When Is The Best Time To Start Consulting?

Over the last week or two I have been compiling questions about consulting. These are questions I have heard others ask over the years or have had asked of me. While I may not have all the answers I’m sure readers of this blog, like yourself, can offer up wisdom to provide some answers.

One question, for instance, is when is the best time to start consulting?

I’m not sure if there is ever a right time to start consulting, but if you want to be a consultant you should prepare yourself so you are able to get started right away if an opportunity presents itself. Every business professional, regardless of industry or field of expertise and regardless if you work for a company and draw a paycheck with benefits, should have a consulting business plan in place. Create a business entity. You have knowledge and expertise you can profit from, so if someone is willing to pay you for it and there is not conflict of interest, you should act upon it.  Besides, doing consulting under a business structure lends to your credibility and provides tax benefits. 

It’s also a good idea to be prepared with a consulting business plan and business entity in place if you are employed and suddenly find yourself unemployed due to a layoff or downsizing.  You want to be able to hit the ground running and start putting your networking connections to good use, either to build a roster of clients to sustain yourself as a business or find a few projects to work on and be compensated for until the next full-time job comes along.

There probably is never an optimal moment to jump into consulting, but it’s important to be prepared if you do. As a reader, what is your advice to someone who is considering consulting as a profession?