SmartPulse — our weekly nonscientific reader poll in SmartBrief on Leadership — tracks feedback from more than 220,000 business leaders. We run the poll question each week in our newsletter.
Have you ever considered running your own consulting firm?
- Yes, but I haven’t done it yet. 46.5%
- No, I’ve never considered it. 30.2%
- Yes, and I’m currently doing so. 13.6%
- Yes, I once ran a consulting firm but don’t anymore. 9.8%
Get the revenue model right. Many of you have considered hanging out your own shingle and running your own consulting firm. One of the most important questions you have to answer is: what’s your revenue model going to be? If you don’t get the revenue model right, you’ll be spending too much time working and not getting paid enough for it. You might also miss out on lucrative alternate sources of revenue if you’re not thoughtful about what assets you have to sell. You must understand the different types of consulting revenue models and choose yours deliberately. It can be the difference between working like a dog and retiring early.
Mike Figliuolo is managing director of thoughtLEADERS. Before launching his own company, he worked at McKinsey & Co., Capital One and Scotts Miracle-Gro. He is a graduate of the U.S. Military Academy at West Point. He’s the author of three leadership books: “One Piece of Paper,” “Lead Inside the Box” and “The Elegant Pitch.”