The Cost of Consulting: The Economics, Pros, Cons & Associated Fees [infographic]
Are you thinking about becoming a consultant? Business is booming in that area, so the timing couldn’t be better. This Zintro infographic shares some important things you should consider about consulting.
Global consulting industry revenues will reach $391 billion this year and have an individual startup cost of around $20,000. After startup costs, you’ll spend over $7,000 a year on marketing: 22 percent of consultants say that they spend most of their time networking, while 38 percent of them say that referrals earn them the most revenue.
Choosing to be a consultant can be a very freeing and empowering path. However, there are risks and benefits versus being a full-time employee. Some of the benefits include choosing your own hours, taking vacations whenever you choose, having your choice of clients and setting your own fees. The downside? You most likely won’t have steady, reliable pay or benefits such as health care or a 401K. You also might not have administrative and/or tech support. There are pros and cons to anything, and when it comes to consulting, weighing priorities such as freedom or reliability are key.
Check out the infographic below for more revelations on the cost of consulting.
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(Photo credit: Zintro)