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Consulting Work

#1 QiG   I'm all out of gum.. CAGiversary!   2866 Posts   Joined 10.7 Years Ago  

Posted 17 August 2012 - 11:47 PM

I am currently in a position where it may be advantageous for me to leave my full-time employment and put in my two weeks soon. I am leaning towards offering my service as a consultant if there is a gap between jobs or possibly on the weekends as well but I have never taken that approach before and was wondering if anyone can offer any advice or point me towards resources regarding how to conduct such an endeavor.

For what it's worth, my background is Accounting and that is what my official duties and position are titled as. Recently our IT person left the company and I was given sys admin responsibilities on top of what I was already doing so there would be a lot of value for the company to have access to me while a replacement is lined up.
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#2 Pucker   CAGiversary! CAGiversary!   89 Posts   Joined 11.9 Years Ago  

Posted 18 August 2012 - 01:29 AM

If you get paid 1099 -- then keep 30% in the bank, to be ready for taxes. Get someone to do your taxes (if you aren't a pro in that area). Get incorporated - llc/s or whatever they recommend for your situation, for a number of reasons.

If you are going from salary to hourly -- multiply the hourly rate x 2000 to compare the two. Definitely consider the loss of benefits when you give up a 'real' job.


The benefit to working as a consultant? Your view is fresh. You look at each customer site as an opportunity, rather then drudgery. You can usually set your own schedule. It's easy to take a week or two off, if you can afford it.....which you probably can, because you tend to make more money.

The negatives? You are always an 'outsider' at work. People just naturally treat you different. Some feel threatened or resentful. You tend to get better benefits when working for a company.