Thinking of Becoming An Independent Consultant?

Thinking of Becoming An Independent Consultant?

Do you sometimes dream of making the leap and leaving your corporate job to become an independent consultant?

Maybe you recently made that leap and are having some second thoughts?

Perhaps you’ve been on a long-term contract that’s coming to an end and you don’t have a clear plan for your next move.

The glamorous image of being a consultant involves being your own boss, choosing your hours of work and which contracts you choose to work on. Financially you may be able to command a relatively high hourly rate, expect to be paid for every hour you work and have tax breaks for expenses such as a home office and more. ?

It can seem like an attractive proposition for many people, and it can be, provided you do it with your eyes open and with a realistic plan.

Top Challenges of Being An Independent Consultant

  • You are your own marketing and sales team – nobody else is going to find that next opportunity for you
  • It can feel lonely – you’re no longer part of a community within a company, even if you do great work for that company, you’ll always be viewed as an outsider
  • You’re considered a temporary and expendable resource - if the company you’re working for hits a rough patch, you’ll probably be the first to be cut
  • You’re only as good as your last project – you must constantly prove yourself
  • You may settle - you may choose to stay on less challenging contracts with little personal growth because they're long term and relatively safe
  • You must pay of your own development - staying current and marketable through courses and conferences are your responsibility
  • Managing finances is all down to you - including invoicing, tracking income and expenses and setting aside money for taxes and retirement
  • No paid vacations - if you don't work you don't get paid
  • No paid benefits - health and wellness is your responsibility
  • No paid sick days or personal days - if you don't work you don't get paid

Does it still sound attractive to you?

If if does, that’s great – my intention is not to put you off making this move, it’s more about ensuring you think it through and have a workable plan.

As a professional coach who made the leap from the corporate world over a decade ago, I’ve helped many people make successful transitions out of the corporate world into becoming self-employed.

Having a professional coach in your corner who has done this herself and helped many others do the same, can really help you think through what you need to have in place for this to be a successful move. It may even help you determine whether this is the right move for you at this point in your life.

I invite you to book a call with me to share your current situation and explore whether partnering with me for this transition is right for you. I promise you there will be no pressure and you’re bound to come away from our conversation with some valuable things to think about and research.

Please use this link to book your 20-minute complimentary consultation: https://bit.ly/20MinMtgWithSueMaitland

You don’t have to go on this journey alone.

Jeff Holmes (He/Him/His), ACC

Coach, Culture & Change Leader - Dual Citizen (US/Canada) - Serving global clients to embed people-centered change best practices into everything they do.

2 个月

Thanks you so much Sue. All of these are fantastic. Sales and Marketing ALL THE TIME are definitely a non-compensated time suck (at least for me). Subcontracting is an option that can help if you are starting out but it means you need to be OK with leaving some money on the table. One thing is that as an independent, you are not only competing against other indies, but the big firms as well. There is a perception out there that the big firms add more value. Even though it could be 2, 3 4 times the cost of and independent. Clients may think they are getting that X-value but they usually aren't. Tricky thing to navigate.

Tara Coulter

Connecting UVic engineering and computer science co-op students with employers.

5 个月

Some good points for reflection Sue. When I worked as an independent contractor, you had to figure out each day how you were going to generate income. Sometimes this was exhilarating and sometimes it was overwhelming. The best advice I was given was to put myself on a salary so that you always had a financial cushion when things got lean.

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Sonia Nanwani (MBA, Lean-Agile Blackbelt, PMP, CCMP, CCIP?)

I love building a plane while flying it! I Bold Leader I Relentless Planner I Fearless Navigator I Strategic Stabilizer I Omnidirectional Thinker

5 个月

The only thing I would like to respectfully add is that one must be comfortable with the ebbs and flows. There are times when the market is quiet for weeks without a contract and paycheck in sight. An independent contractor needs to have resources in place to weather the lows. Just my two cents!

Osama Aziz, MSc., PMP?, PgMP?

Technology-enabled Business Transformation Leader

5 个月

You're spot on Sue! This is a must-read for anyone considering the switch to consulting. Well Done!

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