It has been too long since my last post…I decided to wrap-up a client project and then spend some time in the Maine woods with my wife (the topic of another post 🙂 ).
Given the conversations I’m currently having with a good friend and neighbor, and in keeping with the spirit of this blog, I thought I’d share my experiences with launching a consulting business. This, being the introductory post on the overall topic. So, here we go…
Many have the dream (or at least have had a fleeting wish) of starting their own business. Of these individuals, only a few take the necessary action to actually launch. And, of those that do, the statistics tell us “most” fail within the first 3-5 years.
Well, I’m happy to say that I haven’t contributed to these “failure” statistics. My consulting business launched back in 2002 and is still going strong today!
While the areas to be covered, to help ensure success, relate to launching a consulting practice, many of the steps, concepts and approaches can apply to launching any type of business. And, like sports, it is 90% mental – so prepare accordingly! As such, it is appropriate to share the following quote:
There is no scarcity of opportunity to make a living at what you love; there’s only scarcity of resolve to make it happen. ~ Wayne Dyer
And, a highly recommended reading:
To begin: Why do so many aspire to launch their own business? I can attest to the positive outcomes of doing so, which includes, but is certainly not limited to:
- Absolutely incredible psychological rewards!
- A sense of personal achievement resulting from fully and productively leveraging our God-given talents and abilities.
- The realization that we were able to make it happen with and through other people we helped and were helped by along the way.
- To a great extent we truly can choose when, if, for whom, where and for how long we’d like to work.
- The flexibility that results as there is no longer a need to abide by “corporate policy” (related to vacation, compensation, work structure, etc.) designed for the masses which can often limit personal initiative and (more importantly) liberty.
- Virtually unlimited financial rewards
- To a great extent we can “set our income” based upon:
- How much or little we (personally) wish to work.
- How we structure our business with additional team-members to expand our reach and delivery capabilities.
- Using tax law to our advantage. That is, many of our “current” expenses which are paid “after-tax” can be considered costs of doing business (paid on a “before-tax” basis, lowering our taxable income), including cell phone, Internet, computer, vehicle and related expenses, etc.
- To a great extent we can “set our income” based upon:
While the above outcomes are certainly exciting, please proceed with caution…The reality: this path is definitely NOT for everyone, given the previously shared statistics. And, early on “the business runs us” as we need to do whatever it takes to succeed. Over time, and with some measure of success, “we can run the business” (i.e., there will be much more flexibility). Finally, you are strongly encouraged to seek professional (legal and financial) advice to ensure you remain compliant with law and mitigate the potential risks involved.
In future posts I’ll share:
- A litmus test – A few items to ponder before considering the launch of a business.
- The steps and approaches to take in starting a business and my personal experience with each.
In summary, my goal is to minimize the risk of others contributing to the failure statistics. While there are no guarantees, if you have what it takes (which I’ll cover in future posts) you too have the potential to “Live YOUR Dream.”
If you wish to begin preparing for this journey NOW you are encouraged to scour this blog for other posts categorized as: Inspirational, Leadership and Personal Success.
Be Brave Not Safe 