Someone asked me this recently. His job had been eliminated, and he was considering moving into consulting instead of looking for a full-time job.
His story is not unusual: “Losing my job was actually the best thing that could have happened to me,” he said. “I had no idea how unhappy I was, and I am starting to look at several career options. If I choose the consulting route, would it hurt my chances of being employed full-time later if consulting doesn’t work out?”
A career change can be exciting and challenging. It is easy to get caught up in a routine and not think about your job as fulfilling until an event such as a job loss brings it to your attention.
Consulting can be a great career option, but there are some things to consider before putting on the consultant hat.
Take time to do some research to find out what type of consulting service you would provide and what the market is like for those services. A good way to find out the pros and cons of a particular field is to interview individuals working as consultants and talk to consulting firms in general.
According to the U.S. Bureau of Labor Statistics, consulting is one of the fastest-growing fields, with about 21 percent of all management consultants self-employed. The BLS also projects an 82 percent increase in consulting services across a variety of career fields by the year 2018.
Here are some consulting pros and cons:
Consulting pros:
Consulting can be a lucrative business and offers a great way for you to build and expand your network. This is particularly true if travel is involved. You might end up working on projects around the country or overseas. Think of all the people you will meet and work with on projects.
Consulting can provide a way for you to work with numerous companies and increase your skills and knowledge base. An individual often will start out as a consultant and end up being hired full time by the company.
Companies hire consultants every day. Moving into a consulting role will help keep you skills current and broaden your exposure to senior management.
Today’s job market is paving the way for more consulting opportunities. Companies are downsizing management and bringing in more consultants. The flexible workforce consulting brings is often attractive to employers.
Consulting cons:
Not everyone’s personality is well-suited to consulting. If you tend to shy away from marketing your services, you might want to reconsider being an independent consultant. As if you’re self-employed, you will need to market and deliver your services and always be looking to fill the pipeline with more jobs.
Companies have different policies for consultants and generally do not offer sick time, retirement savings or healthcare benefits. This is pretty self-explanatory. You’ll need to make other arrangements for these benefits.
You may work alone part of the time. If you thrive in an office environment and are energized by being other people, then joining an established consulting firm might be a better match for you than having an independent practice.
Juggling multiple clients can be a time-management issue. Instead of reporting to one boss you now may have multiple bosses who want your time. Clients often require you to travel and spend time away from your family.
Starting a consulting practice takes time, and it can take time to build your income. Evaluate your immediate income needs. If you are looking for a quick income stream, you might want to consider another option.
After weighing the pros and cons and doing your research, making a decision still requires a measure of risk, but as with all career options, if the path you are seeking is something you strongly desire, you will never know how successful you could have been until you try.
What are your thoughts on the consulting field?
