Proud of your problem-solving skills in a specific industry, but unwilling to toil away at a workspace 9 to 5? Becoming an independent consultant may be your calling! Before you quit your steady job to embrace a life of hustle, however, you need to know all the details of becoming an independent consultant.
Who is a consultant, and how to become an independent consultant? We solve all these queries for you in our comprehensive post!
Who is an independent consultant?
The most important question of all: who is an independent consultant? A consultant is a professional who offers expert advice and specialised knowledge to individuals or organisations. The goal of independent consultants is to:
Help businesses address specific challenges across industries
Help clients make informed decisions
Root out existing issues and improve business processes to aid businesses in achieving their long-term goals.
Independent consultants usually bring a diverse range of skills and experience to the table. They may work in various fields, such as management, technology, finance, healthcare, or any other industry, tailoring their insights and recommendations to suit their clients' needs and objectives.
How to become an independent consultant: roles and responsibilities of independent consultants
Independent consultants, based on their industry and expertise, assume diverse responsibilities. These include:
Providing expert advice to businesses regarding various affairs
Conducting extensive research on certain topics relevant to their fields of work
Analysing given data
Creating strategies aligned with client objectives
Additionally, independent consultants handle specialised, niche-specific tasks, such as sustainability consultants conducting environmental impact assessments. The true worth of independent consultants lies in consistently delivering value through fresh perspectives, specialised knowledge, and impartial viewpoints, which are instrumental in problem-solving, operational efficiency, and fostering business growth.
How to become an independent consultant: benefits of becoming an independent consultant
So you know ‘who is an independent consultant?’, but what are the unique perks of working this profession? Here’s a quick look at the benefits:
Your potential income is not limited to a certain amount, it would entirely depend of the reputation you build for yourself as an independent consultant
You have the freedom and flexibility to pick your working hours and jobs to work on
You can potentially achieve a better work-life balance
You get to work on a diverse array of projects- which is not allowed under a single employer
Sounds good? Time to look at a step-by-step answer to ‘how to become an independent consultant?’ then!
How to become an independent consultant: a step-by-step guide
Source | How to become an independent consultant?
So now we have a good idea of ‘who is a consultant?’, but the question of ‘how to become an independent consultant?’ still stands. Let’s look at a quick, step-by-step guide for a career as an independent consultant:
Choose your niche: First things first, you need to identify your area of expertise.
Build a portfolio: Clients want to see a proven track record of your expertise, so build a robust portfolio that showcases your skills and experience at their best.
Legal structure: Register your independent consultancy business and set up legal contracts.
Set pricing: Determine the rates and pricing structure for your services as an independent consultant.
Networking: Create a marketing plan and build a professional network which would help you acquire new clients.
Client acquisition: An obvious step, but one you might need to put a lot of effort into.
Deliver results: Ensure that you are providing high-quality services to every client to build a strong reputation.
Manage business finances: Keeping track of income, expenses, and compliance is important, especially if you are going global as an independent consultant.
Be prepared to hustle: Last but not least, establishing an independent consultant business is nowhere near as easy as reading through the steps above. Be prepared to give your best shot at every project and spend hours on client acquisition in the beginning days.
Once your business stands on an even footing, do remember some continuations to the aforementioned steps to become the best independent consultant you can be:
Continuous learning: Never forget to stop learning, and stay updated in your field to remain competitive.
Scale and expand: If you have started operating nationally, consider growing your consultancy or diversifying services and going beyond borders.
Choose a trusted finance partner: Once you are going international, finance and relevant compliance can become a lot of work eating into your productivity without the right partner. Fortunately, Salt Fintech can take care of global finance and compliance for you!
Smooth global business transactions with Salt Fintech
Well, now you have all the answers: who is a consultant, and how to become an independent consultant. However, to expand your business globally, you need a trusted finance partner to take care of your business transactions, taxes, and other compliance work. Salt Fintech can be of immense help here!
With Salt, you can receive international payments from both merchants and individuals in 24 hours, that too in over six foreign currencies and from over fifty countries. The transaction fee is set at 1.75% for all your trades with Salt, and there are neither any hidden fees nor any threats of blocked funds or chargebacks. Salt further takes care of FIRC certifications for you, adopting a comprehensive approach in taking care of your global finances.
Contact us today and ensure smooth global operations for your independent consultancy work!
How to know it is the right time to choose the career of an independent consultant?
Wondering if it is the right time for you to switch over to the career of an independent consultant? Here are some signs you can look out for:
You look for more independence in your work procedures, and freedom in choosing what to work on
You want to make a bigger impact than being stuck under one employer
You are looking to set your own rates without a cap
You are passionate about starting out an independent consultancy business
You want a better work-life balance
You want to change your career or are at a juncture where you are unsure what to do next
2. What is the difference between independent consultant and independent contractor?
The terms 'independent consultant’ and ‘independent contractor’ may be used interchangeably, but the roles are quite different. Firstly, an independent consultant acts as an advisor to a business, offering their takes and insights on various business decisions, new strategies, and existing business issues. On the other hand, an independent contractor is any person providing services to a business without being directly employed by it. You could say that independent consultants are one type of independent contractor, judging by these definitions.