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




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