Consulting in a Post-Covid World. Strategies for Launching and Growing Your Consulting Business in the New Normal

By Ashton Wood

The impact of the COVID-19 virus has been nothing short of a chaotic and devastating experience for people all over the world. Despite some individuals discovering new opportunities, the truth remains that countless hardworking and reliable people have experienced the loss of their businesses and job security, resulting in a profound and enduring change in their lives. As a result of lockdowns, travel restrictions, and the ongoing threat of new cases, most businesses have had to pivot and adapt to the current circumstances.
However, with the development of vaccines and the widespread acceptance of remote working, we have now entered what is commonly referred to as "the new normal." In this phase, consulting has emerged as one of the most secure and highly paid careers post-COVID, but what exactly is the new normal and why is consulting still a lucrative career option?
Upon completing this book, you will have a thorough understanding of the intricacies involved in becoming a sought-after consultant, as well as all the tools necessary to develop a comprehensive plan to transition to full-time consulting.

• Language: English
• Publisher: Ashton Wood
• Release date: Apr 17, 2023
• ISBN: 9798215830420

Ashton Wood

Do something you enjoy and you'll never work a day in your life.I'm lucky enough to work with some of the best people in business.When I'm not consulting, I'm running a charity I founded in Australia.When I'm not running the charity I'm enjoying a coffee and a swim at one of our beautiful local beaches here in Queensland with my amazing partner, while enjoying seeing our near-adult kids take on life and make their mark.

Book preview

Table of Contents

Foreword

Introduction

So Why Consult?

What are the Risks?

Networking

Pure Freedom

Where to Start

Now you’re consulting!

You’re ready to Start

Copyright © Ashton Wood 2023

Published by New World Publishing

ISBN: 9798215830420License Notes:

This edition is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each person. If you are reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work and rights of the author.

Foreword

The impact of the COVID-19 virus has been far-reaching and devastating for many individuals and businesses across the world. Although some people have managed to find new opportunities during this time, countless hard-working and reliable individuals have lost their jobs or seen their businesses crumble in the face of this pandemic.

As a result, many businesses have had to adapt to comply with lockdowns, travel restrictions, and the ongoing threat of new cases. Vaccines have been developed, and remote work - once considered a luxury - has become a common practice, even being mandated in many organizations. This has led to what is now known as the new normal.

But what exactly is this new normal, and why is consulting one of the most secure and highest-paying career paths in the post-COVID era? By reading this book, you will gain a comprehensive understanding of the nuances involved in becoming a sought-after consultant. Armed with this knowledge, you will be able to create a plan that will enable you to transition into full-time consulting successfully.

This book contains many references to finances, I am not a financial advisor and this is not financial advice. All references to finances are as a guide only, and are simply detailed to help you understand how I manage the finances as a consultant.

Introduction

I just returned from an invigorating swim on the Sunshine Coast in Queensland, where the water temperature was a balmy 25 degrees and the waves were a perfect 2 feet high. The local lifeguards were setting up for what looks to be a busy day, as many tourists are out and about enjoying the beautiful weather.

Despite my leisurely morning, I have a busy schedule ahead, with teleconferences, document writing, and phone calls to make. Tomorrow, I'll be flying to Melbourne, so I'm calling my contacts there to confirm my appointments.

One of my contacts in Melbourne is running late due to the unreliable public transportation system. He's feeling the stress of working from home for over two years since COVID, especially with young children at home.

He had finally established a peaceful workspace at home, however his organization is demanding staff return to the office for at least three days a week.

His desk has been given away, and most of his team won't be there due to staggered office hours to prevent outbreaks. He questions whether it was necessary for him to come into the office today, especially since he left so early that he didn't see his kids this morning and won't see them tonight.

I'm Ashton Wood, a consultant in the IT and Telecommunications industry with over 28 years of experience. It's an exciting time to become a consultant, and I'm currently working on two programs of work while also running a charity. After conversations with colleagues, it's apparent that many people want to transition from full-time employment to consulting work.

This guide was written to help those considering the leap into consulting. The information provided is tried and tested, and there's a level of maturity required to succeed. This book is split into two parts, with the first section providing everything you need to know to become a successful consultant. The second section helps refine your skills to be the best consultant possible.

Throughout this guide, I will refer to the role as a consultant, but it may also be called freelancing or contracting. No matter what you call it, consulting is an amazing way to earn a living, and this book will help build the confidence and comfort necessary to make the transition from full-time employment to consulting.

A little about me

I haven't always been a consultant. In fact, for the first half of my professional career, I worked as an employee for large telecommunications companies. It wasn't until I was 19 and working full-time, earning just over $27,000 per year, that I met my first consultant. My employer had urgently needed to implement a telephony system and had hired the consultant to manage the project. I was amazed to learn that he was earning the same amount as my annual salary, but on a monthly basis! This experience opened my eyes to the value that consultants can bring to an organization.

Over the years, I encountered many more consultants who were brought in for their expertise in technical solutions, major bids, project management, and overall generalist roles. As I progressed through the ranks of full-time employment, I observed that many of my major clients also used consultants.

At first, I couldn't understand how a consultant could have such a significant impact in such a short amount of time. However, I soon realized that the organization that hired the consultant had reached a level of urgency where they were willing to consider the recommendations or services provided. Employees may have been advocating for the same approach or project for years, but the organization needed to see it through someone else's perspective, a 'second opinion,' so to speak.

This realization led me to understand that consultants can have a significant influence in an organization, provided they deliver on their promises. Therefore, setting your terms upfront is crucial, and we'll discuss that later in this guide.

So why consult? There are many great reasons, so let me take you on a journey to consulting.

So Why Consult?

You decide the projects or assignments you want to work on

As a consultant, you have the freedom to select which assignments and projects you work on. Unlike full-time employment where you may be overwhelmed with work and hindered by systems and processes, consulting allows you to choose your clients and projects, and even have assistance navigating difficult systems and processes.

Since your clients pay you by the hour or day, they want you to efficiently complete the task they brought you in to do. Therefore, you should aim to take on projects that are both profitable and feasible within the allotted time.

To ensure that you take on a project that will be profitable, consider your consulting fees as a guideline and calculate whether the time and resources needed to complete the job will generate enough income. It is important to determine whether you may feel rushed to complete the project to meet the hourly rate proposed or if there are potential expenses that may cut into your profits. Always take a holistic approach to accepting new projects and weigh the pros and cons before making a decision.

You select the clients you want to work with

As your own boss, a specialist in your field, you also have the freedom to pick and choose who you want to work for. This is one of the major benefits.

The job may look enticing, but if you’re engaged by a hot-headed dictator who is more interested in starting world war 3 than getting the job done, you may re-consider a second assignment with them.

Similarly, if your previous engagement was enjoyable and amicable, you may feel more comfortable providing services to this type of professional.

Ethics

Since you are the owner of the consulting business, you are running the show. You have the right to say yes or no to a job. If a client is participating in something you feel is unethical or simply goes against your beliefs, then by all means, turn down the job. There is no rule that says you need to take every consulting job that comes your way. Remember that your reputation is on the line for every job you undertake, so pick your jobs wisely.

Networking

When you become a consultant, you will be getting out there and meeting new people. You need to do this or you won't be a consultant for very long. Networking is one of the best ways to gain new work as a consultant and networking is all about meeting new people.

Once you have a consulting job, you will meet a variety of people while working for that client. For the most part, employees will be helpful and kind if you are the same with them. However, just like with your traditional job, there may be the random individual or two that seem to make it their daily mission to rub you the wrong way. If you find you are not getting what you need from an employee, you should talk to the owner of the business, or the one who hired you directly. It would be a better idea to take the matter to your client rather than risk an argument or something that has the possibility of turning ugly. All too often the smallest thing turns into Armageddon, making you look bad and could possibly ruin your reputation.

You will find that about 97% of the people you meet through your consulting business are fascinating, friendly people and if you would have stayed in your stuffy little office working for someone else, you would have never gotten the opportunity to meet them and to help them reach a new level in their career.   

Just remember - always treat people the way you want to be treated.

You decide the income you want

The first thing people seem to want to know when I’m introduced to them as a consultant, is my income (and I rarely disclose this information in an enagement)

Everyone knows that consultants are paid well, and there are several ways to set the fees you wish to charge for your consultations with your clients. But keep in mind, there are always going to be business owners with sticker shock when you hand them your estimated consultant fee.

Here are the best ways to set your fees for consulting services:

1. Use a daily rate

2. Set your consulting fees on a per project basis

3. Set your consulting fees based on performance

4. Set your consulting fees to be competitive by using real-life data

Charge a similar amount to other consultants in your field - When you base your fees for consulting on what others in your market are charging you are doing two things:

1. You are guarenteeing you receive the base rate for your services.

2. You are telling others that you are a qualified and worthy consultant who operates a fair consulting business.

Using a daily rate - You will need to know your hourly rate and then take your hourly rate multiplied by the hours worked and that is your consulting fee.

Double or triple the 'per hour rate' you received before turning to consulting. When you are going to charge an hourly rate, you will need to figure your salary plus your benefits from a traditional job.

For example - if you worked at an engineering firm for $90k plus benefits, and you received four weeks paid vacation time, your calculations would look like this:

$90,000 salary + $15,000 benefits   = $105,000  =    $54.69 per hour

Then you will need to round this amount up to the nearest $5. Whole numbers look better for this type of business unless you are representing another outsource supplier (more about this later). Then multiply the new number by 2. So that would look like this:

$55 x 2 = $110 per hour. However, many