There are many things to consider before you decide to start a consulting business. While consulting offers you the flexibility to set your own hours and take on the projects and clients are passionate about, consider whether you have the knowledge, experience, and self-discipline to run a successful company. Here are four questions to ask.
- Is consulting a good choice for me? Working for yourself requires the discipline to manage yourself and your client projects. While working for yourself is extremely rewarding, it requires the ability to separate your “personal” and “professional” lives, work long hours to complete projects, and manage client expectations.
- Are you comfortable being responsible for all aspects of your business? When you start a consulting business, not only must you provide services to your clients, but you must plan your own schedule, keep track of your time, market your services, and manage your finances. Are you prepared to put in the extra time to make your business successful?
- Do you have three months of salary and expenses saved? Making a full-time living with consulting often doesn’t happen overnight. It takes hard work and dedication to attract and keep the right types of clients. If you are too focused on how to pay your bills at the end of the month, you may have to take on projects that aren’t a good fit for you. Before you jump full-time into consulting, have at least three months salary saved to give you a “safety net.”
- Do you have the right certifications? Some types of consulting involve educating yourself and becoming certified in a particular skill set. For instance, if you provide IT consulting, you may need to have A+ or MCSE (Microsoft Certified Systems Engineer) certification. For business consulting, you may need an MBA (Masters of Business Administration), CPA (Certified Public Accountant Certification) or other certification to be competitive.
If you answered “yes” to each of these, then starting a consulting business may be a great option for you.
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