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Is Consulting Risky?

Posted By Administration, Thursday, December 6, 2012
Updated: Friday, August 30, 2013
With so many other risks in my life, how can I reduce the risk of a consulting career?

Many people think being self-employed is risky. But the alternative isn't risk free either. Finding a good company with a good boss can lead to many years of contented employment. But you are always one downsize, one merger or, in this economy, one bad year away from being unemployed.

Diversity Reduces Risks
Joe Webb, IT consultant with Webb Tech Solutions makes a good point in his blog "Mitigating Consulting Risks". Planned and intentional diversity helps a consulting practice survive better than one with a sole focus on one client or niche.

He writes, "When we find a niche that works, we tend to stay in that niche and ignore other opportunities. And I think we do this at great risk to the longevity of our business. But what happens when that niche is no longer a safe and sure bet?"

TIP:Take a good look at your practice as you get ready to enter 2013. Consider these 3 ideas he suggests:
  1. Work with multiple clients vs. one client at a time
  2. Vary the type of projects you offer
  3. Offer complimentary services to give clients different ways to utilize you

Also check out an upcoming offering by IMC USA, "What are You Doing About Risk in Your Consulting Practice?" It's FREE to IMC USA Members, and $19 to non-members. Click on the session title to learn more.

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