Getting Started in Consulting

Posted on 30. Mar, 2010 by Debra Thompson Roedl in Consulting

The definition of a ‘good job’ has changed tremendously compared to the years before. Nowadays, a good job does not only equal to tangible expectations like a good pay in a big corporation and job security that lasts.

A good job is one that, aside from the tangible expectations mentioned, also provides more quantity in terms of the amount of time to spend alongside the performance of the job. Whether they want more time to spend with family or to do things they love to do at their own comfort zone, it’s essential that they feel free and obliged to perform their task at work, to the best of their ability.

And what better way to start than to venture into your own consulting business? Consulting is considered as one of the best profession around due to its versatility. First of all, consulting jobs is available all year around, unmoved by factors such as the current growth of economy, the statistics of unemployment in the country, stock market and such.

One of the reasons why consulting jobs are popular is the increasing number of companies looking for outsource on their projects and consulting jobs. Hence, the remuneration to gain from a successful consulting business can be tempting.

To get started, one question you may need to ask yourself is whether you want to hang on to your full-time day job or venture out on your own. The latter option might sound a bit risky, but then again, so does every start-ups and businesses. Whatever the decision you’ve made, it should be one that is thoroughly considered and not done in haste.

You can start sending out your resumes in search for consulting positions around. There can be many strategies to look for the job, the same as when you first started on your job hunt such as writing in by formal letter or cover letter emails to companies that may be interested in your application for the job.

To better your chances in seeking for the job, it also helps to network around. You may discuss it with your friends who are in the consulting field, friends of friends, or even former employers that may give you an idea or two on their opinion about the industry. You will learn more about the industry, and at the same time, they will be informed as well of your intentions to seek for a consulting position.

Take note however, that the period of job searching can take months so you have to be very patient and keep trying. Eventually, this would be test to your determination and the level of your soft skills to obtain your very first consulting job.

Do You Have The Right Business Mindset

Posted on 04. Mar, 2010 by Debra Thompson Roedl in Business Mindset

How many times have you heard someone complain that they are unable to start a business, grow it and turn a profit because they do not have capital? No doubt that capital is an important part of successfully running a business. But contrary to what some might believe, many unsuccessful businesses and have their problems based less on the amount of capital the business has access to and more on the mindset of the business owner(s). Going into business with an employee mindset as opposed to a business mindset can break even the most capitalized of businesses.

The first path to having a successful business is based on one fundamental principle: businesses are set up to make money. Every action and decision that you as a business owner take must be informed by the return you will receive from the action. You might have heard the phrase ‘If you enjoy what you do, you will never have to work a day in your life’. It is true that enjoying what you do is always a plus in any business you do. But there must be a clear distinction that the end goal in setting up the business is to make a profit; having fun as you do so is an added benefit.

Another key component of a success mindset is collaborative but independent thinking. There is nothing wrong with asking for advice on certain aspects whether it is strategic advice from someone who has experience operating your kind of business or at an operational level from one of your employees. However, the key decisions that will determine the direction the business will take must ultimately be owned and rest with you. Even in the absence of such input from knowledgeable persons, you must understand your business well enough to be able to make key strategic decisions on your own.

A business mindset also means being open to ideas for generating income from multiple sources. Focusing on your core business is not a bad idea. However, and more so for small businesses, diversification might be the path to generating adequate income to shore up your core product during leaner times. In addition, you could land on a particular angle of business that might have such strong growth potential that you end up setting an entirely new company just for it.

Finally, a business mindset demands that one must be intimately familiar with the vital numbers that define their business. Trends in expenses, revenue, new products, overall employee headcount, individual strengths and weaknesses of key staff, market share and business forecasts. In addition, you must keep tabs of changes in the regulatory environment to ensure that you not only avoid falling foul of the law, but that you can also take advantage of opportunities that the new laws may present. Understanding the key parameters around your business does not require you to be an expert in accounting or law; having a success mindset only requires that you have a working knowledge of the information.