The New World of Independent Consultants

Platforms, Coworking and Support

By Richard Hartung

Whether it’s to gain more flexibility or leverage their expertise, a growing number of people are becoming independent consultants. In the past, that usually meant using your network to find jobs, leveraging your expertise to provide value, and operating independently. Now though, a combination of consulting platforms, co-working spaces and support services make consulting much easier.

Setting up the Consultancy

While it might seem like becoming a consultant is simply a matter of hanging out your shingle to promote your services, it’s important to set up your business right from the start.

The first step is to decide on your focus and competitive advantage. You’ll need to figure out your target market, business pitch and what makes you different from a multitude of other independent experts.

You’ll also need to decide whether to become a sole proprietorship or a private limited company. While becoming a sole proprietor is faster and easier, a company limits your liability and also offers tax advantages for Americans.

When you’re ready to put all your information online and develop a website, you can find developers, graphic artists and other specialized support at affordable costs on sites such as Upwork or Fiverr.

You don’t need certification to start, unless you have a licensed specialty. While organizations here such as the Singapore Business Advisors and Consultants Council do certify consultants for a fee, there is no need for certification for most work.

Promoting your Business

Independent consultants have traditionally leveraged their years of experience to add value to clients and a network of contacts in their industry to win business. While they are still important, there are other ways to find clients.

Consultant platforms offer an alternative for generating business. Talmix, A-Connect, ICG, Business Talent Group and others bring experienced independent professionals together to form teams for client projects. Talmix, for example, says it brings technology, experience and talent connections to more than 40,000 customers in more than 150 countries. Smaller and more specialized firms such as Paytech offer opportunities, too.

Another option is learning networks, which offer clients access to experts in hour-long question-and-answer sessions. US-headquartered Gerson Lehrman Group (GLG), Third Bridge and AlphaSights in Europe and India-headquartered Insight Alpha are among a growing number of firms that screen experts and then hire them out to answer companies’ questions. Consultants’ fees can be hundreds of dollars per hour. GLG and others have expanded into placements for professionals for everything from speaking engagements to longterm work. (Disclosure: I have worked with GLG, A-Connect, Paytech and Talmix.)

Support Services

While your main focus will be your business, you may also need office space, accounting services, legal advice, technical support or other services. All those services are more easily available now, too.

A key step is figuring out where to work. While many consultants work at home, coworking spaces have made the advantages of a quiet working space and a more affordable Central Business District business address more affordable. There are more than 200 flexible workspace centers in Singapore, according to EdgeProp, and costs can be less than S$300 per month.

On the technology front, firms such as Tekkiehelp provide technical support just like an in-house IT department. Online software such as Xero or QuickBooks make accounting easy, and government grants can help defray setup costs. Small legal firms or online legal services can offer more affordable advice. And platforms such as Fiverr enable you to find people to help with a multitude of other support services, as well.

Finding Satisfaction

While data on consultant numbers and satisfaction in Singapore are limited, recent analysis in the UK was reported in the Harvard Business Review. It showed that consultants feel more gratified in their work; believe they are providing a better service to their clients than when they were in a company; have more control over their time; and can flexibly balance work with their personal lives.

Thanks to the ease with which one can set up a business, as well as the multitude of options for support and finding clients and customers, consulting is more attractive than ever.

Richard is the Managing Director of Transcarta and a freelance writer for Today, Challenge, The Asian Banker and other media, as well as corporate clients. He is also the author of Changing Lanes, Changing Lives. Richard is a consultant in retail banking, focusing on payments strategy and effiiency, with more than 20 years of experience in Asia.