Keys to Starting a Successful Statistical Consulting Practice

• Activity Number: 11
• Type: Invited
• Date/Time: Sunday, August 3, 2014 : 2:00 PM to 3:50 PM
• Sponsor: Section on Statistical Consulting
• Author(s): Stephanie Thompson*+ and Margaret Nemeth*+ and Jennifer Schumi*+ and Rene Paulson*+
• Companies: Datamum and Statistical Consultants Plus and Statistics Collaborative and Elite Research
• Keywords: consulting ; private practice ; startup ; marketing services ; client perspective

Abstract

For statisticians involved in applied work, the prospect of starting a private consulting practice is simultaneously exciting and intimidating. The rewards of success are obvious - the ability to manage one's own schedule, the possibility of increased income, and the sense of accomplishment from building a business from scratch, to name a few. However, reaching those goals is no simple task. Many statisticians have very little idea where to start in building a private practice or how to make that practice sustainable after it has been created. In this session, panelists who have created or been integrally involved in developing a private practice will tell the story of how they developed a successful consulting business and provide insight on several topics that should be considered by statisticians considering private practice. The topics to be discussed include the following: setting up a business, establishing your business in the marketplace and finding clients, identifying sources of assistance, making smart hiring and delegation decisions, prioritizing tasks, and understanding what customers want from a statistical consultant.