How can I time manage my full time position with starting my consultancy business?
I'm at a transition point in my career where I want to go into consultancy but still need to hold on to my current position. I am hesitant to let go of the benefits of my current position until I know consultant work is going to pan out. What tips do you have for me? From experience, what risks am I taking starting a consultancy business and leaving the security of my current business? Or how do I time manage both? Thank you.
In the spare time you have try getting things you need together. for example, when you are out and about like with the family keep business cards with you and pass them out in malls. Put them on the window shields or cars in the parking lot. The more hard work you put in the better you would get heard.
Impossible just go for it - I did and never looked back.
1 tip - make sure you have savings equivalent to 6 mths salary before taking the plunge.
I hate to be brutally honest with you, but it isn't easy. I do not have a full time job and am trying to split my time between commercial real estate and consulting. I am finding it difficult to do both successfully. I spend all my time on one at the expense of the other and then flip flop. The biggest problem you face is marketing. I am not a big fan of networking events where you meet people for 10 minutes and then hope they call or refer you. It does not work that way. People refer and use people they know and trust will do a good job for them and/or those they are making the referral to. The good networking events are during business hours and meet regularly so you get to know each other well. You also must create an on-line presence. I have spent 9 months creating and developing my on-line persona through LinkedIn, google, and created my web page. I now am blogging weekly on a couple of different sites, including my own website (which I just launched...www.theexcelconsultinggroup.com. I have literally been working full time at this and am just now starting to see fruition from my efforts. I don't mean to be a downer, but you should set yourself up for success in everything you do, and understanding the downfalls is a must for that. If you ever want to talk, give me a call at 602-686-0641.
The time management will be fully up to you, but the big idea is to do a transitional of your workload proportionally with the input and output between your fulltime job and your biz, once the cashflow is promising, then you could do the transition more aggressive,
hope this will help you :)
I'm often asked the same question. I juggled a full time job, three businesses and a mother with Alzheimer's for many years. Finding work/work/life balance is a challenge but there is light at the end of the tunnel.
Good time management is key.
Be sure you are "insurable" and what that insurance would cost before leaving the Just Over Broke full-time position. I was fortunate to transfer to a company that offered medical benefits at employee rates when I reached 55. I struggled for almost 10 years before attaining that age but I made it.
In my experience, holding on to an: Employee position was not beneficial as that job is not guaranteed. Secondly, my experience is not holding on to the insecurities tied to Questioning about leaving the "So-Called" security of a current job position. To the contrary, my experience is from me facing my fears and embracing the love from clients who independently garnered, and paid, for my services. They would not have been able to do this if I was not available for the Independent Contractor assignments and embracing my new line of Independent work.
Well, check out Free Agent Services: http://free-agent-services.com/. Also try to find a copy of Free Agent Nation by Daniel Pink; published several years ago! That will help orient you.
IT is a huge leap. Personally, I started out working for a consulting company to learn the trade. Going on your own right off the bat can be daunting if you have never done it before. Lots of consulting companies out there to try your wings, especially if you have sought after skills. Good way to 'test the waters' because if you can get hired by one of the consulting companies you will have a steady paycheck; more or less (layoffs are common at project end).
If you like the constant pressure, travel (most consultants are on the road = Road Warriors), lousy food and little time for yourself, then go for it.
On the PLUS side, you will never be free and once you cut your teeth on a few projects then consider going on your own (preferably as an Incorporated Company).
Cultivate your current employer and do NOT burn bridges. Sometimes, talking to your boss or VP and let them know what you are contemplating can pave the way for a future consulting gig with your old company or one of its trading partners you may know. It's all about connections, friends and reputation!
Check out Free Agent Services where I've tried to lay it all out; step by step. Let me know if it helps!
Management Systems Consulting, Inc.
I have been through the same. Its very difficult to let go the comfort zone. But in my experience and honest opinion, do not sail in two boats at the same time.
I did that for a year long and it caused me only frustration. If you want to really make a decision, list down all the factors, and give each of them a weight (how important they are to you). Go through both the options for each of the factors. Sum up the weights and find out what wins. E.g.: These are some of the factors that I had listed - 1. Importance of fixed source of income. 2. Independence in decision making. 3. More time that can be spent with family. 4. Risk of getting business. For me, the option of "starting up on my own" had won of the two, yet I delayed the decision for a year long. According to me, it is better to focus on one thing and do it fully.
The time not dedicated for the FT job is when you consult. takes more time to schedule, but it can be done. To he minute scheduling not to the 15 or 30 min ute segments. Stay true to the \schedule and give any bonus time to your paycheck job.