Index

1% Rule, 63
2 x Rule, 52–55
3 x Rule, 52–55, 231–233
4Rs (Relation, Requirement, Relatable, Rationale questions), 205–208
60-second sound bite, 147
1099s, 15, 236. See also Subcontracting

A

AARP, 5
Accenture, 11
Accountants and accounting: accounting software, 164; Big Four accounting firms, 12; selecting accountants, 86–87, 165. See also Record keeping; Taxes
Action Plan, 321–322e
Administrative tasks: hiring staff for, 182, 184, 221–225, 231–233; managing, 314; paperwork, 18–19; temporary services for, 239–240
Advertising: for blogs, 245; of competitors, 133–134, 288; expense of, 125; record keeping and expense of, 165. See also Marketing
Assessment: for balancing life and business, 289–291, 297–298, 298e; of business plan, 95–96; of ethical issues, 261–262; of marketing plan, 126–128; personal checkup for balance, 297–298, 298e; of personal situation, 43–44, 55–56; of recent work, 200; of self-discipline, 27–28, 318. See also Characteristics of consultants; Consulting competencies
Association for Talent Development (ATD), 278, 304–306
ATD’s Action Guide to Talent Development (Biech), 306
ATD’s Foundations of Talent Development (Biech), 306
Automobile expenses: auto insurance, 169; record keeping and expense of, 166, 167e
Azulay, Halelly, 82, 315

B

Bad debts, 179
Balance of life and business: expectations for, 311, 315; health issues, 26, 47, 50; need for, 289–291; personal checkup for, 297–298, 298e. See also Schedule
Banking: bank fees, 165; line of credit, 160; and record keeping, 159–160
Beecher, Henry Ward, 187
Bellman, Geoff, 60–61, 73, 231, 280
Bidding. See Charging (what to charge); Proposals
Biech, Elaine: ATD’s Action Guide to Talent Development, 306; ATD’s Foundations of Talent Development, 306; Building Your Training Business, 82; The Business of Consulting, 184, 231; ebb associates inc, 82, 83, 107, 132; Marketing Your Consulting Services, 140; “So You Want to Be a Consultant” (conference presentation), 8; week in life of (example), 304–315
Big Four accounting firms, 12
Bill paying, 162
Block, Peter, 29, 147, 183–184, 195, 279
Blogs, 130, 245
Bonuses, 11–12
Bplans.com, 95
Brand. See Image
Budgeting, actual vs. projected, 162–164, 163e, 181, 182
Buffett, Warren, 255
Building a Story Brand (Miller), 129
Building Your Training Business, 82
Business acumen, 237
Business cards, 118
Business development assessment, 280–281, 284–285e
Business directories, 84
Business expenses. See Expenses; Record keeping
Business growth, 219–253; decision-making about, 219–221, 226e, 231–233, 249–252; expectations for, 21; geographical expansion for, 247–249; myths about, 21; partners for, 227–230, 228–229e; practices vs. firms, 231; record keeping for, 183–184; staff for, 221–225, 231–233; stages of, 222–223; staying small vs., 252; subcontractors for, 234–238, 236e; without adding people, 238–247
Business interruption insurance, 169
Business management assessment, 281–282, 285e
Business name, 82–86
The Business of Consulting (Biech), 184, 231
Business plan: business management assessment, 281–282, 285e; development of, 89–96, 90e; following, 249; marketing plan, 91, 93, 118–128, 121e, 123e, 127e; need for, 89; now vs. forever plans, 104; research before starting business, 10–16, 23–28, 24e, 25e; Small Business Administration for help with, 90; structure of, 90–91, 90e
Business structure: business plan on organization and management for, 93; choosing legal entity for, 14, 85, 87–89; expectations for, 22; and part-time consulting, 14; self-employed independent consultants, 15–16; subcontractors, 14

C

Calculation method, for fees, 52–55, 54e
Calendars, 312
Capital investments, 161, 184
CareerJournal (Wall Street Journal), 10
Careers in Business, 41
Carnegie, Dale, 317
Cash flow: management of, 156–164, 163e; and petty cash, 172–175, 173e, 174e. See also Invoices; Record keeping
C corporations, 87, 89
Certificate of Trade Name, 85
Certification and credentials, 11, 33, 278
Characteristics of consultants, 31–50; assessing personal situation for consulting, 43–45; and avoiding mediocrity, 42; entrepreneurial characteristics, 45–49, 47–48e; ideal consultant skills, 41; and motivation, 31–33; personality and consulting profession, 25–28, 25e, 39; precautions about consulting, 49; roles of consultants, 40–42; skills for success, 33–39, 34e. See also Motivation
Charging (what to charge), 51–77; 1% Rule, 63; 3 x Rule, 52–55, 231–233; assessing personal situation for, 55–56; business expenses and, 70–71; and characteristics of consultants, 36; defining billing time, 68–69; discussing money issues with clients, 75–76; estimating income needs for, 52–55, 54e; ethical issues of, 73–75, 255–256, 263–265; expectations for, 51–52; increasing charges, 71–73; myths about, 17–18; prepayment discount, 159; pricing structure choices for, 64–68; rate calculators, 59, 61, 63; and satisfaction guarantees, 76; setting, 56–64, 57e, 60e, 62e; and understanding competition, 77; What to Charge (Lewis), 162
Client-consultant relationship, 187–218; adding value in, 204–211; building relationship with individuals, 214–215; consulting competency assessment, 282–286, 285e; expectations for, 21–22; improving, 211–214; initial contact, 187–189, 191–192; and listening importance, 193; phases of building, 193–204, 196e, 201–204e; post-project maintenance of, 215–216; for repeat business, 189–191; for success, 216–217. See also Charging (what to charge); Communication; Ethical issues; Professionalism
Clients: challenging, 208; friendship with, 214; identifying niche market for, 103–104; independence of, 200–201, 203–204e, 208, 260–261; need analysis for, 35, 36; number of, 211; perspective of, 7–8, 44, 60–64, 62e, 69, 71, 120–122, 121e, 157; and size of client’s business, 132–133, 291–292; targeting client base, 122–124, 123e; testimonials from, 118; word-of-mouth marketing by, 135–136. See also Client-consultant relationship; Ethical issues; Marketing
Coaching: certification for, 33; fees for, 67; finding mentors, 223, 288; offering, as service, 244; for talent development, 37
Codes of ethics, 270–271
Cold calling, 141–145, 142e, 144–146e
Collaboration: ethical issues in consultant-to-consultant transactions, 260, 265–269; finding collaborators, 288; partners, 14, 85, 88, 227–230, 228–229e, 240–243; staff employees, 221–225, 231–233; subcontracting arrangements, 110, 234–238, 236e, 265–269. See also Business growth
Collection agencies, 179
Commercial property insurance, 169
Communication: communication costs (telephone, Internet), 172; consulting competency assessment, 278–279, 283–284e; importance for client-consultant relationships, 187–189, 191–193, 199, 214; skills needed for, 26. See also Correspondence
Competency assessment. See Consulting competencies
Competition: advertising materials by, 133–134, 288; benchmarking for setting rates, 56–57, 71, 73–75; between clients, 261; competitive analysis for business plan, 92; noncompete agreements, 237, 265
Conditional fees, 67
Confidentiality, 260
Conflict of interest, avoiding, 260
The Consultant’s Calling (Bellman), 60–61, 73, 280
Consulting, 1–29; appeal of, 1–3, 8–10, 31–33, 51–52, 79–80; as business trend, 5–6; career path for, 22; consulting firms, 11–13, 110, 231, 250–251; defined, 3–4; expectations for, 17–23; as profession, defined, 3; research before starting business, 10–16, 23–28, 24e, 25e; timing of and trends for, 4–10. See also Business growth; Characteristics of consultants; Client-consultant relationship; Consulting competencies; Consulting specialties; Ethical issues; Expertise; Financial issues; Marketing; Motivation; Professionalism; Start-up businesses
Consulting.com, 11, 15
Consulting competencies: business development, 280–281; business management, 281–282; communication skills, 278–279; Competency Improvement Ideas, 283–285e; consulting skills, 277–278; mindset success, 279–280; need for, 273–276; professional awareness, 276–277; professional standards, 276; relationship building, 282–286
Consulting fees. See Charging (what to charge)
Consulting firms: matchup with, 250–251; practices vs. firms, 231; size of, 11–13; working for, during start-up phase, 110
Consulting specialties: certification for, 33; government as client, 66, 158; identifying niche market for, 104; international consulting, 57, 248–249, 271–272; and setting rates, 56–57; types of, 6–7, 12, 38. See also Coaching; Expertise
Contact log, 145, 146e
Contractors, defined, 15
Contracts: and business growth, 227; consulting for former employer, 55–56; contracting process, 195–196, 196e; noncompete agreements, 237, 265; and proposal development, 148–149; for using subcontractors, 235
Cope, Kevin, 237
Copyright Clearance Center, 262–263
Corporation types, 87, 89. See also Legal entity of businesses
Correspondence: charging clients for telephone calls, 71; cold calling, 141–145, 142e, 144–146e; costs (telephone, Internet), 172; fees for, 71; image conveyed by, 105–108; and image of business, 105–108; and invoicing, 157; mailing, 117–118, 157, 170; mailing lists for, 117–118; marketing, 134; sending lumpy envelopes, 134, 139, 151; time savers for, 294
Credit: credit cards and cash flow, 160–161; lines of credit, 160; payment via credit cards, 158
CUSTOMER (Commit, Understand, Strengths, Team, Observe, Measure, Expect to succeed, Recognize importance), 216–217

D

Daily rates, 56–61, 57e, 60e, 64–65, 69
Data-collection step, 197–198
DBA (Doing Business As) certificate, 85
Deception, recognizing, 270
Deloitte, 11, 12
Deming, W. Edwards, 115, 151
Design: business cards, 118; logos, 106; websites, 129
Directories, 84
Disability insurance, 168
Discounted fees, 74–75
Diversity, 266–267
Domain names, 84
Donations, 166
Double dipping, avoiding, 264
Dues, 162, 166
Dweck, Carol, 279–280

E

ebb associates inc, 82, 83, 107, 132
Edison, Thomas, 273
Edson, Annie, 310
Einstein, Albert, 1
Electronic billing systems, 157, 293
Employment. See Permanent employment
Entertainment expenses, 166
Entrepreneurial characteristics, assessing, 45–49, 47–48e. See also Characteristics of consultants
Entrepreneur (magazine), 46, 96
Entrepreneurs Are Made, Not Born (Shefsky), 26
Envelope system, for expenses, 164–165
Equiteq, 220, 325
Ernst & Young, 12
Errors and omissions (E&O) insurance, 168, 261
Estimated taxes, 171
Ethical issues, 255–272; in client-to-consultant transactions, 268–270; codes of ethics, 270–271; in consultant-to-client transactions, 258–265; in consultant-to-consultant transactions, 265–269; for fees, 73–75, 255–256, 263–265; friendship with clients, 214; and image of consultants, 256–257, 260; in international situations, 271–272; refusal of assignments because of, 150–151, 190; of using subcontractors, 237
Ethics Today Online (forum), 271
ExecuNet.com, 16
Expenses: advertising, 125, 165; for entertainment, 166; envelope system for, 164–165; and ethical issues, 262, 264; expectations for, 17–18; for insurance, 168; and interest, 169; for meals, 169; for office equipment and maintenance, 168, 170–171; for overhead, 52–56, 59, 70–71; for presentation materials and equipment, 179; for professional development, 170; for reference materials, 166; of subcontractors, 236e; and taxes, 164–165, 171; tracking, 164–172, 167e; for travel, 69, 166, 167e, 169; for websites, 165. See also Charging (what to charge); Record keeping
Expertise: and characteristics of consultants, 38–39; consultants as subject-matter experts, 3–4; and consulting fees, 69; expectations for, 19, 20; gaining experience as consultant, 108–111; myths about, 19; and setting fees, 57; in specialty fields, 133–134, 313; understanding trends, 133–134. See also Charging (what to charge)

F

Failure, fear of, 317–318
Family and friends: family support for consulting business, 44; loans from, 101; support system for positivity, 280
FastCompany (magazine), 81
Fast Fifty, 318–324, 323e
Federal employer-identification numbers (FEIN), 88
Federal government, as client, 158
Fees. See Charging (what to charge)
Filing systems, 293, 305–306, 311–312
Financial issues: actual vs. projected budget, 162–164, 163e, 181, 182; assessment of personal situation, 43–44, 55–56; business plan for, 94; and data accessibility, 312–313; income needs, 11–13, 15–18, 21–22, 52–56, 54e; of international business, 249; of marketing, 136–140; salaries, 171; stages of business growth, 222–223; for start-up businesses, 96–100e, 96–102. See also Business growth; Charging (what to charge); Expenses; Invoices
Fiverr.com, 240
Fixed-price projects, 66
Flawless Consulting (Block), 29, 147, 183–184, 195
Ford, Henry, 31, 153
Forms of business. See Business structure
Fortune (magazine), 95
4Rs (Relation, Requirement, Relatable, Rationale questions), 205–208
Free Agent Nation (Pink), 5
Freelancer.com, 240
Freelancers, defined, 15

G

Generators, for business names, 83
Geographical expansion, 247–249
Ghosh, Shikhar, 81
Glass Door, 11
Goals, setting, 124–125. See also Refusal of work
Goldwyn, Samuel, 51
Google My Business, 140
Government, as client, 66, 158
Graduate students, 128, 238
Gretzky, Wayne, 4
Growing a business. See Business growth
Guarantees, 76
H
Half-day events, charging for, 69
Halls, Jonathan, 246
Harvard Business Review, 95
Harvard Business School, 81
Health issues: positive thinking for, 47, 50; and sleep, 26
Henry, P., 81
Hiring: of accountants, 36, 113; of additional consultants, 253; of administrative staff, 182, 184, 221–225, 232–233; consultants as “hired guns,” 41–42; consulting as reducing clients’ need for, 8, 71
Home offices: assessing personal situation for, 43–44; for balance in life, 291; and consulting fees, 52–55, 59; example, 311; image of, 9; insurance for, 169; and start-up costs, 100, 102
Hourly rates, 65–66
Hyatt, Michael, 130

I

Image: choosing name for business, 82–86; and client-consultant relationship, 192; for collaborative arrangements, 242; and ethical issues, 256–257, 260; myths about, 20; projection of, 105–108; staff hiring considerations about, 225; story in 60-second sound bite, 147
Incorporation, 85, 87, 89. See also Legal entity of businesses
Insurance: record keeping and expense of, 168; types of, 168–169, 261
Intellectual property: copyright permissions, 262–263; as revenue stream, 247; trademarks, 84, 85
Interest: and cash flow, 159; record keeping and expense of, 169
Internal Revenue Service (IRS): on carrying operating losses, 156; on estimated taxes, 171; on independent contractors vs. employees, 235–236; on legal entities for businesses, 87; Publication 587, 102; 1099 vs. W-2 designation, 15, 236. See also Taxes
International consulting: for business growth, 248–249; ethical issues in, 271–272; and setting rates, 57
International Federation of Training Development Organizations (IFTDO), 248
International Organization Development Association (IODA), 248
Internet uses: blogs, 130, 245; cost of, 172; courses, 135, 243–244; monitoring junk mail of competitors, 133–134, 288; social media, 128–130; survey tools, 292; websites, 84, 128–130, 165
Interns, 128, 238
Interviewing: for employment with consulting firms, 13; for researching consulting profession, 23–24, 24e
Invoices: and business image, 107; collections, 179; customizing, 176; for international business, 249; late payment for, 161–162; monitoring payment of, 157–158; “paid-when-paid” terms, 235, 266; promptness of, 156–160; record keeping for, 175–179, 177e, 178e; for small businesses, 161; templates for, 292–293

J

Jefferson, Thomas, 257
Job listings, 16
Joint ventures, 240–241
Junk mail, 133–134, 288

K

Kay, Alan, 120–122
Keller, Helen, 301
KPMG, 12
L
Labin, Jenn, 65
TheLadders.com, 16
Land O’Lakes, 216
Late payment, 161–162
Learning 2018 (Masie), 306
Leasing vs. purchasing, 161
Legal entity of businesses: corporations, 87, 89; limited liability companies (LLC), 87–89; partnerships, 14, 85, 87–88; sole proprietorship, 85, 87–88. See also Business structure
Legal issues: contracts, 55–56, 148–149, 195–196, 196e, 227, 235, 237, 265; intellectual property, 247, 262–263; legal fees, 165; letters of agreement, 149; liability, 88, 168; licenses, 169. See also Business growth; Insurance
Lewis, Laurie, 162
Lifestyle. See Balance of life and business; Characteristics of consultants; Family and friends
Limited liability companies (LLC), 85, 87–89. See also Legal entity of businesses
Limited partnerships. See Partnership
Line of credit, 160
LinkedIn, 107, 129
Listening, importance of, 193
Loans: record keeping and expense of, 169; for start-up business, 101
Logos, 106
Lumpy envelopes, 134, 139, 151

M

Mailing: of lumpy envelopes, 134, 139, 151; mailing lists, 117–118; Priority Mail, 157; record keeping and expense of, 170
Maintenance expenses, 170–171
Management consultants, defined, 15
Marketing, 115–151; and advertising, 125, 133–134, 165, 245, 288; attracting high-value clients, 209–210; business development assessment, 280–281, 284–285e; and characteristics of consultants, 35; clients’ word-of-mouth, 135–136; cold calling, 141–145, 142e, 144–146e; and competition, 133; evaluating client base and setting fees, 71–73; expectations for, 20–22; financial issues of, 136–140; finding new clients with, 135–136, 141–147, 142e, 144e, 145e, 146e; mailing list for, 117–118; marketing consultants’ fees, 68; marketing plan, 91, 93, 118–128, 121e, 123e, 127e; market research, 95, 133–134, 143, 288; materials needed for, 105–108, 118, 165; mistakes made with, 119; need for, 115–117, 131–132, 140; networking for starting business, 109–111; organization for, 118; personalization of, 135; proposals, 66, 69, 148–149, 158–159, 293; record keeping and expense of, 165; sales required by employed consultants, 11, 12; scheduling, 131; skills needed for, 27, 35; social media for, 128–130; strategy for, 132–133; testimonials for, 118; thank you messages/gifts, 118, 134, 137, 139, 141, 151, 269; trends, 133–134; value proposition, 13, 36, 104, 210, 250; websites for, 84, 128–130, 165. See also Business plan; Refusal of work
Marketing Your Consulting Services (Biech), 140
Masie, Elliott, 306
Mastermind groups, 250
Materials. See Marketing; Presentation materials and equipment; Reference materials
MBO Partners, 15, 16, 251
McGovern, Marion, 63
McKinsey, 11
Meal expenses, 169
Mediocrity, avoiding, 42
Meetings: and characteristics of consultants, 37; initial contact with clients, 187–189, 191–192. See also Charging (what to charge)
Mentors, 223, 288
MicroWorkers.com, 240
Miller, Donald, 35, 129
The Million-Dollar One-Person Business (Pofeldt), 15–16
Mindset success, 279–280, 284e
Motivation, 301–324; Action Plan for, 321–322e; and appeal of consulting, 1–3, 8–10, 31–33, 51–52, 79–80, 301–304; Fast Fifty for, 318–324, 323e; overcoming fear of failure, 317–318; rallying, 310; Visualize Success for, 316–318, 319–320e; week in life of a consultant (example), 304–315
Myths about consulting: avoiding politics and paperwork, 18–19; business growth, 21; consultants’ charges, 17–18; expertise, 19; getting started in consulting, 20–21; image of consulting, 20; time management, 19–20; truths vs., 21–22

N

Name of business, 82–86
Nation1099, 59
National Speakers Association (NSA), 245
Networking: for business growth, 250–251; for business planning, 96; and client-consultant relationship, 216; expectations for, 21; for marketing, 136–137; and professionalism, 286, 287
New clients, finding, 135–136, 141–147, 142e, 144e, 145e, 146e. See also Marketing
Niche market: avoiding excuses about, 105; business plan on, 91, 93; defining consulting specialty, 104; identifying, 102–105; identifying ideal clients, 103–104; target market vs., 102–103; value proposition for, 104
Noncompete agreements, 237, 265

O

Objections, responding to, 207
Office equipment: for copying, 106–107; purchasing vs. leasing, 161; record keeping and expense of, 168, 170
O’Mara, Julie, 266–267
Onboarding process, 198
1% Rule, 63
Online courses, 135, 243–244
Operating losses: carrying, 156; understanding, 181–184, 185e
Organization: calendars, 312; and characteristics of consultants, 36; filing systems, 293, 305–306, 311–312; for marketing, 118; for travel, 313–314
Overcommitment, avoiding, 36, 259–260
Overhead expenses, 52–56, 59, 70–71, 170

P

“Paid-when-paid” terms, 235, 266
Panas, J., 278
Partnership: advantages of, 14; for business growth, 227–230, 228–229e; collaboration with consultants, 241–243; as legal entity for business, 88; limited partnership, 85; virtual partners and joint venture, 240–241. See also Legal entity of businesses
Payroll services, 182–183
Payscale.com, 61
Peale, Norman Vincent, 79
Pension plans, 170
Performance percent fee, 68
Permanent employment: for consultants, 11–13; consulting contracts with former employer, 55–56; frustration with, 1–3; hiring staff (See Business growth); IRS on independent contractors vs. employees, 235–236; and part-time consulting, 50, 108
Per person pricing structure, 67
Personal financial statements, 100
Personalization: for client-consultant relationship, 214–216; of marketing, 135, 139
Peters, Tom, 66
Petty cash, 172–175, 173e, 174e
Photos, 212–213
Pink, Dan, 5
Podcasts, 246
Pofeldt, Elaine, 15–16
Positioning strategy, 122–124, 123e
Positive thinking/messages, 46, 47, 50, 141, 155–156, 267, 279–280
Power Questions (Sobel, Panas), 278
Prepayment discount, 159
Presentation materials and equipment: as client cost, 70; copying and printing, 166; record keeping and expense of, 179
Price fixing, avoiding, 61
PricewaterhouseCoopers (PwC), 12, 16, 250–251
Priority Mail, 157
Problem solving: and characteristics of consultants, 35, 37, 40–42; customized solutions, 208; helping clients recognize value, 205–208
Pro bono work, 70, 110
Productivity of consultants, 198–200
Product market, for expansion, 245
Professional development: for professionalism, 286–289; record keeping and expense of, 170; for start-up business planning, 95, 109–111
Professionalism, 273–299; balancing life and business for, 289–291; defined, 274–275; personal checkup for, 297–298, 298e; professional development for, 286–289; self-assessing consulting competencies, 273–286, 283–285e; time management for, 291–297; and volunteering, 278, 297. See also Ethical issues
Professional liability insurance, 168
Profit, understanding, 181–184, 185e. See also Record keeping
Project-based fees, 66
Project initiation fees, 158–159
Proposals: as cost of doing business, 69; developing, 148–149; including project initiation fees in, 158–159; Requests for Proposal (RFP), 66; special delivery for, 149; time savers for, 293
Prosperity, portraying, 155–156

Q

QuickBooks Pro, 164, 166

R

Randstad US, 5
Rapid Media Development for Trainers (Halls), 246
Record keeping, 153–186; business time savers, 291–294; cash flow management with, 156–164, 163e; and characteristics of consultants, 36; invoicing and charging client for expenses, 159, 175–179, 177e, 178e; need for, 153–154; and petty cash, 172–175, 173e, 174e; planning for worst while portraying prosperity, 155–156; for revenue projection, 179, 180e; for tracking expenses, 164–172, 167e; types of, 155; for understanding the numbers, 181–184, 185e
Reference materials: finding time for, 313; loaning, 184; record keeping and expense of, 166; resources for, 287; subscriptions, 162, 166
Referrals: by clients, 135–136; referring work to colleagues, 139–140, 261
Refusal of work: to avoid overcommitment, 36, 259–260; due to ethical issues, 150–151, 258–259
Registering a business name, 85
Relation, Requirement, Relatable, Rationale questions (4Rs), 205–208
Relationship management. See Client-consultant relationship
Rent, 170
Repair expenses, 170–171
Repeat business, 189–191
Research: analysis of present situation during start-up, 120–122, 121e; asking questions of clients/potential clients, 145e, 191–197, 205–208; data-collection step, 197–198; disclosing need for, 259; interviewing consultants about profession, 23–24, 24e; market research, 95, 133–134, 143, 288; networking for conducting mini-research, 216; questions to ask before starting business, 80–81, 278. See also Start-up businesses
Retainers, 67
Retirement, 170
Revenue projection, 179, 180e
Review. See Assessment
RFP (Requests for Proposal), 66
Risk, tolerance for, 26
Rockefeller, John D., 16

S

Sales and selling: business plan for, 93; and characteristics of consultants, 35; helping clients recognize value, 205–208; hiring staff for, 225, 231–233; mistakes of, 210–211; required by employed consultants, 11, 12. See also Marketing
Satisfaction guarantees, 76
Savings accounts, 172
ScalablePath.com, 240
Schedule: availability to clients, 309; avoiding overcommitment, 150–151, 190, 259–260; balance of life and business, 289–291, 297–298, 298e, 311, 315; for bill paying, 162; calendars, 312; effective date for proposals, 148–149; for estimated taxes, 171; for marketing, 125–126, 127e, 131, 136; repeat business, 189–191. See also Time management
Schedule C, 88
Scope of work: clarifying, 195; for market pricing strategy, 73–75; scope creep, 66, 292; and setting fees, 57–58. See also Refusal of work
S corporations, 87, 89
Search Engine Optimization, 129
Secretary of State offices, 89
Self-discipline, 27–28, 318
SEP IRA, 170
Shefsky, Lloyd E., 26
Sherman Anti-Trust Act, 61
60-second sound bite, 147
Sleep, need for, 26
Small Business Administration, 90
Sobel, A., 278
Social media, 107, 128–130
Social responsibility, 260
Society for Business Ethics, 271
Sole proprietorship, 85, 87–88. See also Legal entity of businesses
Solutions. See Problem solving
“So You Want to Be a Consultant” (Biech), 8
Spam, 133–134, 288
Staff, hiring, 182, 184, 221–225, 231–233. See also Hiring
Standards, for professionalism, 276, 283e
Start-up businesses, 79–113; accountants for, 86–87; business plan development for, 89–96, 90e; failure of, in first five years, 45; financial considerations for, 96–100e, 96–102; gaining experience for, 108–111; image projection for, 105–108; legal entity for, 14, 85, 87–89; myths about, 20–21; naming the business, 82–86; niche market identification, 102–105; questions to consider for, 80–81, 278; Start-Up Checklist, 111–112; success vs. failure of, 81. See also Charging (what to charge); Consulting competencies; Marketing; New clients, finding
Status reports, 175
Stein, Charles, 5
StoryBrand, 35
Students, working with, 128, 238
Subcontracting: for business growth, 234–238, 236e; ethical issues of, 265–269; “paid-when-paid” terms of, 235, 266; for start-up business, 110
Subscriptions, 162, 166
Survey tools, online, 292

T

Tag lines, 82
Talent development, 37
Talent Exchange (PwC), 16, 251
The TalentGrow Show, 315
Talents/tolerance of consultants. See Characteristics of consultants
Target market vs. niche market, 102–103
Taxes: and accountants, 86–87; carrying operating losses, 156; for different legal entities of businesses, 87; estimated, 171; federal employer-identification numbers (FEIN), 88; home offices, 102; independent contractors vs. employees, 235–236; record keeping and expense of, 171; Schedule C, 88; 1099 vs. W-2 designation, 15, 236; tracking expenses for, 164–165; and using subcontractors, 234
Teaching, 243–245
Temporary services, 239–240
1099s, 15, 236. See also Subcontracting
TESS (Trademark Electronic Search System, U.S. Patent and Trademark Office), 84
Testimonials, 118
Thank you messages/gifts, 118, 135, 137, 139, 141, 151, 269
3 x Rule, 52–55, 231–233
Thriving in the Gig Economy (McGovern), 63
Tickler files, 292
Time management, 291–297; business time savers, 291–294; expectations for, 17–20; myths about, 19–20; session planner, 296–297; sleep and, 26; time-management log, 296; tips for, 295–296; travel time savers, 294–295; vacation time, 290
Tips: business growth, 227, 236, 240, 244, 245, 246, 247, 248, 249; characteristics of consultants, 35, 41, 44, 46; client-consultant relationships, 198, 200, 212–213, 216; consulting profession information, 10, 11, 16, 27; ethical issues, 262, 271; fees, 59, 61, 64; financial issues, 157, 182; marketing, 126, 141, 149; motivation, 314, 315; professionalism, 278, 291–293, 295, 296; record keeping, 160, 164, 175, 176; start-up business, 84, 87, 90, 95, 96, 102, 106
Toptal.com, 240
Trademark Electronic Search System (U.S. Patent and Trademark Office), 84
Trademarks, 84, 85
Traditional employment. See Permanent employment
Travel: advantages and disadvantages of, 11, 12; automobile expenses, 166, 167e, 169; ethical issues of charging for, 262, 264; example, 307–308; fees for business expenses, 69; organization for, 313–315; record keeping for, 158–159, 172, 179; time savers, 294–295
Trust, building, 282
Twain, Mark, 259
Twitter, 129
2 x Rule, 52–55

U

UpWork.com, 240
U.S. Patent and Trademark Office, 84
Utilities, 172
V
Vacation time, 290
Value: adding value in client-consultant relationships, 204–211; attracting high-value clients, 209–210; value proposition for niche market, 104
Value-based fees, 68
Visualize Success, 316–318, 319–320e. See also Positive thinking/messages
Volunteering: to give back to profession, 278, 297, 312; pro bono work, 110; for start-up business, 109

W

W-2, defined, 15
Walkaway rates, 63, 75
Wall Street Journal, 10, 95
Watershed Associates, 262
Websites: domain names for, 84; for marketing, 128–130; record keeping and expense of, 165
What to Charge (Lewis), 162
Women-owned businesses, 227
Wood, Tom, 262
Word-of-mouth marketing, 135–136
Workers’ compensation, 169
Work-life balance. See Balance of life and business
Workplace 2025 (Randstad US), 5
Writing: of books, 245–246, 308–309; for business growth, 245–247; skills needed for, 26–27. See also Proposals; individual titles of books