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Going Independent

Discover the key lessons and insights from a seasoned independent consultant on making the shift to independent work. Learn about the benefits, challenges, and strategies for success in this inspiring journey. Gain valuable advice on finding clients, establishing your company, managing work expectations, staying organized, networking, becoming an expert, and maintaining a steady income flow.

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Going Independent

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  1. Going Independent Lessons Learned in 9+ Years as an Independent Consultant April 2019 Jason Haley

  2. Why?

  3. What is Important to You? • Flexible working schedule • Work on the projects you choose • Complete control over your career • More control over how much income you can make • No ceilings imposed by anyone but you

  4. Monthly Income as FTE

  5. Monthly Income as Independent

  6. Gross Annual Income also Varies

  7. Are you still interested?

  8. Get Some Advice • Friends • Family • User groups • Other independent consultants • Business owners • Possible future clients • Getting advice serves two purposes • Run your ideas by others to get honest feedback • Spread the word that you may be looking for work

  9. Find Client #1 • Often times the first client is the easiest to find • Previous employers • Other independent consultants • Friends • Friends of friends • … more on this later

  10. Establish Your Company • Make it legal • LLC, S-Corp, C-Corp • Tax ID • Open Business Bank Account • Checking, Credit Card • Accountant • Lawyer • Contract • NDA • Business Cards, Letterhead, Envelopes • Logo • Website, domain name

  11. Get Started

  12. Work Expectations – FTE vs. Consultant • Years of being a full time employee may have trained you to think: • If you are asked to do something, you do it • You may track your time but not really estimate that well • You can always throw more work at the problem to ‘fix’ it • Advice • Clarify what the expectations are before beginning any work • Start estimating your project work now and track your hours • Learn to manage expectations

  13. Stay Organized • Invoice regularly (to have a more predictable cash flow) • Know your limits and cash flow • Pay yourself • Build a big rainy day fund (in a personal account) • Advice • Use Quicken to invoice and track outstanding payments • Have enough money back to live 6 months with no income • Learn how much you need to earn before you have to dip into savings • Work often ends abruptly

  14. Finding the Next Client

  15. Contractor or Consultant? • Contractor • Finding work can be similar to finding full time employee job • Interviews can be worse due to contractors being expected to be productive very fast • Is very similar to a plugin employee with a middleman • If W2, you can get unemployment • Recruiters or agents may be useful for finding work • Consultant • Finding work is completely up to you • Unemployment not an option • Website or marketing may be useful • Referrals are very important to getting work

  16. Network • Have two answers for the “What do you do?” question • the answer for what you will settle for when you really need to work • the answer for what your really want to be doing • Remember that even your biggest fans are less likely to refer you business if they don’t know what sort of work you want • Advice • Network with complimentary skilled consultants • Constantly be reaching out and ‘touching base’ with past customers and people who have referred you • Try new groups, new meetups, new opportunities to meet people you don’t know

  17. Become an Expert • Find your niche and start building a brand around it • Speak at user groups • Write a blog • Open source projects • Advice • Meet and network other experts in your same niche • Model other experts and build your own reputation • Know what your services are worth

  18. 2 + 1 Rule • 2 small non time sensitive paying clients • Can be things like maintenance on previous projects • Something like writing articles, white papers or training • 1 big paying project that you can live off of • Will eventually end or slow to a smaller project • Advice • Multiple clients can keep your income from hitting $0 • Search out smaller projects to protect yourself • Don’t limit yourself to a single client, even if you are swamped

  19. General Advice • Don’t be afraid to say “no” • Not all clients are compatible (look for a good fit) • Look for experienced clients • Don’t keep bad clients • Listen to your instincts • Don’t forget your support network • For advice • For help • And of course to support and be there for them

  20. Good Luck!

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