Is Consulting Right For You? 5 Questions to Ask Yourself

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Have you ever thought about monetizing your expertise by launching a consulting business?

If you’re looking for a career that offers flexibility, variety and unlimited earning potential, consulting may be for you. The beauty of consulting is that you can make it a full time job, consult on the side, or use it as a bridge to your next job. 

But with so many types of consultants and ways of offering your expertise, getting started can be overwhelming. Begin by asking yourself the following questions:

1. What does success look like for me? Everyone’s definition of success is different. For some people, success might mean reaching a specific revenue goal—for example meeting or exceeding your prior full-time salary. For others, revenue may be less of a factor if the work you’re doing is deeply meaningful, and/or if it allows for healthy work-life balance. Defining what success means for you early on will help guide all of the important decisions you’ll need to make as a consulting business owner. 
   

2. What service(s) will I offer? Some consultants offer a broad array of services. However, I recommend starting off with a narrow focus or niche and building organically. Identify one specific set of skills or expertise that can create value for a client.
   
   Rebecca Eisner’s career relaunch story is a great example. Rebecca was a former digital marketing director who made a portfolio using Squarespace.  She enjoyed the experience, and decided to take this one niche within digital marketing—Squarespace design—and offer it to business owners who could benefit.  Rebecca has since broadened her services, but it all started with a simple, narrow focus.
   

3. Who is my target client? One advantage of consulting is that you get to choose who you work with. Think about which types of individuals, companies or organizations you’d love to serve. Factors such as company size, stage of growth, and industry may influence your preferences. 
   
   In addition, consider who is most likely to benefit from—and invest in—your services. Create a profile of that person: Who are they, what do they do, and what do they most value? What problem can you help them solve? Thinking about your target client will help you more efficiently market your services.
   

4. How will I structure my business? Defining what success looks like for you (question #1) can help you figure out how you want to structure your consulting business. For example:

   • Is being a solopreneur, where I am the sole employee of my business, attractive to me?

   • Do I want to partner with another consultant(s) or service provider(s)? What opportunities could a partnership create?

   • Do I ultimately want to create an agency or firm with fulltime employees? Or, will I rely on subcontractors to do the work and help me scale?
     

5. How comfortable can I get with selling my services? If the idea of selling fills you with dread, you’re not alone. Many people fear sales. But consider this: Even the most well-established, successful consultants are constantly focused on growing their businesses. Selling is an essential part of the job.
   
   You don’t have to feel 100% comfortable with sales to get started. But ask yourself if you are prepared to do what it takes to figure it out, work through the discomfort, and do what it takes for your business to succeed.  If the answer is yes, then you have already taken a significant step toward success in your consulting business. 

For inspiration from others who have launched successful fulltime consulting businesses, check out these Relaunch Stories: 

• Rachel Dreyfus was a corporate market research exec who launched her own marketing strategy and research consultancy over 10 years ago. Her business has been going strong ever since.

• LaTresse Snead is a nonprofit leader who left the salaried world to launch a fast-growing coaching, consulting and talent recruitment firm, Bonsai Leadership Group.

• Isabella Masucci tripled her former event planning salary by ghost writing books for thought leaders. She writes four books a year while making time for daily workouts and nine weeks of vacation.