Six months ago, Harriet Pea put her 18 years of management experience at large companies toward a new career in consulting. "It was a very good move for me," she says.
For many professionals who want to use their expertise in new ways, becoming an independent consultant is a common jump.
Despite the current economy, employment in most consulting disciplines is expected to grow more than twice as fast as the 11 percent average for all occupations over the next eight years, according to the Labor Department.
Here are four ways to making the transition easier:
Know what you're getting into - Consulting involves more than just practicing your area of expertise. You need to continuously market and sell your services, says Howard Seidel, a partner at Essex Partners, a Boston provider of career-transition services for senior executives. Line up projects, but leave time to pitch.
Set up your business - Write up a basic plan that outlines your services, your target clientele, marketing strategy and projected income. Then talk to an accountant about establishing a business model that makes the most sense for you, says Seidel.
Befriend your competitors - Consultants often refer one another to clients they can't satisfy. "Some get more jobs than they can handle or they get a job that's not quite right for their expertise," says Walt Maclay, president of the Professional and Technical Consultants Association in Santa Clara, Calif.
Name your price - To determine a fair rate for your services, ask other consultants in your niche what they charge, suggests Garry McCoppin, president of the Association of Professional Consultants in Orange County, Calif. Cross-reference these figures with ones in books about the profession by industry experts. Then prepare to bargain.
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