Part of Kathy Caprino’s series “Pursuing The Right Career Path for Success and Reward”
Over the past five years, more corporate professionals than ever have shared with me their deep desire to leave the corporate world – and their corporate careers – behind. Many feel pulled to start their own consultancy practices or other ventures, seeking greater control over their time, an escape from toxic work environments or terrible managers and leaders, and the freedom to forge their own paths and make the impact they dream to.
As workforce policies shift dramatically, many professionals are realizing that their current work situations are no longer sustainable or tolerable. I personally relate to these feelings. In the days following 9/11, I was laid off from my corporate VP role in a difficult way, despite previous assurances of a long future at the company. The experience for me was devastating, but it ultimately led me to reinvent my professional life—becoming a marriage and family therapist, career and leadership coach, writer, speaker and launching my own business in 2005.
Transitioning from corporate life to consulting or entrepreneurship is a dream many people hold, and thousands do have what it takes to succeed. However, this path is often deeply romanticized, particularly by those selling services and training programs to new entrepreneurs. Misleading messages about instant success, ease of growth and marketing, and the idea that making great money is simply a matter of “mindset” can be very damaging, leading many to experience financial hardship and deep fear, anxiety and regret.
The truth is that success as a consultant requires a vastly different skill set, mindset, and approach from what most professionals develop in their corporate roles.
If you’re considering this leap, here are important things to consider:
1. Understand the Realities of Consulting
Many professionals assume that corporate success will seamlessly translate into consulting success. I held this belief myself as a former corporate marketing, product development and research director and VP, and it didn’t serve me well. Consulting requires more than expertise—it demands the ability to market yourself, sell your services effectively, differentiate yourself from competitors, build effective consulting processes, and manage every aspect of your business. The learning curve can be steep.
Tip: Before your leap, speak with a wide array of consultants (both those who are successful and those who left the consulting field) to get an unvarnished, realistic view of what’s actually involved. Take a deep dive into the financial, operational, emotional, and behavioral demands of running your own business.
2. Develop the Essential Skills to Succeed on Your Own
Success as a consultant hinges on several key skills:
- Sales and Marketing: This is non-negotiable. You must learn how to position and sell yourself effectively. A strong, differentiated personal and professional brand is crucial. Clients need to see the value you bring and understand how you stand out from the competition. Additionally, you need a system and approach for consistently filling your client pipeline.
- Networking: Consulting success depends on strong, mutually beneficial relationships. You need to build and nurture a great referral network of potential clients, collaborators, and brand ambassadors.
- Financial Acumen: Managing cash flow, pricing your services appropriately, and understanding taxes and expenses are critical. Many consultants struggle because they underestimate or ignore these factors.
- Adaptability: Consulting requires the ability to pivot quickly to meet clients’ ever-evolving needs and market demands. Flexibility and openness to change are essential.
3. Adopt the Right Mindset
- Resilience: Consulting can be an isolating journey and typically, you’ll face a lot of rejection. That’s part of the process. You need a thick skin and strong, healthy boundaries while staying motivated through ups and downs. It’s also important to understand exactly why some clients choose to work with your competitors so you can refine your approach if needed.
- Strategic/Visionary Thinking: Consultants need to go beyond being “doers” and embrace the roles of leader, manager, strategist, and visionary. This means developing strategic plans, setting clear goals, and aligning actions with a long-term vision while remaining adaptable.
- Self-Trust: Trusting your instincts is key but healthy, productive questioning (of yourself and others) is important too. While advice from industry experts can be very valuable, blindly following “gurus” without assessing what aligns with your core values and strengths can be a mistake. (I’ve personally experienced this challenge multiple times, and it can lead to costly mistakes and missteps.)
4. Test the Waters Before You Leap
Before fully transitioning, consider consulting on the side first. This allows you to test your skills, build a client base, and determine if you genuinely enjoy the work and the realities of self-employment. It also prevents over-romanticizing the “freedom” of entrepreneurship while giving you time to build a financial cushion.
5. Close Your Power and Confidence Gaps
Many professionals struggle with internal and external power gaps—such as lack of confidence, difficulty advocating for themselves, fear of rejection, resistance to marketing and promotion, “perfectionistic overfunctioning” and chronically undervaluing their work. Addressing these gaps is essential for building a thriving consulting practice. My book, The Most Powerful You, explores the 7 damaging power and confidence gaps and how to close them to unlock greater success.
Final Thoughts
A successful transition from corporate life to consulting requires approaching it with eyes wide open and a willingness to learn, stretch and grow. It’s not just about “escaping” your corporate challenges. It will be a very different type of journey. It’s about intentionally building something of your own that can be sustainable, fulfilling, challenging, and financially rewarding. It’s also a new path that leverages your unique thinking and specialized approaches to helping your clients address their key challenges in new, successful ways.
If you’re considering this transition, don’t leap – prepare strategically. Consulting can be a deeply rewarding path but will be more successful when approached with clarity, readiness, client and business management skills, and a well-vetted plan. By taking the time to lay a strong foundation and avoid rushing into it as a way to leave your painful situation behind, you’ll set yourself up for a consulting career that not only meets your financial needs but also brings true fulfillment and reward, along with the positive impact you long to make in the world.
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For more information and support, visit Kathy Caprino’s career and leadership coaching programs and The Most Powerful You course. Take advantage of her new digital career coaching tool – Kathy Caprino AI – to get personalized answers to your most pressing career and professional questions and challenges, whenever you need them 24/7, via audio chat or message.
For a private 1:1 consultation with Kathy to explore your next career move, sign up here. Finally, to build more confidence, impact, authority and success in your professional life, work with Kathy in her 10-session Confidence and Success Growth program.
