Life of an Independent Consultant - Part I
It is lonely when there is no work, it is busy when there is work.
I have been at this independent consulting for more than five and a half years. As I am seeking to open up more channels to stay in touch with my past, current, and future clients and family, and continue to keep the textbook “Modern Electricity Systems” in social media, I wanted to share my tricks with others who are either stuck in their full-time jobs and seek to go solo or, others who have their own tricks to share.
Every now and then my contacts seek me out and ask for suggestions. Then, I pull up this list.
So, here we go -
Have a system for taking notes, following up on leads, accounting, invoicing, bank accounts for business, and sticking to a social media platform.
I would also recommend staying active on Twitter. There is much information exchanged on #energytwitter.
Write or contribute to a blog regularly.
See if you can get clients who pay for the value you provide rather than an hourly rate.
Don't do work before getting the contract. This is very tough initially when you are trying to establish yourself, and you know you can do the work.
Please keep track of people who want to take advantage of your expertise and steer clear of them. Remember that clients respect your expertise and are willing to pay the market rate for that expertise.
Regular touchpoints with a Board-level position would be helpful. If a Board role compensates you for your time, that's even better.
"Don't show up and throw up" at conferences. This sentence means do your research before booking a flight to attend a conference, ask who typically attends the conference, what their title is, set up a meeting with some prospects, and only then make travel plans.
Take breaks when it suits you. You are not on the 9-5 job anymore. For example, do laundry in the middle of the day because you can!
Ask for referrals, and this is something I struggle with periodically. I hate to ask for referrals. If someone likes my work, they will naturally recommend me to others who might need help. That’s my take on this. But, it is also equally true that unless you ask, you won’t get help.
Ask why you didn’t get a project. I like doing this. Initially, when I spent a sizable chunk of hours writing proposals and not getting projects, I asked why I didn’t get the project. I asked for feedback. And I jotted that feedback down. What I found out from that feedback was that, a lot of times I didn’t get the project not because of my rate, or my proposal, but because someone else was more qualified, they were already working in that space, or someone who already had that experience.
Set boundaries - if there is a time during the day that is precious for you, don't accept client meetings. I once made the mistake of agreeing to jump on a call at 5 AM for a prospective client. That call was canceled at 230 AM when I woke up to prep for the 5 AM call. That’s when I decided to hell with this opportunity.
Keep track of your cash flow. I use a spreadsheet but I also have Quickbooks for accounting purposes.
There are days when you work 10-12 hours, which is OK because some days you hardly do any billable work.
Involve your family and talk to them regularly about what is happening with your business to avoid surprises.
Check out the SCORE website for mentors in your local area. I found a mentor on my second try who has been helpful to me because I found that I have blind spots like that referral aspect.
I will leave you with this quote from Alan Weiss, a famous consultant, whose book “Getting Started in Consulting” I read during my initial days of consulting.
He said,
“If you provide help to people, they will rely on you. When they rely on you, they will trust you. When they trust you, they will accept your business proposals.
It begins with the offer of help.”
Source - https://alanweiss.com/marketing-in-these-times/