I'll one more thing I don't think was mentioned - never forget the admin time you will have to invest. As you think through how many billable hours you will need per month to reach your personal/financial targets to sustaining this as employment and living off of, please do not underestimate the time you will invest in the non-billable things. Invoicing, tracking and reporting your work for each client, (as previously mentioned) finding clients and other business development work (like public speaking which normally is non-billable time and expense), sending out bills, following up on clients that might not be timely on payments, addressing questions clients may have on invoices, keeping your business running (equip, supplies, licenses, permits, etc.).
This can eat up a considerable percentage of your week - as much as 20-30% potentially.
One way this can be addressed is working for a consulting company or organization. If you haven't examined that - do. There are many groups out there where you can become affiliated with them and they will do many of the admin things for you. Of course, I believe that comes with a price - you might not get the full per hour rate you hope for since they have to pay for someone to do those admin things. This isn't for everyone, but at a minimum explore it. You might determine that is a better option than flying solo.
Sincerely,
Glenn
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Glenn Byrd, MBA
President, GByrd Ad-Promo Solutions, LLC
President, RAPS Board of Directors
United States
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Original Message:
Sent: 11-Sep-2020 07:43
From: Lee Leichter
Subject: Employee to Consultant
I will add to Dan's list. In addition to having the knowledge and skill to communicate it effectively, be sure you are confident that;
- You can SELL (you are selling and marketing yourself. If you can't close, you will not get the work
- You have discipline and focus. Although we all are working from home now, as a consultant, if you cannot focus and have the discipline to complete your projects (and to sell when needed), you will not succeed
- You have the fortitude to live without a paycheck. It is harder than you think. Fear can be a motivator or a distraction
- You can work in solitude. Unless you are working for a group, a sole proprietor can be isolating, not as much as the Virus, but informal interaction are lost.
- You have a thick skin. You will be rejected and you cannot take it personally.
- Finally, if you can find an area or niche where you are exceptional, focus your practice there.
I started working on my own 30 years ago and had no idea. I was lucky as I only learned this things as I went on.
Good luck.
Lee
Original Message:
Sent: 9/10/2020 5:01:00 PM
From: Dan O'Leary
Subject: RE: Employee to Consultant
I'll put in my "two cents".
Financial – Have enough money put away so you could live for at least six months without any income.
Professional – Join and actively participate in every professional society in sight.
Professional – Get certifications relevant to the area in which you want to work. They are "must haves", not "delighters" in Kano Analysis terms. You won't get work because you have them, but would lose work if you don't.
Webinars – Do webinars for name recognition. There are companies that are looking for paid speakers. You get a little income and good publicity.
Web Site – Start a simple web site and populate it with news and articles in your area. Make it easy to navigate.
Sanity – Be really clear with yourself and your family about why giving up a job with a pay check, health insurance, etc. is a sane decision at this point in your life.
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Dan O'Leary CQA, CQE
Swanzey NH
United States
Original Message:
Sent: 10-Sep-2020 16:36
From: Anonymous Member
Subject: Employee to Consultant
This message was posted by a user wishing to remain anonymous
Hello,
I am exploring a move from full time employee to freelance consultant. What sage advice would you be willing to share about this change in roles? Any good websites to visit or subscribe to? Anyone willing to share their story?