When is consulting a good career move?
A career transition is often a good time for seniors to consider alternative streams of income outside of a traditional job path, and offering consulting services might be one of them.
Astudy by Intuit predicated that by 2020, at least 40 percent of workers will be independent contractors, leading to a serious consideration for consulting.
There is a growing interest in a flexible work schedule that offers more control of your time, and consulting can be a way that gives you flexibility and the opportunity to use your expertise.
Knowing when to choose consulting as a career move can be a dilemma for seniors who have spent most of their time working for an employer.
If you decide to go with the consulting route instead of initiating a job search, make sure your choice is based on desire rather than desperation.
Many times, senior candidates will use consulting as a “plan B” just in case their job search proved more challenging than anticipated.
Using consulting as a backup option can create more problems if not well planned — for instance, if you base your decision to consult only after you have spent months job searching and networking with no results.
The problem often creates an awkward perception among your networking connections, first you were a job candidate, and now you are a consultant. Does that mean you are turning toward consulting because you couldn’t get a job offer?
Your choice to consult needs to be combined with the right timing, otherwise it can leave crucial contacts to guess your decision. The best time to start consulting is right after you have left your job.
Consulting can provide excellent opportunities, namely a work schedule you design with the freedom and flexibility that fits your lifestyle. Many senior candidates at this stage in their career are sandwiched between family and aging parents, and flexible work can support their needs and provide a good income.
Consider consulting if you can withstand the unknowns of the marketplace, since you no longer have a reliable salary.
Working for an employer can seem safe financially, but your compensation is capped regardless of your contributions. Your consulting income is unlimited, depending on your expertise and ability to deliver.
There are some additional things to contemplate regarding consulting. You need key strengths in areas of adaptability, working solo and with a variety of teams. You also need to be comfortable with sales and marketing to keep your pipeline of business flowing as well as expand your clientele.
Seniors have an advantage in leveraging their years of experience and building a reputation with their expertise.
Consulting is often a win-win situation with employers as well who look for flexible arrangements in bringing subject matter experts to assist with special projects.
Consulting also gives you exposure to a wide variety of clients, expanding your knowledge of how different industries work while con- tinuously trengthening your skill sets.
Even though you may choose consulting as your career focus, it’s not uncommon for full-time opportunities to present themselves after the employer sees your value firsthand. While there are numerous upsides to consulting, you need to consider the downsides as well before deciding.
One downside is the lack of company support services an employer provides, such as an IT department that can quickly provide troubleshooting. Another is a steady paycheck with all the benefits of a matching 401(k), vacation and support staff when you are out of the office.
If you have an extroverted personality you might consider working in an office suite instead of your home. Your energy levels might be higher around other people, whereas working from home can be somewhat isolating.
Consulting can be a great career move for seniors to make, but weigh all the pros and cons first. Don’t wait until you have exhausted all your networking connections and are low on finances before you pitch your services.