Consulting can be a very rewarding and easy money-making job. However, that is the case only if you have the right contacts and avoid the common mistakes that are made in consulting. Here are a few common mistakes that consultant often make.
- Very often consultants stop networking once they get a contract. Remember you are a consultant and not a permanent employee. This contract is only for the time being and will not be as profitable as having two three contracts in hand. Always look for more contracts and keep networking even if you currently have a pretty good contract.
- Another common mistake is being uniformed about financial aspects. You must declare your income and assets like any other working citizen of the country. You need to responsibly pay up you taxes and be aware of tax write offs. You must also invoice regularly and ensure you are getting your deserving pay. You may also hire an accountant, if you like. It may help this process.
- Of course, a contract is just as good as to your capacity to uphold it. In any case, on the off chance that you in any event have the contract on paper, it’s a considerably less demanding to uphold than a verbal agreement, even in areas where verbal contracts are binding. Having a good paper trail can aid you if a client doesn’t pay, numerous clients will pay up when you remind them that they have signed a contract.
- A few clients will push and push, while others make modest, incremental changes. Yet, those changes add up and they detract from either your earning potential or your opportunity off. Utilize a contract, remind the client of the scope and make certain to offer to accommodate their needs and yet ensure that you realize what you’re trading away or else get more money. Set aside some opportunity to find out about overseeing consulting client behaviour.
- Instead of having multiple income streams. On numerous occasions, a few experts depend on one income stream. For some specialists, this implies having only one client or simply completing one sort of consulting. While there are gigantic advantages in being an expert and specialist in a specialty, you may be more content on the off chance that you have more than a single way to get money. A large number of the best experts I know additionally teach, coach and write, in addition to other things. It keeps them active, gives them more financial security and enhances their networking and expert status as well.
- Your consulting fees is a complex signal about the value you offer, your position in the marketplace and even that it is so natural to push you around. Pricing is one of the four P’s of promoting and setting your consulting fee is accordingly a vital piece of your business strategy. Ensure you set aside the opportunity to set and get a fee that reflects the value your solutions offer.