CONSULTING: THE OTHER CAREER OPTION

1. CONSULTING:THE OTHER CAREER OPTION Grace M. Furman, PhD DABTPresident/CEO Paracelsus, Inc. SABPA Professional and Personal Development Skill Series 12 May 2007

2. What is a Consultant? • A consultant is someone who comes in, borrows your watch, tells you what time it is, keeps the watch, and charges you an exorbitant fee.

3. But Seriously…What is a Consultant? • “A person who consults with another or others” • “An expert who is called on for professional or technical advice or opinions”

4. What is an Expert? • “very skillful; having much training and knowledge in a specific field”

5. Logistical Considerations • When to “take the plunge” • Breadth/depth of professional experience & expertise • Job satisfaction & security • Personal/family situation

6. Logistical Considerations • When to “take the plunge” • Corporate/organizational tolerance

7. Logistical Considerations • Marketable professional skills • Marketable “people skills” • Work environment preference • Personal risk tolerance

8. Logistical Considerations • Business development • Your professional reputation: your greatest professional asset & most valuable form of advertisement & self promotion • Gauging client satisfaction • How will you know if you’re succeeding?

9. Financial Considerations • Start-up costs • Includes time • Business structures • Independent contractor vs. consulting organization • Sole Proprietorships, Partnerships, LLCs, S-Corporations, and C-Corporations

10. Financial Considerations • Fee structures

11. Financial Considerations • Health insurance • Retirement savings

12. Professional Development • New client = new challenge • Continued professional growth • You WILL learn something new every day! • Consultant/professional networks

13. Getting Started • Educate yourself • Prepare a business plan • Network! Network! Network!

14. Q&A