Start Your Own Home Business After 50. Robert W. Bly
is the fastest-growing and one of the highest-paying labor sectors in the country. Competition for consulting jobs is keen; only the most educated and experienced workers will have the best job prospects, and only about 21 percent of all consultants are self-employed, so you will need to be prepared to work really hard to succeed. And, if working hard scares you, then this is definitely not the road you want to take.
Second, with the exception of highly specialized consulting services, like chemical engineering, the demand for the consulting services that you offer is driven not only by economic growth, but also by whether the current market trends actually demonstrate a need for your type of expertise and knowledge.
As stated earlier, during an economic boom, most companies will have little use for consulting expertise about surviving a recession. And, for those companies that do require reorganization/survival strategies during an otherwise great economic market, you can expect that you will have to pursue any opportunities for those jobs very aggressively, to stand out from the competition.
Although there is no guaranteed formula for success, it is possible to overcome and defy the obstacles that you encounter, using hard and intelligent work and a healthy dose of tenacity and determination.
So, you need to ask yourself, at this stage in your life, are you ready to work really hard? If the answer is yes, then the possibilities are limitless.
WORD TO THE WISE
You must remember this and never forget it: Your skills, knowledge, and experience are valuable. At your age, you have acquired decades of business and/or life experience that even the most intelligent 20- or 30-something consultant cannot come close to. Unlike younger consultants, you possess the maturity that comes from having lived life; that experience cannot be obtained by doing a search on the Internet.
A SELF-ASSESSMENT TEST
Let’s play a game of 20 Questions. Answer the questions below. The more honest “yes” answers you score, the stronger your aptitude and desire to become an independent consultant (“no” answers suggest the opposite):
•Do you like solving problems?
•Do you enjoy research, study, and learning?
•Are you an “information junkie”—subscribing to newsletters, clipping articles, and collecting tidbits and facts on subjects that interest you?
•Are you a self-starter? Can you work independently without a boss to tell you what to do or without the constant interaction you get in an office environment?
•Do you have specialized skills, knowledge, and/or experience that’s in demand?
•Do businesses or individuals regularly hire consultants in your area of specialty?
•Would businesses or individuals profit or otherwise benefit by engaging your services?
•Can you achieve results for consulting clients that can be measured, documented, and proven?
•Is the service you can offer unique, different, or better than similar services being offered elsewhere?
•If not, is there another compelling reason why clients should hire you instead of your competitors?
•Can you charge an hourly rate that is equivalent to at least twice your current salary as a corporate employee?
•Can you get along with people well enough to sell your services and deal with clients?
•If you are not comfortable with people, can you find someone who can do these things for you, allowing you to concentrate on the technical side of your business?
•Do you have the fortitude to handle crises and other business problems?
•Do you have money in the bank you can live on for a few months if business gets lean?
•Are you flexible and accommodating, and willing to listen to the requirements and opinions of other people—specifically, your customers?
•Are you results oriented?
•Can you commit to and meet deadlines without procrastination or excuses?
•Would you enjoy working at home or alone in a small office?
•Do you have good computer skills and, if not, are you willing to learn them?
IDENTIFY YOUR MARKETABLE SKILLS, KNOWLEDGE, OR EXPERIENCE
So, now that you are of aware of the risks, benefits, and immense satisfaction that comes along with being a consultant, do you believe that this is, indeed, a career move worth exploring? If so, then the next critical step on this journey is to identify that combination of skill, knowledge, and experience you possess that you can base your consulting business on. In other words, it is time to identify exactly what you bring to the table.
When you are 50 or older, this particular step can be far less daunting than it is for people in their 20s, 30s, and even 40s. By this time in your life, you have a full armory of knowledge and skills that you have spent a lifetime acquiring. Unlike your younger counterparts, you can have confidence that you have seen it all and know what works and what does not.
Essentially, you can consult about anything that you have experience doing and/or do well. However, you need to ask yourself this question: Is that knowledge or experience marketable? Is there a need for the type of skills, knowledge, and experience that I have to offer? Will somebody else find what I know or do to be valuable enough to pay me for it?
The range of marketable skills, experience, and knowledge is vast. Some of the most commonly marketed consulting services are described below. This is by no means a comprehensive list, but it does represent the type of expertise most often offered by consultants.
MANAGEMENT CONSULTANT. A management consultant has experience in almost every aspect of corporate operations: marketing, finance, corporate strategy and organization, manufacturing processes, information systems and data processing, e-commerce or business, and human resources, including benefits and compensation. As a general matter, the fundamental skill of a management consultant is the ability to study and analyze business-related problems—typically by synthesizing information from many sources—and then recommend solutions to those problems.
ADMINISTRATIVE CONSULTANT. Administrative consultants possess general and specialized expertise in a broad range of office-related areas. Specifically, an administrative consultant can provide advice and counsel about office management, administrative processes, administrative support needs, requirements and standards, bookkeeping, audits, and accounting.
OCCUPATIONAL SAFETY CONSULTANT. Occupational safety consultants provide expert guidance in identifying workplace safety hazards and ensuring that employers are in compliance with government worker safety regulations. They also have knowledge and experience in planning a safe and healthy environment for workers, identifying hazardous materials or systems that may cause illness or injury, assessing safety risks associated with machinery, investigating accidents, and assessing legal vulnerabilities due to safety code violations.
INFORMATION TECHNOLOGY (IT) CONSULTANTS. IT consultants, who in this information age are always in demand, provide both general and highly specialized services. Some IT consultants provide general computer troubleshooting services or database management, while others have experience and skill in designing and developing new hardware and software systems.
MARKETING AND COMMUNICATIONS CONSULTANTS. A marketing and/or communications consultant provides assistance in areas ranging from product development to public relations and customer service. This type of consultant typically has extensive writing or other media experience,