While people use the terms fractional, contractor, and consultant interchangeably, there are subtle differences. What you offer as a fractional resource is stepping into an open role or bridging a gap for a company on a part-time basis. You may see fractional opportunities as CXO roles, but they can also be VP or Director-level, depending on the company's size and needs. A fractional Chief Financial Officer, for example, may provide company guidance for 20-40 hours a month. They may also lead a department and act on behalf of the company.

Don’t spin your wheels trying to define yourself. If you’re at the top of your game professionally, you already know what you do well.

Pick your lane by declaring your functional expertise. For example, a fractional CFO with experience in healthcare, serving Fortune 100 and mid-sized companies.

Define your unique proposition. What makes you different from every fractional CFO hanging their shingle? For example, “I oversaw the integration of five acquisitions responsible for due diligence and in-depth analysis, leading to strategic recommendations.” Find a way to put into one sentence - “I help companies close the strategy-to-execution gap through unparalleled accountability, strategic foresight, and cross-functional collaboration.”

Share your outcomes. Craft three case studies from your work (yes, your full-time gig counts) that showcase your results. Clients want to know how you will improve their lives.

The proposal is an opportunity to nurture the relationship, demonstrate an understanding of your client’s challenges, and telegraph your expertise.

Almost everyone gets squeamish when talking about the price. But it’s not the price, it’s their investment in their success.

When setting a price, many newbies can make the mistake of thinking of it as a salary. The investment you quote in the proposal should take into account all relevant expenses, such as living expenses, office supplies, health insurance, and other necessary costs. Build that into the product's margin.

People do business with people they trust. They also want to believe you know what you’re doing. Telegraph your expertise and build confidence in your abilities by legitimizing your business.

Determine your business structure. Since you may be new to independent work, you may not have an LLC. That’s okay. You may not need one. If you believe it’s temporary, you can work as an independent contractor, using a 1099 and your social security number. Or you can create an LLC. Consult a professional to determine what is best for your situation.

Give your business a name. Even if you are doing business as an independent contractor, you can obtain a DBA (Doing Business As) registration.

Understand the rules of engagement as a contractor. There are laws about contract work that are meant to protect both the company and the contractor. Learn more at the Department of Labor website.

Protect yourself and the company with insurance. Regardless of your business structure, some clients may require a minimum amount of insurance. It’s probably a good idea to get business insurance anyway.

Secure a domain name for your business. It is the easiest thing in the world to purchase a domain (e.g., XYZ.com) and obtain the corresponding email address. I cringe when I see [email protected]. It’s $12 a year to get a domain email. You can also obtain it from Google, but that requires a Google Workspace subscription, which is more expensive.

Have a contract ready for review. If you’re working with a bigger company, they will likely have a master service agreement (MSA) or a standard contract. You’ll likely just have to go with it. However, a small business may not, so have a contract template ready. Check out Legalzoom.com or Cooleygo.com.

Implement a workflow and system. Utilize a CRM and project management tool to eliminate friction for your clients. I use Honeybook to manage contacts, send contracts, and invoices. There are other tools like Zoho or HubSpot. Regardless of what you choose, having a system telegraphs that you are organized and their projects are in good hands.

Get paid. Use a simple tool like Wave, FreshBooks, or Stripe to get paid. Send the invoice and get paid using a credit card or ACH. Credit card payment has the highest transaction fees. ACH (electronic transfer) has a lower fee. Receiving an old-fashioned paper check is the only way to avoid fees. Using personal PayPal, Venmo, or CashApp accounts to receive business payments will get you in trouble with the IRS. You can create business accounts on each of these platforms.

Update your LinkedIn profile with your business name and UVP. Optimize it so you appear in search results. Create a business profile for your company. It’s free and easy to do.

Develop a one-pager about your company. I always recommend some sort of online presence. You can easily and quickly create a one-page website. Or create a PDF of your services using a tool like Canva (the free version is packed with features). Be clear about the service you offer and highlight some results (even if they’re from your full-time job, you can still take credit for them).

Create a ‘What to Expect’ one-pager. Share your company values, and what happens during the time you’re working together. Map it out so people know how they’ll work with you. This could be that you use Monday to manage projects, or you prefer weekly check-in calls via Zoom.

Remove friction and get a calendar link. No one wants to go back and forth trying to find a time to meet. Utilize an online calendar tool to simplify meeting scheduling. There are free tools like Cal.com. Calendly is my favorite. Google and dozens will pop up.

LinkedIn is a great platform for building a profile, but finding work is a challenge. Go where buyers are already shopping.