There are many consultancy work such as Finance, IT
technology, Accountancy, Engineering and Security to mention a few. Other
things to consider before becoming a consultant are your qualifications and
professional experience.
You also need lots of networking and organizational skills.
Other things are long and short term goals and growth potential for your
enterprise.
Why Organizations Hire Consultants
Companies hire consultants to identify a problem or as supplementary
staff for a project. They use experts to act as catalyst or provide objectivity
in decision making.
Many companies use consultants to gain expert knowledge
and pass on valuable knowledge.
Consultants sometimes work as lobbyists or are hired to
build new businesses from scratch.
Sometimes when the work is difficult and requires expert impute
companies use consultants.
It is cheaper to hire a consultant than a full staff.
Types of Consultancy Jobs
There are many
consultancy jobs in accounting, advertisement, business, real estate, and
auditing. You find jobs in career counseling, telephone technology, gardening
and IT. Other common consulting works
are in marketing, insurance, human resources, public relations and content
writing.
For example Human resource consultants offer advice on
employment while Information technology consultants are into software
engineering, and computer hard ware.
Target your area of specialty and companies in your niche
of expertise. Networking and referrals are the major ways consultants get
business. Offer high quality service, prompt
delivery is some of the fundamentals of a good consulting service.
Consultant engagement varies according to the industry
and client. Interim consultants are hired for a specific period as management
executives to temporary fill a vacancy.
Other ways consultants get hired is through a consultancy
firm or agency.
Working
Environment
Consultants work both on the field and back office of an
organization. It depends on the industry, type of skill and knowledge required
by the organization. Consultants are found in factories around the world
training staff and repairing complex machinery.
Qualifications
Before you launch your consultancy service make sure you
have the perquisite qualifications. You need higher educational and
accreditation in a recognized profession association or organization.
In some countries you have chartered institute of
management consultants associated with the international council of management
consultants.
There are many associations for each industry such as
accounting, law and information technology. Retired top management staffs with
corporate experience are good consultants.
Location
You can locate your consultancy business in an office
environment or at home. The financial involvement is moderate because the major
expenditure is leasing, furniture, staff and marketing.
A home-based office is cost effective, has lots of flexibility
and low overhead expenses. Other advantages of locating your consulting firm at
home are removal of transportation cost and low income tax.
Dedicate a space at home and build it into a workplace,
add furniture, computer, printer, facsimile machine and internet connection.
Staff
The kinds of staff you need are for administrative
purposes or secretarial work. Consultancy businesses generally start as sole
proprietorship or partnership companies. It is not unusual to find a
partnership arrangement in the consultancy world.
The reason is because two experts in closely related
field offer clients better service. Once your business expands you need to
lease office space for your growing enterprise. More staffs you hire are
cleaners, clerical officers and accountant.
Income
and Billing
You need to decide how much your service and technical
skill is worth. You need a delicate
balance between too little and too much charge.
Find out what your competitors are charging to get a
clearer picture. Use several quotations and charges to arrive at a competitive
price.
You need to factor overheads, miscellaneous and
additional expenses before setting a price. Your rates should include project
fee, hourly rates and retainer-ship.
Give your client options to pay hourly rate or pay per
project. Pay per project is hinged on a fixed amount for a particular period.
Bill them on a monthly base or as the job progresses.
To receive monthly payments collect an upfront payment
for the first month. The reason is because some companies are funny and might
cheat the consultant after the work is done.
The retainer method is an agreed monthly fee based on
hours. Study carefully the contractual agreement to know the frame work to
operate.
Marketing
You need effective marketing for your consultancy
business. You need to build a powerful portfolio of your work for clients to
see. Your business needs lots of awareness to get noticed by companies.
There are a few marketing options such as organized
seminars, public speaking, colorful brochures and advertisement. Many
organizations hire public speaker so leverage on this market, get paid and get
new clients.
Produce a comprehensive glossy newsletter full of
important content and information. Study other newsletter in your field for
inspiration for latest jobs and trends.
Use consultant directories to reach clients and newspaper
advertisement. Lastly leverage on referral to get good business from happy
clients.
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