You should hope that the transition will be painless, but prepare for it to be really, really hard just in case. I definitely recommend starting out with at least 6-9 months of runway for basic living expenses so that you can manage stress about being able to support yourself. It also helps if you can have one or two client engagements lined up before you actually make the jump. In retrospect, I did this transition in Hard Mode by switching cause area focus at the same time as I went from being an employee to an entrepreneur, which necessitated essentially rebuilding my network from scratch. Don’t do this. If you do want to make a career switch, you’ll have a much easier time if you get another job in your preferred area first and then go independent after that.
One thing I’ve learned since I started is that client work is itself the best business development. There’s really no comparison between a pitch and a referral—the latter is dramatically more effective in making the case. Another tip is that you can create a lot of opportunities by doing the legwork of chasing obscure RFPs for projects you want to do but are not really qualified for, and then approaching other consultants (who are qualified for them) to ask if they want to partner with you on a bid. That way you get to know that firm and you gain relevant experience if your team wins the contract.
This really threw me for a loop my first few years. The money is one thing, but being under-utilized for a while can also be really bad for your sense of self-worth—and scrambling to meet a million deadlines obviously has its downsides as well. I’ve generally found the valleys to be more challenging to manage than the peaks, as very few of my projects are so time-sensitive that pushing off a deadline here or there is going to cause a catastrophe. I’ve found it helpful to maintain an active learning and writing practice as part of my portfolio of activities that can expand or contract to meet the moment. These are things I want to do anyway, and so if I find I have extra time to do them it’s almost a blessing rather than something to be bummed about.
You should hope that the transition will be painless, but prepare for it to be really, really hard just in case. I definitely recommend starting out with at least 6-9 months of runway for basic living expenses so that you can manage stress about being able to support yourself. It also helps if you can have one or two client engagements lined up before you actually make the jump. In retrospect, I did this transition in Hard Mode by switching cause area focus at the same time as I went from being an employee to an entrepreneur, which necessitated essentially rebuilding my network from scratch. Don’t do this. If you do want to make a career switch, you’ll have a much easier time if you get another job in your preferred area first and then go independent after that.
One thing I’ve learned since I started is that client work is itself the best business development. There’s really no comparison between a pitch and a referral—the latter is dramatically more effective in making the case. Another tip is that you can create a lot of opportunities by doing the legwork of chasing obscure RFPs for projects you want to do but are not really qualified for, and then approaching other consultants (who are qualified for them) to ask if they want to partner with you on a bid. That way you get to know that firm and you gain relevant experience if your team wins the contract.
This really threw me for a loop my first few years. The money is one thing, but being under-utilized for a while can also be really bad for your sense of self-worth—and scrambling to meet a million deadlines obviously has its downsides as well. I’ve generally found the valleys to be more challenging to manage than the peaks, as very few of my projects are so time-sensitive that pushing off a deadline here or there is going to cause a catastrophe. I’ve found it helpful to maintain an active learning and writing practice as part of my portfolio of activities that can expand or contract to meet the moment. These are things I want to do anyway, and so if I find I have extra time to do them it’s almost a blessing rather than something to be bummed about.