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So, you want to be a consultant?

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Have ever wondered how to be a consultant? This slide will guide you in your efforts to understand just what it means to be a consultant.

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So, you want to be a consultant?

  1. 1. So, you want to be a consultant . . . . . . (maybe) Barrie Gillis General Manager, Global Consultant Exchange Services, LLC
  2. 2. What is a consultant? • Independent • Self-supporting • Works via contract with client • 1099 vs. W-2 o Not fulltime o No direct supervision o Independent Tasking
  3. 3. What does a consultant do? • Provide expertise not present within client • Writes/contributes to documents • Develops/presents briefings • May represent client to client’s customer
  4. 4. Typical Consultant Engagements • Business Development • Management • Financial • Contracting • Subject Matter Expert • Mentoring • Direct Support
  5. 5. Why be a consultant? • You are a self-starter • Be your own business • Choose when you work • Keep more of the money you earn (SBA: independent consulting growing at 15% per year)
  6. 6. Why not be a consultant? • Uncertain income stream (a good year: 9 months of income) • Extended work hours • Need to be available • May entail extended travel • Manage your own “benefits”, estimated taxes, etc.
  7. 7. How do I become a consultant? • Financial planning / risk assessment • Talk to your Family! • Consider incorporating yourself (LLC, S-Corp) • Acquire General & Professional Liability Insurance • Assess your skills / experience / training o Consider additional education / training (e.g., PMP)
  8. 8. How do I become a consultant? (continued) • Pick your market(s) o Where can you make the best / fastest contribution? • Establish your labor rate • Be prepared to negotiate • Networking o Talk to your friends / colleagues o Join social media (e.g., LinkedIN) o Participate in affinity groups (MOAA, business associations, PTAC)
  9. 9. How do I become a consultant? (continued) • Ally yourself with a consulting firm 1st Business Model: o “ classic ” (been around for the last 30 years)  Positives  Immediate exposure to potential clients  Assistance in finding engagements (The consultant firm markets you)  Invoices clients on consultant’s behalf  Provides tax documents (1099)  May provide some “benefits”  Negatives  Depress your market value (30% - 90% overhead load to clients)  May require exclusivity to the consulting firm  May pick your engagements  May require fees to participate
  10. 10. How do I become a consultant? (the end) • Ally yourself with a consulting firm 2nd Business Model: o “ Contemporary ” (an entirely new business model)  Positives  Web-based, uses social media technologies  Immediate exposure to potential clients  No Exclusivity requirements  Negotiate directly with clients  Consultant controls engagement selection  No fee for consultants, ever  Very low fee to clients  No impact on consultant’s market value  Invoices Clients on consultant’s behalf  Provides tax documents (1099)  Negatives  None I can think of!
  11. 11. Questions? Barrie.Gillis@GlobalConsultantExchange.com 703-489-5352

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