Primary Blog/What's In A Name?

What's In A Name?

Thursday, February 15, 2024

What's In A Name?

A lot actually!


The way you position your business matters, yet words get thrown about and different ways of working are all assumed to be equal

They are not equal, and using the wrong words can cost you a lot of money

The one question I get asked a lot is "what is fractional?"

My initial answer is... "Depends who's asking"

This is just an easy way for me to segment the audience

Lots of people assume they can work on fractional engagements, because they think this means part-time

It takes a lot more of my time and effort training people who think this way

These people are leaving a lot of money on the table... they just don't realise it!

When I started to think about the future of the workplace, it was clear that independent contractors really didn't know what was about to hit them

Changes to legislation, automation of standardised processes, machine learning and global shifts in spending

A perfect storm creating conditions to drive rates down, client control up and seasoned experts to exit the marketplace

So what can you do?

Position your services to attract the type of client you want to work with

This starts with what you call yourself

This Is The Way... to understand how much words can cost you

Interim:

An interim is someone who temporarily fills a position within an organization, often when there's a gap in regular staffing due to factors like maternity leave, sabbatical, or during a hiring process. Interims usually appear on the org chart

Part-time:

Part-time is the concept that someone is available for agreed hours/days exclusively for one client during that timeframe. The client normally has control over when you work

Contractor:

A contractor is an individual or a business entity that is hired by a client or organization to provide specific services, or expertise for a predetermined period or project. A key feature of this model is the engagement and payment structure. Typically sourced via a recruitment agency with day rates pre-determined by the client

Consultant:

A consultant provides expert advice, guidance, and recommendations to organizations or clients, hired for their specialized knowledge and skills to help solve particular business challenges. Your network plays a huge part in this type of engagement

Freelancer:

A freelancer offers services or expertise on a project-by-project basis to various clients or organizations. Freelancers often focus on creative, digital, and tech markets, and cannot always command premium rates

Fractional Consultant:

This is a individual who works with organizations to deliver agreed outcomes. The value of the deliverables, the time spent and the effort needed to deliver, is determined by the fractional consultant and the client is presented with a complete solution.

Fractional consultants are often experts in their field and provide specialized services or expertise to multiple clients or organizations simultaneously, charging premium rates for their services

I've placed these in the order I believe rank as highest risk from an #ir35 pov

The level of risk you choose to carry in your business is just one of the many decisions you will make when running a business

These decisions can be confusing and overwhelming when you try to do everything alone

It's also hard to break out of a model that doesn't protect you from some of the risk when you don't have help

That's why I've built the community and the training to get you where you want to be

It's not for everyone, but if you think you have what it takes and would like to know more get in touch

‚Äčkaren.frith@greenlight-partners.co.uk

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