Any freelance business/management consultants out there?

[LionsDontWeaveLentils]

I have been thinking of going freelance for a while now, doing back office and digital/online business process reviews. I have reached the stage where I would really like to do it, but am suddenly all terrified about whether its really possible to get clients and make enough to live on.

I was wondering if there is anyone else in the sector who would be willing to talk to me a bit and let me know if my plan sounds workable or complete madness? Any advice on how to establish if there is actually a market for my work would be gratefully received (I've started creating a business plan but am stuck on this rather vital component).

I do it but specifically with Sales strategies.
Happy to help though

Thanks Hopping. I'll drop you a PM if that's ok :)

The best people to evaluate your market are the people in it. Can you ask some potential clients what they think?

I've been self employed for 5 years now and until relatively recently 50% of my clients I'd known from my previous jobs. Before I started I met with a few and asked them if this was something they would need, and more importantly, would they pay for it.

I haven't had any problem getting work, although it's a bit difficult forecasting more than a few months ahead. It's quite usual for me to have an empty diary (and the worry it will stay empty!) three months ahead.

I've had a couple of problems getting paid. I do some public sector work and invoices have gone missing "in the system" and this is despite a complicated process of having time sheets authorised prior to invoicing, and elaborate purchase order numbers on the invoices themselves. I've waited three months for a large multinational business to pay their bill (angry phone call tomorrow if it's not in the bank!)

I don't do any conventional marketing. I do a lot of networking. A few clients have found me via social media. I get a fair number of referrals. I'm a bit guilty of working with companies I like, but don't have a lot of money, and do quite a bit of non chargeable stuff.

I do love what I do; it's worked out well for me.

Got your PM, will reply tomorrow

Thanks for the post olly. My main problem is that I currently work for a public sector organisation who would be unlikely to bebe a client so I don't really have a base to start from (your payment problems do sound very familiar though).

Maybe getting started on some networking is the best way to go to meet people face to face and see what sort of response I get.

I also have a few friends who I could ask, but would worry they might not be completly unbiased

I sat down today and worked out how much I need to survive rather than how much I earn now and this seemed a much more achievable figure, so I'm feeling a bit more optimistic now.

Yep, though not in your sector.

Are you going to set up as a limited company?

Unless you are seeking investment, your business plan has to convince you and your DP (if applicable) - either that it is or isn't worth doing.

Approx where in the country are you?

I was planning on going as a sole trader and then converting to limited once I am earning enough to pay for an accountant.

No investment needed so the plan is just to convince me really. Dh is pretty easy going but we couldn't live on his wage alone, so I need to feel comfortable that I can get regular work before I jack in the day job.

I'm down south in Hampshire.

Do you have any cash reserves until you get established or in the event of a fallow period? Remember you have to save roughly one third for tax and other costs. (I find it's never as much as this but good to have a bit more than needed)

I find December and July/August to be very quiet. April can be quiet depending on Easter. This time of year I'm referring work out because I just don't have capacity (and I hate giving it to other people).

Could you go part time in your current job for a few months to scout around? Even dropping one day per week?

I am not in your sector but have worked freelance for a number of years as an IT/ERP Consultant.

I have had a company (ltd) since 2007 but all the work came through agencies which was quite normal for the type of work I do.

The market dipped and changed in 2010/11 so Since 2012 I have been branching out looking for direct clients but in my case it has not worked out so far but have not given up as yet as the market is changing in my favour I think.

On the positive side there are loads of resources available.
One that I have found useful is www.ipse.co.uk/

My other tips are keep up to date as much as you can and do as much
research as you can regarding the demand for your skills.

That's interesting about the cyclical peaks and troughs olly. It seems obvious now you say it but I hadn't thought of that before. I'll have to build it into my financial planning I think.

I'm hoping I could do a couple of smallish jobs while still working where I am to get me started and build reserves up.

I would love to go part time aknickerfull but I know they wouldn't let me at the moment. There is a small chance I might be able to drop a day at the end of the year so will do that if possible.

Listening to all your comments I think I need to except that as much as I would love to hand in my notice soon I'll realistically need to be a bit more sensible and build up a bit of business while working with the aim of leaving my current job in 6 months to a year.

I do so hate being sensible though!