fbpx

Five Reasons to Consider Starting an Individual Consulting Practice

Facebook
Twitter
LinkedIn

When I share that I’ve had an independent consulting practice since 2004 I get a variety of reactions. Some are envious and share that they, too, wish they were out on their own. Others wonder why I would leave the security of a real job with a regular pay check to do this.

There are many reasons that I (and many others) make independent consulting a career choice. Here are my top five reasons for starting an individual consulting practice.

1. You have deep expertise to offer and want to do good work

do-your-work-starting-independent-consultingSome gifts of my non-profit, corporate and academic experience were an amazing skill set and the opportunity to learn how works gets done in organizations. After 10 or more years of plying your craft, be it in IT, HR, Finance, or Operations, you have significant real world experience and know what type of work you do best.

There were times I was in roles that deeply tapped into the work I loved to do and other times that most of my days were spent in activities that sucked the life out of me. In my HR roles, I loved talent development and abhorred employee relations. My job required both, and I did both as well as I could, even though investigations and resolving intractable employee issues was draining and tedious for me.

The joy of independent consulting is the ability to hone in on your sweet spot – and to do primarily that. I’ve built a practice where I can develop people 90% of the time. Others build practices where they can do what they are best suited for, be that finance, marketing, sales training, cyber security or project management.

As you get to spend most of your time doing the work you love the best, you become even better and better at it. Your work moves from good to great. You work across organizations and you begin to see nuances and capture learnings in ways you would not have as an employee. It is fun, rewarding, and deeply satisfying to do the good work you were meant to do.

2. You want to build something for yourself and be your own boss

There is deep satisfaction in building something – and that includes a consulting practice. It is yours. You shape everything about it. If you err (and you will) you merely reshape it into a better manifestation of what you want it to be.

Of course that is a bit scary. You no longer can blame the people at the top for strategic missteps or bone headed decisions. You no longer have to put on a cheerful face and implement something you are not fully bought in to.

Being the boss means you are the person making the calls and living with the consequences. You will take pride in the good calls and will wallow in disbelief at the bad calls. But they are yours. Over time you begin to learn how to run your business. How to provide great service to clients. How to navigate the tough situations. And that is a great place to be.

3. You want control over your life and your schedule

I’ve never been afraid of hard work. I can and will work long hours. What I won’t do is work that so rigidly constrains my schedule that I must sacrifice important aspects of my life. I’m willing to work 50 hours a week or more, but only if I can do it on my terms.

As an independent consultant I’ve had times where work was top priority, and I worked long hours, nights and weekends. And in those times, it was always me that said yes to the work, willingly knowing what it entailed.

And as an independent consultant, I’ve had the ability to slow the volume of my work so that I could focus on other, more important things. I could take a full week to be with my father in hospice. I could take on less work to support my daughter when she had twin baby boys. I could spend two weeks traveling to India.

And it’s not only those big events, but a million little things. I can work from home many days, flex my schedule and exercise midday and then catch up that evening, or do work just about anywhere in the world – as long as I do the work and do it well.

4. You want to earn a good income

As I left my corporate job, I quipped that I wanted to work half as much and earn the same amount. I thought I was being funny. Turns out the math is about right.

And as it turns out, I work pretty much full time at my independent consulting practice. And I’ve made three times what I would have made in my corporate role. Independent consulting has consistently provided me with a six figure income over the past thirteen years.

And I do not believe that I am an outlier. According to a recent GlassDoor survey, the average salary for independent consultants is $131,940.

I can still recall a sweet moment, when I drove my newly purchased Volvo to my financial advisors office. This was the gent, just a few months earlier, who told me that my practice was going to be a “hobby” job and I’d never make any serious money. I laugh at him every time I reconcile my bank statement.

5. You are weary of the corporate scene

break-free-starting-individual-consultingFace it. Being on the inside comes with a price. Politics. In-fighting. Too many meetings. Too much work. Too few people or resources.

While at one time a fairly secure place to ride it out to retirement, corporations are rife with reorganizations, right sizing and downsizing. It is not a safe haven any more.

Yet corporations are also places where good work gets done,  people are supported and encouraged, and you can earn a living and hone your craft.

Only you can decide when you can better serve them from the outside or the inside. You can determine of you are better as an employee or more suited to be a person who can help organizations  be more productive, more humane, more profitable, or more customer focused because you are an outsider and not enmeshed in the system.

Start your own individual consulting practice!

These are my top reasons – and if pressed, I could come up with about 10 more. Starting an individual consulting practice has been the best career move I’ve made. For me and for the clients I serve.

If it is time for you to explore how you, too, might build an independent consulting business, check out our Business 101: 10 Things to Do to Start Your Own Consulting Business checklist. You can also read Kris’s book Owning It: Take Control of Your Life, Work, and Career.

We’re here to help you determine if consulting is for you – and if it is, to help you launch swifter, smarter and with support.

Also if you’d like, click here to subscribe to our YouTube channel, where we share weekly consulting tips.

ALL RIGHTS RESERVED. REPRODUCTION OF ANY OR ALL CONTENTS ONLY BY THE EXPRESS PERMISSION OF THE AUTHOR. © 2022

More to explore