Starting Out

What is Freelance Consulting?

June 10, 2021
  •  
5 min
Mylance
Team at Mylance

Table of Contents 

  • What is Freelance consulting? 
  • Benefits (The Good & Glory)
  • Challenges 
  • Are you up for it? 

“2021 should be a year of growth for independent management consulting and other professional services platforms. Pandemic-induced cost controls, workforces regularly working remotely and a growing familiarity with freelancers will be important drivers.” - James Sandoval, MeasureMatch 

Freelance consulting is the intersection of independence and corporate collaboration. From being hired to tackle a company’s problems and provide profitable solutions to strategizing a company's next move or altering their operating processes for better productivity, the  range of opportunities is the reason why freelance consulting is hitting the job market with full force. 

Companies and executives worldwide are noticing the perks of freelance consulting more than ever before. “80% of top executives we surveyed expect constant or increasing demand for freelance consultants,” says David Kipper of Expertpowerhouse.

Source: Forbes

You might be wondering, how does freelance consulting work?

Every freelance consultant specializes in their own niche: An area of focus on which they can advise their clients. As a consultant, your niche will set you apart and help you attract the right clients. Here are some of the most in-demand niches currently: 

  • Operations consulting
  • Financial consulting
  • Human resources consulting
  • Marketing consulting
  • Risk and compliance consulting
  • Strategy consulting
Finding your niche is easier than you think! Just follow this guide which gives you a comprehensive view into how to hone your niche, nail your pitch, and jumpstart your consulting business.

Benefits (The Good & Glory)

Being a freelance consultant brings you a worthy return on your investment. The average annual pay for a Freelance Business Consultant in the United States is $69,814 a year, which broken down is the equivalent of $1,343/week or $5,818/month. This number varies from niche to niche as well. IT consultants average around $62,161 per year, security consultants can average around $85,427, and Management consultants earn around $105,461 per year. 

Here’s the story about how our Founder and CEO made over $20,000 per month with his first consulting project in Operations.

Apart from the pay, freelance consulting comes with many perks. 

  • Complete control of your professional journey with no limits
  • Connecting with a larger client base, with no geographical restrictions. This allows for faster growth opportunities than any other full-time job
  • Creating diverse learning opportunities for you to grow your interpersonal skills. The type of exposure freelance consulting gives you prepares you for a range of challenges. 

This type of rewarding and balanced lifestyle has made positive impacts on people’s personal and professional lives. We spoke to Mylance Member and Strategic Brand Marketer, Rachel Schultz who shared with us: 

Mylance Member and Strategic Brand Marketer, Rachel Schultz


“I chose to bet on myself and go out on my own 9 months ago in order to create a work culture that was worthy of my time and energy. I’ve been freelancing and consulting since October 2020, and ever since taking that leap, I've had the opportunity to choose what I work on and who I work for, which to me, means focusing on initiatives that drive positive social impact. I currently work with Cameo, aSweatLife, Prowess Project and Project Healthy Minds, and am so grateful to have had the opportunity to work with such amazing partners during my early journey.   It’s hard to even articulate how much my mental health has improved since choosing this journey, but it’s been an incredibly positive experience! Being self-employed has provided me with a more balanced schedule, with the space and time needed for creativity, and has served as a reminder of the importance of connecting with others.”

Challenges

Working for yourself, in this field, comes with it’s own set of challenges. While you don’t have to pay any money to your employer, you also don’t have the backend set-up that an employer provides. You’re on your own, and there are a few things to consider before you sign with your first client. 

When you’re freelancing, you’re running your own business, which means managing your own taxes, bookkeeping, health insurance, as well working through your personal finances in a more robust way. 

It’s a trade-off: You’re gaining freedom and flexibility, but putting in more back-end work with less stability.


If you want to start your freelance consulting journey, join our 2-week bootcamp that will help you launch your business and succeed in the industry. We’ve packaged years of research and proven tactics into a comprehensive two-week workshop that provides you with the tools to land high-value clients.

Mylance
Team at Mylance
This article was written by a team member at Mylance. Mylance enables your freelance life. Our immersive bootcamp teaches you everything you need to know to become an independent consultant, from setting your rate and scoping projects, to negotiating a great project.

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