You’ve been thinking about starting a full-time consulting business for months… maybe years. You’ve read the books, you’ve taken the courses, you’ve done your reality-check interviews, you’ve written your business plan. But you’re still hesitating to launch your business, or you’re trying to work on your business evenings and weekends while spending your most productive time as an employee for someone else. What will it take for you to make the leap?
I’ve seen a lot of myths about consulting, all of them as hoary and false as the idea that if you build a better mousetrap, people will beat a path to your door. Following are the infopreneur myths I’ve found to be most prevalent… and wrong.
#1. Consulting is what people do when they’re between jobs
In my experience, you can’t both start a business and look for a job; either you are focused on finding what your clients need most and how you can meet those needs, or you’re focused on finding who will hire you for your skills.
#2. The services I provided as an employee will be valued by consulting clients
From both my own experience and that of people I coach, one of the biggest challenges for solopreneurs is keeping ourselves motivated and focused on doing the important things, even if they’re not the things we want to do.
When I hear myself saying “I know I should do such-and-such, but …”, I stop and ask myself what is keeping me from doing that thing. As a one-person business, I don’t have a boss to hold me accountable and the consequences of non-action aren’t as immediately painful as doing something that’s way outside my comfort zone. Here are a few of the things that help me move from “I know I should” to “I did it!”
It’s always more effective for a solopreneur to attract clients rather than chase after them. Cold calls and cold emails are usually unwanted, most likely not immediately relevant to the recipient, and often filtered as spam. Building a reputation as a respected expert in your field, on the other hand, can be an efficient way to attract clients who need, value and will pay you for your services. Following are seven traits that successful thought leaders develop.
Be curious. Read news sources that cover trends in your industry and reflect on what impacts new developments will have. Attend conferences; the conversations and serendipitous meetings enhance your credibility and expand your horizons.
Quick—think about the last time you interacted with a client. It probably felt pretty straightforward. Your client tells you what they need, you talk about any details, and the conversation is done. I recently had an experience that reminded me that every client interaction comes with layers upon layers of assumptions that we often miss.
Malcolm Gladwell, author of Outliers: The Story of Success, advocated the principle that it takes 10,000 hours of what he called “deliberate practice” to become an expert in your field, whether it’s programming, performing music, or playing basketball. Subsequent studies have called his premise into question and, in any event, not all of us aspire to become the next Bill Gates, Yo-Yo Ma, or Michael Jordan of our field.
However, I believe that a version of this metric applies to infopreneurs, both those just starting their business and those who are pivoting to a new market or providing a new service. Based on hundreds of conversations I’ve had with fellow infopreneurs, I believe that it takes 400 hours of work to get a business to its first paying client or its first client in a new field.
Procrastination has so many negative connotations; it’s often seen as an indicator of a lack of self-control or inability to manage your time. As someone who <ahem> does some of her best work under deadline, I have learned to distinguish between strategic procrastination—what I call finding the last best moment to address something— and simple avoidance of something I just don’t want to do, when my inner two-year-old wants to stomp her feet and say “you’re not the boss of me!”
Here are the clues I look for when a deadline looms and I’m still not working on the project.
Having seen Hidden Figures and read the book it was based on, I can’t stop thinking about Dorothy Vaughan, one of the African-American “computers” (mostly female mathematicians skilled in complex calculations) at NASA. When she was faced with the prospect of being replaced by a newly installed IBM computer, she taught herself and her staff how to program in FORTRAN. Rather than bemoan this disruptive technology, she gained the skills she needed and made her whole team more valuable to NASA.
While most of us aren’t responsible for getting astronauts into space and back home safely, solopreneurs also have to adjust when something new and unexpected enters the picture. If we don’t, we may sit up one day and realize that we don’t have the kind of schedule that lets us enjoy our family, or we never seem to have enough money, or our usual clients just aren’t sending us as much work as they used to.
These situations usually arise because we are no longer aligned with what our clients most need, value and will pay for… we are focusing on the HOW of what we do rather than the WHY. Here are some prompts to help you start thinking differently about yourself and your business.
No one likes to think about worst-case scenarios; we all imagine that we will live an accident-free life and our business will run smoothly until we retire. However, just as we buy insurance while hoping we never need it, we should look at our business operations and imagine what would happen if we suddenly became incapacitated by injury or illness or if you got hit by the proverbial bus. Who would notify your clients, pay your bills, and put your business on pause? Does that person know who your clients are or how to log into your email account?
In addition to estate planning, we solopreneurs need to plan for the unlikely situation in which someone who isn’t familiar with our needs to step into our shoes. The following are thoughts on how to write up instructions for where a family member, trusted friend or colleague could find everything needed to put your business on pause or, in the worst case, close it down for you.
Fill out this checklist (click here for an unannotated version) and give a copy to two people who might be called upon to help in an emergency, keeping in mind that a trusted colleague or good friend may be more familiar with your business – and the issues of a solopreneur in general – than a family member.
Although I’m pretty comfortable speaking in front of a crowd now, I wasn’t born that way. In fact, I remember being absolutely terrified for at least the first few dozen presentations I gave. I managed to get the terror under control but it took many years before I discovered the secret weapon that has completely turned around my experience speaking in public.