Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

So, you want to be a consultant?


Published on

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.

Published in: Business
  • Be the first to comment

  • Be the first to like this

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? 703-489-5352