.”
Srinivasan Saimani, a Partner at the Indian sports law and management firm Off The Bench, also highlights the importance of communication and PR. Again, your network will play an important role in these areas. “Whenever you start, make sure you get the news out there, and push it out as far as possible - be it on LinkedIn, through your alumni network, or other channels. Don't feel shy to reach out to anyone.”
However, as Peter Stafford also notes: “Be careful not to ram it down people’s throats. There’s enough noise on social media already”.
8- BE FLEXIBLE
Currently the Director of Football Regulatory at FIFA, James Kitching was until recently the founder and Managing Director of a successful sports law and management consulting firm with offices in Malaysia and Australia. He points out that “Flexibility in consulting is absolutely key. No two clients are the same. A bespoke approach is the best approach.”
Similarly, Sebastian Rubio, founder and director at ZSPORTS Peru says: “Don’t be rigid. Although it’s important to have passion and drive, and to love your plan, make sure you don’t get married to it. You need to be flexible and adapt it to the circumstances.”
Michael Payne encourages anyone working in consulting to “think outside of the box”. He says: “Just because it has always been like that, it doesn’t necessarily mean that that will be the way forward. One of the biggest game changers back at the IOC was deciding to bid multiple games rather than one at a time. That idea was initially developed in a bar in Monaco.”
9- ENGAGE PROFESSIONAL HELP
One of the things that might hold you back is when you have to do EVERYTHING in the business, including things that you are not an expert on or even good at. James Kitching recommends you should “engage professional help from the beginning (an accountant, lawyer, graphic designer - whatever you need). It will save you significant amounts of time and money in the long run.”
10- PRICING
Pricing is commonly a “tricky” subject whenever one is starting a consulting business. “How should you charge for your work (e.g. per time or per project?) and how much?” are questions that almost everyone starting a consulting business find hard to answer.
Saam Momen advises that you create a “cost/benefit analysis” to explain the value your services provide versus those of your competitors. “Don’t undervalue yourself”, he urges. “If you think that people should pay a premium for what you deliver, stick with it and find the argument to convince your client.” He continues: “You might lose the client because of the price but at least you will not be overworking for something you think is not worth your time. And believe me, time is of the essence when working in consultancy.”
Peter Stafford agrees, but recommends not limiting yourself to paid work. “Valuing and charging for your work is important, but by giving your time pro bono to certain projects, the long-term benefits can be positive. What’s more, if you support a cause that is near and dear to your heart, you will inevitably sleep well at night.”
11- PREPARE FOR SUCCESS
Vanessa Tribet, Co-Founder and CEO at Outdooria.ch, a consultancy firm specialised in career advice focused in the sports industry, points out that when you are writing your business plan it is common that you think of a Plan B or C in case Plan A fails… However, she believes that you should also prepare for the difficulties and challenges that come with unexpected success. She says: “[When we created Outdooria] I was so focused on trying to be prepared to face each potential failure that I was not prepared to deal with success. When you draft your first forecast, make sure you also consider the possibility that your business may start faster than expected and make sure you already have some potential hires in mind (and make sure that the person knows the project). Having this person already on your side will save you time and energy if you suddenly have too much work.”
WHAT ELSE?
Are you an experienced consultant in sports, or are you simply interested in sports consulting?
Did you miss any important advice?
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