So You Want to Run Your Own Business...

by Quinn McDonald

 

Part II of III: Disadvantages

 

Last week, we began to look at the possibilities of opening your own consulting business. Whether you chose it, or it was chosen for you by corporate downsizing, there are great advantages and tough problems to owning a business.
Last time we looked at the advantages.  Now, the three biggest problems in being a consultant:

1. You have to find the work. In a corporation, your work is piled on your desk. When you own the business, you have to go out and find it. Word of mouth doesn't kick in for three years or so. Finding work doesn't come naturally to everyone.
   
   Experience tip: join a group of people who do what you do. A good group will help you learn how to market yourself.
   
   
2. The pay doesn't come in till the work is done. Or later. Before you make your first client call, decide how much you will charge and how you want to be paid. You will have to negotiate your price and how you get paid. Companies will tell you their "policy" which is another word for "what we do," but it is rarely set in stone. Waiting for a client to pay you is hard. Making calls to clients who haven't paid you yet is even harder. But it has to be done or the money won't appear.
   
   Experience tip: If it's a long-term project, ask to be paid every two weeks. That way, the client won't have a big surprise bill at the end of a time-consuming project, and you have a regular income while the job is running.
   
   
3. You have to keep finding work. Finding new work is a continuous process-you need to do it while you are busy. If you wait till you aren't busy, you won't be working for long gaps.  That comes down to doing the most work while you are busy doing the project and don't want to think about new work. If you want steady work, you will have to market yourself all the time.
   
   Experience tip: develop a plan to market yourself and set time limits. That way, you can follow a process while you are busy, without the pressure of marketing development. 

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About the Author: Quinn McDonald is a writer and nationally-known speaker who has achieved the "Professional" designation from the National Speakers Association. Contact Quinn through her website, QuinnCreative.com.