Ready to turn a solo trainer and consultant?
Yes?
So what are the points one should take care of?
The business world is a tough and nasty place so it is better to be fully prepared before taking the risky plunge.
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:
- 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
- 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
- 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
