Minding Your Own Business

Think you have gone as far as you can in your present job? Instead of looking around for a similar position in another company, you may want to strike out on your own as a consultant.

With a greater acceptance of telecommuting and companies outsourcing a number of their functions, individuals may want to consider being an independent consultant. But before you jump in, take the following into account:

1. Do Your Budget Projections

Every business has to have a proper system of budgetary planning. This is vital if you do not want to lose a potential contract due to financial constraints. If you are unsure, it will be advisable to meet up with friends in the same industry. But do your homework first and check if they will be in direct competition with you. They may not give you accurate advice because they may reveal vital information about their core competencies. Alternatively, you can source out information from your business associations.

2. Get a Private Banker

Every consultancy needs good financial advice. Learn to delegate some financial requirements to the professionals. They may actually help you to avoid pitfalls that can impede the progress of your consultancy.

3. Consider private funding

If you believe that your consultancy is built on a franchise or a first-mover opportunity, you should consider seriously getting private funding. However, before you hit the streets with your business plan, get legal advice about the protection of your intellectual property and do a background check on the venture companies that you are approaching.

A big plus in getting venture funds is that you can secure a much bigger principal sum and there is better support.

4. Be consistent with your pricing plan

In order to be credible and professional, you should put serious thought in the pricing plan for your services. You may want to charge on a per hour or per contract basis. However, you can make exceptions if you have intention of creating alliances with your customers or embark in a co-branding exercise.

5. Don't make too many promises

As you start your new consultancy, you should give value-added services and not be too accommodating to your initial clients. The reason is that they may actually pass information about your "low" pricing plan and omit the fact that the pricing plan is not a permanent arrangement. It is better to get a few big contracts to boost your consultancy's credibility first. Also, remember to seek permission to quote your clients as references.

6. Target public tenders

There will be regular public tenders for various projects. Your consultancy should gear up for these public exercises even though you're relatively new. The reason is that this will give you discipline and encourage you to be more aware of the business climate in your industry, such as the minimum requirements and expectations that are accepted industry-wide. This could be your best way of getting a reality check.

7. Build alliances with your employees

As you start your recruitment drive, be mindful that your new employees have a difficult task of building new alliances for your consultancy. You can make their task easier if you could accompany them to networking opportunities.

About The Author

Colin Ong TS is the Managing Director of MR=MC Consulting (http://www.mrmc.com.sg) and Founder of 12n Community; colin@mrmc.com.sg

---

Are You Making These Common Job Interview Mistakes?

Going to an interview without a plan of action is... Read More

Resume Tune Up

Employers have fears, uncertainty and DOUBT (the FUD factor) over... Read More

Job Search Lessons From The Super Bowl

The Super Bowl is a game but, like sports in... Read More

Losing A Career Can Feel Like Getting A Divorce

Most of us are aware that we need to grieve... Read More

Unemployment Blues: Staying Afloat

The unemployment checks are running out and there is no... Read More

Top Career Advice ... More Choices and A Better Way of Life

Why Career Advice Is So ImportantChoosing a career presents a... Read More

Are You Living Your Career Dreams?

Inherent within the human spirit is a desire for fulfillment,... Read More

A Job is Not a Job

It only happened on Mondays. Sometimes I escaped... Read More

Resurrecting the Perfect Resume, Part One

Is your resume dead? Don't be so quick to say,... Read More

Resume Layouts ... The Hidden Pitfalls

Options for Resume LayoutsThere are many options of available to... Read More

Career Transitions: Creating Complementary Careers in a Day

Down-sized? Outsourced? Burned-out? Wizened up? That's what I said. Wizened... Read More

How Long Does It Take To Write A Resume?

Many people can easily write a resume in just a... Read More

How To Write The Perfect Cover Letter: Be Brief--And Be Gone!

The best cover letters are 'one-page wonders.' Why? Because they... Read More

Nine Ways to Tell Youre Ready for a Promotion

So you noticed the new job board posting on your... Read More

How to Be Prepared for a Layoff

If you are concerned that your company might be planning... Read More

Everyday Is Saturday: Help for the Suddenly Unemployed

I recently was "unhired" by my former employer. Unhired is... Read More

Building Performance Trust

You can have outstanding ideas, yet never leverage them into... Read More

Job Offer Negotiations: Getting What You Want

You have worked hard at finding your next job. You... Read More

Consultants - If We Cant Laugh At Ourselves?

There are hundreds of varieties of Consultants these days. We... Read More

How to Turn Career Mistakes into Career Wins

I recently talked with a client who was paralyzed at... Read More

How to Make More Job Contacts Faster, through Viral Marketing

Are you in the job market? Sick of every blog-byte... Read More

Ten Questions For Entrepreneurs To Ask Themselves

Ten Questions For Entrepreneurs To Ask Themselves1.Do I have the... Read More

What Do Employees Wish for Most (And How To Get It)

What do many employees wish for at work? A bonus... Read More

You Should Interview the Interviewer, Too

I know what you are thinking. You're thinking, "Wait a... Read More

Can You Actually Fail A Personality Quiz?

Q. I didn't get a job that I interviewed for.... Read More

Corporate World: Jungle Or Paradise?

The road to the top is not easy, it is... Read More

Which Half Are You?

When more than half of Americans were identified as overweight,... Read More

How to Evaluate Job Offers and Zoom In On the Right Opportunity for You

You've been successful in your job hunt and have received... Read More

Have Enough Money to Change Careers - Five Key Steps

At every talk I give, I ask the audience to... Read More

Booster & Drainers

Like huge anchors on cruise ships, other people... Read More

One Cover Letter Secret You Cant Afford To Miss

Suppose you were the hiring manager, your desk piled high... Read More

Kick-In-The-Pants Job Search

Believe it: three obstacles will hold you back from your... Read More

Network Now

Have you ever been to a networking event that was... Read More