8 reasons the economy means opportunity

23 Jan, 2012 1:01 am

Opportunities for consultants in a bad economyWorried about the economy? Don’t be.

When you’re a consultant you’re in control. You create your own business, your own contacts and your own client list. Being in control is one of the many reasons why consulting rules.

Here are 8 reasons the economy means opportunity for consultants:

1. Layoffs mean gaps that need to be filled

Fewer employees in the workforce mean that there are unmet company needs that can’t be filled by regular employees. 

2. Less competition

When the economy is threatening to go sour many on-the-fence consultants looking for a change take the opportunity to get back into the regular 9-to-5 workforce.

3. More short-term contracts and one-off projects

Many companies are hesitant to take on new employees during so-called "bad" economic times and turn to consultants instead.

4. During a down-turn companies get serious about growth

During a shaky economy companies tend to get serious about marketing and planning their future. This can mean more work for consultants who offer strategic advice.

5. Opportunity to diversify your client base

If your regular source of work dries up during tough economic times it can be a great time to tweak your primary target market. Try government or healthcare or other industries who are less affected by the economy.

6. Look for new opportunities that weren’t there before

Downturn in the economy? Consider the market and whether that downturn has opened up a new opportunity in your service offering.

7. More time on your hands? Get focused.

Finding yourself with a gap in your schedule due to a slow economy? Take the time time think. Have you been too reactive when it comes to accepting new clients? Why not take this opportunity to go after the clients that you really want–rather than take the jobs that come knocking on your door. If you’ve been running from project to project without a chance to catch up or plan strategically, get serious about your business and go after the clients that will really take your business to the next level.

8. Work-life balance

Many consultants take few vacations and operate on a boom and bust schedule, often working erratic schedules if they are driven to grow their business. Finding yourself with a bit more free time? Relax. And take a moment to catch up on your work-life balance.

So don’t get sucked into worrying about the economy. Focus on the opportunities that are out there and how you can provide value in your industry.

Do you agree with these 8 reasons the economy means opportunity?

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Interns should work for pay

16 Jan, 2012 1:38 pm

One my my favourite sites, Metafilter, has a post today about interns in the UK. What really stood out for me was the part about how, in some fields, you need wealthy parents if you want to ever get a job. That’s because interning – sometimes for years – means giving up a salary. When I was a student, I spoke out against internships. I was studying communication and journalism and many media outlets only took on unpaid interns. The problem is that this can go on for years. And that means only rich kids can become interns.

From what I’ve seen, unpaid internships seem to be concentrated in fields dominated by women. And fields dominated by women tend to be among the lowerst paid. Women tend to be less likely to ask to be paid what they’re worth, so it’s a vicious cycle. As an employer, I have a strict policy of paying my contractors, no matter where they are in their career. I believe minimum wages exist for a reason and it’s a slippery slope if we start requiring people to work for free. I suppose it’s different if you’re getting university course credit, but I’d expect a different arrangement then. Too often, I hear of consulting colleague who have interns working at an extra desk for a chance to "learn" the business. Meanwhile, the head consultant is billing for their work. I think that’s disgusting. Moreover, if you don’t value entry-level work in your own field, how well do you think clients will value the work YOU do?

What do you think about internships?

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New year, new ideas

7 Jan, 2012 10:10 pm

Well, it’s the end of the first week of 2012. I have been correcting cheques (checks) all week. Ha ha. Usually, this far into the year, I’d have already planned out my resolutions for the year. I’m a bit behind this year. I took a vacation to a sunny place and, well, my mind is still there.

Actually, that’s got to be one of my resolutions. I need to take more vacations. I mean, sure, I take time off all the time. But I really love travelling and trying new foods. And while it’s been great to vacation throughout the Pacific Northwest in the past few years, I’d like to go further afield. So I’m going to build that into my plans. I’ve been a bit conservative on vacations since having kids, never sure if a long flight would be more work than it’s worth, but I think they’re at the age now where it’s manageable.

This year, I’m going to expand my marketing business. I’ve got meetings with lawyers and accountants this week, as I want to do my homework.

I’m also planning to do more public speaking and teaching. I’ve done a ton of that in the past several months, but I want to do more of it. I love teaching and the pressure to think on my feet makes me love my work even more. Plus I love seeing the sparkle in the eyes of entrepreneurs and professionals as they learn a new concept.

How about you? What are you planning for 2012?

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Sample business plan for consulting

26 Dec, 2011 1:01 am

Using a sample business plan for consulting – Is it okay to use a sample business plan for consulting, as opposed to creating one from scratch? Of course it is! In fact, starting with a template is wisest since it will save you time and give you a springboard to start from.

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8 consulting lessons they don’t teach you in school

19 Dec, 2011 1:01 am

8 consulting lessons they don’t teach you in school – From setting rates to firing clients, university curriculum doesn’t quite cover the ins and outs of consulting! Here are 8 consulting lessons that you won’t learn in academia:

1. Marketing doesn’t have to be a pain.

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