Over the last year or so I’ve thought, and occasionally mentioned to anyone who will listen, that I might like to try moving away from a traditional library job, and becoming self-employed, probably doing some kind of consultancy work, although still very much working with, and in, libraries.
Since June 2009 I’ve been working on the TELSTAR project at the Open University. The project was originally scheduled to finish in February 2010 – basically, now – and my contract at the Open University ran up until that date. In the last month, the TELSTAR project has been extended, and my contract now runs to the end of July this year. However, during the extension period the project doesn’t need a full-time project manager position, so I’ll just be working on the project half-time.
I’m not sure I could be offered a better opportunity than this to put my thoughts and day-dreams into action. Basically if I don’t do this now, I don’t think I’ll ever do it. So, from Tuesday (I’m taking Monday off!) I’m going to be striking out on my own. Despite my good intentions I’ve not managed to do the preparation and planning that I’d initially hoped to get done in the months and weeks leading up to this point, so the first couple of weeks are likely to be spent with some pretty basic tasks to get out of the way such as:
- setting up a company
- getting a business bank account
- buying a domain and setting up a website
- working out how this is all going to work!
- making lists of all the other stuff I realise I need to do
As you might imagine, pretty nervous about all this, but also very excited. I’ll post more over the next couple of weeks, but in the meantime wish me luck, and if you know anyone who needs someone to consult about ‘library stuff’ (especially digital stuff), point them in my direction 🙂
It’s a slightly scary but ultimately very rewarding step, Owen. I’d recommend it – Mike and I went consulting 4 1/2 years ago now – doing similar to what you’re about to do initially (part-time salaried work, part-time short term contracts) so that we could test the water and see how feasible it was. And for the last 4 years we’ve both been totally self-employed. What we love is the flexibility it gives us. The first year was tough – lots of long days and weekend work while we built a reputation and our client base, but now we’re at the stage where we each work four days a week now, and have a day each with the kids, and if it’s a great sunny day we all take the day off and go to the beach!
So while I don’t know any library demands, (especially for other side of the world) I would say don’t be afraid to go for it. Things that helped us were to:
– talk to other people in small business (especially around how to set your rates, and terms and conditions of work)
– find a great accountant (one who can help advise you on the best structure and tax arrangements for your business – don’t know what options in UK are, but sometimes here in NZ it’s not the most appropriate structure for “one-man bands” to be a company. You may also be able to claim back expenses related to having an “office” at home etc. (again, I don’t know what the UK arrangements are)
– look ahead and find a lawyer who can help you on the business side of things, for when you need to start negotiating more complicated contracts and even for things such as writing terms and conditions of trade
– look at professional indemnity insurance
– and have a really honest talk with your bank – you may need their support as you get used to life with a more erratic cashflow, and should definitely set up different business accounts.
So there’s a few things you might like to add to your “to do” list. And keep us posted – sometimes the hardest thing about going out on your own is not having the workmates along the hall to chat to. Good luck!
Thanks Cate for the support and advice – accountant and lawyer are on my list.
That’s fantastic news Owen – good luck! And let me know if I can do anything.
Congrats.
Judging by the consultants i follow in Brighton I expect to see lots of tweets moaning about late invoices from clients 🙂
Wow, that’s fantastic! Good luck! 🙂
Congratulations on taking the decision, and good luck. I was thinking hard about the same things in the latter part of last year. You are absolutely right to start now when you can do it in a hybrid sort of way. You have had lots of good advice already; I’ll add two notes of caution. Be prepared for it to take some time for work to materialise, even if you seem to be having lots of interesting conversations which might lead to it. In the longer term, beware of letting your expertise become stale. Friends who took similar steps many years back did very well for a few years, but then realised that they hadn’t been learning new things in the way they would have done had they stayed in full-time employment. I don’t think that will be a problem for you, but it is as well to beware of it.
I’m sure you won’t regret this, and I look forward to seeing the results!
Thanks all – really helps to have these comments as I knuckle down to the hard work 🙂
Great – you are a very smart guy – you’ll get is sorted. I’ve just been hanging out with IT/IS/KM consultants at the IMS NZ 2010 summit – the work/home lifestyle balance is attractive!