The world is rapidly changing because of COVID-19. Our day-to-day lives, our economy, and our plans for the future have quickly shifted. Personally, I have canceled vacations, shelved thoughts of seeing friends and family, and started to reimagine what the year might hold.
Most likely, many of you have done the same, especially as it relates to your career. If you’re reading this, you’re most likely someone who is asking what now? What’s next? Should I still plan on launching my consulting business? If so, when?
The Trend of Freelancing & Independence
Right now, the thought of stepping out on your own might appear extraordinarily risky. Before I share Kris’s and my thoughts on the current situation, I want to provide you the backdrop on which we build this information.
Everything, until recently, has said that stepping out on your own, freelancing, and building a small business is the trend of where things are going.
We had research commissioned in 2019, and here’s what we found:
- A 2018 Edelman report said that in 2020 about 40% of the workforce is freelancing, and that’s predicted to be the majority by 2028.
- Freelancing and going independent is the fastest-growing segment of the workforce.
- After graduate school, many graduates are going independent rather than working for organizations. The Harvard Business Review calls these people the “super-temps.”
The Risk of Entrepreneurship
So, the question becomes, now what? What will it look like in the next three months, six months, or the next year? Is it a risky time to go out on your own?
First, we want to say that going out on your own always has an element of risk. No matter what state the economy is in, we encourage you to assess the risk and think about your strengths and challenge areas. The risk is always out there. It never goes away.
But, what we do know about entrepreneurs is that they make measured decisions. Other people see them as risky, that’s true. But entrepreneurs assess and evaluate the situation. After much thought, they’re willing to step out into a new space and put themselves out there.
Short Term & Long Term Effects for Consultants
Truthfully, in the short term, we don’t know what this means. The COVID-19 situation changes daily. State-wide shutdowns have rolled out recently, and while they have a two-week limit, who knows how long they will last.
However, in the mid-to-long-term, Kris and I do not doubt that the numbers we saw from our research will continue on this trend. The number of people deciding to go independent might even accelerate.
Our counsel to you is this – right now, there is a window of opportunity where you can take the time to start to evaluate if consulting is right for you. If it is, you can begin to position yourself for the career change. You might not quit your job tomorrow, but that’s okay. We recommend taking time to plan your transition anyway, and we’ve seen LEAPers plan their transition into consulting months and years before they step into it full-time.
Kris and I know that one day the economy will turn. We aren’t sure when, and we aren’t sure how. But, we’d encourage you to first take this time to evaluate if this is the career choice for you. One way you can do that is by reading Owning It: Take Control of Your Life, Work, and Career. If you’re interested in learning more, click here.
If you know you want to go out on your own as a consultant or freelancer, we suggest you use this time to prepare, watch the market, and be ready to launch when the timing is right.
You can build a strong foundation for your consulting business by participating in our Launch Series. The Launch Series will guide you on your path to a successful consulting business. In this course, you’ll learn from Kris and I how to launch or grow your consulting business and how to define your unique niche.
But, no matter what you decide to do with this time now, we hope you can spend it building a future you want.
Wishing you safety and wellness,
Katie McNamee
