Independent consultant on retainer

Small and mid-sized businesses, franchise owners, industry associations and sometimes local government or non-profit bodies.

Monthly retainers for ongoing advice, plus project fees for audits, strategies and training sessions. Day rates are common for larger pieces of work.

• Proven track record in your specialty
• Selling and negotiating contracts
• Presenting to owners and managers
• Managing several clients at once

• Professional liability and commercial general liability insurance, and what your clients' contracts require
• Written contracts that define scope, fees and ownership of your work
• Relying on one or two clients for most of your income
• Check whether the Canada Revenue Agency could treat a long-term single client as employment rather than self-employment
• Setting aside money for GST/HST, income tax and CPP contributions
• Quebec clients may expect services and documents in French, check provincial rules

Startup costs are typically estimated at around $1,500 to $7,500, depending on your equipment, insurance, contracts and marketing. The figure will also depend on how much of your work is on-site, in meetings or remote.

Monthly revenue is typically estimated at around $3,000 to $12,000, depending on your specialty, your fees and how many retainer clients you hold. A full-time practice is estimated at about 30 hours a week at minimum.

Check professional liability and commercial general liability insurance, and what client contracts require. Use written contracts for scope, fees and ownership. Check whether CRA could treat a long-term single client as employment, set aside money for GST/HST, income tax and CPP, and check Quebec French-language expectations.