Want to go Indy?
Want to go Indy?
Start your journey by asking the hard questions, first
Something is in the air. Again. People are getting ready to move and start something. Maybe it’s springtime coming early? Maybe it’s because 2023 bonuses are getting paid out but it seems like some really talented people are planning to go independent and start consulting careers.
It’s energizing talking to these folks because, almost without exception, they’re smart, energetic and are going about it strategically. And, I can tell by the questions I’m getting that these folks are thinking practically about what they’re getting themselves into. But, sometimes I’ve answered questions they weren’t actually asking (yet). I wish there was a field guide for this adventure!
Your Research: A Guide to Interviewing other Independent Consultants
A full time job is a safe harbor, but some folks just want to take on the adventure themselves.
Like any good trekker, you need to do the planning and the first step is to listen to the stories from experienced indy consultants. It's probably going to be entertaining: There are going to be high points, some laughs, a little drama, and some dark days. You’ll hear some tall tales and, if you’re lucky, you’ll get the truth.
You’re probably going to get a lot of encouragement, because people are nice and they want to be (or at least sound) helpful. But, you really need - right before you start - a dose of the truth.
You’ll want the edification. Listen to it all, carefully and with empathy. The real story is often in what isn’t said and what details are left out.
Here’s a set of questions you can use to structure your interview:
What was your original plan - The difference between the first business plan and the reality of life as an independent consultant is where the wisdom lies. The “what changed” and “why did you take that direction” questions will help you figure the pace of evolution in your own work.
What work are you doing now (vs what you thought you’d be doing)? - You want to listen to how the consultant shifted in response to what they found in the market. How many times did they tweak their offerings? Big shifts? Small shifts?Compromises? Where was the real demand, where did their interests take them?
Where do you wish you would have invested money earlier? Most consultants are worried about cash burn and often won’t put money into things that will lead to work. It’s hard to find the right places to invest. But, a couple years in, most consultants know where the good investments were.
Biz dev: What’s working for you? You’ll probably find that most work comes from existing networks and former colleagues. But probe into how the actual deals come together, how much time goes into the development of the deal, how long it takes. Specifically, ask how the consultant qualifies good opportunities vs. “meh” opportunities.
Biz dev: What’s NOT working for you? You want to find out where time and energy gets wasted. White papers, sponsorships, networking groups, community organizations all take time away from the work that actually leads to new opportunities.
When should customers call you? Ask the consultant to give you their pitch, and listen from the perspective of a buyer. Is it clear? Would it be easy for anyone to understand it? Or, is it pure aspiration? How do they position themselves to prospects and other consultants? Ultimately, it needs to be dead simple to “get” what they do and when you might be able to help
How have you developed your pitch? How many versions of your pitch have you gone through? You’ll be surprised how much effort it takes to come up with a great, tight, explanation of where and how consultants help.
Notice what’s not here: Pricing, contracts, accounting, marketing. The admin stuff is the cost of doing the business. All that can come later and is pretty readily learned via some good googling. Or, can be figured out after you make the leap.
Going Indy and building your own personal business is an enticing prospect for a lot of mid- and late-career professionals who are tired of organizational politics, bureaucracy, and the late hours. But, it also comes with a different set of burdens that are best understood before leaving the safety of your full-time role. But, doing what you’ve recommended to your clients for years - Listening to the market, talk to customers, doing a little competitive assessment - will help you start your trek with confidence.