Not Ready to Retire? Convert Your Professional Experience into a Consultancy

A seasoned professional, after many years of work, may begin to notice that their similarly aged peers are preparing for retirement. If that professional, however, doesn’t feel that their career has yet run its course, they may find themselves in search of a next chapter. The good news is that their next chapter can be rich and rewarding not only for the professional themself, but for many others who can benefit from their years of experience.

During the lifespan of a career, an enormous wealth of experience, wisdom and skill is accumulated. The expertise an individual has gained from years - and most likely decades - of navigating a career can prove an invaluable source of guidance and insight to other professionals in their own career trajectories. Education and training is important, but time spent "in the trenches," interacting, implementing and strategizing imparts perspective, practical knowledge and instinct like nothing else can. All that experience can be parlayed into a new career: a consultancy.

A consultancy leverages the particular knowledge one has gained over time to help others in a targeted capacity, e.g., advising, diagnosing, providing feedback, strategizing, collecting data or providing a fresh perspective. A consultancy can focus broadly - like on management in a general sense or on a more targeted area, such as a specific department’s performance. If you can distill your combined wisdom, know-how and abilities into a specialized "superpower," you’ve determined that which you can consult on.

Some ways to establish yourself as a consultant include:

Determine your strengths and what you most want to impart to others. Reflect upon what you want your consultancy to bring to the table and how you plan to execute that vision. This exercise will help you distinguish yourself from other consultants so that you can attract your ideal clients whom you can help the most.

Research your ideal clients’ pain points and discover how they are manifested and articulated. It’s smart to thoroughly understand the struggles your ideal clients are experiencing, what issues they’re dealing with as a result and how they communicate (or don’t) about those problems. This will help you better understand the issue you’re trying to alleviate and target your efforts more effectively.

Set appropriate expectations for your clients. When clients reach out for a consultant, they are looking for a lifeline. Make certain they don’t expect a miracle from you. Ensure they fully understand the scope of your services and the reasonably-expected results.

Charge prudently for your services. It’s easy for one to underestimate the value of that which comes naturally or easily. Avoid the mistake of under-charging for your consulting work. That being said, it’s best to do some market research to ensure that your rates are in the ballpark of others offering similar consulting services.

Consulting packages help clients decide. Most clients don’t know what they need when it comes to consulting because they simply don’t know what they don’t know. To make it easier for them, build several support packages that outline a number of ways your consulting can play out so they can choose a plan that appeals to their goals, business operations and budget.

Consult with a lawyer to protect your business and your clients from liability. Every business should begin with a legal consultation to ensure that everything from contacts to financial details are set up to be legally compliant.

If you’re not yet ready to pick up the proverbial golf clubs, retirement can be held at bay by leveraging your experience into a consultancy. It’s a smart way to keep yourself vital and useful while providing the benefit of your seasoned wisdom to up and coming businesses.

What could you consult on professionally?