You cannot rely on an employer to control or protect your career. Regardless of whether you have a “permanent” position, a temporary or a temporary position, there is no real job security. Therefore, you should look at your career differently. That is why everyone should have a consulting company.
COVID-19 only made it worse. With more than 60 million Americans losing their jobs since mid-March, the risk of losing their job is becoming more real. In addition, pandemics, force majeure and economic downturns give companies a “legitimate” reason to cut jobs. As the rules have changed, companies can be fired or fired for no or no reason. So you should be ready to make your transition before you have to.
A consulting company will help you:
- Fill in the gaps on your resume.
Companies don't want to hire unemployed people. While this is illegal in some states, there are ways to get around it. If you have your own business, you have work. Be ready to talk about projects you've been working on. It also means you don't have to settle for a job that just involves getting your foot in the door to keep yourself up.
- Try before you buy.
Many companies use a temporary strategy to find the right solution for their organization. You can use the same strategy for prospects. Since consultants are not employees, there is less risk of attracting you to a specific task. They can learn about the company culture and decide if the company is a potential target if they offer you a permanent position.
- Test the corporate waters.
Entrepreneurship can be daunting, but you don't have to go all-in. You can slowly transition into entrepreneurship and see if you can do it full time. You may find it's not for you and work 9-5 again. Either way, you can do one or both of them to find out.
- Gain flexibility.
The advice was great for me when my mother-in-law had cancer. I was able to take days off to drive my wife to the hospital for her treatments. Later my father-in-law had a stroke and my mother developed cancer. The days off gave me the opportunity to meet their needs. It also gave me the opportunity to use other options and create my own schedule.
Everyone should have a consulting firm, be it part-time or full-time. Many specialists advise on the side. It creates a stream of income that will help you make a living or keep you between jobs.
This is especially true for older workers. During the great recession of 2008 and now with COVID-19, the unemployment rate is higher for those aged 55 and over than for those aged 25 to 54. As more companies lay off older workers and fewer companies hire them, it makes sense to use your experience to create a source of income for yourself.
Create a contract that lists terms, relationships, scope of services, compensation, etc. Then market yourself and trust your skills as you step out and take control of your career.