Transitioning from a W2 employee to starting your own consulting firm doesn’t come with an instruction manual. There are many factors to consider. Will Bachman understands just how challenging it is to make that transition.
On this episode of Solopreneur Money, Will breaks down his experience into 4 easy steps to help you make your transition a success. Listen in to learn how Will got started in his business at such a challenging economic time period and discover his secrets to creating a thriving business.
You will want to hear this episode if you are interested in…
- Will’s time in the Navy [2:22]
- What it was like getting started during the financial crisis [6:47]
- The best time to get started [9:39]
- Developing and refreshing your skills [12:37]
- Building a thought leadership platform [15:07]
- The money questions [19:13]
How Will created Umbrex
Serving for 5 years in the Navy as a submarine officer and then working as a management consultant for a private firm prepared Will to start his own consulting practice. Since he started his practice during the 2008 economic crisis, Will was looking to connect with other consultants to collaborate and expand his network.
After reading Tribes by Seth Godin, Will realized how important it was to connect with others in his community, so he created Umbrex in 2015. Umbrex is a worldwide community of collaborators that creates opportunities for independent professionals to meet, build relationships, and share lessons learned.
4 steps to take to make your transition to becoming a consultant a success
There are 4 steps that you can take now while you are still employed to get prepared to start building your business.
- Build relationships with peers in your industry. Cold calling is hard work and yields few results. Before you resign from your post and branch out on your own, develop relationships with your peers at other firms. While you still have a title it will be easier to reach out and network with your equals at other companies. Try reaching out through LinkedIn or connecting at industry events. After making the initial connection, set up a call to discuss an issue of similar interest to associates at your level.
Building relationships with your peers now will make it much easier for you to reach out to these warm relationships once you have your own firm.
- Develop and refresh your skills. As an independent consultant, you must be a full-stack individual. While you are still employed try not to rely on your team for everything. Refamiliarize yourself with common tools used in your industry.
- Research industry problems. Find problems that are urgent, pervasive, and expensive. As you are building relationships with peers ask them what sorts of problems they have paid a consultant to fix. This knowledge will help you shape your value proposition.
- Build a thought leadership platform. This can help you to learn constantly, connect with others, and stay top of mind with potential clients. By building a track record now, you’ll create content and develop personal interactions with people in your industry.
Make sure to press play to hear the 5th bonus step that you can take now to get started building your business while you are still employed. When you prepare in advance it will make it much easier to get started and ensure that you can get clients right away.
Get your FREE guide to setting up your consulting practice
Will has a free gift exclusively for listeners of Solopreneur Money. Receive FREE access (normally $500) to The Umbrex Guide to Setting Up Your Consulting Practice. This is an invaluable tool consisting of 90 videos on every aspect of how to get started creating your business. Register here to get your FREE guide by using the discount code solopreneurmoney!
Resources & People Mentioned
- BOOK – Tribes by Seth Godin
- BOOK – The Irresistible Consultant’s Guide to Winning Clients by David A. Fields
Connect with Will Bachmann
- Connect with Will Bachmann on LinkedIn
- Unleashed podcast
- Save $500 by registering here to get your FREE guide by using the discount code solopreneurmoney!
Connect With Gabe Nelson
- BOOK – The Solopreneur’s Money Manifesto by Gabe Nelson
- FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
- EMAIL: Gabe (at) GabeNelsonFinancial.com
- Follow Gabe on LinkedIn
- Follow Gabe on Twitter: @GabeNelsonCFP
- Follow Gabe on Facebook
- Follow Gabe on Instagram: @GabeNelsonCFP
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