Before you make the decision to start your own consulting practice or to provide consulting services as a self-employed consultant, you should carefully evaluate whether or not this type of consulting is for you. Bear in mind that operating as a self-employed consultant or running your own practice comes with risks and rewards that should be carefully considered.
Common characteristics shared by successful independent consultants include: a marketable skill, the ability to sell and negotiate, a very strong work ethic, self-motivation, satisfaction with one’s own work, no need for total control over people or programs, excellent written and verbal skills, good networking ability, and strong problem-solving and analytical abilities.
Once you’ve decided to begin providing independent consulting services, you’ll need to assess whether you will employ other consultants in a consulting practice or simply provide consulting services as a self-employed, independent consultant. These two options are quite distinct from one another, and have implications relating to business registration and taxation.