If you are a professional currently in transition, you maybe considering consulting as an option until the job market rebounds.
Through effective networking, you may find projects that fit your skills and area of expertise. The beauty of this option is that, at the end of a project, you have the option to find another consulting assignment or to resume your search for regular full-time employment.
The world of consulting may at first seem glamorous, as do other professions that offer autonomy, flexibility, travel opportunities and the potential to earn a lucrative living. However, even successful long-term consultants will admit that having many years in the business does not guarantee steady assignments or regular income.
In addition, those who work from home may find it difficult to discipline and structure themselves to be as productive as they need to be. Others find the world of home-based consulting to be isolating from necessary resources as well as the collaborative benefits of an office setting.
The upside of a consulting career: Business forecasts predict a growing trend for companies to outsource projects and functions. The time is ripe for those who have in-demand skills and can tolerate the risks and uncertainties of self-employment.
Consulting is a good choice for people who desire a great deal of autonomy in their work. The pay can be excellent for those who can keep their pipeline filled with projects. Consulting offers the opportunity to see the real-time impact of your knowledge and ability on an organization, without getting involved in company “politics.’ ,
Now for the downside: You have no regular source of pay unless you can find retainer opportunities, which you generally cannot command until you have an established track record. You are continuously being evaluated by the clients for their return on investment. And, if you are paid by the hour rather than per diem or by the project, you have the added pressure to be accountable for each hour that you bill.
Being a self-employed consultant will also mean that you may have to find another source of benefits, such as health insurance, or pay your own premiums at a higher rate. Other sources of financial security, such as paid time off, disability insurance and retirement benefits, need to be considered as well.
It takes a particular kind of personality to adapt to the unique joys and pressures of the consulting work and lifestyle. Before you decide if consulting is right for you, take the time to evaluate this career option – and your personality – carefully. If it turns out not to be right for you, you can always go back to traditional employment.
