“What type of contracts do you prefer – part-time or full-time?” This is a question I have become particularly interested in since beginning consulting in 2009. In fact, I ask this question to every consultant I meet (if I remember to).
I liken this to renting out rooms in a house versus renting out the whole house. If you rent out the rooms, then it’s much easier to make ends meet if you lose one renter. If you rent the entire house, then it can be frightening if you lose your one renter.
Full-Time Contracts
Onesies are for those who appreciate some security, focus and a deeper level recognition.
- One consultant responded that he usually knows when his contract will end so preparing an exit strategy is easier. Of course, finding the next gig may not happen in a timely manner, so have three to six months of cash reserves if it takes you a little longer than expected to find your next contract.
- Some people like the idea of working for themselves, but still want to or can only focus on one thing at a time. Full-time contracts provide focus on one project for an extended period of time. Usually just long enough to captivate the consultant until they are ready to move on.
- Having large projects under your belt does wonders for landing your next full-time contract. Enough said.
- A full-time, extended contract usually means that your involvement is more mission critical and you will be spoken of highly by those who speak highly. A glowing review does wonders when asked for references.
- Lastly, a full-time contract provides much stability and security. Your payment schedule is steady and there are no other projects crowding you. Your client is reliant upon your success and is not likely to bail.
Part-Time Contracts
Given cushion, part-time contracts afford the variety and engagement that the on-the-move, trend-catching consultant needs.
- As mentioned, variety is a mainstay of part-time gigs. You may be involved in search engine optimization for one client, social analytics for another and web analytics implementation for a third. You will never be bored.
- The ability to network is richer as you are likely to meet many more movers in various industries. It is easy to please your clients quickly and land new gigs with those in their network. It is also easy to upset them and have opportunities dry up around you.
- Projects are usually easier. You may also end up with ongoing maintenance which can afford some stability.
- Developing strong time-management skills is a great part of part-time contracts. Being able to manage multiple clients successfully will speak volumes to prospective clients.
Whatever your fancy, either method of consulting provides great flexibility and independence. Most companies won’t appreciate you working in your pajamas or working on Saturday so you can take Wednesday off. You are the ruler of your destiny!
Thinking about consulting? Got consulting bruises to share? Add your thoughts below!
