I just returned from a business trip to California via the Red Eye, took a shower and went into work. This is the third time in six weeks that I have made this trip and it's getting old. On top of this, my boss is frequently "missing in action." Whenever I need to speak with him, he is either in a meeting or traveling. At times like this, I dream of being on my own as a consultant. In many respects, I operate as a solo practitioner, but inside of a large company. I know that you have been in consulting for some time and would like your opinion of the pros and cons of "hanging out my own shingle."

There are many corporate employees who think about consulting as an alternative to working for their employer. In addition, when people are caught up in a layoff they sometimes give consulting a try. The lifestyle is appealing, setting your own hours, not having a boss and possibly limiting the amount of travel by focusing on a specific geographic area.

As you have indicated in your email, I have been consulting as a solo practitioner for thirteen years. The following are my thoughts on "hanging out your shingle."

• Make sure you are going "to something of value" and not running away from a difficult situation. In other words, the transition to consulting should be well thought out and not an emotional response to a bad situation in your current job.

• Can you tolerate significant periods of time working alone? This one factor alone drives many new consultants back to a corporate job. Successful solo practitioners are highly autonomous and don't have a strong need to be part of a team.

• Can you and your family accept a fluctuating income? Even top consultants have variability in their cash flow. There may be months when you do very well and others when revenues are slow. This can provoke high anxiety for many individuals.

• Are you good at sales and marketing? How do you feel about going to networking meetings, making telephone calls to prospects, delivering speeches at trade associations and writing articles and books to market your services or products? Believe it or not, a technically average consultant who is good at marketing will greatly outperform a great technical person who is average at marketing.

The Upside of Consulting

Many individuals find consulting to be a great way to make a living. They get to choose assignments that are challenging and to work with clients who share their values. The lifestyle is one where flexible hours can usually be arranged. Every ounce of effort that you put into a practice will benefit you and no one else. The opportunities for professional growth are immense. As a solo practitioner you will do everything associated with the business including delivery of the service/product, marketing, sales, accounts payable and accounts receivable. The growth will come from learning to do all of these things without outside help.

No one can make the decision to become a consultant for you. Sometimes it is best not to quit your day job, but to do consulting part-time. This approach will help you assess if consulting is right for you. I would recommend hiring a business coach to help you work through the pros and cons of this important decision. Hire someone who has a lot of experience working with people who do what you would like to do. Make one of the deliverables a business plan for the first year. Included in that plan should be how much money you need to make. Don't forget to include the money necessary for health insurance, self-employment tax and retirement. Include in the plan who would buy your services/product and why they would do business with you and not someone else. Define what differentiates you from every other consultant in your specialty. Also have the business coach help you define a target market. This is critical if you intend to be a solo practitioner.

I hope these comments are helpful. Don't hesitate to contact me if I can be of further assistance.

Copyright , Mark J. Campbell. All rights reserved.
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"Mark Campbell partners with organizations for leadership development. For a complimentary subscription to his newsletter, "Management Challenges," go to www.mjcampbellassoc.com."

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