Possess Knowledge and Skill? Become a Consultant!

We discussed in our previous posts a few labor intensive ideas that were geared closer to teenagers and folks that do not have a relatively large amount of experience. What if you have been working for a while and feel like your time is worth more than mowing lawns or finding cute ways to make 10-15 an hour.

This next segment is for you then, you have worked in most cases in the same 2-3 fields your entire life and posses a ton of knowledge in your field, you find it easy to guide others in doing what you do and usually think other companies are running way behind in efficiency. Time to start you own consulting job!

What you need?

$1000 and a whole bunch of contacts from the industry you plan to work in.

What are the benefits?

As a self employed person you are now claiming major deductions on your taxes, my advice would be to start an LLC as a sole member as it will be easy to claim schedule C taxes, which will get you the most money back on your expenses. Time freedom will also be an added benefit and as you will work with the same people /environment. You will feel right at home.

How to Start?

Go to LegalZoom.com and start the paperwork, its that easy and will cost you about $500 to set up your LLC from start to finish and you will have a company. The next step is finding an other unemployed fellow in IT and getting him to build you a website for as little as $200 to your budgeted $500.

Contact your old company’s main competitor first and make sure to let them know you have started your own company and will have your services available for a small fee and look forward to providing insight as to how the bigger boys do it out there. This approach coupled with a minimal fee for your first few clients should get you started and get the word around that you are for hire and cheap, then let the bidding war start…

Remember, making $50,000 self employed is just as good as $90,000 corporately as you can actually save tons of money on taxes and keep $50,000 in your pocket, not in Uncle Sam’s.

Just remember to make sure you are an expert in your field and well known in your area or industry for your work before just launching into this.