10 Things I Wish I Knew Before Starting As A Mining Consultant After one year in business

These are the ten things I wish I had known before starting as a mining consultant after one year in business. Going into the deep end and starting your own business is not something you take lightly and there are many things you are not sure about before starting. But taking this leap can be considerably rewarding!

Define Your Brand

Defining your brand as a mining consultant involves identifying your unique skills and experience and deciding what you want to specialize in. This will help you find projects that are the best fit for your skill set and charge more for your services.

Finding your target client is crucial to building a successful consulting business. Here are some ways to identify your target clients as a consultant:

1. Define your skills and services: Before trying to identify your target audience, first think about the services you offer. What makes them unique, what problem do they solve, and are they fulfilling a market need? Review your unique skills, write them down, and then list the corresponding benefits that someone could receive from each one of your skills. This self-analysis will help provide a foundational outline for the types of people likely to benefit from your services. I have found that core logging and tenement reporting are skills that are well within my capability and are skills that every mining company requires. There are also some other skills that I am not currently using, such as underground grade control; however, they may come in useful down the track with new clients.
2. Consider who benefits most from your skills: Think about the people who will gain value from what you have to offer, have the most to lose from not utilizing your services, and would be willing to pay what you’re charging. This is your target market. I have managed to find clients that require me to work in Perth and be able to manage my workspace independently.

 

Create a Website

Having a website can be a great way to establish your online presence and attract potential clients. Here are some benefits of having a website for a consultant:

1. Online presence: A website can help you establish an online presence and make it easier for potential clients to find you.
2. Credibility: A professional website can help establish credibility and trust with potential clients.
3. Information exchange: A website can be used to share information about your services, experience, and expertise with potential clients.
4. Cost-effective: A website can be a cost-effective way to market your services and reach a wider audience.
5. Market expansion: A website can help you expand your market and reach clients outside of your local area.

For any ideas, feel free to check out my website at www.geolance.com.au. If you are tech-savvy, you can create your own website for a small price, or you can get professionals to do it like me for a few thousand dollars.

 

Get an Accountant

Having an accountant can be beneficial for mining consultant in many ways. Several reasons are outlined below:

1. Save time and money: A good accountant can help you save time and money by managing your accounts, reducing the risk of errors, and identifying opportunities to boost profits.
2. Ensure compliance: An accountant can help ensure that you are complying with tax laws and regulations, reducing the risk of penalties and fines.
3. Provide financial advice: An accountant can provide valuable financial advice and help you make informed decisions about your business.
4. Help with tax planning: An accountant can help you plan your taxes and identify tax deductions, reducing your taxable income and, therefore, how much tax you need to pay.
5. Assist with business planning: An accountant can help you with business planning, budgeting, and forecasting, providing valuable insights into your business’s financial health.
6. Offer peace of mind: Having an accountant can give you peace of mind, knowing that your finances are being managed by a professional.

I have a personal accountant and use Xero software for my finances. It is really easy to set up and control your finances using Xero. A subscription costs around $30 per month.

The other thing you want to be wary about is the 80/20 rule which is a test used by the ATO to determine whether a business is a personal services business. This means that if your income from one client is more than 80% of your total income, you may have to pay higher taxes. It is best to speak to your accountant about this one.

 

Get Your Insurance

As a mining consultant, you should consider having the following insurance.

1. Professional Indemnity – this type of insurance protects you against claims of negligence or breach of duty made by a client arising from the services or advice you provide to them.
2. Public Liability – this type of insurance covers you if someone is injured or their property is damaged as a result of your business activities.

There are many different insurance brokers around, and it will cost you a few thousand dollars per year. There are many options out there, and some may be cheaper, but always ensure you are happy with the terms and conditions.

 

Speak to a Lawyer

It is important to have a consultancy agreement. Consultancy agreements are complex legal documents that require careful consideration and review. Speaking to a lawyer can help ensure your interests are protected and that the agreement is legally binding.

A lawyer can help you:

1. Understand the terms of the agreement: A lawyer can help you understand the terms of the agreement and ensure that you are not agreeing to anything that could be detrimental to your business.
2. Negotiate the terms of the agreement: A lawyer can help you negotiate the terms of the agreement to ensure that your interests are protected.
3. Ensure that the agreement is legally binding: A lawyer can help ensure that the agreement is legally binding and enforceable.
4. Identify any potential legal issues: A lawyer can help identify any potential legal issues with the agreement and provide advice on how to address them.

There are cheap ways to write up these documents online, such as using Lawpath templates. However, I would prefer to go with the professionals at Sprint Law, who do a speedy and excellent job. The prices for these documents are fixed fees and are located on their website. Usually between 1 and 2 thousand dollars. The team at Sprintlaw also have many other documents that may be applicable to your business.

 

Generating Leads

Generating leads is probably the most important part of being a mining consultant and creating a successful business. Here are some ways you can generate leads:

1. Networking events – Australia has many different networking events for mining professionals, from large events like Diggers and Dealers to smaller events run by mining companies. Search online for these events or ask your current network what they go to. Some events can be free whilst some can cost thousands of dollars to go to. Take your business cards and chat to everyone.
2. LinkedIn – growing your professional network on LinkedIn can be useful. Posting about relevant things in your area of expertise can help you gain a following and help people get to know you. Reaching out via messenger to people can sometimes be of great benefit; however, be prepared to get lots of no replies as well!
3. Online directories – using an online directory such as the new Mining Pages website can allow people to easily find you and determine if you have the right skills for the job they require. Also, browsing the available jobs on Mining Pages may help you find a job that will suit your expertise. This way is also very cost-effective.

I find it is best to use a multichannel approach for generating leads as you never know who you will run into, who will see you on LinkedIn or who will actively be searching for someone with your expertise on Mining Pages.

 

Excel Is Your Friend

I find myself using Microsoft Excel for a variety of things; there are loads of templates online that you can use and adapt to your business. Some of these templates I will be sharing with you over the following weeks and are as follows:

1. Customer Relationship Management – this spreadsheet can help you manage your interactions with customers. It organises customer data and has the potential to improve customer service, increase sales, improve communication and streamline processes. Depending on how many clients you have or are trying to get, this can be very important.
2. Hours Tracking – this spreadsheet is very useful for keeping track of billable hours and ensuring accurate payments. It can also be useful for time management, productivity, client transparency and financial management.
3. To-do list – this spreadsheet is essential for a mining consultant to manage their work and stay organised. It is important for prioritisation, time management, productivity, accountability and reducing stress. You may also like the old-fashioned way of writing a to-do list on your whiteboard like me as well.

 

Make Hay While the Sun Shines

While having a work-life balance was important to me when I started Geolance, I have also realised that you need to make hay while the sun shines. This means sometimes, when you have lots of work on, you may need to work a little harder for a little longer, but when you have less work on, you take time to rest and recuperate.

My workload has been recently revolving around drilling campaigns. Whilst the drills are spinning, I am busy for five days a week, and when the drills stop, I have been able to reduce my hours to just a few days a week to allow me to enjoy some downtime.

 

Be Prepared To Say No

As a mining consultant, it is important to be able to say no when necessary. Saying no can help you avoid taking on too much work, which can lead to burnout and decreased productivity. It can also help you maintain your professional integrity by ensuring that you only take on projects that align with your values and expertise. Additionally, saying no can help you establish boundaries with clients and colleagues, which can lead to healthier and more productive working relationships.

 

It Can Be Lonely

Being an independent mining consultant can be lonely sometimes! There can be a lack of social support and an absence of colleagues to interact with on a daily basis. This can lead to feelings of isolation and disconnection from the professional world. However, you can overcome this challenge by joining professional organisations, attending networking events, or even working in co-working spaces to interact with other professionals in your field. Social media platforms can also be leveraged to connect with other consultants and industry experts.

I found myself working mainly for one client throughout the year in a team of 2 in the core yard, which was a good team environment, but from time to time, I was still working independently a decent amount. Having a good work-life balance by doing consulting can also ensure your outside-of-work social connections are strong, so it can make up for any feelings of professional isolation.

I hope this article is useful for anyone thinking about starting or who has started as a mining consultant. There are lots of ups and downs to consulting, but it’s all part of the ride. Remember to sign up and create a profile on Mining Pages for an increased online presence.