Is Independent Consulting For You? 3 Tips to Get Your Business Started

It happens at least twice a week.  I log onto LinkedIn and see yet another connection switching from "Full-time Employee at ABC Company" to "Independent Consultant" or "Self-Employed".  As a mentor to a variety of professionals, it is exciting to see so many people take a leap of faith to explore a new career path. The idea of being an Independent Consultant is very attractive. It is a great way to work flexible hours, work on satisfying projects as well as broaden your network. 

As the CEO of Advance Talent Solutions, we see those status updates as new opportunities.  Like similar organizations, we hire independent consultants to work on some of our projects, allowing us to leverage their expertise to benefit our clients.  But what people do not share often is that independent consulting can also be grueling. You are a small "startup" trying to balance your newly found work freedom while hustling to try to find clients to pay the bills.  The transition may not be easy at first but, once you are over the initial hurdles, it is doable.  Here are 3 tips to get your business together as an Independent Consultant:  

1. Form Partnerships Early with Small to Medium-Sized Firms - Many organizations such Advance Talent Solutions are always seeking talent for special projects.  Create a consulting resume that highlights your past work achievements and appropriate skillsets. Utilize LinkedIn, Facebook and Twitter to identify which connections are small enough to need temporary support on projects that are in your wheelhouse. Share your new resume with them as well as a concise blurb on what type of projects align with your experience. 
2. Seek Professional Help - Don't know anything about self-employment taxes or 1099s? When tax time comes, you will get a crash course. One of the common issues with switching from full-time employment to self-employment is the change in how the IRS will treat you AND how much you will owe in additional taxes.  Plan early.  Schedule a chat with your CPA to discuss your projected new income and determine how much you might need to save in order to pay any extra taxes owed for next year.
3. Be Honest...with your clients and yourself - For all of my friends in the entrepreneurship space, we hear too often about these "fly by night" consultants.  Here today as a consultant, gone tomorrow as a full-time employee leaving their clients to manage the work on their own.  Don't burn any bridges (or possible future employment opportunities).  Select short-term projects and identify a fellow independent consultant that could possibly assume your work if you decide quit mid-stream to accept the perfect full-time gig.