Starting a consulting practice

After leaving my previous employer in May 2021, I took time to explore new areas within exploration and mining geoscience, focusing on:

• Developments in data science for geoscientific interpretation and analysis
• Online databases of geological and mineral resource information
• Techniques to extend uncertainty analysis in geologic models for mineral resource estimates
• Commercial aspects of exploration and mineral resource development
• Corporate governance and the role of boards in achieving business objectives

To deepen my understanding of governance, I completed the Australian Institute of Company Directors (AICD) Company Directors Course, earning Graduate membership (GAICD) in November 2021. The course required a three-to-four-month commitment, including lectures, pre-reading, and assessments.

Setting Up the Business

Key steps included securing professional insurances, establishing a business structure, and implementing financial management systems.

Professional Insurances

Public and product liability, professional indemnity, and (if required) workers’ compensation insurance are essential. Coverage depends on the services offered and associated risks. I used the AusIMM-endorsed broker scheme, which provided tailored policies and cost-effective premiums.

Managing Business Finances

A cloud-based accounting system, set up by my accountants, streamlines invoicing, expense tracking, and financial reporting. The system links directly to my business bank accounts, ensuring real-time financial oversight. My accountants handle statutory requirements, including tax returns and financial statements.

Time Tracking

I use the Hours Tracker iOS app to log project time, eliminating guesswork and syncing data to the cloud for desktop access.

Engagement Contracts and Agreements

Clear terms of engagement are critical. Key areas to address include:

• A detailed description of services and deliverables
• Engagement duration, termination clauses, and payment terms
• Obligations of both client and consultant
• Confidentiality, intellectual property, and conflict-of-interest statements
• Legal obligations, work hours, and resource provisions
• Mechanisms for managing scope changes and dispute resolution

While some clients provide their own contracts, consultants should draft or review agreements carefully. Legal advice is recommended for larger projects to ensure balanced terms.