Becoming your own boss
The move from employee to business owner: how do you know if it’s for you and where do you find your clients.
First of a short series of articles aimed at those considering freelancing, business ownership, or fractional assignments.
I frequently talk to very experienced, accomplished, driven people who, for the first time in their careers are finding it tough to get a new job. This is whether they are currently in employment or out of work.
The narrative is that it is tough out there, this is particularly true if you are 50 years plus, even though you have the skills, behaviours and experience required coming out of your ears. It seems that the sheer volume of applicants for every role, the use of AI to sift applications and the apparent reality that ageism is alive and well.
Consequently, more people are considering becoming self-employed, moving into fractional work, or consulting. You have the experience, the scars, and the T-Shirt so you are perfectly positioned to do so.
This is by no means the ‘easy’ option, so how do you know if it is for you?
The good news is that it is entirely possible to try it out first. If you are prepared to work through an intermediary or umbrella company to start with you can experience working on interim or consultancy assignments without having to set up your own private limited company (more on that in a later article).
On the plus side interim work can offer you a great deal of flexibility: In an ideal world being your own boss can offer the freedom to choose your own projects and work hours, allowing you to tailor your work environment to fit your lifestyle.
However, you do need to be self-sufficient. This type of work requires strong time management and self-discipline, as you manage all aspects of your business, including marketing and client communication and you need to set your own goals and targets. You will also have fewer people at hand to bounce ideas off, it can be lonely existence so having a good group of friends and contacts outside of work is helpful.
You should also consider your career goals, financial situation, and risk tolerance. You should be prepared to be ‘on the bench’ part of the time and to dedicate ‘non-billable’ time to business development and marketing. You may also find yourself agreeing to do work that you don’t enjoy from time to time and will need to think about your boundaries and how you manage these with clients and potential clients.
Many people I speak to are concerned about how to find clients.
Networking is key, I find most of my work through people I know and spend time expanding and nurturing my network regularly. This is often daunting for people, but it doesn’t need to be anything other than a coffee or conversation with an old acquaintance or colleague rather than ‘cold calling’ people. The important thing is that you connect and use the opportunity to share your plans and be clear about your ask. For example, do you want them to provide a referral or recommendation or to simply keep an eye out for you?
You can also find work through Head-hunters and platforms specialising in temporary resource. Find out which companies and sites cover your area of expertise and register. Established head-hunters are a brilliant sounding board, will understand your market and be interested in building long term relationships. They are a perfect first step for you if you are new to networking.
You should also think about building a strong brand presence through social media or marketing. If you have the cash, there are experts out there who will help you with this, but a great start is your Linked-In pages ensuring they are clear and highlight your talents and offering in a straightforward way.
If there was one piece of advice, I would offer it’s to not take a lack of interest personally. If you reach out to others and do not get a response, either try again or move on. Remember if you don’t hear back from someone, it is rarely about you. People have their own challenges and busy lives. I’ve had to grow a much thicker skin and sleep better for it.
In the next article we will explore how you decide what to charge and the ways to set up your own business.