The New Business of Consulting

Introduction

Are you thinking about starting your own business of consulting? Your timing couldn’t be better. The world of work is changing rapidly. Gone are the days of lifetime employment with traditional, stable organizations. In its place is the gig economy. You have most likely heard predictions that more than 50 percent of the U.S. workforce will not have traditional jobs in this decade. Whether you’ve heard these new roles called freelancers, crowd workers, contractors, solopreneurs, free agents, agile employees, on-demand labor, giggers, side hustlers, portfolio careers, or some other endearing name, consulting fits the definition.

The term gig originally comes from the jazz players of the 1930s, who called each separate performance a gig. Today, all types of freelancers and consultants use it to describe work that they’ve been hired to do that has either a time or scope parameter.

Consulting is a profitable $250 billion industry and growing. Millions have taken the initiative to create their own livelihood and do what they want. As the gig economy infographic designed by Robert McGuire of Nation1099 (Exhibit I.1, at www.wiley.com/go/newconsultingbiech) displays, 86 percent of professional freelancers choose freelancing. That means that they are not in traditional jobs by choice; they didn’t lose their jobs involuntarily.

The Timing Is Right

Consulting is more respected now than ever. Freelance consulting is viewed as a win for companies and consultants alike. Companies ...