Start Your Success Story in Entrepreneurship as an Independent Consultant

By

Theodore Henderson

The Wisdom Man

The complexities of modern business organizations require current means to deal with their challenges efficiently. Advisors have always been with us, but it hasn’t been that long since the role of a modern business consultant came into existence.  The first recognized management consulting firm was formed in 1890 by Arthur D. Little.  But having survived for decades shows merely that the consulting business is in demand and continues to thrive.

Before engaging in the consulting business, it’s important to understand what is an independent Consultant/Contractor, to know what considerations to make in entering the consulting industry and how to manage your success if you manage your business correctly.

What is an Independent Consultant/Contractor?

As an independent consultant, you market all the products of your experiences, intellect, expertise, and your time. All these assets create value for your clients, which is the source of revenues for the consulting business. By establishing good business relationships with clients and other consultants, you can build wider recognition, credibility, and reputation.

This is a role that many beginners are compelled to fulfill full-time. Unless you have been well-connected with your clients and have been in your industry for a significant period, the responsibilities of an independent consultant may come natural and effortless. Depending on your specialization, clients will seek your unique perspective and expert advice, which in turn supports their business or personal goals.

What are the considerations for entering into the consulting business?

Independent consultants are the equivalent of black belt holders in martial arts. They are the masters in their field, which makes them authority figures whose words are highly revered. The intellectual leadership they offer makes an appointment with them insightful and valuable. However, there are significant considerations to make when embarking on a career as a consultant.

As with any business venture, consulting has risks regarding financial, legal and operational aspects. Make sure that you consider every detail that is important in running an independent company. These include accounting, financial reporting, tax payments and other administrative issues.

Equip yourself with specialized knowledge and training that enables you to handle the demands of the role. This includes organization, presentation and communication skills in dealing with your clients as well as administrative and management skills in managing your business.

Consider your location, building your team, or using additional tools. It’s essential to make investments that add value to your services. Your clients’ or colleagues’ perceptions also affect the depth of their support for your business.

How do you manage your success?

Once you have achieved the level of performance that you are aiming for, the next step is managing your success. It’s great news that you’re doing a good job; but without proper management, all your effort may go to waste.

Make time to review your financial performance and assess if your daily operations are sustainable considering the revenues you’re generating. It also helps to know if your services are profitable enough to allow you to invest in better infrastructure or plan for your next phase of growth.

Keep building your market through promotions. Join industry associations and create partnerships that will strategically position your business. Aim to be a leader or attempt to explore new markets and find satisfaction in overcoming new challenges. 

Maximize the industry trends that will direct your consulting business to a more prominent market. It might inspire a new product or service that creates new demand and recognizes other the needs of your clients.

If possible, share your success through social efforts. Use your consulting prowess to raise funds for a social cause, create meaningful experiences and make a difference in your local area. It’s also a way to promote your business, gain new contacts, and establish yourself as a consultant.

It takes more than knowing what an Independent Consultant/Contractor is and what the role demands to be able to fulfill the responsibilities efficiently involved. Most things that will help you flourish in the business are learned along the way, and your success story unfolds every time you work on overcoming one adversity after another.

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About The Author

Theodore Henderson works with business owners, entrepreneurs, and corporate professionals. He is an Amazon best-selling author, a Certified Career Coach, a Certified Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA. In addition he is the author of the business program “Launching Your Great Business Idea,” as well as the author of the following books; “The Wisdom Compass for Christians: Your 31-Day Journey to Wisdom-Filled Living”, “9 Simple Strategies to Becoming a Strong Leader” and the Security eBook “30 Smart Ways to Protect Yourself from Cyber Criminals” aimed at owners of Smartphones, Mobile Devices, and also those who have significant online activities including Social Media, financial services, etc. He is available for keynotes, seminars, and workshops. He may be reached through www.TheodoreHenderson.com.