Many people consider contracting (aka consulting) when changing careers. Working 9 to 5 for "the man" has lost its appeal. They want change. They need change. They are attracted to the ideas of flexibility and being the boss. Contracting seems like a great solution to their career woes.

Before embarking on this adventure, there are 3 questions to ask yourself:

How will I market myself?

Contractors/consultants come in all shapes and sizes. So think about who you want to be. Will you be a high-end provider (aka the Neiman Marcus of consultants), a low-end provider (aka the Walmart brand) or somewhere in between? The answer should be based on your credentials, the value of your experience and what you bring to the table. You need to clearly understand what you can do and how the market values what you can do. If you are in a niche field and understand that what you bring is valuable, you should market yourself that way. If you are in a heavily saturated field with limited experience and credentials, you may not be able to be a high-end provider.

This takes careful analysis and consideration. If you aren't sure, talk with other contractors/consultants in your field or even those who aren't directly in your space. This will also help you determine how much you can - and should - charge.

How will I get projects (be hired)?

Once you decide to contract, how are people going to know to hire you? If you are a government contractor, there are many sites with RFP's (request for proposals) that you can bid on. Otherwise, it is based on relationships and word-of-mouth. How will you establish these relationships? Do you have existing relationships you can leverage BEFORE quitting your day job? Can you work with your current employer as a contractor - as a way to get started? Do you have a network you can leverage?

Being a contractor means getting your own work. You need to invest time - constantly - to ensure your pipeline is consistently filled with projects. This takes time and energy. You may get to a point where you create annuity work and can take your foot off the gas a little. But that won't happen right away.

Can I stomach the up's and down's of contracting?

What is your financial situation and stamina? Can you handle a month without work? 2 months? What if clients are slow to pay - do you have money in the bank to cover your expenses? Are you prepared to purchase your own benefits or can you get covered by someone else?

The downside of contracting is that the income may come sporadically. Managing your income and expenses will be critical to helping you ride out the slow times.

Conclusion

Contracting/consulting can be a great fit for lots of people. But before jumping in the water, make sure the water temp is right for you.