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.

Creating Lucrative Consulting Contracts Through Retainer Agreements

Posted on 10. Sep, 2009 by Debra Thompson Roedl in Consulting, Information Marketing

One of the great benefits to Information Marketing is that you can generate revenue through a number of opportunities besides just creating Information Products.  Consulting is one of those opportunities and one that you should consider.  Why?  Because one of the fastest ways to make money quickly is through consulting.

But if you are just getting started in consulting and you don’t know how to negotiate your fee, then one of the strategies you should consider is negotiating your services through a retainer.  A Retainer agreement, is a contract between two people or companies where one pays to reserve the others time.

The Pros and Cons To Retainer Agreements

So, when it comes to retainer… one thing you have to take into consideration is that a business arrangement with a retainer is more valuable and therefore should be worth more (you charge more). 

The reason for this is because someone is essentially saying we want to be able to call upon you at any time throughout the retainer period and have immediate access to you, your knowledge and your time.  This is like being "on call".  With that said… you have to determine first what your time is worth for being "on call"… this is premium time.  Then the second thing you have to do is estimate the amount of hours you are willing to provide for the retainer and for what duration.   You need to ensure that you are getting premium reimbursement for your time and that this is reasonable upon your schedule.

Also… this is important.  Negotiate that once x hours is exceeded during the retainer period, that you will be reimbursed $xx.xx per hour for any additional hour over the agreed time.  This will ensure you are not taken advantage of and will then be reimbursed fairly for your services.

Retainers Can Be Very Lucrative

Retainers can be good on your part when negotiated carefully and in your favor.  I’ve had several retainers where I negotiated monthly rates and the client was paying for my "on-call" time to have access to me, my knowledge, my contacts etc. whenever they needed.   Often times I would work maybe 5 hours a month and yet still receive several thousands of dollars per month regardless of the actual time I worked. If I worked less hours than agreed to for the monthly retainer, they still had to pay me the retainer monthly lump sum, Yet, if I worked x hours over the agreed time they would pay me my hourly rate for any additional hours.   So in this example you can see when it can be lucrative and your time reimbursed accordingly.

Make sure that when considering a consulting opportunity that it meets with your vision, it produces revenue for your company, it continues to move you forward and is a win-win.  If it doesn’t meet any of these criteria… then think twice.  This is your business… you are in it to make money.  You can help others after you make money.  Don’t feel obligated to help friends, family, etc. and above all don’t devalue your talent and expertise.  Charge accordingly.

About the Author

Debra Thompson Roedl is an internationally renowned Information Marketing expert, author, speaker, trainer and consultant. Visit her blog and signup to receive to get free special reports on business and marketing strategies, along with blog updates, news and more! 

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