Why become an independent consultant?
If you’re considering going solo and becoming an independent consultant, you are not alone. But what is independent consulting and is it right for you? Independence resonates across generations and those who have made the transition have built, and maintained, satisfying careers. MBO Partner’s annual predictions for work suggest there has never been a better time to be an independent, so it’s a good decision to begin developing a strategy if you are considering the bandwagon. We think that by the end of the decade, more than half of the private U.S. workforce will be career independents – so the question arises: is it right for you?
Is consulting right for you?
The rewards of a consultant business are accompanied by some burdens that require careful consideration, however. As an independent you assume the challenges, risks, and infrastructure of running a business. There is no outside organization providing a steady paycheck, benefits, retirement programs or job security. As an independent you must find your own work and ensure that you develop and sustain a steady pipeline of opportunity. You must qualify to work with a large company, which often means additional insurance and compliance burdens.
In the summer of 2019, MBO Partners completed the ninth annual State of Independence in America Report, a study used to size the independent workforce and profile motivations among independent and traditional workers. According to this research, the top four sources of concern for independents are: not enough predictable income (47%), worry about job security (30%), planning for retirement (28%), and setting boundaries on the work so that it does not become a 24/7 commitment (26%).
The best-prepared individuals are those that make an informed and empowered choice.
9 Questions to Ask Before Becoming a Consultant
To aid in this process MBO has created an informative, resource guide that will identify the questions you should answer in order to determine not only if independent consulting is right for you, but if you are ready to go solo today. This guide will help you navigate the key areas that you should consider before you make the leap and bolster the confidence you may need to make that decision.
Here are some key questions to ask yourself before becoming a consultant:
- 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?
- Do you have the characteristics of an independent?
- Do you have the independent state of mind?
- Have you taken everything into consideration?
- Do you know how being independent will affect your income?
- Have you defined your marketable skills?
- Do you know what you should charge?
Download our guide to understand how to know if you’re prepared to be independent.
Find independent consulting jobs with top companies through MBO’s marketplace