The benefits and challenges of being an Independent Consultant

Being an Independent Consultant can be a highly rewarding and challenging career path. As an independent consultant, you can have the freedom to choose your clients, set your own schedule, and work on the projects that interest you. However, there are also challenges that come with this type of work, if you are thinking of becoming an independent consultant this blog will discuss the benefits and challenges so that you can be a little more informed when making your decision.

Benefits of being an Independent Consultant

Flexibility

One of the biggest benefits of being an independent consultant is the flexibility it provides. You have the freedom to choose your own schedule and work on projects that interest you. This can be especially beneficial if you have other commitments, such as family or personal obligations. As well as having the flexibility of the projects you work on, being an independent consultant also enables you to work wherever you like in the world, as long as there is an internet connection and depending on the project that you are delivering. Working from home is very common as an independent consultant.

Control over your work

As an independent consultant, you have complete control over the work you do. You can choose the clients you work with, the projects you take on, and the fees you charge. This can be empowering and allow you to focus on work that aligns with your values and interests.

Higher earning potential

You will also have the potential to earn more than you would in a traditional job. Most independent consultants charge either by the hour, the day, or on a project basis. Consultants are able to negotiate their price with the client depending on the complexity of the project and can also work on multiple projects at the same time.

Variety of work

Working as an independent consultant can provide a variety of work experiences with super interesting or complex projects needing to be delivered. You may work with clients in different industries, on different teams, and in different geographical locations. Working as an independent consultant is a great way to expand your professional development, skills, and knowledge. No day is ever the same and you will be involved in tasks that you have never come across before, this includes the day-to-day running of your consultancy practice.

Challenges of being an independent consultant

Inconsistent income

One of the biggest challenges of being an independent consultant is the uncertainty that comes with it. You may not have a steady stream of work or income and you will need to constantly market yourself out to clients. This can be stressful and require a lot of time and effort, independent consultants need to be prepared for this though as the market is highly competitive and in dry periods, projects are not always forthcoming.

Lack of benefits and finance management

As an independent consultant, you are responsible for your own benefits such as insurance, pension, and paid time off. These should be considered when setting your fees as they will eat into your income. It is also important to also remember that you will need to pay income tax and corporation tax on fees generated through consulting services. Having a good accountant will help here, but recognise that they will also charge you for their services.

Isolation

Working as an independent consultant can be isolating, especially if you work from home or work on projects alone. You may miss the social interaction and support that comes with working in an office environment. There are networking groups, like Veriex, that offer support to independent consultants, so it may be worth you joining some of these and build a network of like-minded individuals who can support you through challenging times.

Here at Veriex, we are experts in scaling teams of freelance independent consultants in strategy, change, digital, and people transformation across the globe. We work closely with our network of ‘Approved Consultants’ to support them with building their skills and developing their business pipeline by giving them access to some of the most complex transformation projects on offer. For more information about becoming a Veriex Approved Consultant please contact info@veriex.co.uk or check out our opportunities page on our website.