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. In fact, 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 will be 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
Becoming an EDI consultant has numerous upside, too. Here are some of the top benefits of making the switch 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 complete your projects and what you do in between is your own business. Having breakfast with a friend? Dog need to see the vet? Say goodbye to having to take vacation or sick days just to have a life outside work.
Agency
Once you’re a self-employed EDI consultant, by and large you get to call the shots. No longer will you need to ask for permission to do non-work errands or explain why you need to be offline for a few hours for a personal matter. In fact, no one will expect you to be glued to your desk eight hours a day in the first place (and if they do, you can feel free to correct them prior to taking them on as a client). No more daily mandated “check-in” phone calls or other micromanagement. As long as you fulfill the terms of your contracts, you get to determine how you accomplish your work.
Uncapped 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.
And the demand for EDI talent is only going to grow in coming years. The forecasted value of health-care 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.
In fact, the average EDI consultant commands more than $81 an hour, according to career website ZipRecruiter. That’s over $167,000 annually.
Want to earn even more? Simply ramp up your networking and/or self-marketing efforts and take on more work when those clients start coming in.
How to Switch to EDI Consulting
Before you put in your notice, you should bone up on what you’re getting into and how best you can succeed. Go online and look into potential professional mentors, people who have made the change you’re looking to make and are thriving. Then reach out and ask them whether they’d be willing to chat, either via email or phone, or if they’re local, coffee or lunch (your 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 bringin on a partner in your search for clientele, search no further than Remedi, a leader in targeted staffing 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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