Growing a business from scratch takes grit, courage and tenacity. However, one tool that can help identify external factors that need to be mitigated is a PESTEL Analysis- A PESTEL analysis is a tool used by existing or new venture businesses to analyze and understand the external factors that can impact business success. PESTEL stands for Political, Economic, Sociocultural, Technological, Environmental, and Legal.
I highlight here how a PESTEL is able to help me identify external issues to consider while seeking to establish a proper consulting business from an existing freelance consultancy.
