Consulting

I am curious to find out if anyone was able to successfully exit consulting for a firm and go independent? What was the journey like and what are the biggest challenges when trying to go independent?

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My first mentor in consulting was independent. She was an SAP consultant so she would be in projects YEARS at a time. She was always being chased down for work but she had 15+ yoe. She usually would get work through head hunters or professional license networks. She did very well for herself but these are some things to consider: -Depending on contract terms, the initial financial responsibility lies on you. -Benefits are those you can provide for yourself. If you don’t work for a few months, you have to provide for yourself vs. being on the bench and still collecting a salary. -Same goes for health insurance. You pick, buy, and pay for you which may or may not give you as much negotiating power.

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Been there, going back to it. I’ve always been a W-2 as opposed to a 1099. That way I have benefits through the company and they take care if taxes. Biggest challenge...I guess would be the uncertainty of the next gig. But it’s more money, definitely more autonomy and I have complete control over my skill set and what kind work I want to do.

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1099 just means straight hourly billing from the company. You do your own taxes, you find your own healthcare. Normally people I know that do this become an LLC. I’ve always heard taxes are a complete pain. W2 is where you are a an employee of the company as a contractor. You make less money but have all the company benefits and your pay is taxed. Good luck!

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I’ve seen both sides of the world; 1099 vs. W2. If you have working spouse and if you’re skills are hot, I would recommend going independent. To find projects, you’ll need solid network access. I was independent and became FTE to gain experience in new technology. Long term goal is to go back to being independent. Good luck !

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