Unit 7: Establishing Your Own Practice

Introduction

This Unit is designed to provide guidelines for establishing a consulting practice. It presents a comprehensive overview of key issues and strategies relevant to professional consulting.

Independent Consulting is one of the fastest growing businesses in Canada. As large companies experience downsizing and restructuring, many skilled and knowledgeable people who have been displaced from employment are turning to self-employment as consultants. It is also very attractive for professionals who are under- employed and wish to develop their experience. As well, individuals opting for early retirement are often interested in a part-time career as a consultant.

At the same time, businesses of all sizes are recognizing the benefits of utilizing consulting services to meet specific organizational needs.

Individuals who are establishing a new practice are encouraged to obtain legal counsel to ensure that you have complied with the requirements of your profession as an independent practitioner, particularly if you are working within a regulated profession.

What You Will Learn

This module is divided into the following sections:

Section One: Defining Your Consulting Services

Section Two: Marketing Your Consulting Services

Section Three: Financial Matters

Section Four: Managing Risks

Learning Outcomes

After reviewing this module you should be able to:

  1. Understand what a consulting business entails and the various types of consulting practices that operate.
  2. Identify opportunities for your consulting practice.
  3. Develop a Professional Code of Conduct for your practice.
  4. Create a marketing strategy for your consulting business.
  5. Understand financial requirements for your consulting practice.
  6. Examine ways in which you can manage risks associated with your independent practice.
  7. Develop an appropriate fee structure for billing clients
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