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INNOVATION
& DESIGN Home Page Architecture Brand Equity Auto Design Game Room SMALLBIZ Smart Answers Success Stories Today's Tip INVESTING Investing: Europe Annual Reports BW 50 S&P Picks & Pans Stock Screeners Free S&P Stock Report SCOREBOARDS Hot Growth 100 Mutual Funds Info Tech 100 S&P 500 B-SCHOOLS Undergrad Programs MBA Blogs MBA Profiles MBA Rankings Who's Hiring Grads | | OCTOBER 4, 2000 WORK & FAMILY Why Retire, If You Can Consult? A public-sector employee for 25 years considers a second career in the private sector
Q: I'm looking at retiring from a government position after 25 years in the same field, and I want to explore becoming a home-based consultant to the private sector. I'd like to serve as a corporation's outside-purchasing department: develop the specs, obtain quotes, and award contracts for commercial-facilities services, such as cleaning, landscaping, window washing, pest control, and the like. Is there is a demand for such a service? ---- T.R. A: Deborah Russell, senior program coordinator for economic security and work issues with the American Association of Retired Persons, says the AARP has found that "consulting continues to be on the increase, especially for the older population who enjoys that when you're self-employed you can determine your own hours." Your first step will be to talk to people you've met while doing your current job. Word-of-mouth may be enough to land you some clients, she says. And you'll probably only need a few -- maybe just one or two at first, says Michael Dunn, president and chief executive officer of Prophet Brand Strategy, a consulting firm with offices in New York, Chicago, and San Francisco. Ideally, he says, your business "could then grow through effective delivery and reference selling" as satisfied customers pass your name along. It's best to hedge your bets in case that doesn't work. Check whether any similar businesses exist by prospecting on the Internet. Try networking for business via your local Chamber of Commerce. You should also browse the Labor Dept.'s Web site. It provides information about the job market nationwide, which may help you determine how much demand there is for the services you plan to offer. OUTSOURCING. Mark Myers, owner of a one-man government-relations and marketing shop, offers two more tips on making it work: No. 1: Know the industry you're pitching to (probably not a problem for you), making sure that you carefully explain your company's position in the market during your sales presentations. No. 2: Create a reliable network of professionals to whom you can outsource, to make your small company work like a larger one. An important caveat: If you're close to the traditional retirement age -- 65 or thereabouts -- "You don't want to plunge all your savings into a business that might not take off," says the AARP's Russell. She advises that before you even begin, you should calculate carefully how much you can afford to lose. Information on the AARP's Web site can help. Make sure to provide adequately for health-insurance coverage, and take a look at the Social Security implications if you won't be making money while you're getting your business going. Finally, get legal advice when you draw up any contracts. You don't want to discover you're liable for services that aren't performed and put the assets you need to enjoy your later years at risk.   | | |
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