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Joining A Consortium
1. What is a consortium?
A consortium is a group of different business people who join forces to help each other by working together as a group. In a consortium, each member still retains individual control and ownership of his/her business.
2. What is the benefit of joining a consortium?
By joining a consortium of other business owners, you are able to be part of a bigger package with access to more marketing strategies for your product or service. As part of this larger group, you are also more credible to potential customers and you have increased visibility in the marketplace. You have the opportunity of being able to work on larger projects that you would not be able to do on your own.
3. What security is there with a consortium?
With a consortium, you have the security of core revenue so that you can stop and take a breath, rather than have to be constantly chasing down new clients. You learn from other members of the group and you are better able to deal with employees and problems that might arise.
4. What are some different types of consortiums?
Some of the common types of consortiums include:
- A consortium of small business people
- Consortium of people involved in training
- Consortium of software or information technology
5. What types of businesses would you find in a consortium of small businesses?
Here you may find an accountant that runs his/her own company, a professional business plan developer, a financial consultant, a person trained in dealing with human resources of a company, an IT professional, a person with secretarial skills, graphic artists and designers and more.
6. Who might be interested in joining a training consortium?
In a training consortium, you would most likely find writes, editors, graphic designers, media specialists, visual artists, presentation specialists, videographers and more.
7. How does a consortium work?
A client engages the services of a consortium for a project. The client pays the consortium, which in turn pays each person involved in the project that he/she charges for the service provided.
8. How long can you be part of a consortium?
Becoming a member of a consortium means making a long-term commitment. All the members invest time and money to make the consortium work and it does take time to get things started off. You should not expect to have large projects come your way within a few days of forming such a business group. It takes more than one meeting to actually form the consortium and most consortiums require at least a three year commitment to become a member.
9. Can I still do work outside the consortium?
Most consortiums allow members to work on their own with their own clients outside of the framework of the group. This provision allows you to continue to attract clients to your specialty and sometimes, the clients may contract work from the consortium as a whole.
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