Is Independent Consulting Right For You?by MBO Partners
Solo Decision: The Guide to Determining if Independent Consulting is the Path for You
If you’re considering going solo as an independent consultant, you aren’t alone. Independence resonates across the generations and those who have made the transition have built satisfying careers. MBO Partner’s 5 annual predictions for work suggest it’s a good time to develop a strategy and approach to help you get on the bandwagon. We think that by the end of the decade, more than half of the private U.S. workforce will be career independents.
However, the rewards of a consultant business are accompanied by some burdens that require careful consideration. The independent assumes the challenges, risks, and infrastructure of running a business. There is no outside organization providing a steady paycheck, benefits, retirement programs and job security. The independent must find work and ensure that they develop and sustain a steady pipeline of opportunity. They must qualify to work with a large company, which often means additional insurance and compliance burdens.
In the summer of 2011, we completed the first annual MBO Partners Independent Workforce Index Study. According to the survey, the top three sources of concern for independents are: not enough predictable income (56%), worry about job pipeline (46%) and planning for retirement (46%). Other key burdens include: setting boundaries on the work so that it does not become a 24/7 commitment (32%), managing business details (28%) and collecting on accounts receivable (32%).
The best-prepared individuals are those that make an informed and empowered choice.
In this free, 9-page guide, we help you ask yourself the tough questions to determine not only if independent consulting is right for you, but if you are ready to go solo today. We help you navigate through key areas to consider before you make the leap so that you can take confidence in your decision that stepping out as a solopreneur is a smart choice for you.
Here’s a summary of what you’ll learn in the “Solo Decision” Guide:
- Are you emotionally ready to be an independent worker?
- Are you professionally ready to be an independent worker?
- Are you financially ready to accept the risks and rewards of non-traditional employment?
- The characteristics of an independent
- Independent state of mind
- Prefer working in a results-based environment
- Focused on what’s important
- Maintains a strong network
- Things to consider before making the decision
- How it will affect your income
- Defining your marketable skill
- Figuring out what to charge
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