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Early retirement - becoming a consultant?


Yanto

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Background:

Sep 2017 is a point at which I may take early retirement (age 54), circumstances mean that taking my reduced pension then will give me the same pension income as if i retire in 2020 (I'ts complicated), and I'm pretty fed up with working in the MOD so leaving asap is actually something to look forward to.

Now I'm not ready for the knackers yard, I have plenty of things to keep me occupied but I wouldn't turn my nose up at a part time job.  I'm not sure my skills gained in many posts within the MOD are readily transferable, boiling them down to Nuclear Safety Assurance, Risk Auditing, Project Management, Programme Management and Project Management Office, my qualifications are in Mechanical Engineering, Auditing and Project Management, so a bit of muddle really.

The future:

If i were to try and dabble in consultancy work, how do I set up a consultancy business, and actually getting some work? 

Or, would I be better touting myself around the big consultancy companies and in effect work for them?

Or, if some of you have been in a similar position what have you done?

Cheers

Ian

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Crumbs. Wish I could even consider retirement. 56 and no ***** chance. Maybe able to afford it when I hit 80. 

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Retired early at 59, and used the skills the company didn't want to go freelance.  Ended up with a years work back at my previous employer at twice the salary, then a couple of contracts at a substantial premium to emplyed rate. Found that the cost of marketing / schmoozing potential clients to be high and then they wanted to make their lack of planning  my emergency, so found i could cope on pension and shut down company. Much rejoicing at home.

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I retired at 58 and then set myself up as a sole trader, but I had lots of contacts in the industry, some of whom had already indicated that they might have some work for me when I announced my retirement.  Charged around 2.5 times my old salary + expenses and did OK for work.  But without those contacts I think it would have been difficult and perhaps costly to find a customer base.  Packed it in after a year as I didn't need the hassle anymore,  but it allowed me to slide from a full-on job to proper retirement gracefully.  I'm 62 now and have no desire whatsoever to return to the world of work.

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I think Stuart has summed it up.You need contacts otherwise where do think you will get work? Without them there are agencies but then you are back on a treadmill of not being able to pick where and when you work.

Perhaps you might do a qualification in H&S as there is work that companies outsource and your experience  in risk management might be a good fit.

I have a few friends who work for the MOD in Bristol, they all feel fed up, but once they look outside into none Government public sector jobs they realise what frustrates them in the MOD is more than compensated for in many other ways and the changes to the "old" ways of doing things are nothing strange to the outside world.

Whatever you do I hope it works out.

 

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If you think it will work for you do it.

At age 60 with the consent of my employer (little backstreet shopfitting company) I went on a 4 day week, then at 61 a 3 day week, at 62 1/2 I packed it in and never looked back.

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On 25/12/2016 at 01:08, DavidR said:

 ...and then they wanted to make their lack of planning  my emergency, 

Never overlook this one when working for yourself or running a small business that acts as a service to larger ones!

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When I was in the process of being made redundant 7yrs ago while working as a national FM, I had already started up a business, but didn't have a customer base. Tried to get consultancy from my contractors, and even though I was offering cheap rates to get established it was a very hard market to break. Ended up getting my hands dirty for a year and a half before taking a second FM job to bring some extra cash in (lasted around a further year and a half), this then gave me the opportunity to network and build a new customer base locally. Now 7 years down the line I have an established office, 3 and on the road and a part time admin. But still no consultancy! ........and no chance of redundancy either........... :o( 

I would say that anyone wanting to have a go at working for themselves should give it a go. Try and get some contacts first as previously stated, but if your doing it as well as semi retirement then the pressure is hopefully off financially. Good luck in whatever you choose.

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Thank you all for your valued responses, it really is interesting and possibly important to have other's views.

One thing that is apparent is that having a customer/client base is paramount, and due to the nature of my work something that I do not have.

Also, if I'm honest, I don't want to work for anybody else, so, time for some serious thought over the next 6 months or so.

Once again thank you all.

Ian

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Hi Ian,

i have been consulting for 4 years now, and I agree with all the comments. I initially started under an umbrella company which is by far the easiest way you do give them a small %. After a couple of years I then moved to ltd. I have been fortunate with a large network I have been able to source my own work. I have colleagues who work the management consultancies and all I would say is they own you. They have been sent to place at short notice for short contracts, of course you don't have to worry about sourcing work and if you need income then it ticks that box but work life balance goes completely out the window.

 

Sometimes a quick browse of job adverts and a cover letter offering an interim solution can work well. Alternatively I'm not sure what sort of project management you have but speaking to vendors of potential products can help to almost offer a "supply teacher" or short term solution to their resourcing needs. 

 

Good luck

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On 24/12/2016 at 21:53, Yanto said:

so a bit of muddle really

For 'muddle' read a wealth of experience.

Agencies look for specialists to fill a particular role. Someone with previous niche experience so they can provide their clients' exact requirements (gives them an easy life and quick buck).

I.M.O. For someone with a diverse array of abilities, you're better off approaching smaller companies who appreciate someone with multiple skills and capability. I'd be looking at smaller engineering/manufacturing companies in a supply chain having to meet the various regulatory requirements of H & S, Risk assessment, method statements. compliance, etc. Full time headache for them could mean part time work for the right person. 

Good luck with whatever you do.

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2 hours ago, Gerry H said:

For 'muddle' read a wealth of experience.

Agencies look for specialists to fill a particular role. Someone with previous niche experience so they can provide their clients' exact requirements (gives them an easy life and quick buck).

I.M.O. For someone with a diverse array of abilities, you're better off approaching smaller companies who appreciate someone with multiple skills and capability. I'd be looking at smaller engineering/manufacturing companies in a supply chain having to meet the various regulatory requirements of H & S, Risk assessment, method statements. compliance, etc. Full time headache for them could mean part time work for the right person. 

Good luck with whatever you do.

There are loads of companies who do not understand the requirements of Method Statements and Risk Assessments. 

I deal with these documents every day as I review and approve them.

Companies would pay a small fortune for someone who can get them to a decent standard before they are submitted for approval.

I have a colleague who charges £250.00 for  basic set and he does them in an evening after work and its pocket money for him.

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Plenty experience of full time retirement (highly recommended!), but no experience of working for myself, know others who have done so though.

Have you considered approaching EDF wrt the new build nuclear power station at Hinkley Point C. There will be a massive amount of "invisible" work to be done on nuclear safety cases. With your MOD skill set including nuclear safety assurance it may be the sort of work you could easily do remotely (from home!) and therefore avoid getting dragged back into the drudgery of workplace politics. I'm guessing that a lot of this type of work will be outsourced, rather than done inhouse in this day and age.

Just a thought.

Adge

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