I’ve made a bunch of assumptions about what you mean; I guess you asked a broad question so you’d get a wide range of answers :)
I’m a software engineer by trade but now I teach others how to write code. When I’m not doing that I work with clients to write teaching material for the products they own, and I run a non-profit in my spare time. I hate the phrase “digital nomad” but I’m writing this from a co-working space in Morocco, so the shoe fits. Here’s a brain dump:
* There’s an expectation that when you start a project you’ll be able to hit the ground running; clients don’t want to pay for you to ramp up to become productive. Luckily, starting a new job is something you get better at with practice; you learn how to phrase the dumb new-guy questions and abstract just enough that you’re competent quickly. Part of this is showmanship.
* That said, you’re a subject matter expert in your field.
* Perhaps you’re able to work off-site, in which case you’ll need better time-management skills than you might need at a traditional desk-bound job in your field. Perhaps you travel a lot for work or otherwise.
* Unless you’ve got a solid client-base you might find yourself hustling for work. Certainly your client-management and self-marketing skills will be better than someone who changes jobs once every three or four years.
* You might get to choose your holidays. I’ll be working over Christmas.
* You’ll have more cash money but no benefits unless you pay for them yourself. I’m from the UK so I don’t have quite the same healthcare issues as my friends across the pond, but I’ve got to manage my relationship with the state explicitly.
* I’ve got a fucktonne of airmiles.
* Maybe you’ll work unpredictable hours in weird places, so explicitly making time for your family and friends is important. I don’t bump into mates any more, so making friends is just something you have to make a point of.
* You’ll be more exposed to boom and bust hiring practices - supposedly, you’re charging more money as your position with a client is more mercenary.
* Unstructured work isn’t for everyone. I don’t like the idea of going back to an office job with a boss any more, but it’s different strokes for different folks. In the last month I’ve worked in New York, Montreal, London and (now) a small town in Morocco. Next month I’ll be in Ghana then London. I love it, but that much solo travel puts a strain on whatever kind of relationship you enjoy with people.
Great response. Based on my experience I agree with your points. I think it is important for wannabe consultants to also understand:
* Your perceived value is determined by your expertise and competence. There is no time for learning on the job. Hitting the deck running is absolutely essential in order to reinforce the perception that you are the expert at what you have been hired to do.
* In most cases you need face-to-face time with the client and stakeholders. This is essential at the beginning of any assignment and often necessary at milestones and hand-overs. So remote work requires a solidly established working relationship in order to be a win-win for all concerned.
* Running the business, i.e. prospecting, selling, negotiating, delivering, invoicing, collecting monies and managing a multitude of non-technical (not related to the actual task - but essential to keeping the client happy) issues - are critical and often overlooked by those starting out as consultants.
* After paying for your healthcare, travel, accommodation, taxes, equipment, legal costs, accounting services, allowing for uncollectable invoices, etc, etc you might actually not end up earning more than in a well paid job.
As for the travel, I have found success in staying in one city and making lots of connections and thus a reasonably steady source of work. The choice to pursue work in a variety of locations is obviously partly personal and partly a function of the clients you choose to work with.
You don't have a job unless you create one for yourself. You don't have a paying job, unless you successfully sell services to clients, invoice, and get paid. Because getting paid is contingent, future cash flows should be discounted.
Notice I didn't mention doing the work. It's not that some work doesn't need to be done, it's that doing work for clients is not directly related to getting paid. Partially that's because sometimes clients don't pay. Partially because sometimes contractors don't invoice. Partially because, it is easier to make non-paying work such as ordering office furniture than it is to make paying work by identifying prospects, qualifying leads, and closing sales.
Your value as a consultant depends on the value you realise for your client. If your efforts earn or save the client a million, then you could earn between 10% to 30% of that amount - depends very much on your ability to sell and negotiate.
Successful consultants are not just technically competent, but also great at selling, negotiating and collecting on invoices.
7 comments
[ 4.4 ms ] story [ 26.5 ms ] threadI’m a software engineer by trade but now I teach others how to write code. When I’m not doing that I work with clients to write teaching material for the products they own, and I run a non-profit in my spare time. I hate the phrase “digital nomad” but I’m writing this from a co-working space in Morocco, so the shoe fits. Here’s a brain dump:
* There’s an expectation that when you start a project you’ll be able to hit the ground running; clients don’t want to pay for you to ramp up to become productive. Luckily, starting a new job is something you get better at with practice; you learn how to phrase the dumb new-guy questions and abstract just enough that you’re competent quickly. Part of this is showmanship.
* That said, you’re a subject matter expert in your field.
* Perhaps you’re able to work off-site, in which case you’ll need better time-management skills than you might need at a traditional desk-bound job in your field. Perhaps you travel a lot for work or otherwise.
* Unless you’ve got a solid client-base you might find yourself hustling for work. Certainly your client-management and self-marketing skills will be better than someone who changes jobs once every three or four years.
* You might get to choose your holidays. I’ll be working over Christmas.
* You’ll have more cash money but no benefits unless you pay for them yourself. I’m from the UK so I don’t have quite the same healthcare issues as my friends across the pond, but I’ve got to manage my relationship with the state explicitly.
* I’ve got a fucktonne of airmiles.
* Maybe you’ll work unpredictable hours in weird places, so explicitly making time for your family and friends is important. I don’t bump into mates any more, so making friends is just something you have to make a point of.
* You’ll be more exposed to boom and bust hiring practices - supposedly, you’re charging more money as your position with a client is more mercenary.
* Unstructured work isn’t for everyone. I don’t like the idea of going back to an office job with a boss any more, but it’s different strokes for different folks. In the last month I’ve worked in New York, Montreal, London and (now) a small town in Morocco. Next month I’ll be in Ghana then London. I love it, but that much solo travel puts a strain on whatever kind of relationship you enjoy with people.
* Your perceived value is determined by your expertise and competence. There is no time for learning on the job. Hitting the deck running is absolutely essential in order to reinforce the perception that you are the expert at what you have been hired to do.
* In most cases you need face-to-face time with the client and stakeholders. This is essential at the beginning of any assignment and often necessary at milestones and hand-overs. So remote work requires a solidly established working relationship in order to be a win-win for all concerned.
* Running the business, i.e. prospecting, selling, negotiating, delivering, invoicing, collecting monies and managing a multitude of non-technical (not related to the actual task - but essential to keeping the client happy) issues - are critical and often overlooked by those starting out as consultants.
* After paying for your healthcare, travel, accommodation, taxes, equipment, legal costs, accounting services, allowing for uncollectable invoices, etc, etc you might actually not end up earning more than in a well paid job.
As for the travel, I have found success in staying in one city and making lots of connections and thus a reasonably steady source of work. The choice to pursue work in a variety of locations is obviously partly personal and partly a function of the clients you choose to work with.
Notice I didn't mention doing the work. It's not that some work doesn't need to be done, it's that doing work for clients is not directly related to getting paid. Partially that's because sometimes clients don't pay. Partially because sometimes contractors don't invoice. Partially because, it is easier to make non-paying work such as ordering office furniture than it is to make paying work by identifying prospects, qualifying leads, and closing sales.
Good luck.
Successful consultants are not just technically competent, but also great at selling, negotiating and collecting on invoices.