CONSULTING: THE OTHER CAREER OPTION

Grace M. Furman, PhD DABTPresident/CEO Paracelsus, Inc.

SABPA Professional and Personal Development Skill Series

12 May 2007

What is a Consultant?

– A consultant is someone who comes in, borrows your watch, tells you what time it is, keeps the watch, and charges you an exorbitant fee.

But Seriously…What is a Consultant?

• “A person who consults with another or others”

• “An expert who is called on for professional or technical advice or opinions”

What is an Expert?

• “very skillful; having much training and knowledge in a specific field”

Logistical Considerations

• When to “take the plunge”– Breadth/depth of professional

experience & expertise– Job satisfaction & security– Personal/family situation

Logistical Considerations

• When to “take the plunge”– Corporate/organizational tolerance

Logistical Considerations

• Marketable professional skills• Marketable “people skills”• Work environment preference• Personal risk tolerance

Logistical Considerations

• Business development– Your professional reputation: your

greatest professional asset & most valuable form of advertisement & self promotion

• Gauging client satisfaction – How will you know if you’re succeeding?

• Start-up costs– Includes time

• Business structures– Independent contractor vs. consulting

organization– Sole Proprietorships, Partnerships, LLCs,

S-Corporations, and C-Corporations

Financial Considerations

• Fee structures

Financial Considerations

• Health insurance• Retirement savings

Financial Considerations

Professional Development

• New client = new challenge• Continued professional growth

– You WILL learn something new every day!

• Consultant/professional networks

Getting Started

• Educate yourself• Prepare a business plan• Network! Network! Network!

Q&A