Ever wondered how to make a lucrative living as a solo consultant? Here's a story that might inspire you. This post aims to provide insights into kickstarting a solo-consulting career, with the hope of encouraging a few readers to take the plunge.
In this article, we'll explore the story of an author who initially took up solo consulting as a temporary solution, only to see it grow into a highly successful venture that offered him unmatched flexibility and independence.
The journey begins
The author, formerly a Management Consultant with Accenture, had also worked in several startups, gaining around 10 years of professional experience. About a year ago, he found himself jobless and at a crossroads: return to consulting, join the corporate world, or try something entirely new.
To buy some time for contemplation, he decided to freelance as a consultant, leveraging his network to secure initial work. What began as a temporary fix soon evolved into his most successful venture, offering both flexibility and freedom.
Why share this journey?
The author firmly believes that more people would venture into solo consulting if they knew how to start. The approach outlined here is based on personal experience and insights from others in the field, broken down into two main parts.
Part 1: Questions to ask yourself
Before diving in, it’s essential to make a few strategic decisions:
- Why go solo?
- Understanding the motivation behind going solo is crucial. Whether it’s for higher earnings, more flexibility, spending more time with family, or growing a bigger enterprise, this motivation will sustain you through tough times.
- What do you offer?
- Identify your strengths and what people would pay for. Often, your current job is a good indicator of your marketable skills. For instance, the author continued with management consulting, minus the corporate backing.
- How to approach (big bang vs. gradual)?
- Decide whether to quit your job entirely (big bang) or start consulting as a side business (gradual). The big bang approach often yields quicker results due to focused energy but is riskier compared to the gradual method.
With these questions answered, it’s time to move on to the next phase: selling.
Part 2: Sell, sell, sell
Avoid spending too much time on creating a website or brand initially. The priority is to see if you can sell your services.
There are two main methods: working your network and leveraging brokers.
Working your network
The author had a solid network from his consulting days and always prioritized leaving a good impression. Here’s the strategy he used:
- Create a prospect list:
- Browse LinkedIn connections to identify potential clients;
- Add these contacts to a 'Prospect Tracker' to keep tabs on priority, status, and information.
- Craft a message template:
- Use a general message explaining the transition to solo consulting and seeking projects;
- Personalize each message to highlight previous positive interactions and specific aspects of the recipient’s current work.
- Reach out extensively:
- Contact as many people as possible, tracking progress with the Prospect Tracker;
- If results are lacking, increase the outreach effort.
- Prepare for coffee chats:
- Be ready with a story of your career journey and questions to build rapport and understand company challenges.
- Always be closing:
- Once a project opportunity arises, act swiftly and professionally;
- Quickly draft a proposal demonstrating relevant experience, problem understanding, and a clear plan;
- Be prepared for negotiations, knowing your pricing and limits, and be willing to walk away if necessary.
Leverage brokers
For those with a limited network or who feel uneasy about reaching out to people, brokers offer a fantastic alternative. These brokers have substantial agreements with major companies and receive requests for various freelance skills regularly.
The broker model works by taking a percentage of the revenue you generate from the assignments they provide, typically between 15-30%. Even after their cut, this can be quite profitable!
Getting started with brokers
Starting with brokers is akin to applying for a regular job. Here’s how to go about it:
- Prepare your CV:
- Highlight past employers with strong brand names;
- Clearly state your offering, such as Agile Project Manager or Commercial Strategy Consultant;
- Showcase projects and results whenever possible.
- Apply to as many brokers as possible:
- You’re not exclusive to any one broker, so cast a wide net;
- Focus on brokers that are relevant to your skills and offerings.
- Expect interviews:
- Brokers usually conduct interviews to understand your motivations and capabilities;
- They typically look for experience, technical knowledge, problem-solving skills, personality traits, and proven performance.
- Keep them updated:
- Once signed up with multiple brokers, keep them informed about your availability and any updates to your CV. This helps them market you to their clients more effectively.
The author has actually not used brokers personally but has successfully obtained all clients through their own network. However, several friends have had great experiences using brokers.
Here’s a list of some excellent global brokers:
Depending on your location, you can probably find some regional brokers as well.
Q&A
Curious about the ins and outs of the author's solo consulting journey? Here are some frequently asked questions and author’s responses:
What sort of work do you typically engage in?
My work is pretty diverse but mostly centers around IT strategy and transformation projects. I often work with the same types of clients I had at Accenture, focusing on CIOs and their direct reports. Recently, I’ve helped a CIO with a major IT outsourcing transformation program, optimized application portfolios, and revamped operating models for sales and product development teams.
Where do you typically work?
It’s a mix of onsite and remote work. Usually, I spend about two days a week on-site with clients.
What does a typical client engagement look like for you?
I prefer long-term, full-time engagements that focus on transformation projects rather than just strategy. While I do provide some strategic support, it’s usually part of a broader, ongoing project.
What are the usual deliverables in your projects?
Deliverables depend on the project scope. They can range from hitting specific quantitative targets to crafting detailed PowerPoint decks, all aimed at successfully completing the project.
How do you spend your time during client engagements?
My time is spent on typical consulting tasks like attending meetings, gathering information, managing projects, creating PowerPoint slides, and handling stakeholder management.
Did you have a non-solicitation agreement?
No, I didn’t have a non-solicitation agreement.
How did you handle branding as a solo consultant?
I didn’t create a website initially. Instead, I focused on building my brand through LinkedIn. Now that I’ve started a more traditional consulting firm, we do have a website.
Have you worked with other freelancers?
Yes, I’ve collaborated with various freelancers, including a technical infrastructure expert, an agile coach, and some traditional management consultant profiles.
Have you ever used ads for your consulting work?
No, I haven’t used ads. I prefer to build my personal brand on LinkedIn and attract clients by sharing valuable content.
What is your consulting offer?
I specialize in IT strategy and transformation consulting. I help CIOs set strategic directions and deliver transformation projects, either as a project or program manager.
Conclusion
Taking the leap into solo consulting might seem daunting, but there are ways to mitigate the risks. For instance, you can combine the gradual approach with leveraging brokers. You might get lucky with a long-term project that allows you to quit your regular job and fully commit to consulting.
For those willing to take more risks, the big bang approach is the way to go. Dive in headfirst by reaching out to your network and all relevant brokers. You’ll be up and running in no time!
