I have a financial background and I am currently working as an account payables administrator for a retail store. I am considering striking out on my own as a consultant. I am sure there are a lot of you who have been in a similar position as me and I wanted to ask you for some advice. Would you do it again? Is it better to specialize or be a generalist? How do you charge for your services? Do you use contracts? Any help you could provide I would appreciate it.

Working with clients and completing projects are very satisfying. The best thing is working for yourself once you do and you make decent money you will not go back to a corporate environment. One thing I would suggest you do is try to get as much done as possible i.e. contracts, presentations, technology etc before you leave because once you get started hopefully you will be so busy you will not have time to develop the materials.

If you have a financial background it is a great start because you can go in and analyze the financials and use that as a starting point to solving some of the clients problems.

I would make sure that you focus on an area where you excel rather than trying to be all things to all people. I would also make sure that you develop an internet presence because it is fairly inexpensive. You can also look to franchises there are several that focus on the financial world for example taxes or payroll servicing that are relevant to you past experience.

I agree with some of the other comments especially trying to get a lot done before you leave. I would also try to get experience by joining some project posting boards like www.companyexpert.com and Guru.com - The world's largest online marketplace for freelance talent.. I would also recommend you try to get some business from your existing firm that you work at so leave on good terms.

A strategy that I have used in the past is to develop two sites each focusing on a different niche and targeting your clients through those sites. It allows you to appear to be a spe******t but not force you into a particular niche.

I would make sure that you bring with you tools that you might of developed in the office that would be helpful in the consulting field. For example are there any excel templates that would be helpful, presentations etc. I would also plan to have a net outflow of cash for at least 6 months because this is the period you will have to make the most significant investment in your business. Some of the things you will need to get are:

website
logo
software applications
hardware
consulting contracts
phone number

etc. It gets expensive. I would also start working on some of these now i.e. the logo and website

I hope that helps and good luck

I agree with Ace too many consultants try to be all things to all people I would identify a few key niches and exploit them. I would also encourage yo u to find other consultants who are in different fields so you can develop a referral network to earn additional dollars. Moreover, you will earn the clients trust if they ask you if you can do something and you say I could but there is probably someone else who is suited for the job better than I

Hi,

You might consider the form that your consultation will take. Strategic planning and project planning will focus on your knowledge more than your time. Accounting, implementation and documentation are potentially time consuming functions. Project management and training require knowledge and results.

Jay

Thanks for all your feedback I am more confident about the direction I want to take - Thanks for all your help.