I frequently get asked what it actually takes to branch out and create your own consulting firm or coaching business. People want to know what it takes, what the action steps are, and then what it is like to be a consultant.
You hear consulting – you think money. People think consulting is extremely lucrative. And the truth is that it can be. In fact, one of my recent project’s was for an organization that’s valued at 5.5 billion dollars.
No, that’s not what the consultants got paid, but it does speak to the scope of the projects that are available to consultants. There are clients that are looking for exactly the type of experience, education, and skills that you can offer. And they’re willing to pay for that experience.
Consulting is a great opportunity for PhD and grad students. However, there are definitely considerations that you should take into account.
It’s not quick and easy. Consulting is not a means to a quick payday – it often comes with fast paced deadlines and heavy workloads.
Consulting is not the same thing as coaching. Coaching is a method of training the mind to acknowledge what already exists. Coaching clients are often not aware of what they have to offer, or are aware but don’t know how to organize or tap into that structure. Consultants come to the table with a skill-set and expertise that is needed for a particular project or training, one that does not already exist within the organization.
It’s important to understand that both are great routes for entrepreneurial success, they’re just different; and as such, they require different commitments and skills.
That’s something that I’ve worked through becoming an Academic Entrepreneur. Find out how you can break into the field of entrepreneurship at beyondthetenuretrack.com/impact.