According to the United States Bureau of Labor Statistics, emerging consulting firms fare much worse than any other professional venture, as about 80% of new consulting firms retire in their first two years of operation. Consulting can also be a risky business. According to the Bureau of Labor Statistics, consulting has the highest failure rate among professional occupations, and up to 80 percent of new consulting firms fail within the first two years. If the consultancy is not successful, the consultant must understand why it isn't working and correct it.
Make sure that consulting offers value and satisfies all clients, including those who ultimately fund the consulting project. Consultants represent a cost to the organization that can be reduced in uncertain times if executives don't see consulting as an investment.
