Tips from Leadership Coach: To Consult or Not to Consult?

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Go Back to Searchlight Q4 2011

 

Lisa Thompson, Managing Director, Professional Serviceslisa thompson

It’s not uncommon for a senior executive to be given an attractive financial package to help with a career transition. That provides time for you to consider your four main options: look for a new full-time position, take a part-time job, enter retirement or become a consultant.

Because each of those career possibilities has its attractions and drawbacks, you need to decide what makes the most sense for your personal situation. Firms like Pearson Partners International can help you weigh the options.

For many executives, consulting offers an appealing combination: generating a good income, doing meaningful work and having a flexible schedule.

Many organizations in the private and public sector are looking for people with the skills and experience to help them solve problems in sales, IT, finance, operations and other functions. A consultant can also help an organization grow and take advantage of opportunities in the market.

But if you plan to become a consultant—even on a part-time basis—you have to consider yourself a “new business.” You are your own start-up. That means preparing a business plan, identifying potential customers, developing a fee schedule and launching your marketing program.

To get started, consider doing a consulting project or two for free, in order to develop some credentials, gain experience in this new field, and gain positive references. A nonprofit organization in your community, for instance, might be a good target. (See some good examples of how to consult with a nonprofit in our Q1 2011 and Q2 2011 newsletters.)

Another way to get into the business is to join a large consulting firm and become part of the team. You could learn the field without having to spend most of your time on sales and marketing. It’s also possible that your previous employer might have a need for a roving troubleshooter, who could take on troublesome assignments on a project-by-project basis.

Just remember that consulting is a highly competitive field. You cannot sit back and wait for the phone to ring. To be successful when you launch your new business, get out in the market and start networking.

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