Consulting as a Second Career
Supplementing Your Income with Consulting Work
Consulting is a great way to supplement one's income, break into a new field and gain experience in a new industry. This can be especially advantageous to older workers.
Why Choose Consulting as a Career?
Consulting is often called a feast or famine industry, A consultant has very little job stability and no guarantee of income. Most consulting opportunities offer no health benefits, vacation time, sick days or retirement plan. Why then would anyone choose consulting as a career path? Life changes often leadpeople to explore new career paths and engage in a second career. People often look for second careers to supplement their existing employment with additional income. Many people tire of the grudge of a 9-5 job and decide to try something different. Oftentimes people choose to retire but aren’t really ready to give up working. Many choose the consulting route because it allows them the flexibility of being semi-retired yet still earn an income and remains active. Someone who has retired from a long standing career by their very nature have the credentials for consulting in their previous profession.
Learning Curve:
The learning curve in starting a business can be decreased if a consultant starts with something that they know. Although it may be easier to begin working in an area in which the consultant is familiar, additional opportunities that might arise that are outside of the consultant’s comfort zone should not be discounted. Following trends and market place needs is a good place to start. The trend toward convenience and time-saving measures has created an entire subset of consulting opportunities for consultants who can organize, motivate or save the client time or money. Truth is subjective but it is the client’s truth that really matters. A consultant needs to make sure they are serving the needs of the client not their own.
Reasons for Failure:
There are many reasons why consultants are not successful. They may have overestimated the consumer’s need for their services, they may not have developed the sales skills necessary to engage in business or they may not have designed a workable plan. Starting a consulting business slowly is one process that may generate success for a consultant. If the income generated by consulting is considered supplemental income, not replacement income, the pressure to succeed can be minimized. There are many changes in society that lend themselves to consulting opportunities. Older consultants have years of service, varying credentials and are likely to have developed numerous relationships throughout their career. Companies who may be reluctant to hire an older employee for a full-time position may relish the opportunity to take advantage of a mature consultant’s experience.
Mature Consultants:
Mature consultants are experienced, reliable and connected, but they can also be reserved and less likely to focus on their accomplishments than a younger consultant. Older consultants tend to stay focused on one career or skill set and may be reluctant to accept opportunities outside of their comfort zone. The lack of benefits and stable income may also deter mature consultants from entering the field. The older consultant’s have a work ethic that is rooted in the Great Depression era which may make them less likely to give up the stability of bi-weekly paychecks for the instability of project work.
Final Thoughts:
Consulting is a great way to supplement ones income and fill in the gaps between jobs. There are many consulting opportunities available but one should test the waters first before giving up stable income for the ebbs and flows of consulting. Although we’ve all heard stories of consultants making hundreds of the thousands of dollars a year, these are the exception not the rule. Consulting is a great way to pick up some extra money and transition into a new field, but one would be wise to move slowly and become established before giving up their stable income.
