You may not be aware that there are different consulting business models that you can choose if you want to start a consulting business. Choose a model that fits your lifestyle so that you do not end up with another ‘job’.
Solo Consultant. A lot of people start as a solo consultant. This means that you do all of the assignments that your clients require. As a solo consultant if you don’t work you don’t generate any income and will be difficult to able to sell your business because it totally revolves around you. There are a lot of benefits as you can choose the work, the time and place and charge what the market will bear, within reason. But you are in charge of getting and doing the work. This may suit those who want more freedom in how and when they work
Consulting Firm. Here you hire a team of consultants, and you manage and grow your consulting business, deal with clients and manage the work for your staff. This consulting business will operate even if you are not there. You are more likely to be able to sell your business because you are not required to run it.
Consortium Model. This involves forming an agreement to work as an alliance with other consultants on projects on a case-by-case basis. This has the benefit of pooling resources, getting access to a range of skills and experience and being able to undertake bigger projects
Productised Consulting Model. This is where you will convert your skills and experience into a productised service, providing a framework and training for other consultants to provide a specific outcome for a client. This approach means you are able to readily scale your business. You can hire consultants to follow your system or charge a license fee to use the approach.
Hybrid Model. Once you have established your consulting business you can move to a hybrid model by combining the best parts of the other models to suit your preferred approach and market.
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