Tuesday, December 1, 2015

Ready to Turn a Solo Trainer and Consultant? Pause and Ponder these Points

The points below serve as a good checklist for doing a readiness check before one is ready to turn into a solo trainer and consultant. The business world is a tough and nasty place so it is better to be fully prepared before taking the risky plunge. 
  • Assess your financial position and ensure sufficient money is available for 2-3 years for maintaining current standard of living of the family.
  • Ensure you have adequate term insurance and medical insurance. Also consider taking personal accident insurance for self and wife (if she also drives) and house (stick to structure insurance).
  • Bring down living expenses by reducing discretionary spending (non-veg, movies, malls, furniture, gadgets, etc.).
  • Doubly ensure that monthly passive income is more than the monthly expense. This depends on the city and the lifestyle. For example, for a city like Delhi/NCR, assuming zero loan liability, own house (no rent) and a decent lifestyle this number would be around 60K.
  • Be mentally prepared that you will not make any money in the first 6-12 months. Also discuss and sensitize family about this and the challenges involved.
  • Start creating/grabbing training/consulting opportunities internally. This is like learning "how to swim in a pond".
  • Find some people who have done it and seek their mentoring and guidance. Take their help in expanding network and also connecting to right people.
  • Attach with the mentors to learn "how to swim in a river". This eventually leads the way to learning "how to swim in the ocean".
  • Touch base with your connections in the network to explore moonlighting or other opportunities for training/consulting

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