The five big fractional mistakes
I'm going to give you the big five mistakes that people make when going fractional.
Believe me, I've made most of these and I know from my fractional network that plenty of other people have too.
One big misconception is that fractional work is easier or requires less effort than traditional employment. It's only a few days a week right?
The reality is that you will end up working just as hard, if not harder, especially in the early stages of building your fractional career.
You need to be super focussed all the time and have real self-discipline to be constantly seeking out new opportunities while also delivering consistent high-quality work for your current clients.
A big pitfall is underestimating the importance of personal branding and marketing yourself effectively.
As a fractional executive, you are your own product - if you don't actively promote your expertise, it'll be very difficult to attract and retain clients.
And this doesn't just mean posting more stuff on LinkedIn or having a nice logo. Fractional Launchpad will help you learn how to do what's needed to develop your distinctive brand as a fractional executive.
Another mistake I've heard a lot about is people failing to understand the legal and financial implications of being independent.
For many people leaving salaried roles, the world of liability insurance, tax obligations and essentially running a one-person business is a big leap.
On a more personal level, some new fractional executives struggle with a lack of discipline and time management skills, especially in the early days . When you don't have a corporate structure driving deadlines and you don't have a manager, you've got to be really on it when it comes to self-motivation and prioritisation.
The fifth mistake I want to share with you is about adaptability. Many new fractional executives underestimate the need for adaptability and this makes it harder for them to be effective and win new clients.
As you move from fractional engagement to your next fractional engagement, you need to be really good at quickly assimilating new norms, communication styles and ways of working. This can be tricky for new fractional executives, particularly if you've worked in the same business or culture for a long time.