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Consulting- Is it Right for You?

Consulting- Is it Right for You?

  • 02 Jun 2016
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Consulting can be a nice “bridge” between jobs. You might even find that you like it! In fact, some companies prefer this approach – it’s safer and they can check you out first without making a commitment. But, before you consider going out on your own, below is some insight and tips to consider.

Consulting is Growing Fast

Management and technical consulting is one of the fastest-growing industries. At 44% in 10 years, it’s grown four times faster than the workforce growth rate.  You can consult in almost any field and once you get a taste of charging 3X your hourly rate from your old job, you may never go back to a full time job!

According to a Robert Half Management Resources consultant survey, their consultants cited the following most frequently when asked why they liked consulting:

Robert Half

The International City/County Management Association’s Encore Manager Committee shared the following thoughts of solo consultant and the advantages vs. joining a firm:

1. Being their “own boss”.

2. Flexibility in choosing the hours and the intensity of work.

3. Freedom to work for a particular client or not.

4. Accountability solely to client and oneself, not to a firm.

5. More opportunity to integrate work, family, leisure and volunteer pursuits.

6. Less overhead with the opportunity to conduct business from home.

7. Having to manage only oneself.

Business Webpage

Having a business website not only makes sense, there are significant benefits.

According to the McKinsey Global Institute report on “What business can do to restart growth,” a study of 4,800 small and midsize enterprises found that those with a strong Web presence grew more than twice as quickly as those with a minimal or no presence—and created more than twice the number of jobs.

Managing Clients

Find a few clients who need your help part time – that’s often much easier to achieve than a full time consulting job. It’s also safer – when you lose one of your clients, you still have income with the others. If you can find two clients who need you one day a week, you can make as much or more than a full time job. If you find 3 or 4 one-day-a-week projects, you’re making much more.

Many companies desperately need heavy-weight talent, but can’t afford a full-time person. If you are smart from the start, you can build a nice book of business that has a steady stream of income over time.

Tips to Jump Start Your Consultant Career

A. Pick a niche where you excel. Don’t compete with the giants.

B. Get a REAL web presence. Professional website design, creation and launch can cost $8,000 to over $10,000. If you are concerned with cost, you can opt to build a “do it yourself” site. The problem with this option is unless you are a real “techie”, chances are high, that you will spend more money than you saved when you break down and hire a professional.

If you can’t afford the cost of designing, building, launching and then maintaining a website, partner with a company such as Boardroom Advisory Group (real company, real email address, real consulting affiliation, real established brand, real web presence).

C. Establish a corporate email – Generic emails diminish your value

D. Create your value proposition

E. Get REAL business cards (Boardroom Advisory Group provides a starter set for each new member).

F. Market your business. Network/ Blog/Tweet/YouTube/Advertise/(Blog for free as a member of Boardroom Advisory Group, post YouTube videos, speak at local colleges, etc.).

Resources:

https://www.roberthalf.com/management-resources/consultants/considering-a-career-in-consulting/benefits-of-consulting

https://www.uschamberfoundation.org/blog/post/we-need-growth-heres-how-get-there/33887

http://icma.org/en/ca/home

 

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