As the landscape of work evolves, new opportunities and challenges arise. Among these, the advent of fractional roles, particularly in product management, is a phenomenon that cannot be overlooked. My journey in this realm, beginning as a Fractional Product Manager (FPM), then employing FPMs to work on projects, has provided a wealth of insights. Drawing from my own journey and the experiences of others in the field, I hope to shed light on this career path for those considering a similar route. Despite Fractional Product Management being a very attractive path for those who are looking for more control and flexibility in their day to day lives, there are also other considerations that you need to keep in mind.
September 2022 marked the start of my adventure. My initial mission was to acquire a home service business. Equipped with optimism, a very rough plan, and a small business M&A coach, I started looking for a small business to buy. Yet, during this search, an unexpected opportunity presented itself.
Others that I knew in my network started to approach me about working for them on a fractional basis. Seeing this demand, I took on the role of an FPM myself. This not only allowed me to continue searching for a small business to buy, but also provided an avenue to contribute meaningfully to these organizations in need, as well as fund my business search.
As I delved deeper into the world of Fractional Product Management, my journey took another twist. The demand grew beyond me and I began to find other FPMs to work the projects that I couldn't, growing from an individual contributor to a business in this niche field. Needless to say, I stopped my search to buy a small business.
This unique trajectory, along with numerous interactions with others either already in or exploring FPM roles, provided me with first-hand experiences and insights into the life of a Fractional PM.
In the following sections, I'll share key considerations and the realities of being a Fractional PM, built from my personal experiences and the shared experiences of many others in the field.
There's no doubt that being a fractional professional has its advantages, especially if you've spent years honing your skills and are an expert in your field. The flexibility to control when, where, and how you work can be enticing. However, there are some realities you need to mentally and emotionally prepare for. Here are a few:
1. Understanding Your Why: You must have a solid understanding of why you want to be a Fractional PM. This 'why' needs to align with the lifestyle that comes with being an FPM. The scenarios are diverse, so it's crucial to remain committed despite the challenges that may come your way.
2. The Company Relationship: Remember, you are not a W2 worker. You are typically a 1099 worker. This means you have more separation from work. You are there to do a job, and you are expected to perform. Building relationships with your colleagues is great, but don't expect a 'work family' atmosphere. If that's what you're after, you may need to reconsider.
3. Career Experience: In my view, Fractional PM roles suit those more senior in their careers. You need to be an expert in your field and confident in your approach. You also need to be adaptable to different company cultures and processes.
4. Skills: Aside from the traditional skills required of a PM, there are some critical soft skills every Fractional PM must possess: stakeholder management,
self-motivation, and time management are just a few.
5. Billing and Finances: You're running a business, and you're the product. You have to understand your costs and how to bill for your time. The finances of being a Fractional PM is something that is often overlooked but is vital to get right.
6. Understand the Job Expectations: The world of contract work is unpredictable. Are you comfortable with the possibility that your contract could end in a few months? Can you manage the financial implications of waiting for 30-60 days before you get paid for your work?
7. Embrace Sales: Whether you're selling your services or the product you manage, as a FPM, you're undeniably in the business of sales. If this isn't your strength, consider partnering with services like Sembrar, which can support you in this area.
8. Prove Your Worth Every Day: As a FPM, your value must be evident in the work you do every day. Are you prepared to deliver clear outcomes consistently and earn your keep?
9. Be Comfortable with Change: Are you flexible and adaptable enough to cope with regular change? It can be both exciting and exhausting to continually learn about new products, processes, and people.
These are just some of the considerations. It's an exciting career path that offers a new level of flexibility and control, but it's not for everyone. As someone who has navigated this path, I can certainly vouch for its potential rewards, but it's essential to go in with your eyes open.
These key considerations provide a starting point for individuals interested in the Fractional Product Management realm. Weighing these factors can help you make an informed decision about whether this path aligns with your professional aspirations and personal circumstances.
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About the author:
Brandon Gardner has worked in Product Management for over 13 years. He is the founder of Sembrar (www.sembrar.io) which provides Fractional Product Management services. He is also a co-founder of Product Hive, serving the Product and Design community. With a passion for product innovation and a keen understanding of the product management landscape, Brandon brings a unique perspective to today's product challenges.
