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I worked as an Engineering consultant for 10 years and at one time had over 35 people reporting to me and ran a successful office in Houston.
Here's my summary, for what its worth:
1) Clients are demanding, because you're labelled "over-priced consultants" and can treat you like a door mat. In this day and age with smart phones and technology they typically expect an instant answer even if its 10pm on a Sunday. You have to have thick skin to be successful as a consultant and it takes a very special personality to be successful - strong personality with great technical depth and strength .
2) Lots of people want to be in consulting because the money is good, but are not really a good fit (see above).
3) Clients typically pay you late and you have to hound them constantly
4) You have to manage your budget fastidiously, its easy to make a 20% margin but by the time the project is completed that can easily fall to less than 10% due to overtime hours or project over runs.
5) Document...document..document...especially scope changes or change orders.
6) Have a good attorney
7) I made my boss a rich man!
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Ole Skool - wouldn't have it any other way
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