Independent Consulting: Part 1 - Establishing yourself as a "Subject Matter Expert"

Coronavirus has changed everything. Many of my friends and colleagues have been laid off and are now facing an uncertain future. Some are now considering becoming an independent consultant instead of waiting for the next full-time position to come along. After advising several on how to start, I thought it might be of value to post my simple "how-to's" as I expect that becoming a consultant is on many other people's mind also. Read this article as "shared learning" coming from a business owner and consultant. I know that there is so much more advice from other real experts out there!

First of all, becoming an Independent Consultant means:

You are an entrepreneur – you own the risks, as well as the rewards.
Cash flow is king – spending the "company's money" is spending your money.
Customers pay your bills – you better have a problem to solve.

Once you understand what you are getting into, then here is a simple outline of some key considerations before you go forth and consult:

Part 1 - Establishing yourself as a "Subject Matter Expert" (Your Brand)

Before you consider becoming an independent consultant, and definitely before you leave a job, you should know what you are good at and leverage your strengths. Here are a few things that you can do to build your brand and establish yourself as a Subject Matter Expert.

1) Build your Network and Research the Market

Having a strong network helps to build your independent consultancy. Networking is less about selling yourself, but more about creating relationships and developing your own "business intelligence." Meet with "potential" clients and find out what their problems are and build an inventory or companies that may be looking for your specific skills. Be purposeful when attending networking events and ensure that you meet people in companies and industries that you think could use your expertise. In this new social distancing environment, face-to-face is impossible, but many organizations still continue to hold events and stay relevant virtually. It also means that networking events that used to be just attended locally, are now connecting people from around the world online. Check out what is happening that would interest you through professional associations or posted on eventbrite or Meetup. It also seems that more people are willing to give you 15 minutes of phone time so take the time to connect with people and re-establish relationships. Get involved in organizations and associations that align with your profession. People who are visibly active in leadership and support roles in their designated profession are more likely to become connected with leaders and influencers in other companies. Volunteering does not pay bills, but it is one of the best forms of marketing your knowledge and credibility.

2) Build your reputation as a "Subject Matter Expert."

To be an effective consultant, you have to be seen as a "Subject Matter Expert." A company hiring you will want to know that you are qualified due to your experience and certification. Ensure that all your professional qualifications are up-to-date and that you can demonstrate your understanding of current industry issues. For example, ff you are providing financial consulting, it will be essential for you to be a Certified Professional Accountant or a Certified Financial Analyst, or no one will take the risk that you are even qualified to give advice.

Continue reading here for the full article: Establishing yourself as a Subject Matter Expert.

Ron Bettin is a Canadian executive with more than 25 years of leadership and entrepreneurial experience. He is the co-founder of several companies, including ReSourceYYC, and provides management consulting to both large and small corporations. Ron has a strong understanding of the importance of building value and creating success. He is a graduate of the Southern Alberta Institute of Technology and has an MBA from Queen's School of Business.