It seems that every time there is a reduction in the number of managers over age 50 at a large corporate employer, a rash of new "consultancies" spring up.
This makes sense, because many individuals can start successful consulting companies with just a Rolodex or Blackberry address file and a set of business cards. The time and cost to start are low.
More and more often today, we also see situations where the individual loses her job, but her old corporate responsibility, and the projects she was working on, don't go away.
These projects are often being completed by the same individual who was given the pink slip...acting now as an independent contractor.
Consultants make money from selling what they know and whom they know. But unlike the somewhat passive form of a book or guide, they add advice and recommended future action to their knowledge to increase their value in the marketplace so as to justify fees of $150 per hour and up.
In many cases, what consulting clients are really paying for is the consultant's connections in a specific industry; his past acknowledgement as an "industry expert"; and his effectiveness at staying up-to-date with the latest inside information and techniques in the industry.
Ten Keys To Building a Successful Consulting Business
- If you haven't left your employer yet, talk to your boss about the chances of returning part-time as a paid consultant.
Author: Jeff Williams
Copyright 2009 StartupNation, LLC
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