Can you own a business and be a consultant at the same time? Running a consultancy and balancing it with your existing business can be challenging but at the same time extremely rewarding. It would open up a lot of avenues to network and engage with professionals in your field and help you understand how they approach projects.
Plus, it would be a great source of additional income that you could invest into your existing business. Here are some ways in which you could work on these two areas simultaneously:
1. Create a feasible schedule:
In order to be able to manage both your business and your consulting practice, a proper schedule will help. Think about how many hours you need to spend for both, and prioritize daily tasks on either side. This will enable you to smoothly transition between both and also give equal time and focus to them. As a consultant you will have the freedom to create your own working time, schedule wisely.
2. Increase your visibility:
Build a presence online – create a LinkedIn profile with a comprehensive summary of your skills and experience as a consultant, if it is not possible to invest in a website. Twitter is also a great way to engage in relevant industry discussions, and stay updated with the latest happenings. Anyone visiting your profile should be able to get a clear picture of your area of expertise and be able to get in touch with you easily.
3. Network with the right people:
When you look to meet clients for your consultancy, also tap into your network for contacts in the industry from your existing businesses that might be able to refer you or recommend your work to others. This will give you a much wider net of opportunities to explore.
4. Invest your profits:
Your consultancy business is a great way to make extra revenue that could be invested into your existing business. Keep track of your earnings from the consultancy and set aside a majority or if possible the entire amount towards growing your business. Invest in your infrastructure, supplies, office equipment and most importantly, in advertising.
5. Manage your finances:
Eliminate all unnecessary personal expenditure as far as possible so that you have the capability to invest your consultancy fees and earnings well into your existing business. A lack of funds can be detrimental to the progress of your startup so managing your funds is vital for business survival in the long run.
6. Schedule regular updates:
Prepare reports and schedule update calls with your clients in the consultancy. Set a process in place that will let you be organized and updated with everything you need to accomplish for projects so that you have enough time for your business. A consultancy is a way for you to improve upon your expertise, establish yourself as a go-to person in the industry for the area you specialize in and also a way to hone your skills that could be put into practice for your existing business. Managing your workload and time schedule well, and planning your finances are the two key points that will help you excel in both.