LEF
New Contributor
- Joined
- Jan 6, 2016
- Messages
- 22
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Hi Folks,
I wanted to get some insight on whether IT consulting could lead to the Fastlane? I have doubts about consulting model because it's very linear, trading time for dollars. And although it could provide comfortable living, in my opinion it's not the FastLine.
Here is a bit of my background:
I am an IT Professional, and have been in the industry for over 10 years. I work full time for a large multinational consulting firm and have a good salary. I also run a small scale local business, not related to IT, which generates an additional 40% of my regular full time consulting job income. I've been doing this for over 8 years, and would like to stop working 70 hours a week and make what I consider a mediocre income, and channel my energy into something that will grow exponentially. My small local business is not scalable, I have to put in time to produce results. I can't hire help because the business requires very specialized skills which are expensive. Also my raw input material is very limited and highly sought after, the competition is intense, so the idea of expanding the business is not feasible. I would like to close the business and concentrate on something that has a better income output.
I could potentially open IT consulting business and concentrate 100% of my time and effort on that. If I am the only employee I could charge $100-$150 per hour for my services, which would probably generate about $16000-$20000 before tax income, without benefits or vacations. Although it would be more then what I make now, $200,000 a year before tax doesn't feel like the FastLane. At this point I am wondering if it's something even worth trying.
I would appreciate an advice from anyone who has traveled the consulting road before.
Cheers,
LEF
I wanted to get some insight on whether IT consulting could lead to the Fastlane? I have doubts about consulting model because it's very linear, trading time for dollars. And although it could provide comfortable living, in my opinion it's not the FastLine.
Here is a bit of my background:
I am an IT Professional, and have been in the industry for over 10 years. I work full time for a large multinational consulting firm and have a good salary. I also run a small scale local business, not related to IT, which generates an additional 40% of my regular full time consulting job income. I've been doing this for over 8 years, and would like to stop working 70 hours a week and make what I consider a mediocre income, and channel my energy into something that will grow exponentially. My small local business is not scalable, I have to put in time to produce results. I can't hire help because the business requires very specialized skills which are expensive. Also my raw input material is very limited and highly sought after, the competition is intense, so the idea of expanding the business is not feasible. I would like to close the business and concentrate on something that has a better income output.
I could potentially open IT consulting business and concentrate 100% of my time and effort on that. If I am the only employee I could charge $100-$150 per hour for my services, which would probably generate about $16000-$20000 before tax income, without benefits or vacations. Although it would be more then what I make now, $200,000 a year before tax doesn't feel like the FastLane. At this point I am wondering if it's something even worth trying.
I would appreciate an advice from anyone who has traveled the consulting road before.
Cheers,
LEF
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