💡 Do that Voodoo that You Do So Well (Issue 154)
Bonus points if you get that reference
As I often say, the easiest solopreneur business to launch is one that directly leverages your existing job description. Copy and paste your talent, knowledge, skills, and experience into a new business model. You already have everything you need to get started!
Fractional consulting is a great example of this. Many of my friends and past colleagues have built businesses on that model (e.g., Ha Nguyen, David Jesse). They stepped away from full-time operational roles to offer their valuable services to clients directly, rather than seeking another employer.
If this sounds intriguing, check out Go Fractional. It’s a marketplace that connects leaders and executives with companies that are seeking fractional talent. In addition to coaching individuals directly, I offer fractional leadership and consulting services to corporations. So, I’m familiar with the model and benefits of this type of arrangement. It immediately provided a lucrative revenue stream for my new business when I launched it in 2010.
Why might you be interested in a fractional role? Well, it’s a great way to dive into well-paid consulting work that essentially replicates how you’ve already been operating as an employee. However, instead of being tied to a single employer, you can apply your talent, knowledge, skills, and experience to work with multiple clients.
Flexibility + Revenue = Freedom + Happiness
Why are companies interested in hiring fractional talent? I’ve been on both sides of the table—as a corporate leader hiring someone for their consulting expertise and as a consultant working with a client on a part-time basis.
The benefits include:
Immediate access to the expertise you need without the inevitable hiring delays.
Flexible staffing model to scale up as demand requires more help and back down when things are quiet.
The cost savings of a consultant versus an employee that requires a full compensation package (e.g., salary, bonus, stock options, benefits, equipment, insurance, etc.).
Reduced risk since you can easily end a consulting agreement and move on, versus the challenges of firing an employee.
Go Fractional has a helpful article that explains this in more detail: “What is Fractional Work? Benefits, Use Cases, and Hiring Tips.”
They manage the matchmaking, agreements, billing, and payments. Go Fractional charges a 20% fee of the total revenue for an engagement with a client, so adjust your rates accordingly. They do encourage monthly retainers, which is a nice way to generate a steady revenue stream.
The application process is pretty quick, and I think you have nothing to lose by trying it out!
Would you like to talk more with me about how you could leverage your background for fractional consulting? You can schedule a complimentary call.
Larry Cornett is a business coach who works with ambitious professionals to help them reclaim their power, become more invincible, and create better opportunities for their work and lives. Do more of what you love and less of what you hate! Check out his new Invincible Solopreneurs Daily Journal!
