Think Before You Jump, Considerations Before Getting into Independent Contracting, with PPM Jeanne Kating

Summary:

 Key Decision Factors

1. Career Satisfaction

   - Seeking new challenges

   - Desire for more direct project impact

   - Ready for change after corporate roles

2. Personal Circumstances

   - Minimal dependents

   - Life flexibility

   - Previous corporate experience

   - Confidence in skillset

Financial Preparation

- Emergency fund establishment

- Benefits planning

   - Healthcare (COBRA evaluation)

   - Retirement accounts

   - Vacation/time off budgeting

- Business setup

   - LLC formation

   - Business banking

   - Tax planning with accountant

   - Quarterly tax payments

Project Onboarding Process

1. Individual Team Meetings (First 2 Weeks)

   - Schedule 45-minute one-on-ones

   - Learn individual roles and responsibilities

   - Gather project perspectives

   - Understand concerns and challenges

   - Review existing tools and processes

2. Previous PM Knowledge Transfer

   - Daily discussions for first few weeks

   - Process understanding

   - Project status review

   - Team dynamics insights

Working Style

- Preference for office presence

- Focus on relationship building

- Direct communication

- Clear role boundaries

- Emphasis on team trust

Company Size Dynamics

Large Companies

- Clearly defined roles

- Established processes

- Clear accountability

- Structured environment

- Well-defined boundaries

Small Companies

- Multiple responsibilities per person

- Fluid role boundaries

- Greater flexibility required

- More hands-on approach needed

- Quick adaptation essential

Challenges and Solutions

Business Management

1. Administrative

   - LLC setup

   - Banking arrangements

   - Professional service engagement (tax accountant)

   - Benefits administration

2. Financial Planning

   - Unpaid time off management

   - Healthcare costs

   - Retirement planning

   - Emergency fund maintenance

Professional

1. Relationship Building

   - New team integration

   - Trust establishment

   - Communication patterns

   - Cultural adaptation

2. Work Management

   - Project boundaries

   - Time management

   - Multiple contract balancing

   - Quality maintenance

Career Outlook

Industry Stability

- Medical device sector consistency

- Ongoing project needs

- Company size variations

- Economic downturn resilience

Future Planning

- Transition to part-time in 3 years

- Quality of life focus

- Selective contract choices

- Continued independence

Key Success Factors

1. Financial Preparation

   - Adequate savings

   - Business structure

   - Benefits planning

   - Tax management

2. Professional Excellence

   - Strong skill set

   - Reputation building

   - Reliability

   - Adaptability

3. Work-Life Balance

   - Planned time off

   - Rate calculations

   - Lifestyle maintenance

   - Boundary setting

Conclusion

Independent project management offers significant benefits for experienced professionals who prepare adequately and maintain high standards. Success requires careful financial planning, strong relationship skills, and commitment to professional excellence while maintaining work-life balance.

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