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Have You Ever Thought of Joining or Forming a Consortium?
Are you an entrepreneur but don't like selling alone?
A consortium is a combination of different industry-types of
entrepreneurs working together to attract business as a
group. Even though each member maintains their
individuality and operates as the same as self-employed.
They band to create a more valuable package to fulfill
bigger needs for clients and for increased visibility and
credibility.
The positive side to being part of a consortium is that you
can work on larger projects. Larger than any single
entrepreneur can accomplish alone. Together they can enter
into contracts that require multiple skills and still
maintain the freedom of their entrepreneur-hood they so
desire. They gain being part of a team and organization
while still keeping your independence.
A consortium can provide the security of core revenue that
helps them breath, not chase prospects as hard, and usually
take care of regular living expenses. It is also a great
way to transition from employee to self-employment. The
transition allows the learning and growth at a slower
steadier rate. Each member learns from other group members
by sharing their success and mishaps. This way the risk
factor of being self-employed is less.
The consortium can also band products to create higher
priced, more valuably perceived, packages. Larger packages
are easier to sell. A group package of various authors is
more attractive to buyers. Everything that the buyer needs
is then packaged and available with one purchase.
Being a part of group also removes the pressure of trying to
be an expert at everything. And allows each individual to
focus and be brilliant at what they specialize.
There are many types of group configurations for
consortiums. Let me give you a few examples of some of
them. These groups formed a single purpose.
An entrepreneur consortium can include:
* CPA
* A writer specialty in business plans and advertising copy
* A financial management consultant
* a human resource consultant specializing in benefit
programs and employee manuals
* An Internet consultant
* Web master
* Strategic planning consultant
* A secretarial service or virtual assistant
* Graphic artist
* Brand specialist
* Public relations firm
A training consortium can include:
* Writers (copywriter, web writer, direction mail writer)
* Editors (line editor, grammar editor)
* Reference checker
* Graphic designer
* Multimedia specialists
* Videographers
* Presentation trainer
* Voice coach
A software consortium can include:
* Programmers
* Multimedia specialists
* Graphic designers
* Marketing consultants
* Packaging consultant
* Retail consultant
* Product Development consultant
* Accountant/Bookkeeper
* Virtual Assistant
* Business coach
A consortium can form that specializes in children books or
educational products. The group can consist of educational
specialists, graphic designers, marketing consultants, self-
publishing expert, agent, and various types of writers.
Artist guilds work off the same principle of consortiums.
Some consortium, many guilds in fact, purchase real estate
together to display and sell their art.
Let us follow the money trail of a consortium.
The client enters into a contract with the consortium. The
consortium bills the client. Each consortium member
discounts his or her rate and bills the consortium.
The billing difference supports the business side of the
consortium. It can pay for marketing or other overhead
expenses.
After the client pays the consortium, the consortium then
pays the members who worked on that project.
Okay, that is fairly straightforward.
After the client receives their contractual services by the
member, the member then
bills their time to the consortium
in "units" not dollars. Units work better than dollars
because they equalize the various billing rates of the
members. For example: a CPA may bill four units per hour,
a writer three, and a virtual assistant one. The consortium
keeps track of everyone’s units and pay members on a regular
basis as set up in the consortium’s charter.
When the consortium is properly tax-structured, the revenue
and expenses can balance themselves out. It is important to
see a tax professional for details on structuring a
consortium for tax efficiency.
A challenge when starting a consortium is to make sure that
when looking for members, prospects do not mistake the first
meeting as a new networking group starting up. People
confuse the two and show up. This will give the organizers
a misrepresentation of the "real" number of interested
parties.
Joining a consortium is not a short-term project. It is
important to know that joining or starting a consortium is
long-term. There is the initial investment of time and
money from all members. The startup phrase doesn't occur in
one meeting. An agreement on many items needs addressing.
Some established consortiums require a minimum of three
years, however, many startups can require five, ten or
twenty-five years commitment.
Oh, but when they work, they are make being in business so
much nicer.
Usually the founding group elects three leaders to handle
the administration. One of the three may have a higher
voting right. Usually the one given the higher voting right
is because of their investment of time or money, but not
always. These leaders have the responsibility of organizing
meetings and splitting up the consortium responsibilities
between members in a fair manner.
Money is an important factor when entering into these types
of agreements. It is the main purpose of forming the
consortium. Money is also one of the main reasons they
breakup -- like most marriages. Because of this, it is
important to have a buy-out clause in the agreement that
protects the members and the consortium.
Respect, appreciation, and acknowledging of each other’s
contribution is mandatory -- put a cap on the M to
mandatory. The boundaries and scope of each other’s
services must also be clear. It is not uncommon for some
members to offer similar services. Thus, the boundaries of
who does what is extremely important.
Being a consortium member doesn't ban them from obtaining
outside clients for their particular speciality. However,
working with other members to gain contracts separate from
the consortium breaks their membership in the consortium.
And always have consequences stipulated in the consortium
charter.
Communication and cooperation are challenges for groups of
this size. Each member needs to make big effort to work and
be patience in these two areas. The need for
professionalism is important so that the group does not
degenerate into personality conflicts or professional
battles. Having an outside arbitrator for disagreements is
a good idea.
Even though there is a challenge in finding the right
members and keeping the relationships working, remember the
advantages outweigh any and all cons. Consortiums have been
in existence for several decades now and have proved their
possibilities.
For a list of additional resources, visit:
http://www.abundancecenter.com/articles/consortiums.htm
About the Author
Catherine Franz, 10-year Business Coach, available for complimentary session. Published 1501x in 2003 and 907x first six months 2004, specialities in showing clients how to create products fast, easy for sale and profit. Newsletters and articles: http://www.abundancecenter.com
blog: http://abundance.blogs.com/inthelight
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