Let's use a consulting firm as an example. The consulting firm is your 'pimp' (quite fitting, actually). As a Project Manager, your pimp sells you to a client and ultimately expects you to make a margin for them and deliver successful projects. In return, you gain experience leveraging these opportunities to prove and demonstrate your ability to deliver those two magical project principles: on time and on budget. Such employers typically have an extensive network, a respectable client base and can provide engaging and challenging opportunities for aspiring and seasoned project managers.
So why leave it all and go it alone?
There are many considerations when making the decision to go independent. The following are 5 key areas to think about and are by no means an extensive checklist to make that decision.
1. Established Network and Sales Savvy: Making the leap usually happens with an opportunity waiting in the wings. This is a great way to start and hopefully the engagement is long enough to sink your teeth in and provide enough runway until you need to start looking for the next. You'll likely always be in 'active sales mode' where you have to take care of your own interests therefore, your eyes and ears will be constantly aware of opportunities forthcoming. The important thing to note here is when you are on your own, don't expect a website to sell you. Word of mouth, repeat business and your network of colleagues is how you'll likely get business. A bit of business development and sales experience before you leave will certainly help in times where formal proposals are required to win some business. Land your first gig, establish a runway of time and then the others will come.
2. Mentor(s) and Trusted Colleagues: This is equally as important as having an established network. Identifying a mentor or multiple colleagues which can lend an ear will prove to be invaluable. Although you are 'invincible' and can take on any project without a hefty corporate backing, you'll need guidance, support and help here and there. So don't go it alone without having some quality folks in your corner that will give you sound advice or just bounce ideas as needed. Always pay for their drink / dinner. Small price to pay.
3. Experience & Successful Track Record: A common expression in the project management community is "You are only as good as your last project." Sad, but SO true! If you're coming off of a project debacle (delivered late, over budget, irate client, yada yada…) you might want to get a few more positive notches on the belt before spreading your wings. Even if the project failures were not your fault, it can be a challenge to separate your name from the engagement. That said, if your resume speaks for itself and has only a highway of successes and happy clients then lean on your references and ensure they are ready to back you up for you first big independent contract!
4. Incorporation and Registration: This really depends on the jurisdiction where you work, however at a minimum it is advisable to seek corporate legal counsel and an accredited accountant to determine the best approach to manage your finances and business structure. Where you are now being contracted and paid directly it is best to have good paperwork in place. Incorporating your independent consulting company can often provide taxable benefits even though you may be out of pocket a few grand at the onset it's worth it in the long run (especially if you are bringing in lots of coin).
5. Identify your Risk Tolerance: A job is never secure however it is much easier to rely and trust in your employer to bear the burden of ensuring you have full time employment and ample opportunities to quench your project management thirst. Going on your own means you are leaving the nest, you are on your own, left to your own devices and abilities to ensure you have a paycheck at the end of the day. Beyond this, there is no organization to fall back on if something goes sideways. You're on the nut. In the end, a lot of this comes down to financial stability. Think about not going without an income for a few months and decide if that would be tolerable. As an independent PM that can be reality.
In the end, the life of an independent project manager can be quite stressful, peppered with risk and have very few assurances. However the reward can be great even beyond compensation. Self-fulfilment and working for yourself is a feeling like no other. Prepare, have confidence, work hard at it and don't take anything for granted.
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Charlie Mac is an independent project manager and contributing subject matter expert for Vantage: The Social Approach to Project Management. Visit http://projectvantage.com to learn more and signup for a free trial at http://www.projectvantage.com/index.php/pricing to get started. Each trial includes 10 free user accounts to share, so get social with your projects today.
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