There are many benefits to making the switch to EDI consulting. In the sections below, we detail them so you can tell if EDI consulting is right for you.
Full Time Employment vs. Consulting
If you’re currently a 9-to-5 EDI employee, a move to EDI consulting jobs will seem both familiar and different.
Back-end processes
As a staff member, you were probably issued tax forms by your employer, who also calculated and withheld all owed paycheck taxes on your behalf. There was probably a dedicated department or specialist in the business responsible for handling these processes for you and other employees.
Once you make the move to EDI consulting, however, you will need to determine and withhold all required local, state, and federal taxes on your own. You’ll also need to research, choose, and purchase professional liability insurance–helpful in the event you are sued for negligence by a future client–and may also need general liability and business personal property insurance. (These latter two will cover you if someone is hurt or property is damaged due to something you did, and replace moveable office items if they’re damaged or stolen, respectively.) If you’re thinking you won’t need any of these, bear in mind that before hiring you as a consultant many organizations will ask to see proof of professional liability insurance, at the very least.
On a related note, you will also need to settle on a business classification for your new venture. Whether you are a sole proprietor or a limited liability corporation, you’ll be required to take the classification steps required by your state.
Then there’s the matter of billing and other office-related work. This includes invoicing your clients, sending out any work-related documents and/or packages, and buying and having on hand your own equipment and office supplies. As an EDI employee, you were probably given a computer, monitors, and maybe even a cell phone. As a consultant, you must provide all of that–plus high-speed internet, if you’re working offsite–yourself.
Benefits
When you were an employee, in addition to a steady paycheck your organization may also have offered a retirement plan, health insurance and paid time off. When you go out on your own, you won’t get any of that. Be prepared to work through that cold (from home) and forego vacations when completing a promised project.
As for retirement plans, though, there are several options for the self-employed. These include traditional and Roth IRAs, SEP IRAs, defined benefit plans, and more.
Perks of EDI Consulting
There are also numerous advantages to becoming an EDI consultant. Here are some of the key benefits of transitioning to EDI consulting.
Flexibility
As a consultant, you are effectively your own boss. So while you will need to abide by the terms of your client contracts, including turning work in by set deadlines, in general where and when you take on projects and what you do in between is your own business.
Agency
Transitioning to an independent EDI consultant means gaining significant autonomy over your work life. You have the privilege of setting your own schedule to some extent and deciding how to meet the obligations outlined in your client contracts. However, this autonomy revolves around client expectations of reliability and productivity. While you can manage personal errands by accepting part-time projects or scheduling some downtime between full-time engagements, clients expect an EDI consultant to meet deadlines and maintain consistent communication. This structure supports both the freedom of independent work and the professional discipline required to deliver high-quality results. In essence, you can enjoy the flexibility of managing your own time, but within a framework of professional commitment that meets client expectations.
Increased earning potential
Employees have caps placed on their incomes–their salaries, which, no matter how much they work at their jobs, remain the same week in and week out. Not so with EDI consultants, who set their own hourly or per-project rates and then take on as much work and as many clients as they can handle.
The demand for EDI talent is only going to grow in the coming years. The forecasted value of healthcare EDI alone by 2030 is more than $9 billion, according to Grand View Research, a market analysis company. Because it is far more cost-effective for organizations to hire outside consultants than full-time employees, when you become an EDI consultant you can expect to benefit from this and related EDI growth.
Want to take even more control over your income? Partnering with a specialized EDI consulting firm can introduce you to prospective clients through their ongoing marketing efforts, allowing you to earn additional income by servicing their clients as well.
How to Switch to EDI Consulting
Before making any decisions, take the time to educate yourself on the ins and outs of transitioning to EDI consulting and how to set yourself up for success. Utilize online resources to seek out experienced mentors who have successfully made the switch and are excelling in their roles. Reach out to them for a conversation, whether it be through email, phone, or even in person over a coffee or lunch that you graciously offer to treat.
If they do agree to talk and you hit it off, don’t be shy about asking for feedback on your plan to become an EDI consultant. Let your new advisers alert you to any unforeseen pitfalls, helpful resources, or even sources of potential clients. Most people like helping others if they can. Be sure to return the favor later on where possible, and help others in the same way once you’re established.
Locating EDI Consulting Jobs
Network
When you leave your current job, stay on good terms with the organization, including your most recent boss or supervisor. Why? Your best source of clients will likely come from the network you’ve made as a professional. In fact, they may become clients themselves.
Reach back further in your professional timeline, too. Are there coworkers from past jobs who have changed employers? Former classmates still in the field? Email LinkedIn and Facebook connections and let them know what you’re up to. Look into and join alumni and other social media groups, then check their pages frequently. These can be a rich source of consulting work, as people sometimes post calls for resumes and applications for contract or project-based work there before they even go to job sites.
Partner up
There’s no need to go the EDI-consultant journey alone, though. If you’re considering working with a partner in your search for clientele, search no further than Remedi, a leader in EDI consulting and software solutions for nearly three decades.
When you become a consultant in our vast network, you get the support of our expert, connected team, including an account manager, office manager, and professional recruiters who can help you find the right organizations and projects.
Conclusion
If you’re an EDI professional ready for scheduling freedom and flexibility (not to mention an unlimited earning potential), EDI consulting jobs are the way to go. And you don’t have to start from scratch, either; let Remedi help. Check out our comprehensive listing of handpicked EDI consultant jobs here. When you’re ready to come on board, submit your resume here.
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