Guidebook

A Guidebook on Starting a Statistical Consulting Business
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Considerations for Running an Independent/Small Statistical Consulting Business

INTRODUCTION

This guidebook is an initiative of the ASA Section on Statistical Consulting. Current version 1.0 is first published on 7/19/2021. 

For Whom:
  • All statisticians/data scientists interested in the business aspects of running a statistical consulting business, from those who are thinking about starting their own consulting business to seasoned consultants who have run their businesses for a while and are looking for a sanity check or guideline to keep up with the changing times.
What it is:
  • A list of topics to consider for running an independent or small consulting business.
What it is NOT:
  • NOT legal, contractual, accounting, or tax advice.
  • NOT guidance on general professional/consulting skills (hard skills or soft skills).
By Whom: Volunteers from the Statistical Consulting Section. Contributors (alpha order):
    • David Bristol 
    • Neal Fultz 
    • Erin Greco 
    • Irina Kukuyeva 
    • Mitch Maltenfort 
    • Olu Oyenira 
    • Stefan Stein 
    • Alicia Toledano 
    • Michiko I. Wolcott - Organizer

Table of Contents

  1. THE FUNDAMENTALS
    1. Reason for Being: The Why
    2. Business Model: The What
    3. Risk Management
    4. Workload
  2. GETTING REVENUE
    1. Finding Clients
      1. Sources (where you find clients)
      2. Business Development
    2. Marketing
      1. Branding and Collaterals
      2. Developing Awareness
    3. Pricing and Billing
      1. Setting Rates
      2. Invoicing and Payment
    4. Contract and Other Legal
    5. Collaborative Delivery
  3. OPERATIONS: ADMINISTRATIVE & LEGAL
    1. Business Structure (USA)
    2. Taxes (USA) & Accounting
      1. General Considerations
      2. Types of Taxes
      3. Other Tax Considerations
      4. Administrative/Operational Considerations
    3. Business Insurance
    4. Computing & Programming
      1. Computing infrastructure
      2. IT Support
      3. Other Considerations
    5. Office Equipment and Services
    6. Human Resources
    7. International Business
    8. Small Business Resources
  4. CHALLENGES OF AN INDEPENDENT/SMALL CONSULTING BUSINESS
    1.  Client Management
    2. Ethics
    3. Data Security & Privacy
    4. Productivity
    5. Professional Development