| Topic Name: |
Doing the Independent thing... |
| Message Name: |
Going Independent |
| Date Posted: |
07/09/2003 |
| In Reply To: |
I'm a Sr. Manager at a top consulting firm and am considering some solid independent consulting opportunities at the moment. Already have a potential client lined up and am looking to structure a nice contract. Does anyone have any advice on what things to take into account when structuring an independent consulting contract with fees, hourly bill rates, costs incurred of going inpdependent, incorporating, benefits, pto, overhead, etc.? I'm obviously looking to set up something sweeter than what I currently have at the firm I'm with. So, I figure I need to take into account that my contract should cover total comp and costs as well as a nice profit. I've heard not to underestimate costs such as benefits and other overhead. Any advice is greatly appreciated.
Thanks. |
| Message: |
bmg74:
I would first suggest that you figure out what exactly your USP (Unique Selling Proposition) is.
What makes doing business with you better than doing business with the competition (or from the consulting firm you now work with)? You need to figure out your USP and capitalize on it. It could mean the difference between hunting down clients or having them search for you.
It may sound elementary; however, your USP is important and should not be overlooked before you leave your firm to become independent. You may have a few clients lined up, but what happens when you need to search for clients again?
You should use your USP each time you speak to a potential client; on your resume, on your web site, on the back of your business cards, in articles you write...Your USP is what keeps your name at the "top of mind."
Do you have a particular industry that you prefer to consult in? Is there an aspect of consulting that you are better at than others (dealmaking, a generalist, operations, strategy, marketing, business development...what is your specialty)? Find what makes you the "best" at what you do, then capitalize on it.
All of the budgeting and pricing is definitely important; however, it won't do you much good until you figure out how you will promote yourself (my opinion).
It is awesome that you are in such an exciting position! You must be doing something better than your peers.
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