One of the great benefits of MENG is our Special Interest Group (SIGS) ' one of the closest nit SIGS at MENG is the Consulting Group. I expect there are thousands of years of combined experience with the members, and I've witnessed complex problem solving between the
1. Figure out who your clients will be. Test your network, figure out where your business pipeline is going to come from before you actually jump in.
2. Get a business credit card. Use this only for business related expenses; it makes your end of year filing much easier.
3. Set up two bank accounts: one for your available cash and one to deposit at least 30% of all revenue for tax purposes. No one wants to get slammed at the end of the quarter or end of the year with a huge tax bill.
4. Find an accountant, a professional that has experience working with independent consultants. The tax preparation and process is much different than being an employee. And take their advice over mine for your tax planning.
5. Build a peer networking group, and I suggest starting with MENG Consulting SIG as well as building a local network you can meet with face to face.
6. Create a routine ' if finances allow, get an office or join a co-working space. If funds are tight and your home office is it, be sure to 'go to the office' every day. Build a routine. Don't roll out of bed, throw on sweats and ease into the day. I've heard many consultants remark at how important this is ' they actually get up, shower, change, go out of the house to get coffee, tea, or whatever, and then come home to 'arrive' at the office.
7. Be structured about your business development time. You MUST build this into every week. The most common challenge consultants have is taking on a new project and abandoning the business pipeline. It is THE fastest way to kill your consulting practice.
8. When working with clients don't make a habit of responding to odd hour emails. Midnight emails with a client who doesn't work at midnight can create an impression of disorganization. Time sensitive and deadline driven projects are the exception.
9. If projects require you to bring on other consultants, choose your partners wisely and talk about money up front. You can ruin good partnerships by moving too fast without talking about specifics on compensation and payment terms.
10. Be prepared to talk about payment terms with your clients. Here's a post I wrote for the MENG Blend a while back on collecting fees for consultants. Cash flow is critical and waiting on red tape for ninety day payment terms stresses the client relationship as well as your personal finances.
11. Don't title yourself CEO. This may rub some current consultants the wrong way, but my opinion is that it's misleading. I suggest Managing Partner or something a little less corporate.
When it comes down to it, there's a ton to consider, and consulting is definitely not for everyone. I'd welcome the group of successful MENG consultants to add tips, comments, or disagreements. Was there a key tip I missed?
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