One of my clients is a large corporation that contracts a lot of consultants. I had a recent conversation with an employee there who was wondering about life of a consultant. We were “comparing notes” about the difference between being a consultant and an employee. They said that even though there were drawbacks to employment (such as being at the mercy of a manager, as well as having little control over increases in pay), they mentioned that the comfort and security of employment far outweighed the uncertainty of being a consultant.
They wondered how I can sleep at night, knowing that once the project ended, I would need to find more clients. They pointed to other consultants who were contracted by the company who struggled through “boom/bust” careers and sweated the days leading up to the end of a contract.
I mentioned that I didn’t lose a wink of sleep at night. With or without this large corporate client, I’m fully booked through 2016 and have a waiting list of people who would hire me once I have some availability.
I’m not relating this conversation to you to boast. Rather, to make a point about security: Employees think they have security because they are part of a union (at least in the case of this particular company) and because there are many other people involved in the longevity of the business… and perhaps there’s some value to their tenure at the company. And entrepreneurs (and consultants and writers, etc.) seem to have less security because they are not only responsible for delivery but they’re also responsible for client acquisition. And it seems like they live from project to project.
Security is a funny thing: As an entrepreneur, I’ve had my share of sleepless nights in the very beginning of my business; those sleepless nights came from the gnawing question of “will I find enough clients to pay the bills this month?”. Today, I sleep well because my business is in a different place now.
But even more than the list of clients I’m fortunate enough to have, I recently realized that there’s something else that makes me feel secure.
SECURITY IS EVEN MORE THAN HAVING A JOB OR CLIENTS RIGHT NOW
What inspired this realization came from an old podcast I stumbled over in a forgotten folder on an external hard drive I was cleaning up. There were several podcasts — some of them too old and irrelevant to be valuable — but one of them was quite interesting, compelling, and inspiring. It was an interview with Jay Abraham. In the podcast, Abraham was describing his own journey in his career and how he got his start. He admitted that he started as a clerk and didn’t really contribute anything to the company he worked for. Deciding to change that, he immersed himself in becoming an expert in business and sales.
And then he said this about business/financial security: “I realized that security is nothing more than the faith, the confidence, and the trust you’ve got in yourself and your ability to perform.”
I’ve been thinking about that statement pretty regularly ever since I heard it. I think most people believe that security comes from having a specific dollar figure in the bank and a job and a decent insurance policy.
And that might be true for some but it’s not true for me. Or for other entrepreneurs I’ve met. For me, a sense of security doesn’t come from those things. I’ve had them and I know that they can disappear.
Rather, Abraham’s statement revealed to me a reason why I feel very comfortable living the life of the self-employed: Because I know without a shadow of doubt that if everything came crashing down around me today, I could be up and running right away, serving new clients and building a profitable business from the ground up… even if I had to start with new clients and zero dollars and no website. My sense of security comes with my knowledge that I can deliver something of value to people who need it.
HOW TO GET SECURITY FOR YOURSELF
Jobs come and go. Money comes and goes. Clients come and go. Technologies come and go. Strategies come and go.
So how do you get security? Regardless of whether you want to work for someone else or for yourself, you need to build up in yourself the disciplines and knowledge and skills and mindsets that will allow you to deliver.
You need to know your strengths and understand who needs whatever you bring to the table. And you need to always sharpen yourself — to become better and better so that your employer or your clients or your target market consider you indispensable.
Indispensability comes from just what I’ve described above: A combination of disciplines (focus and willpower), specialized knowledge (in whatever category you work in), related skills (sales, negotiation, and others), and mindsets (positivity and opportunity-seeking, and probably others).
Whenever you want to build an even bigger foundation of security, you need to increase those elements of indispensability — either by deepening your existing ones or broadening them to acquire others.