Most self-employed consultants I know have deep expertise in a certain function or industry, and nearly everyone would like to earn some extra money. If this describes you, check out what I recently discovered.Read More
Advice and Insight
Negotiating is typically hard for everyone, but it’s especially tough for consultants. It’s our nature to make the client happy, so negotiating for a higher rate feels awkward. But when you’re self-employed, even the smallest increase in your rate can translate to big bucks, particularly if the rate is for a long project, or if you’re working with an ongoing client.
I recently discovered a series of practical tips on Instagram, of all places, by following Johanna Voss, owner of a boutique talent agency for female influencers and keynote speakers. With her permission, here are her three essential negotiation tips that every consultant should know.Read More
Last August I wrote a blog post about how labels matter, specifically that you should make more money by calling yourself a consultant instead of a contractor. But it’s not just about labels and language. It’s not enough to simply replace contractor with consultant on your résumé and LinkedIn profile.
I’ve been studying the LinkedIn profiles of various contractors and consultants I know and reflecting on how they usually get their work. What differentiates the well-paid rock stars of consulting from the plug-n-play contractors? Several variables affect the person’s brand. They include prior work experience (internal with a company vs an external consultant with a firm), their consulting niche, and how they market themselves, but the real difference is how they find and frame their work.
Contractors find work through agencies or staffing firms while consultants are more likely to find work on their own, usually as a result of their professional network.Read More
Recently I helped a consultant land a $420,000 consulting contract. That’s not a typo. It’s an 11-month project for one consultant: $320k in consulting fees and another $100k for travel expenses. I’ve excluded my company’s agency fee in these numbers; the actual budget was a bit larger.
Clearly this was a big win for the consultant. The client was pleased too since a global consulting firm working with his company quoted $660,000 for the same project. (See my related article, “Quote Your Rate with Confidence.”)
A project this big doesn’t just fall out of the sky. Why did the client contact me for help? The short answer: business development. The long answer: diligent business development that built a relationship over time. Rather than any one particular thing I did, it was simple actions over the course of five years. Those actions cultivated a trusting relationship with the client and, as a result, he was comfortable reaching out to me for help.Read More
Independent consultants face the constant challenge of finding their next project. My last article discussed working with consulting agencies to supplement your business development efforts. This article offers tips for finding work through online platforms or marketplaces like Catalant, SpareHire, and TalMix.
Consulting agencies and online platforms are similar in that they exist to bring consultants and clients together, but they go about it in different ways and charge different fees. Agencies involve people in the matching process and, typically, to oversee projects and “manage the client relationship.” (I roll my eyes at the last phrase because good consultants can do this on their own.) Agencies usually charge about 30-35%, which nearly always comes out of your pay. Online platforms, on the other hand, charge 20-25%, which may or may not come out of your pay, and they don’t involve people as middlemen. Instead they rely on their technology to match consultants to client projects.Read More