Does anyone here have any advice on how to make the move from an established consultancy firm to going freelance.I have been a consultant for the last 10 years with 2 of the big 4 prof services firms. Want to cut loose!

Same here, Art. Been Consulting for the last 8 years for the Big 4s and it just doesnt interest me anymore. All my ex-colleagues who left for contracting in the last 2-3 years have had long contracts and have never been out of a contract for more than a few weeks - So that encourages me highly that it will pay-off but I still dread taking the jump to the darker side - My biggest fear is that I will get bored of being a Lone Cowboy in 2-3 years and then it will be even more difficult to come back to Consulting or a normal permie job.

timing?

That sound like my situation to a T. There must be some info on how to become self employed other than being made redundant!!My biggest concern is getting that first contract.Would appreciate any help on the matter.

My advise is that you have to take the plunge and go for it. You are very unlikley to secure a contract with 4 weeks notice left on your contract. When people want freelancers, they want them nearly always immediatley.

Don't do it.Contracting is now too risky. The revenue has started to enforce some very agressive interpretations of IR35.Contractors risk being hit with invasive, drawn out investigations and huge retrospective tax bills. Unless you can pass the three key tests of mutuality of obligation, control and substitution, you're stuffed. And no client will genuinely allow you to sub.Contract reviews? Forget it - they are looking at HOW you relate to the end client. Save yourself the bother, the sleepless nights.Disclaimer - this does not constitute legal, employment or tax planning advice.

I'd agree with Power of Greyskull - you have to take a leap of faith at some point. I was in the same position 3 years ago and only resolved it by taking the jump. Got something within a month and haven't looked back. Your focus will change, and the fact that you are available will change the focus of those who can put work your way. Nothing wrong with doing some networking and research in advance though...And as for the anonymous doommonger, IR35 rules don't constitute the difference between taking home considerably more money in the freelance market than under Schedule E. If you're any good at what you do, you'll thrive - don't look back!

How do you deal with the uncertainty of income, in light of the need to pay for living expenses, mortgage, etc? Doesn't that kind of pressure keep you awake at night?

Art, it's not the money you need to worry about it's your stick-ability. Without knowing your market I can't tell whether this is the time to jump or not - some markets are always ok. If you know where and how you add value and can deliver significant ROI to your client I wouldn't hesitate. After 35 years I have no regrets and a fantastic income so based on that alone I'd say go for it. In my experience the only time free-lancers come unstuck is when they have no personal selling skills. Good luck