STRATEGY: Ready for Consulting? or how full is your bank account BEFORE you start?


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Do you have financial security for soft spells?

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Having done it twice, first time was much more successful (i.e., lucrative) than the second, I KNOW that you don't go into it with a thin bank account. I had my original severance from AT&T that I had kept aside intact growing that I intended for retirement which was more than TWO years of my run rate. So, I didn't have to sweat selling, delivering, and COLLECTING on my invoices. I had a GREAT lady who was shilling for me. So, it really was never in doubt that I'd be OK. The Frau never sweated. She did the books for me so that was one less thing I had to do. Unpaid staff is great!

My take away was that you wind up with FIVE equally important "tasks":

(1) selling engagements (no sales; no paychecks);

(2) delivering results (no results; no paychecks);

(3) collecting on invoices (no dunning; no paychecks);

(4) creating new offerings (nothing new; declining markets to sell into);

(5) figuring out trends to get / keep out in front (don't have wisdom; no mindshare)

Try burning any candle at FIVE ends!

Area #5 was the most stressful for me. I had a lot of offerings and still felt the pressure to innovate. Eventually I burnt out. As a one man band, I was under incredible pressure by your Customers to have more bandwidth. That means expansion and then the problems really begin.

IMHO you have to start down this path when you are young and dumb. Once you've gotten used to the corporate regular check, it is TOO hard to transition. You're addicted to Ebeneezer's "security".

The Big Turkey

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