Throughout our careers, priorities change regularly. What was new and exciting is now familiar and mundane. When you’ve spent long enough in a role at one company, or in a function across many, you may realise that the things you once valued highly, such as money, training, advancement, recognition, now take a back seat to freedom, versatility… excitement. But that freedom to choose becomes burdensome. What role out there will give me the autonomy to be a leader, to share my experience? And, what role out there will respect that, too? If you’re unable to find a satisfactory solution, the only person you can rely on for change is yourself.
Now, choosing to become a consultant at this inflection point isn’t the only path into running your own boutique, to the contrary. Many are also blessed with the entrepreneurial bug. Venturing out alone isn’t a reaction to circumstance, it’s a calling – and yet, no matter which path you’ve taken, the next step can only be understood by experiencing it. However, that’s no excuse to go into it blind. So, let’s assess the three types of people who’ve arrived at the starting line.
The Proactive.
Consultancy doesn’t have to be something you thought of on Friday and start on Monday. Many spend months and years actively building a network, designing a business model, carving out their niche. For them, consultancy is the next purposeful step. Through open discussion, the full-time employed may negotiate allowances in their contracts to moonlight for small clients. They’ll ask friends and peers to contribute to their idea, such as providing support forming contracts and engagement letters, figuring out pricing, building a network for expertise blind spots. All the while, they’re experiencing what’s to come in bite-sized pieces, but from the security of a steady paycheque. When they’re ready, they’ll feel prepared.
The Reactive.
Planning only gets you so far. That’s what the more spontaneous of us believe, anyway. But it’s true when it comes to launching your own business. The woman who dips her toe rarely dives in; the one who jumps is already committed.
The reactive, often in this situation through redundancy or life events, or spurred on by friends who are already living the dream, tend to have a ‘why the hell not?’ attitude, and dive right in. That can be great for avoiding overthinking and instead getting stuck into the meat and bones of what running your own business is all about. Decisions are made with less nuance than a Proactive. More yes/no, and less ‘but what if’. They’re a little less prepared but can have an advantage – limiting imposter syndrome and fear of the known. Sometimes this route can be a little overwhelming, and you need a network to help navigate hurdles.
The Supported.
Entrepreneurship needn’t be solo. Some venture into their unknown with a partner, either a co-founder or a backer. In fact, the most common scenario for a consultant is to first be supported by their previous employer. This, for me, is the riskiest route despite its apparent security. Having someone to bounce ideas off, to financially support you in the early stages, or to provide you with a soft landing, is an excellent starting point. But your weaknesses can be hard to spot if you get too comfortable. So, be vigilant when growing a business in this way.
So, what can you do to be prepared but maintain that entrepreneurial instinct that’ll see you through the winter?
- Surround yourself with peers. That’s what Compliance Circle is at its core. A trusted network of peers to support one another, but also to measure yourself against. So, engage genuinely and consistently with your peers; not simply for emotional support or technical advice, but also as a subtle benchmarking exercise. Observing their struggles and triumphs can quietly inform your own direction.
- Figure out your weak spots. Spend time to understand your immediate and short-term challenges by asking yourself detailed, tactical questions.
What if I get a call for a project I can’t do alone? What’s my strategy?
What if this work dries up next week? What does business development look like to me?
What if a deal isn’t closing or there is a dispute over appropriate terms? What’s my stance?
What type of accountancy do I want from day one? How do I deal with a late payment?
- Decide on a data storage system. One thing I’d not do on the fly is data management. Settle on Google or Microsoft (or a mix), set up your emails, your phone, your CRM, your diary, and your deal pipelines. This is a key area to invest in early. Use your network for referrals, discount codes, and best practices.
- Have a story. This is a heavily underutilised tool in a consultant’s arsenal. You’re not part of a big brand anymore… in fact, you’re not part of any brand. Avoid clichés like ‘holistic’, ‘bespoke’, ‘tailored’, and promote real authenticity. The big firms leverage their history, their trust, but you don’t have any of that yet, other than goodwill from prior professional relationships. Ask yourself why you’re doing this and what you want to be able to deliver for your clients. And don’t be afraid of telling them your gameplan. (*)
(*) Have an exit strategy.
- You might wonder why, on day one of your new venture, do you need to know what the last day might look like, but it’s a tool the best and most successful consultants use every day. Your exit strategy doesn’t have to be permanent, far from it, but it does have to be genuine. An exit strategy quietly influences all your key decisions. Do you envision building something to sell, a lifestyle business designed around your personal goals, or perhaps consultancy as a bridge to your next corporate role? Each subtly shifts your approach, from client relationships and contract terms, to brand investment and even personal working hours.
These are small but important steps if you’re to have the best chance of success as a consultant. And these are just simple guides – you really do have a lot else to consider, from niche services to event selection, budgeting, client type, hiring, and so much more.
If you’re exploring your next step and you’d like to know more about how to become a consultant, or you want to talk through your options, reach out to us at hello@compliance-circle.co
