Posted by Jennifer Nelson on December 22, 2010 under Small Biz and Entrepreneurship | Be the First to Comment

As the new year is upon us, many people are making New Year’s Resolutions.  One of the most popular Resolutions is to find a better job, or to start your own business.  One of the difficulties with this resolution is that most don’t know where to begin.

When starting your own business, it’s important to take stock of the skills that you have.  What are the things you do best?  What are the experiences you’ve had?  How can you capitalize on your experience and skills?

One of the faster growing fields out there is consulting.  Consulting offers a lot of flexibility to those who enter this market.  Many consultants work out of the comfort of their own home.  They set their own hours.  They work with the clients they want to work with.  They also get to focus on their strengths, and minimize their weaknesses.

A recent report suggests that approximately 70% of home-based businesses will last over a three-year period, compared to 29% of other business ventures.  Why is this?  Primarily because home based businesses can control costs much easier than other businesses that have to buy or rent office space, pay utilities, buy new equipment and furniture, etc.

There are several ways to get started in the consulting field, let’s look at two of them.

First, you can start your own company. This allows you complete control over branding, product offering, and pricing.  It can also give you a great sense of fulfillment in building something from the ground up.  However, there are some downsides.  The costs associated with developing your own website, advertising, and so on can be high.  You also have the headache of going out and trying to build a client base with little to no name recognition.  You also will be completing any and all paperwork yourself, which can be time consuming and take away from some of the other things you might do best.

The other popular option is to become an affiliate of a national consulting firm.  These are firms who work with clients nationwide, and already have an established presence.  You get the opportunity to still work from home, and set your own hours.  Some even give you the option of having leeway in the pricing.  You also get the benefit from their advertising and their infrastructure.  They are able to be the production staff for you and your clients.  One of the cons to this arrangement are you may or may not be limited to the product offering that they have.  For many of these programs, it might be slower to earn the income that you really desire to earn as well.

So, what to do?  First, begin by researching all that’s involved in starting your own business in your particular area.  Second, evaluate your current economic situation and decide which way would be best for you personally.  There is no cookie-cutter process for deciding which is best for you.  You’ll next want to research through the variety of affiliate programs, or consultant program, available to you.  When researching, some important questions to ask are:

- Does the company have a track record of success?

- Will they support me through and through?

- What kind of tools do they give me to help me be successful?

- Are they available for support?

- What kind of fees are involved?

- Will they take good care of my clients?

There may be more questions that are important to you that you want to ask as well.  The most important thing is that you are comfortable with your choice.  It’s a big decision, and not one that should be made lightly.