Going Solo

Becoming an independent business or nonprofit executive or consultant—which I am, running two nonprofits and a consultancy for nonprofits from home—is a wonderful way to work, but does take some getting used to.

The Wall Street Journal has an excellent article about the transition in today’s paper.

An excerpt.

“Today, with unemployment rates hovering at 10%, and all our worries about the job market rooted in the moment, we are in danger of failing to see an important longer-term trend: More Americans are working as consultants or freelancers, either having given up or been forced out of the salaried world of 9 to 5.

“It's a trend that began after the economic downturn of the late 1980s, as many laid-off professionals became consultants. Then it seemed temporary, though, tied to bad times. Evidence now suggests that this is our new economic condition. Today, in fact, 20% to 23% of U.S. workers are operating as consultants, freelancers, free agents, contractors or micropreneurs. Current projections see the number only rising in coming years.

“The implications for the American workplace are profound. Imagine one in four workers, of all collars, working on a contingent basis. Whole career paths and professions have shifted from stable full-time jobs with definable career ladders and benefits to almost completely contingent work forces that shift from project to project.

“We can rightly bemoan the loss of security, the shifting of economic risk from institutions to individuals. But crying foul will not change the circumstances that many Americans find themselves facing. Righteous indignation will not turn back time. We can, however, better prepare ourselves for the future.

“The image of the freelancer is too often that of the struggling journalist or writer, who needs to wait tables to pay the rent. No doubt there are many such examples still out there. But there also are plenty of consultants and freelancers who are earning real income and enjoying real success in their careers (as well as redefining what it means to be a success).

“So, what do these thriving solo artists have in common? What is the recipe for their good fortune? My research points to five ingredients to keep in mind.”