Let's #TalkTrends: Consulting Edition

One year ago today, Meta laid off over 11,000 people, including me. It served as a turning point for many of us to pause, reflect, and reevaluate our paths. For me, it served as the catalyst for launching My Creator Co. 🚀

Inspired by the book "Designing Your Own Life" and drawing from my successful 15-year career in Big Tech and at Top Brands, I decided to seize this opportunity to go solo. I networked and learned from fellow independent consultants. Today, I'm excited to share some top trends and tips for anyone considering a similar path. 🌟

In this blog post, I'll delve into key trends and tips for the Independent Consulting industry:

Insights:

• Recent data reveals that nearly a quarter of Marketing Executives are increasingly turning to outsourcing, a trend expected to rise in 2024.

• The three primary segments seeking these services are Mid-Size (1-5K employees), Startups (fewer than 25 employees), and Enterprises (over 10,000), as per a recent CMO Survey in Fall 2023.

Implications:

• Startups are anticipated to be the primary drivers of this demand due to their limited internal resources

• Mid-Size and Enterprises are also embracing outsourcing at similar rates likely to produce more output with the same resources.

• The key is to consider their specific needs and tailor your services to each segment.

Top 3 Tips:

1. Tap into your Network: According to Bill Burnett, author of Designing Your Life, having a conversation is the easiest form of prototyping. Engage in candid conversations with independent consultants in your professional network to gain a comprehensive understanding of the pros, cons, and day-to-day experiences before embarking on this path.

2. Separate personal from business: Separation of your personal and business affairs is crucial especially:

• Finances: When it comes to finances, set up a business checking account. This not only streamlines your financial management but is essential for reporting business income and expenses for tax purposes. To take this a step further, consider employing an automated accounting tool like QuickBooks. It simplifies expense tracking and form filing.

• Assets: When it comes to protecting your personal assets, registering an LLC is remarkably straightforward. Many states offer an online registration process that can be completed in under an hour.

• Address: Protect your personal address by utilizing a virtual address service like iPostal. This not only safeguards your privacy but also ensures that your personal address isn't made public when filing for an LLC. Similarly, create a professional business email address. It adds a layer of professionalism to your communications and keeps personal and business correspondence separate.

• Consult a Legal Advisor: While many elements of your consulting business are accessible and understandable, it's wise to seek legal advice when establishing the terms and conditions for your services. A legal advisor can help you draft contracts, terms of service, and Statements of Work (SOWs) that cover all critical aspects. Consider arranging a consultation with an advisor like Matthew Glick, who offers free 30-minute sessions.

3. Refresh your Professional Branding: Your brand is an indispensable asset. Invest time and effort into developing your professional brand. A strong brand is essential in establishing credibility and attracting clients. Here's how you can do it:

• Create a Company Website: Utilize user-friendly platforms like Wix to design an inexpensive yet professional company website. Your website is your digital business card and a hub for showcasing your services and expertise.

• Design a Memorable Logo: A distinctive logo is a visual representation of your brand. 99Designs offers a unique approach. It allows multiple designers to compete in crafting your logo, giving you a range of creative choices. It's a fun and collaborative process that can lead to a logo that truly resonates with your brand.

• Professional Headshots: In the digital age, professional headshots are more important than ever. They convey your personality and professionalism. Snappr is a convenient service for corporate headshots. Ensure you have a clear idea of the location and style you desire for your headshots to guide the photographer effectively.

If you're already on this path or contemplating a move in this direction, let's connect on LinkedIn and exchange insights!