Does anyone have advise on transitioning out of corporate to working as an independent consultant?

Anonymous

March 13,2022 at 1:18PM UTC

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Does anyone have advise on transitioning out of corporate to working as an independent consultant? Long story short, i’ve been in my industry for 10+ years (I’ll be 32 this year) and feel as though I need a major change. My current role has been my worst experience to date - toxic work environment, professionaly jelously, and I report into a manager with less experience (previous manager left less than 6 months after I joined). Working at this company has made me question my expertise in my field/ level and has made me want to leave corporate altogether. I have an opportunity to go back to my previous company (they desperately want me back) or balance two consulting gigs. Im a bit torn! Ive only worked in corporate but feel I need to explore my entrepreneurial endeavors and create a lane for myself - I know this is my passion. Would love thoughts, advise on anyone who has navigated this type of change - things you’ve loved and what you’ve learned allng the way! Thanks!

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AnonymousMarch 13,2022 at 2:15PM UTC
It is an important first step to recognize that your current situation is not working. Kudos to you for that! It sounds like you already know what you’re good at and where you can thrive, but there are some known risks in going independent. It may be helpful to talk to others to get advice on the entrepreneurial side.
AnonymousMarch 13,2022 at 3:39PM UTC
Honestly, in 2021 in the midst of a pandemic, I wouldn't go out on my own. FMLA and disability insurance are important things to have in a global pandemic, in a country with as few safety nets as the US has (assuming you're in the US).
I have gone it alone (actually as a 1099 employee in a startup) and I loved it, but I hated the instability, the tax situation, and the lack of safety nets. I wouldn't do it again, but it was an incredible experience for me.
Alexis GladstoneMarch 13,2022 at 3:54PM UTC
I did this almost 20 years ago.
Happy to share some thoughts:
Pros - Flexibility; Choosing clients you want to work with; Focusing work that you love doing; Challenging yourself
Cons - No benefits; High price of insurance; It tends to be feast or famine;
If you do go for it, it helps to have a strong network. Be sure to set aside time to work on the business rather than in it (prospecting, admin stuff).
Don't be afraid to subcontract through an established organization. Just be sure to not short-change yourself on your rate.
Alia Gamal HafezMarch 14,2022 at 5:11AM UTC
same here