Five Mistakes to Avoid as an Advisor

To shortcut your way to a success.

An advisor is an individual who offers guidance, recommendations, or expertise in a specific area to help others make informed decisions or achieve specific goals. Becoming an advisor in addition to the full-time role is a great way to:

1. Gain exposure to more companies, industries, teams, and products

2. Try-before-you-buy potential new opportunities

3. Sharpen your strategic thinking

4. Unlock career optionality

For me, advising was a gateway drug to solopreneurship. But I’ve made plenty of mistakes when managing my first clients - so here are five mistakes you should avoid!

Five Mistakes to Avoid as an Advisor

1. Billing hourly

2. Casting a wide net

3. The kitchen sink problem

4. Short stints

5. Equity trap

Billing Hourly

In the eyes of the company, advisors are considered contractors and are often paid an hourly rate. This rate can vary greatly, ranging from $100 per hour to $4000 per hour. However, if the contract does not specify a set number of hours per month or week, it can wreck chaos in your schedule. For exa…