After March 3, I plan to leave my current gig to pursue freelance consulting for awhile, along with a number of colleagues. The exact vehicles and logistics are still in the formative phase – fortunately the administrative logistics for consulting businesses are not too arduous.
I find it useful to revisit a post I wrote a couple of years ago on independent consulting because I don't have the sales prospecting scale I use to have within a larger firm. I think that a lot of what I wrote about independent consulting is still true. I might have one additional add, and that is I think that social networking tools are getting better for helping consultants. Just the other day I was just contacted by a CEO of a technology company because of my LinkedIn profile and updates I had made to my status (which stated "Steve is looking for new contract or employment opportunities"). The CEO has been looking to grow his business and is looking for general management, finance, marketing, business development, and account management assistance. Although the lean was toward a full-time hire position for me, the geography is unlikely to work. So now the impetus is on me to work with him to determine whether I can help in either a consultative role or interim management role. Now in all fairness, the CEO knew me from before from venture-related circles and consulting, so this is not a cold networking opportunity. That said, I didn't have to reach out to him for the process to get kicked off. I was able to use social networking tools. And as compared to having to compete against 300-1000 applications for a job (I'm a normal guy and have *never* won in that kind of environment), one has to think about how to measurably change the odds of winning.
Of course, I've probably jinxed my personal opportunity by talking about it in the open. But given that we are in a terrible recession and that freelance consulting is the "new unemployment", I wanted to elevate the discussion.
Hi Steve,
Great post today. There is no question that more professionals will be choosing to pursue careers as independent consultants. Both the current economic cliemate and the long-term demographic and firmagraphic trends will encourage it.
In that spirit I wanted to share a resource with you, and others contemplating a career as an independent consultant.
There are many interesting consulting models gaining traction in the marketplace today. Our firm, M Squared Consulting, has over the past 20 years perfected a model where we utilize indepdendent consultants for all our engagements.
Our team establishes clients relationships and frames up consulting projects. We then tap into our network of consultants to find the right experience/cultural fit. Together with the consultant we manage the project, while dealing with all the adminstrative hassles (project spec, billing, 1099 compliance, etc.) It is a win-win: oareer consultants get to do the client work they love, without having to deal with a lot of the hassles of finding and managing engagements. Clients like the cost effectiveness and the fact that we can deploy seasoned experts who are focused on delivering results.
We do over 600 projects a year across all major functional areas (Finance/accounting, IT, HR, Marketing/Sales, Operations, Strategy) and have a long track record in Financial Services, Healthcare, BioPharma, and Technology companies.
Like any firm we obviously can’t promise engagements, however, many of our consultants use us as a cornerstone of their business development efforts.
It is free to register in our Consultant Network. To learn more: http://www.msquared.com
Kimball,
Thanks for the info and tip!
great!!!
freelance consultantis also a comprehensive company that lists Job openings even in this period of global recession, across all major domains.
Hi Steve,
This is a great post. I have been freelancing for 7 years and it is a tough market both in the US and UK currently.
I am regularly contacting new potential clients and the key is the long-term relationships you can build. So even if many clients do not currently have work for you, I strongly recommend freelancers work really hard in reaching out to potential clients now and getting the meetings set up.
Then when actual projects and budgets come through, which I think will happen from Q1 2010, you as a freelancer will be in a strong position – hopefully with many different project opportunities.
However, I know it can be disheartening. But today I found and e-mailed 5 consulting firms about working with them freelance, and I have already got a meeting arranged tomorrow with one of them. Plus in 40 minutes or so, someone I e-mailed on Friday wants to speak with me about potentially working together.
So it can all pay off! Remember to think long-term.
Rahul
Please visit my blog on business development advice for freelance consultants:
http://www.freelanceconsultancysuccess.com/
Rahul,
Thanks for sharing your feedback and angle on looking at the current market. In the current market, I have definitely looked at some subcontracting with other consultants and firms. That angle is a bit newer for me, but it allows me to broaden my scope a bit.
Thanks also for the pointer to your blog. It looks like a good resource for folks.
Best,
Steve
Good luck Steve. All the best in your new venture.