Why I Launched My Own Consulting Business
I finally decided to jump out of the airplane. I am pursuing a long-deferred dream of starting my own tax consulting business. I am joining that growing tribe of “consultants” who have cracked a secret code and never looked back.
Deciding to embark on the consultant phase of my career has required that I get out of my own way and bust the four common myths and false assumptions that often attach to consulting. I have been able to dispel my own myths based on my career journey and conversations with several successful consultants who have one big thing in common. They are blissfully happy as consultants and have no regrets.
The Four Common Myths About Consulting:
- There is no financial security in consulting
Security is relative and appetite for risk varies greatly between individuals. The cumulative costs of being in an environment that is not “right” for me is far higher than any risks inherent in launching a business. I have traded in the mirage of security for control over my own destiny, not to mention the unlimited potential upside of making a living doing something I enjoy. I have also spoken to successful consultants who are earning much more than they did in corporate roles.
- Grey hair is a requirement for consulting
The timing is right for consulting if you have the courage to make the jump, as well as the skills and experience to stand behind a solid suite of service offerings. I am confident that my reputation in the market and ability to meet client needs will speak for themselves, not the number of grey hairs on my head. Having said that, as I get older and greyer, consulting is likely to be a kinder space for me as a woman of color because age is often seen as a mark of experience.
- There is no prestige in consulting work
While there is certainly prestige attached to working for a recognizable corporate brand, in today’s world, successful consultants are building their own prestigious brands while servicing marquis clients. Leaders in organizations seek out these stand-out consultants for their guidance and expertise. During my many years at large organizations, I had the opportunity to work with outstanding consultants in project management, DEI, change management, leadership strategy and IT.
- Consulting is lonely
As a consultant, it’s possible to maintain robust peer relationships and industry contacts. Sure, you may benefit from a readily accessible community of colleagues, admin support and other resources at a large firm but you also don’t get to choose everything you work on. These days, the evolving landscape of the corporate workplace can also be lonely and disconnected due to hybrid and remote work models. Although I am still early in my entrepreneurial journey, I have been humbled and awed by the collaborative and generous nature of the consulting community.
Conclusion
While jumping out of the relative safety of an airplane into the great unknown of consulting is daunting, I am relishing the sensation of the wind on my face as I dive into the freedom of open skies.