| Navigating the data: On becoming an Information Consultant |
Want to get paid to do research? That is the job of an Information Consultant. With the advent of the Internet, it information has become more accessible. Researchers no longer have to scroll through pages of microfiche films or scour books and indices for the information they need. Nope. They can sit at a desk and connect to the information superhighway. Unfortunately, the Internet is also inundated with data overload. So it helps to have a handle on the subject matter and know where to look. Sometimes the value of hiring an Information Consultant will be narrowing down vast resources to get to the relevant information.
Typically, Information Consultants begin with something they know. A medical receptionist may do medical research, a paralegal may do legal research and a magazine editor may research topics they have already written about. It is possible, however, to become an expert on something that interests you.
Everyone needs information, whether it's an advertising firm looking for information about a target market or an individual researching their genealogy. Some information is so valuable that consultants don't need to wait for a commission to start their research. They find the information and advertise it on the Web. Most consultants, however, help out small firms that may not have enough personnel to commit to research projects and large firms that don't want to invest in the equipment and staff for a temporary assignment. Who are they going to call? Actually, you're going to call them but that's beside the point. They will need your help and you will need their business.
While having a background in a particular field is helpful, it isn't all you will need. You must also have a passion for the work. It takes real dedication to keep searching for obscure information when all your leads turn into dead ends. It also takes discipline, organization and good reasoning. As any business owner, you'll need to have the resources and the poise to tackle the risk of starting your own venture. Being personable and willing to make presentations helps as well.
Everyone Needs Information
The market is wide open for a person with these qualities. The number of registered professionals in the information consulting industry is around 2,000. They work in a number of fields conducting specific research to make their clients' jobs easier. Their client lists include investors who want background information on the historical performance of companies and magazine editors who supply their readership with information on the best items to buy. A client may be a lawyer who needs to know about precedents for a case, whereas a corporation would use information on their competition and industry suppliers to create business strategy. Maybe even a filmmaker will consult you for background information for a film.
Or maybe your information will be for an individual. Private investigators often use research to find long lost relatives or conduct background checks. Maybe your service will help with genealogy searches or résumé verifications. You should be advised, however, that contracting for individuals requires a certain amount of precaution. Though the information may be public record, your client's intention for the information may not be ethical. Check with a lawyer to ensure there are no legal entanglements.
Becoming an Expert
If you want to make money in this business, not only must you match your expertise with a need for information in your field. You must also find out who is able and willing to pay for it. Undoubtedly, you will invest time in finding a niche that can support your financial requirements. Once you've narrowed it down, you'll want to become an expert. Read all the books and trade magazines on your subject. Purchase some subscriptions. It may seem daunting at first, but it's doable. Most people just don't take the time to learn everything in their field. And if you're going to make a living as an information consultant, you should begin with a solid foundation.
Rounding Up Clients
Once you have your base you can start reaching out to companies who may need your assistance. Let them know who you are and what services you offer. They may not bite right away, but they are now informed that your services are available.
Compiling a potential client list is a necessary course of action. Consult phone books, industry magazines, and the Internet in your search for companies who could benefit from your work. On your list be sure to note the name and number of the appropriate contact at the firm who will hear your pitch. Present yourself as professionally as possible. You may want to send out sales letters and business cards that outline your services and expertise. Use letterhead and simple graphic designs. If you are working out of your apartment, substitute “Suite” for “Apt. #.”
Building a name for yourself may mean more than advertising to specific clients. Publishing in magazines, speaking at conferences, moderating panel discussions and drafting press releases can put your name on the map. Professional networking with other information consultants can also produce leads for clients. Sometimes a consultant will get a contract outside of his/her area of expertise and then subcontract the job out to another consultant. Networks like the Association of Independent Information Professionals (AIIP) are good places to exchange information. When you provide others with information and learn where to find what you don't know, you become a valuable resource.
Let's Talk Money
Fortunately, the start-up costs for information consulting firms are minimal. You may choose to start with the existing equipment in your home. You'll need a functional computer with a few standard software programs, internet access and a phone with long distance. However, if you can make your investment up front, it will reduce the downtime from switching out old equipment.
Eventually, you may want a faster computer with a faster Internet connection. You may want more sophisticated office furniture or maybe even an office space outside of your home. If you have it to do it, this investment could bolster your efficiency, but don't feel compelled to break the bank as you are just getting started. As your business grows, it may become essential to have a fax machine, an extra phone line and a cellular phone or pager. Including business cards and stationary you might spend a total of $3,500.
Operating costs, however, are ongoing. With phone and internet packages you might spend $150 per month. Add a $25 increase in your electricity bill and $15 for paper. Regular expenses could come in under $200. However, budgeting another $50 for unforeseen expenses such as an urgent need for technical support or a database subscription is wise. Find ways to reduce costs by monitoring your expenditures. If you are making a lot of long distance phone calls, shop around for a better plan. If these calls are made on your client's behalf, offset your cost by charging them to his/her bill.
How much your work is worth will depend on your status as a researcher and your particular market. Maybe you have taken some classes. You are pretty good at surfing the net, accessing databases and interviewing people However, if you are just starting out and have not worked in research before, you might consider part-time or subcontract work to test the water. These consultants typically take home $25 to $30 per hour.
On the other hand if you are a renowned expert who has written books and is often asked to lecture on the topic, you might make upwards of $100 to $150 per hour. These consultants may also analyze data; and make suggestions and presentations for corporate clients. In the mid-range, you will find former researchers and librarians who typically make $75 per hour. Keep in mind, however, that if you are running your own firm, much of your work will be off the clock. Your administrative paperwork may take up a good chunk of your day and limit the number of contracts you can undertake. With work this intensive, a 40-hour work week is unlikely.
As a one-person operation, you will keep very busy. Besides the research you do for clients, you'll need to drum up more business and complete your administrative work like paying bills and billing customers. You will also need to stay sharp by reading and attending conferences. Most likely, your work will be interrupted numerous times by phone calls, errands, rush jobs and even completing your quarterly taxes. A trip to the library or a meeting with a client might exhaust half of your day. So it is best to plan an effective schedule.
In the morning you should check your email and phone messages. Email is the primary method of correspondence for businesses because it leaves a paper trail. Get in the habit of checking it several times throughout the day. To maximize your efficiency, use separate virtual folders for each client's messages. Return all phone calls promptly. Sometimes the difference between getting a contract and sitting on the sideline is responding quickly.
After you have had your breakfast, it is time to cut into the work. In-depth research starts with primary research. This means going directly to an authority for information. After you have skimmed your electronic resources, you will want to seek out an expert, the author of an article or call a professor or company executive. Sometimes a phone call can eliminate hours of surfing online or narrow your search area.
Mid-morning is good time to take care of administrative work. Send out bills for completed work. Make sure you keep up on your phone, internet and utility bills as well. Call your clients who have past due accounts. Work out your contracts for clients. Is there a maximum amount of time you can devote to one job? Are there ethical limits? How much will you charge? Then plan your work schedule for the next month. If you need to scare up more business or hire a subcontractor, allot the time to do it. Balance of your workload will be critical to satisfying your clients' needs and keeping yourself afloat.
During lunch you may catch yourself pouring over material, scouring magazines and drifting off into space as your eyes glaze over with fatigue. Take a second to get some perspective. Maybe you need to try another source or enlist someone's help. Making a list of objectives and a plan of action can sort things out. A couple hours outside the office may do some good too. If you need to mail some documents or pick up a toner cartridge for your printer, this would be the time.
More research will carry you into the early evening. When you have finished all that you can, organize your documents for the next day. Make sure to back up your work on a disk or CD just in case a technical problem threatens to erase all your hard work.
Depending on your field of specialization, some details such as pricing and strategies for attracting clients will be different. If you are still not sure whether you want to take the leap, the AIIP has a mentorship program where you can be taught by professionals (for a nominal fee).
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