If you are a specialist in a business-related field and want to help out other companies, starting a business consulting firm may just be the career you’re looking for. Business consultants have an ongoing demand from startups and large corporations alike.
Whether it’s marketing, communications, or business plan writing, expertise in these and other areas can lead you to a lucrative career in business consulting.
But it isn’t all sunshine and rainbows. Being a consultant comes with several added responsibilities and risks.
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And in today’s article, we are going to discuss the pros and cons of business consultancy. Here’s the good, the bad, and the ugly of starting your own consulting firm.
Here are the best things about having your own consultancy firm:
- Unlimited Potential
There are countless opportunities for consultants with in-demand skills. Plus, there is always room to learn more skills and expand your firm’s capabilities.
- Work From A Home Office
You can start your consulting business at home. This will keep your startup costs low, and working from home can give you benefits when you file your taxes. Of course, having a home office comes with its own challenges, particularly of privacy and self-motivation.
- Capitalize On A Niche
With a consulting firm, you can provide a broad range of services or focus on a niche. Businesses usually reach out to experts when they don’t have the expertise in-house, be it recruitment, accounting, sales training, etc.
Let’s now go over some less appealing aspects of having a business consulting company.
- Lack Of Certification
Along with experience and expertise, many companies require consultancy in areas where you should have the required degree or certification. You need to study the market for consultants in your niche and see whether clients prefer professional certification. Otherwise, it will be difficult to find work.
Speaking of finding work, new consulting firms have to invest more time to find clients than doing actual consulting. It involves putting yourself out there, networking with different clients from different industries. Your knowledge and experience matter, but you also need to have people skills to thrive in this trade.
Let’s now take it up a notch and consider a few drawbacks to consulting.
- Long Hours
Escaping the 9 to 5 routine and working flexible hours is a plus point of consultancy. However, expect long hours to be the norm. You have to take out time for networking, following-up, and meetings. And this in addition to the actual job. That too within the deadline. This is the ugly side of ‘flexibility.’
- No Job Security
Most importantly, consulting firms survive from one project to the next, especially in the nascent stages. You will often have confirmation from a company, but budget cuts or other factors can cause the contract to end unexpectedly.
So there you have it, the pros and cons of becoming a full-time business consultant. Consider these factors before you take the plunge and launch your company in San Diego, CA.
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