Independent Consultancy

                                                             
Independent consultancy is becoming a popular career choice for many who want to take greater control of their future; being your own boss is an attractive proposition and in today’s economy where ‘knowledge is king’ there are many individuals who feel that they can make a very good living by selling their particular knowledge specialism.

Consulting is a viable and growing option, More than half of consulting firms are businesses operated on a sole trader basis. Moving away from a corporate environment, giving up full-time paid employment for an alternative lifestyle will present challenges but with careful thought and planning you can build a successful consulting business. Keys to success lie in having the right personal qualities and skills as well as an understanding of management practices. Consultancy may be defined as ‘ providing independent services to meet clients’ needs in exchange for a fee’. The fee element is important, there are plenty of people willing to take advice but making sure that you get paid for your consulting expertise is key.

Some major benefits of Independent Consultancy:

1. Independence, getting out of corporate life, leaving behind office politics.

2. Job satisfaction – wanting to set up your own business in your in your own way and style .

3. Achievement and success – There is a real sense of achievement attached to running your own successful business but be prepared to deal with the challenges this brings and equip yourself as best as you possibly can to deal with any difficulties.

4.  Money – Starting and running your own consultancy does not guarantee wealth. It can be a very good source of income, but income generation can be erratic so you do need to start off with a financial cushion to ensure that you can pay the bills whilst you start generating consultancy income.
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As a consultant you will need an area of expertise – your services will be bought when what you offer is not available internally to a client. Think about what it is that you are selling – clients are busy people so you need to make it quite clear at the outset what it is you can deliver and how it will benefit them. Having an area of expertise may mean that you want to concentrate on a specific discipline or in a specific sector. If you limit yourself to a particular sector then do consider how the impact of any industry downturn might affect your own business.

Some consultants prefer to market themselves as generalists, selling a range of skills/services across the market. A word of warning - clients may be suspicious of someone who purports to be able to solve all their issues. If you feel that you are more likely to succeed as a generalist then I’d advise you to sell your services as an expert in the area that you consider a priority for the client then introduce other generalist skills as assignments develop.

Self-audit:

It is advisable to undertake some self-assessment and analysis before embarking on a new consultancy venture. Firstly assess your skills, undertake a self audit exercise - detail your skills (technical, business, leadership, selling, organisational) and attributes; consider how you might apply these in consultancy work. Be honest and objective; ask friends, colleagues and family members their opinion.

Undertake a SWOT (strengths, weaknesses, opportunities, threats) analysis. This will help you to get an overview of what is working for and against your consulting business and will also help you to plan your strategy.

Selling yourself:

Consultants need to be able to promote and market themselves. You will be responsible for your own marketing and although it is relatively straightforward to set up as an independent consultant, establishing, sustaining and growing your business requires marketing and promotion. Promoting yourself, persuading people to support you and winning clients is key.