Imagine a work life where you set your hours, choose your projects, and design a career that aligns with your goals. Imagine no more — a recent nationwide study by McKinsey and Company found that a growing percentage of both workers and businesses want more flexibility, and more and more companies are offering fractional gigs. Becoming a fractional consultant offers this freedom, allowing professionals to break away from the traditional corporate grind and build a fulfilling, self-directed career.
Fractional consulting is ideal for those dreaming of being their own boss. It allows you to leverage your expertise across multiple projects while enjoying the flexibility to maintain a work-life balance that suits your needs. Whether you’re a seasoned professional looking to transition out of a traditional W-2 role or someone who has dabbled in freelance work, becoming a fractional consultant could be your gateway to a more independent and rewarding lifestyle.
If you want to find this freedom in your career for yourself, it starts with finding fractional work, setting up your business operations, and building a support network to thrive as a self-employed professional.
What Is a fractional consultant?
Companies will often hire a fractional consultant who is “typically contracted for a particular project, for a specific period of time,” explains fractional staffing executive coach Victoria Burkhart. “An example might be a six-month contract to conduct a capital campaign planning study to determine an organization’s readiness to launch a major fundraising initiative. The consultants might be reengaged—again, for a defined period of time—to support the campaign.”
The other way to think about it is that the consultant is not full time, they are working a fraction of full time for their client companies, hence fractional. Many times this happens in blocks of hours per week; 5, 10, 20, 30 hours per week to add up to a total monthly allocation of hours.
Unlike full-time employees, they support multiple clients at once, offering tailored solutions without the long-term commitment of a traditional hire. This brings you multiple career benefits, including:
- Flexibility: Control your schedule, workload, and the project types you take on.
- Diverse Experience: Work across various industries, broadening your professional horizons, and building a versatile portfolio.
- Increased Autonomy: Make decisions about your career path, income, and work-life balance.
- Financial Opportunities: Charge competitive rates for your services often lead to higher earning potential than a typical salaried role.
For professionals ready to leave behind the constraints of corporate life, fractional consulting offers a unique opportunity to design a career that aligns with personal and professional goals.
How to find fractional consulting opportunities
Transitioning into a fractional consulting role starts with finding the right opportunities. Many businesses, especially startups and small companies, need specialized expertise but cannot afford a full-time employee. Fractional consultants fill this gap, offering their skills on a flexible basis while gaining exposure to diverse industries.
Some of the best platforms for finding fractional consulting work include:
- Go Fractional: A robust marketplace connecting fractional consultants with companies looking for part-time or project-based talent.
- Hire a Fractional: This site matches businesses with fractional professionals in sales, marketing, technology, and more.
- Fractional Jobs: Provides job listings and resources for consultants seeking fractional roles. The site offers valuable insights into finding and securing opportunities.
- FlexJobs: A well-known platform offering remote, freelance, and part-time job opportunities, including fractional consulting roles.
Don’t forget the basics of traditional networking, too. “Leverage your professional network to find fractional opportunities,” recommends Forbes. “Attend industry events, conferences, and online forums to connect with potential clients and colleagues who might refer you to fractional roles.”
When evaluating potential opportunities, consider the company’s reputation, project scope, and compensation structure. Prioritize roles that align with your expertise and long-term career goals. “Craft a compelling pitch or portfolio that demonstrates your expertise and showcases the value you can bring to organizations,” adds Forbes. “Tailor your pitch to each potential client or project to highlight your relevance.” Taking a strategic approach to finding work will help build a steady stream of projects and establish a strong foundation for your fractional consulting business.
How to set up your operations as a fractional consultant
Launching a successful fractional consulting business requires solid operational foundations. Unlike traditional employment, fractional consultants manage their own business operations, from financial management to client communications. Establishing efficient processes from the start ensures you can focus on delivering high-quality work without administrative stress.
1. Establish a business entity
Consider setting up a business structure like a single member/solo LLC or an S Corporation to protect your personal assets and provide a professional appearance. And yes, there are key differences between an LLC versus an S corporation — shameless plug, Besolo can help you navigate these options!
2. Organize your finances
Managing finances is a critical aspect of running a successful fractional consulting business. Unlike traditional employment, you are responsible for your own financial planning, including retirement savings, healthcare, and business expenses.
There are three pillars you need to start with:
- Open a Business Bank Account: Keep personal and business finances separate to simplify bookkeeping and tax preparation.
- Track Income and Expenses: Use accounting tools or software to monitor cash flow, manage invoices, and prepare for tax season.
- Plan for Taxes: Set aside funds for quarterly tax payments and understand your tax obligations as a self-employed professional.
Beyond the day-to-day aspects of becoming a fractional consultant, plan ahead for your future. One challenge for new fractional consultants is accessing benefits traditionally offered through full-time employment. Fortunately, Besolo offers comprehensive benefits, including:
- 401K and Retirement Planning: Besolo provides retirement benefits to help you save for the future and achieve financial stability.
- Healthcare Coverage: Besolo offers national PPO healthcare plans, ensuring access to quality medical care while maintaining independence.
- Additional Benefits: Besolo provides access to pet insurance, dental, vision, and more, helping you maintain a balanced and secure lifestyle.
- External Healthcare Resources: Explore healthcare options through Besolo or Stride Health for marketplace navigation and additional coverage options.
3. Create a client management system
Use project management and communication tools to keep track of client projects, deadlines, and deliverables. Establish clear contracts and payment terms to avoid misunderstandings.
Besolo offers valuable support for fractional consultants, providing tools and resources that simplify administrative tasks. Whether managing invoicing, setting up retirement plans, or accessing national PPO healthcare, Besolo can help you build a strong foundation for your consulting business.
Implementing effective operational strategies will reduce the time spent on administrative tasks and allow you to focus on growing your business. This preparation will empower you to confidently take on new projects and maintain a healthy work-life balance.
Build a support network for your fractional business
Launching a fractional consulting business is an exciting endeavor, and having a strong support network is necessary for long-term success. Surrounding yourself with the right people and resources can provide valuable guidance, collaboration opportunities, and a sense of community:
- Join Online Communities: Participate in forums and groups dedicated to fractional consultants and self-employed professionals. Platforms like LinkedIn, Reddit, and industry-specific communities offer a space to share experiences, ask questions, and find new opportunities.
- Attend Networking Events: Look for local meetups, conferences, and virtual events where you can connect with other consultants and potential clients. These events are excellent for building relationships and learning from experienced professionals.
- Seek Mentorship: Finding a mentor who has successfully transitioned to fractional consulting can provide invaluable insights and support. Mentors will help you navigate challenges, refine your business strategy, and avoid common pitfalls.
- Leverage Resources: Besolo offers tools and support for self-employed professionals, including resources for building connections, managing business operations, and accessing benefits.
Embrace your new career as a fractional consultant
Becoming a fractional consultant offers the freedom to design your career on your terms. With the right strategy, support, and resources, you can transition smoothly from corporate life to self-employment. Take the leap — become a member at Besolo so we can help you form a company, help run the day to day, and start building your independent future today!
