It’s no secret that the recent pandemic changed the landscape of work. Mainly that companies offered employees some of the flexibility that initiated the Great Resignation of millions of people.
The biggest offering to retain employees is an attractive compensation package. Now, there are some who will happily accept these partial financial changes and remain with their chosen company. In this fashion, companies win because retention of employees is critical to operations and successful execution of their mission statement. Employees win because they are now having their issues addressed, at least partially. However, for some this will not be enough. A partial response will not satisfy all. There is another way—independent consulting.
What is Independent Consulting?
Independent consulting is exactly what it sounds like, you consult by yourself (based on your experience, skills and expertise on a subject) instead of with or for a company.
Independent consulting will be the right choice for millions because it’s the only option that will address all the concerns identified to their resignation. The ability to work remotely, become financially independent, and have true flexibility is a smart option for those who are ready to work for it in the independent consulting world. The entry into the market is minimal.
The Costs of Being an Independent Consultant
Setting up a company can be done on the internet for less than $300.00 dollars today. Workers that create business entities for their independent consulting enjoy financial control as well.
The independent consultant can setup a Solo 401K plan that allows maximum contributions of $64,500 for workers over 50 years and $58,000 for those under 50 years as of 2022. The normal 401K only allows a maximum contribution of $26,500. Every year the consultant can save 2.9 years more than the W2 employee. This is how wealth is built! This is how I did it. I will share my rags to riches story and how to setup a business entity in my next blog.
However, not all will be suited for independent consulting. Some people prefer the perceived safety of having a paycheck and benefits. The reality though, as witnessed by recent layoffs like Shopify who just laid off a bunch of people, there is no safety. We create our destiny. Thus, for those who can take the leap, independent consulting offers great advantages.
How To Be A Successful Independent Consultant
To be successful in this field, the independent consultant will need to be highly motivated to take advantage of this business model.
1. Use The Right Technology
The catalyst for enabling workers to work remote is the shift to cloud technology and automation tools like Salesforce Marketing Cloud. The growth of these automation technologies is trending upward. Workers in all aspects of this technology are in high demand. Online training is replacing the traditional college degree for some. Why incur the cost of college today if you are highly motivated to train yourself online in a shorter amount of time? Our company hires on ability first, not degrees. The degree can wait.
2. Get Training
The savvy consultant can train themselves today, advertise on LinkedIn and have multiple high paying gigs within a weeks after getting certified! The key enabler will be finding the most advanced online training that aids in providing an in-depth understanding of the technology skills required to design and implement solutions that provide ROI to customers. The entire lifecycle from design to implementation and support can be learned through the more advanced training tools. Workers can now be productive within months, not years, if they are serious about success.
As the leaders in this market space, AskNya executives are following this trend and are developing a solution. We launched a series of in-depth training videos that cost nothing but your time to watch and explore. The goal of these new training videos is simple, design and provide online videos to “jump start” a worker’s career and increase the talent pool. This is a win-win for all.
The Age of Independent Consulting
From the Great Resignation to an increase in remote work to hybrid work options to endless open vacancies, independent consulting continues to be on the rise. No, really. According to the 2022 State of Indepence Work Report, there are nearly 65 million independent consultants (or workers) in 2022, which is up by 26% over 2021. All of this continues to show that independent consulting is a logical choice in 2023 and beyond.