If you started your own consulting firm:

- what would you do differently regarding hiring/people management/compensation?

- how would you balance offering competitive compensation with constraints of being a new firm and needing to build savings?

- how would you determine your rates and tie these to employee salary? Consider a constraint of your consultants being leveraged by a larger firm who takes a small % of the rate, deals with contract overhead, and sources work.

likesmart
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There’s this misconception that compensation fixes problems — it doesn’t.

likefunny

Ha, the logic applies for any tier. Tier relates to your ability to recruit talent, who your competitors are, and how much a company is willing to spend on your services. You can aim to be T3—doesn’t matter. I’m saying that whatever tier you aim to be I would start by paying above benchmark

1) 100% remote
2) pay above market rates, which means I’m already making money consulting on my own prior to hiring
3) aim for a margin of 30%

likefunny

#1 for sure. “Base offices” are an anachronism in this day and age IMHO

like

That would be a 4 person team with principal time and engagement would cost around $1.5M

likefunny

Don’t over engineer - have a few partners all part time to start and maybe one person full-time. Land some work with okay margins, but deliver it to the highest quality and start from there. I was at an extremely successful boutique that had funding from the start and leadership strategically held investing in infrastructure or expanding the team until necessary. Within 6 years leadership had an outrageously profitable business and sold

like

Easy.. I'd start small, focus on a core offering and develop strong relationships with subs to do ancillary services.

Scope better. I’m so tired of doing extra work which gets billed out of scope and then ultimately gets written off because client doesn’t want to pay it and partners don’t want piss of clients.

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