By
Gary Minkoff, guest contributor
The
Professional Development Institute and
The Leading Institute recently hosted a learning event for planners and landscape architects who want to build free agent consulting practices. The speakers/coaches included successful solo practitioners who are also instructors in the
Bloustein Online Continuing Education Program.
Speaker/coach Gary Minkoff, Principal of Above Beyond Marketing in Highland Park, New Jersey, generously shared his tips for publication in PDI Advisor. Gary has more than 25 years of professional experience, including over 15 years in consulting. In BOCEP, he teaches
Managing Green Politics.
Gary’s suggestions are responses to questions prepared for “Planning to Go Out on Your Own? Building a Successful Solo Consulting Practice,” held April 28, 2010 at Rutgers University.
*Some people do well as consultants, while others flounder. How do you know if you have what it takes, or have the right set of skills and personality to be a consultant?
1) Are you an entrepreneur by choice-or by necessity?
2) Know your goals and priorities-there’s a difference between self-employment and building a business to create wealth or a legacy.
3) Are you comfortable networking constantly?
4) How well known are you-how in touch are you with your reputation?
5) Do you mind continuous follow-up on everything-proposals, projects, invoices, collections?
6) How do you like doing a little of everything?
7) How are your people-and admin—skills?
8) Do you like to sell or to close?
9) You need discipline: Stick to a routine
10) How are your time management skills?
*In the private sector, you can choose to be part of a consulting firm, try to build your own firm, or choose to be a solo practitioner. How should you go about making this choice? What do you need to know about yourself?
1) Resilience – Financial (access to working capital and reserves) and emotional (rejection, peaks and valleys as you get clients, lose on bids, etc.)
2) Risk tolerance – How comfortable are you with the risks of not having a steady flow of income, or not having enough clients (or having too many), or having clients who are litigious or could impact your reputation?
3) Identification of your strengths and weaknesses.
4) Consider partnerships to mitigate risk.
*What do you find most challenging about being a solo practitioner?
1) Balance of admin, billable hours and sales time.
2) Business development in this environment.
3) Procurement processes—advantages –minority/women in Supplier. Diversity programs-disadvantages-time/disclosures and documentation for compliance.
*How do you compete against so many other people who have similar skill sets?
1) Build relationships.
2) Provide something unique or provide it in a unique way-know your “unique selling proposition”—or value proposition.
3) Educate yourself, and your clients to stay on top of new trends/offerings.
4) Provide outstanding proactive service and make responsiveness to all inquiries and requests your trademark.
*What resources would you recommend for anyone who is starting out or planning to become a solo practitioner?
1) Consulting for Dummies/Working from home (this second title may be out of print-but anything by Paul and Sarah Edwards is immensely helpful to small/home office businesses).
2) Understand the different dimensions of risk and mitigate them:
a. Liability-E&O, GL insurance, contracts, corporate structure or LLC/LLP
b. Financial-savings and access to credit lines
c. Competitive-professional education, business development
d. Industry segment-are your target markets growing or shrinking—how large are they?
3) Professional team-accountant, banker, attorney, insurance agent-and informal advisors on business/professional issues.
4) Technology mobility—have a functional Laptop/virtual fax and phone/skype/quality color printer-
5) Kinkos or GBC binding capability; consider Kinkos, Staples or Mimeo if you need high quality printing in quantity and you are on the go
6) Software for remote collaboration-Adobe Acrobat, Adobe Audition, Google Docs, Adobe Breeze; FTP site if necessary; Outlook, Google or other enterprise calendar
7) VOIP/smart phone for email/voicemail forwarding
8) Fast Company (the magazine). If you do business in New Jersey-keep an eye on NJBiz; in New York or other metro areas, Crains Publishing usually has a publication to keep you abreast of news and trends
9) SmartBrief published by the National Federation of Independent Businesses.
Gary Minkoff is the Principal of Above & Beyond Marketing, based in Highland Park, NJ. You can reach Gary at
minkg@aol.com or at 732-777-6892. Gary is also a member of the Highland Park Borough Council. You can read more about him at
http://www.hpboro.com/index.aspx?NID=204.