Alumni Career Services recently hosted a panel discussion as part of the Second Acts series: “Charting a Course to Independent Consulting.” Here, we share key insights and success strategies from that rich conversation—tailored for mid-to-late career professionals considering a shift into independent consulting.
Define Your Niche and Value Proposition
Making the leap to independent consulting begins with recognizing the unique value you’ve spent your career building. Consider the specialized skills, industry knowledge and professional network you’ve developed. To attract the right clients, clearly articulate your unique value proposition—what sets you apart and the results only you can deliver.
Equally important is knowing the kind of work you most enjoy. Focusing on projects that align with your skills, interests and values increases both satisfaction and impact.
Getting Started and Building a Steady Pipeline
Strong relationships are the #1 driver of success in growing a consulting practice. Rather than leading with a sales pitch, focus on cultivating long-term, intentional connections grounded in shared business interests—relationships that can lead to future projects or referrals.
LinkedIn is a powerful tool for nurturing these connections. Sharing insights and project updates helps position you as a thought leader and keeps your network informed about your expertise and accomplishments while also attracting potential clients.
Most initial projects come from your existing network, cultivated over the arc of your career, so it is critical to stay connected with former colleagues, peers, mentors and advisors. You might also consider joining an on-demand talent platform like Umbrex, Business Talent Group or Catalant, services that match independent consultants with client projects—there are many other marketplaces online so this too, requires research.
It is also crucial to network with other independent consultants. Do not believe the fallacy that independents mostly work alone. Clients often bring in multiple specialists, and collaboration is key. You may also encounter projects that require skills beyond your own, so having a trusted network to partner with can be invaluable.
Deciding When a Project Is—or Isn’t—the Right Fit
Not every opportunity is the right one. A strong network can help you refer work or collaborate when a project doesn’t align perfectly with your expertise or availability.
Common reasons to pass on a project include poor client chemistry, unclear expectations, value misalignment or logistical challenges like travel or time zones. Evaluate these factors early to avoid future frustration. Taking on work that aligns with your strengths, boundaries and values is essential to building a sustainable practice.
Focus on the Client’s Goals and Success
You do not need prior experience at a consulting firm to succeed independently, but you do need clarity about your value. Be specific about the problems you solve and how you deliver results. Just as important is understanding how your client defines success. Aligning your work with their goals builds trust and long-term relationships.
Advisory vs. Consulting
Not all projects are the same. Sometimes, you are hired to support an individual with strategic guidance—this falls under advisory services. Other times, you will work with teams to drive execution and achieve long-term goals—this is more aligned with true consulting. Understanding the distinction can help you choose engagements that match your strengths and preferences.
Setting Rates and Structuring Projects
Do your homework: research market rates and ask peers what vendors charge in your industry. While hourly billing works in some cases, it’s often better to price based on project scope—adding about 30% to account for time spent on business development and marketing.
Over time, you may develop tiered pricing for different client types (e.g., nonprofits vs. large corporations). When offering a discount—especially early on—be transparent that you’re doing so as a strategic investment in the relationship. Also, vet new clients to ensure they have a strong track record of working fairly with consultants, including timely payment.
Administrative and Legal Considerations
Our panelists all operate under an LLC and carry basic business liability insurance, both of which are often client requirements. It’s important to understand and prepare for these administrative needs early on.
Online legal services can help you draft a standard engagement contract, though many clients will require you to use theirs. In these cases, pay close attention to terms related to intellectual property and restrictions on future work (e.g., with competitors).
Improved Work-Life Balance
For alumni exploring their next professional chapter, independent consulting can offer a highly rewarding path. Our panelists report significantly greater control—over the projects they take, their schedules and decisions about travel. Their experiences highlight the freedom, flexibility and fulfillment that come from working on your own terms and focusing on what you do best.
If you are looking for greater autonomy, deeper alignment with your work and a chance to chart your own course, independent consulting may be the right next step.
Interested in exploring this path further? Contact us at AlumniCareerServices@darden.virginia.edu to connect with a career consultant.
