An action plan for working as a consultant
Management consulting is a $250 billion industry and growing at a rate of over four percent annually. Many predict that more than 40 percent of the U.S. workforce will soon be contingent, freelance, or consulting members of the workforce - making this book more relevant than ever.
Individuals become independent consultants out of necessity or preference: necessity because they lost their job or the company offered an attractive exit package; preference because they want a career change, more control over their time, or an enriched, varied work situation. Consulting also appeals to the Millennial workforce who are searching for careers that offer a good salary as well as meaningful work. The New Consultant’s Quick Start Guide:
• Serves as a companion to The New Business of Consulting
• Provides you with a place to plan your transition into consulting
• Helps you identify your niche, develop a business plan, charge what you’re worth, and create a marketing strategy to ensure a steady stream of clients
• Prepares you for changes you will encounter beyond your professional life, including social, family, and financial aspects
The New Consultant’s Quick Start Guide helps you work through the challenges of consulting such as working alone, deciding on necessary insurance coverage, finding your first clients, struggling with cash flow, and understanding market trends.
Table of Contents
Acknowledgments xv
Introduction xvii
1 First Things First: Why Consulting? 1
Chapter Overview 1
Consulting: What Is It? 1
Why a Consulting Career? 3
Explore Your Experiences 4
Inventory Your Competencies 6
Assess Your Consulting Aptitude 9
Pull It Together: Your Initial Consulting Focus 11
Entrepreneur Attitude: Do You Have What It Takes? 13
Quick Start Action: Questions to Ask a Consultant 17
Quick Start Lists 19
2 Planning Your Consulting Future 21
Chapter Overview 21
Your Preferred Future 21
Will Consulting Lead You to Your Life Goals? 26
Professional, Financial, Personal, and Health Considerations 31
Identify the Changes You Will Need to Make 35
Quick Start Action: Create Your Personal Expense Plan 38
Quick Start Lists 40
3 Dollars and Sense 41
Chapter Overview 41
Establish a Start-Up Budget 41
Put a Price on Your Head 47
Calculate Required Revenue 50
Fill Out Financial Forms 57
Quick Start Action: Setting Your Fee 58
So What’s It Take to Get Off the Ground? 62
Quick Start Lists 63
4 Taking Care of Business 65
Chapter Overview 65
Getting Started 65
What’s in a Name? 66
Hire the Best Accountant and Attorney 70
Quick Start Action: Find an Accountant and Attorney 72
Determine Your Business Structure 73
Explore Your Banking and Insurance Needs 82
Check Local Zoning Laws, Licenses, and Taxes 87
File Legal Documentation 88
Quick Start Action: Your First To-Do List 89
Quick Start Lists 91
5 Your Business Plan 93
Chapter Overview 93
Are Business Plans Really Necessary? 93
Write Your Plan 101
Plan to Use Your Business Plan 109
Quick Start Action: Plan a Review 111
Quick Start Lists 112
6 Make the Switch Painlessly 113
Chapter Overview 113
Gain Consulting Experience Before Leaving Your Job 113
Determine Your Transition Plan 118
Quick Start Action: Plan with Your Family 124
Quick Start Lists 126
7 Setting Up Your Office - or Not 127
Chapter Overview 127
Office Location Options 127
Set Up Your Office 131
Paper, Paper Everywhere! 135
What About a Website? 146
Quick Start Action: The App Age 148
Quick Start Lists 150
8 Finding Clients 151
Chapter Overview 151
Determine Your Market Niche 151
Quick Start Action: Is There a Client Base? 156
Who’s Your Competition? 158
Identify Your First Clients 164
Land Your First Work 167
Quick Start Action: Make a Sale to Solve a Problem 176
Quick Start Lists 177
9 Marketing 179
Chapter Overview 179
What Is Marketing? 179
The ABCs of Marketing 180
Create Your Marketing Plan 181
Build Your Marketing Plan 185
Marketing on a Shoestring Budget 196
Quick Start Action: Grab Attention with Your Headlines 199
Write Winning Proposals 200
Track Your Clients 204
Tips to Become a Better Marketer 206
Quick Start Lists 208
10 Surviving the First Year 209
Chapter Overview 209
Take Care of Your Health 209
Manage Your Time 211
Establish Good Business Habits 215
Delight Your Clients 217
Balance Your Life 218
Take Advantage of Being Your Own Boss 222
Did You Hear the One About the Consultant . . . ? 224
Quick Start Lists 227
11 So, Now What? Year Two and Beyond 229
Chapter Overview 229
Assess Your Progress 229
Quick Start Action: Review Your First Year with Your Family 231
Plan Your Next Steps 232
Bring It All Together 239
Quick Start Action: Review Your First Year with a Colleague 244
ebb’s 13 Truths to Ponder 244
Quick Start Lists 248
Electronic Resources 249
Reading List 251
About the Author 255
Index 257
