Great post! Speaking from experience, #1 and #2 are the most important. Sometimes it can be hard to not take what you do well for granted. Fatal flaw of us humans!
I linked to this post for reference in my current article – i think you offer some inspirational and motivational thoughts for people who are looking to earn “extra” income (or income, period.). It’s practical and realistic and avoids sounding trite – thanks for writing this!
I like it, so do you know of any quality links about how to start an Umbrella Company? Also, your approach is real, people shouldn’t just take whatever offer or job others throw at them. If you know what you want, you’re ahead of the crowd. Networking is essential, get to know people by being approachable and willing to meet new folks. If you only keep to yourself, guess what? You’ll miss out on those opportunities. Ha, you’re right- we all have networks. -Mig
I’m not a big fan of using consulting jargon. You can tell the difference between a consultant that’s just posing and a consultant that adds true value (note that I avoided “value-add”).
This is absolutely phenomenal. Congrats! I’ve started consulting on a topic that I’m passionate about and that I know a lot about. I think it’s great that we don’t need to take jobs that aren’t right for us, just because “of the economy”. Way to go, and thanks for the tips.
Excellent article, Monica! My company downsized in January ’09 and I lost my professional sales position. A church friend and I were in the same boat, so we decided to start a non-profit organization. We have several months to go until we’re open for business. We needed short-term income. Your consulting ideas are great and I personally plan to work on them. Also, I guess many people here don’t know that an “umbrella company” is another term for “parent company” being an LLC. I already have an LLC for-profit company I started in 2001. I’ve done many things under that umbrella or parent; offering child-safety products and service, direct marketing products, virtual assistant services and more. Thanks for your timely advice!
I have to agree with you – those are the two hardest parts for me too. Actually, the most most difficult part is pricing! Because I’m always afraid to ask for more – sometimes I think I undervalue myself and forget that the stuff I’m doing is cutting edge to 99% of people in the world!
An umbrella company is just a term I made up to explain what I’m doing. All you have to do is create an LLC – google the words “[your state] LLC” to find the forms you need. It cost me about $600 in Illinois.
The umbrella part is just this: I put any money-making projects I have under my LLC rather than my own name (a sole proprietorship). That way, if any of them fail or go bankrupt I’m not liable in terms of my personal belongings and savings.
Fair point. I get annoyed with jargon too, actually. I’m writing a paper with this group of finance guys for a class, and all four of them are so bad about jargon! I go through and edit all their paragraphs to make it sound like a human being wrote the paper. And I also noticed that sometimes what the guys write says so little for how many words it takes up.
Sounds awesome. I think so many people will start turning to freelancing or consulting due to the economy. It’s been my favorite job so far – probably because I’m opinionated and like to tell people what to do.
Great article. Definitely good to hear someone else second my own intuition. Re: pricing — how did you go about it at first? Just look at market rates, or devise something more creative, e.g. a guarantee or flat fee or some other basis? I guess that’s two questions – method and actual price.
I don’t have many clients since I do so much work for each one and the work is varied based on the company’s needs. So I have no formal pricing methods. I usually first find out what the client wants me to do, then let him name the first number. Usually the decision between project-based pricing vs. hourly pricing emerges based on the type of work it is.
This approach might be too flexible for you, however, so definitely checking out market rates is a good place to start! Good luck.
Exactly. Thank you for explaining the umbrella company as a parent company too! Good luck with your non-profit – wonderful idea – when life gives you lemons…
Monica O'Brien is the Director of Digital at Fizz and author of the book Social Pollination, which helps businesses leverage social media for crazy growth!
"There's no sugar coating in Monica's advice. She understands and outlines what works and doesn't, while she also leaves room to discuss the transient nature of social media."
Grace Boyle, Publisher Services Manager at Lijit
Monica O'Brien is the Director of Digital at Fizz and author of the book Social Pollination, which helps businesses leverage social media for crazy growth!
{ 17 comments… read them below or add one }
Great post! Speaking from experience, #1 and #2 are the most important. Sometimes it can be hard to not take what you do well for granted. Fatal flaw of us humans!
I linked to this post for reference in my current article – i think you offer some inspirational and motivational thoughts for people who are looking to earn “extra” income (or income, period.). It’s practical and realistic and avoids sounding trite – thanks for writing this!
I like it, so do you know of any quality links about how to start an Umbrella Company? Also, your approach is real, people shouldn’t just take whatever offer or job others throw at them. If you know what you want, you’re ahead of the crowd. Networking is essential, get to know people by being approachable and willing to meet new folks. If you only keep to yourself, guess what? You’ll miss out on those opportunities. Ha, you’re right- we all have networks.
-Mig
I’m not a big fan of using consulting jargon. You can tell the difference between a consultant that’s just posing and a consultant that adds true value (note that I avoided “value-add”).
This is absolutely phenomenal. Congrats! I’ve started consulting on a topic that I’m passionate about and that I know a lot about. I think it’s great that we don’t need to take jobs that aren’t right for us, just because “of the economy”. Way to go, and thanks for the tips.
Thank for the experience. I want to find out more about Umbrella Company. Any one have ideal?
Excellent article, Monica! My company downsized in January ’09 and I lost my professional sales position. A church friend and I were in the same boat, so we decided to start a non-profit organization. We have several months to go until we’re open for business. We needed short-term income. Your consulting ideas are great and I personally plan to work on them. Also, I guess many people here don’t know that an “umbrella company” is another term for “parent company” being an LLC. I already have an LLC for-profit company I started in 2001. I’ve done many things under that umbrella or parent; offering child-safety products and service, direct marketing products, virtual assistant services and more. Thanks for your timely advice!
Christien,
I have to agree with you – those are the two hardest parts for me too. Actually, the most most difficult part is pricing! Because I’m always afraid to ask for more – sometimes I think I undervalue myself and forget that the stuff I’m doing is cutting edge to 99% of people in the world!
Raven,
Thanks for the link! I hope this helps some people. I’m learning too, so if I figure out anything else on this new trek I’ll be sure to share.
Miguel,
An umbrella company is just a term I made up to explain what I’m doing. All you have to do is create an LLC – google the words “[your state] LLC” to find the forms you need. It cost me about $600 in Illinois.
The umbrella part is just this: I put any money-making projects I have under my LLC rather than my own name (a sole proprietorship). That way, if any of them fail or go bankrupt I’m not liable in terms of my personal belongings and savings.
Hope that explanation helps!
Daniel,
Fair point. I get annoyed with jargon too, actually. I’m writing a paper with this group of finance guys for a class, and all four of them are so bad about jargon! I go through and edit all their paragraphs to make it sound like a human being wrote the paper. And I also noticed that sometimes what the guys write says so little for how many words it takes up.
Nathalie,
Sounds awesome. I think so many people will start turning to freelancing or consulting due to the economy. It’s been my favorite job so far – probably because I’m opinionated and like to tell people what to do.
Great article. Definitely good to hear someone else second my own intuition. Re: pricing — how did you go about it at first? Just look at market rates, or devise something more creative, e.g. a guarantee or flat fee or some other basis? I guess that’s two questions – method and actual price.
Jason,
I don’t have many clients since I do so much work for each one and the work is varied based on the company’s needs. So I have no formal pricing methods. I usually first find out what the client wants me to do, then let him name the first number. Usually the decision between project-based pricing vs. hourly pricing emerges based on the type of work it is.
This approach might be too flexible for you, however, so definitely checking out market rates is a good place to start! Good luck.
Consuela,
Exactly. Thank you for explaining the umbrella company as a parent company too! Good luck with your non-profit – wonderful idea – when life gives you lemons…
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