Any self-practicing consultants on here?

I kind of want to be a consultant so I can do my own thing after a few years, but honestly, I don't know if the market is there. I ultimately want to move away from the big city life. I'm trying to figure out if this is realistic with consulting.

Comments (9)

  • Senior Consultant in Consulting
Aug 12, 2022 - 3:38am

Certain firms don't really care where you live, especially after you establish build a core foundation of relationships with your practice (e.g. S&)

In terms of being an independent consultant, I doubt there are many on this board but there are absolutely people who make a living as independent contractors. If you're talking about like starting your own consulting practice that's going to be leagues harder

Most Helpful
Aug 12, 2022 - 4:12am
m_1, what's your opinion? Comment below:

Two ways:

-I do it now for other PE firms and corps upstream for us when it's a GREAT fit and a very very specific ask. This is how you charge based on value and make real money per hour IMO. Spent maybe 12 hours on our last project and charged $75k. 

-Used to pimp out our shared services team in order to bring the cost down for us. This ended up being like $750k or so in ebitda. Not worth it obviously as we scaled port cos. 
 

The title sucks but the core concepts are extremely good. Check out Alex Hormozis 100m offer book. It breaks down how to phrase offers correctly in order to charge $$$. 

The real key is selling projects with tangible fast value for the customer to get your foot in the door. Should be easy to rinse and repeat but seem very bespoke.

Im actually working with my fiancé to launch her consulting practice now. She's going to use 13w model launch as her core service for companies doing $12m - $25m a year and then training an employee at that co in it as her "foot in the door" offer. Then upselling into BI/analytics projects that are easy wins for finance functions of small companies. 

I think we can get her to $200k - $300k in year 1 at 40 hours a week. We are cheating a little since I am acutely aware of what small companies that size need on the finance side and am feeding clients in.

Could probably hire a Philippino CPA for $1500 a month and scale it as a nice little $1m SDE business but I don't think she is a good manager. She wouldn't really enjoy that lol. Either way will be fun! 

Aug 12, 2022 - 10:10am
2rigged2fail, what's your opinion? Comment below:

so there's some value in hormozi's book? I've seen his videos on YouTube but the content definitely comes off as a sleazy salesman funnelling viewers in to a book/course. for example, he claims to make so much money, worth 100's of M's, yet he's upselling a $0.77c kindle book to his 50 - 200k avg viewership, where he could expect a 2-5% uptake on the purchase, made me wonder. 

you recommend any other resources? out of shear intellectual curiosity. I'd imagine the Harvard business review may have some kind of book on this topic.

  • 2
Aug 12, 2022 - 11:41am
m_1, what's your opinion? Comment below:
2rigged2fail

so there's some value in hormozi's book? I've seen his videos on YouTube but the content definitely comes off as a sleazy salesman funnelling viewers in to a book/course. for example, he claims to make so much money, worth 100's of M's, yet he's upselling a $0.77c kindle book to his 50 - 200k avg viewership, where he could expect a 2-5% uptake on the purchase, made me wonder. 

you recommend any other resources? out of shear intellectual curiosity. I'd imagine the Harvard business review may have some kind of book on this topic.

Yes his book is great. Alex is very legit btw. Have a mutual friend. 

Aug 12, 2022 - 3:12pm
2rigged2fail, what's your opinion? Comment below:

thanks for the info, Ive bought the book now

  • Analyst 2 in CB
Aug 12, 2022 - 3:49pm

Thanks for the book recommendation I will check it out. I want to do the 40 hour -maybe less- per week life earning the most I can in the city of my choice.

Do you think the market for consultants is over-saturated? I'm not sure if they're trained consultants or MBA grads trying to sell consulting services but I see a ton online.

A lot of accountancy firms also offer consulting services. I'm curious about that. It makes me wonder about the depth to these individuals' expertise and whether they actually have clients. Maybe I can just start advertising myself as a consultant and fake it till I make it, which is what I suspect some of the online consultants do. At least in a very basic superficial level I could pull it off and put it on my resume for B School or a corporate job even if its something really small and basic.

There are a lot of industry boomers that are retiring and doing consulting on the side advertising XX years of specific subject matter expertise. 

Aug 12, 2022 - 10:13am
2rigged2fail, what's your opinion? Comment below:

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