Considering Consulting? What Are You Waiting For?

What about you? How do you know if you are ready to make the move? What’s holding you back?

How do you feel about the work you are currently doing?

• Do you love getting up in the morning to go to your job?
• Are you excited about the problems you solve and the people you work with every day?
• Do you see a role for you in your company five years from now?
• Does climbing that corporate ladder seem satisfying?
• How meaningful is the work you do every day?

Now, consider the alternative:

• Have you thought about consulting and using your talent, skills, knowledge, and strengths more fully to help others?
• Are you ready to trade the hassles of your daily commute and the same old work for something more exciting?
• Do you have expertise that is in demand?
• Does building a life of independence and alignment sound appealing?

Don’t over-simplify the process. If these questions resonate with you, perhaps you are closer than you think to become a new business owner. Starting a business takes time and energy, but consulting is a relatively inexpensive and easy business to start.

Here are seven start-up tasks to put you on the right path:

1. Ensure that you have at least six months of living expenses set aside. It takes time to get clients.
2. Interview several consultants to explore the challenges and rewards of the profession.
3. Think about how you could start consulting: Should you start a part-time side hustle or go full time? With a partner or alone? Work for another consulting firm or start out on your own? There is more than one way to start a consulting business – find what will work best for you.
4. Conduct a self-assessment that measures your entrepreneurial aptitude.
5. List what you need to do personally and professionally to make a smooth transition.
6. Once you’re sure you want to take the leap, begin to think about the clients you’ll serve:
   • What client problems you will solve and how you will do that?
   • What competition exists?
   • Who are your ideal clients and where will you find them?
7. Next, plan the legal and financial aspects:
   • Forming a business entity, such as an LLC or a corporation to protect your personal assets.
   • Obtaining your tax ID.
   • Creating a name for your consulting practice and obtaining a domain name that matches.
   • Starting your business plan – keep it flexible, but also think about where you want to take your business in the future.
   • Developing financial projections to determine whether consulting will be profitable.
   • List the expenses you’ll need to invest.

Of course, this is just a start. If all this is new to you, it may seem overwhelming. It doesn’t have to be. That’s what we do best – help new consultants get started. We’d love to help you walk through the details, answer your questions, and guide you to the resources you need.

Are you considering consulting? What are you waiting for?