I want to Start up my Own Business!
But are you Sure its the right move
for you at this stage in your career?
'I want to start up my own business ...' - Its a sentiment shared and often expressed by many Successful Professionals.
Discover why Thousands of people each year decide to become Independent Consultants AND whether Freelance Employment is the right choice for you...
Some of the Key Reasons why people answer 'YES, I am going to start up my own business and work independently' are set out below:
- Flexibility to work where, when and with the clients you choose
- You own the relationship with the client - - ultimately you can choose to walk away if you are not comfortable with the balance of Risk and Reward
- You set the quality standard and deliver projects to your own high standard
- You sell the work and you deliver the work - this gives you a HUGE advantage because the assignment is not 'oversold' i.e. the sales guy promises the client the earth, secures the business (and his commission), then walks away and is not accountable for delivery
- Because you simply do not like to be employed; the employer / employee relationship does not sit comfortably with you
- You want to substantially increase your income and wealth to achieve financial independence for yourself and your family
- You are no longer willing to work to make others wealthy ahead of yourself - you can no longer ignore that voice that quietly and regulary says to you 'I want to start up my own business...start up my own business...start up my own business...'
- You have a very clearly defined financial strategy. Taking the natural step to start your own consulting business represents the next stage in your plan
- Skin in the game - you want to build a business in which you own 100% of the equity
- Tax benefits - significant tax benefits are available to the self employed that are not available to employees
- Work life balance - many employees feel stressed, overworked and undervalued in their current employment. The plight of the middle manager...
- Office politics - How often do you wish you could just walk away from the politics and work on your own terms?
- Uncertainty - Are you tired of jumping through hoops throughout the year, stressed and working long hours, just for the possibility of getting paid a bonus or winning that promotion?
- Do you have Respect for your boss?
- Are you proud to work for the organisation that employs you?
- To realise your long-held ambition to 'Start up my own business'
- Redundancy may force you to actively consider the option to start your own consulting business
Quality of life
One of the aims of this site is to help you put some structure around your thinking and provide some focus for your ideas.
I will share with you some hard data and my own insights based on my personal experience of working as an Independent Consultant over the past 6 years.But first.
Imagine yourself and your working life two short years from now...
- You took the Decision: 'YES, I am going to start up my own business...' and You have been trading successfully as an Independent Consultant for just 24 months
- You are feeling excited by the commercial opportunities that open up to you from week to week
- You wake in the morning with a positive attitude - no longer the grey dawning of yet another day working to make someone else wealthy. The decision you took to 'Start up my own business' feels right and has put a real spring in your step
- You have your own loyal, hand picked client base. You work hard. Yes, you sometimes work long hours but it's all on your terms. You get true satisfaction from doing a good job for your clients
- Your fees fully reflect the market rate for your skills, experience and expertise
- Your annual pre tax profits are on target to treble or even quadruple your previous annual salary as an employee
- You could repay your mortgage in full tomorrow if you chose to do so
- You invoice your clients direct and the full value of each invoice is credited direct to your own business bank account within 30 days
- You have no need to sell - your hard earned reputation for delivery enables you to secure contracts through solid referrals from satisfied clients
- Your practice is flourishing; you have a growing portfolio of written testimonials from delighted clients that you are proud to be able to show to potential new clients
- You pay yourself first - before you pay the tax man. At the end of each trading year, you decide how much to pay yourself from your own business
- On advice from your accountant and tax adviser you structure your drawings from the business as a mixture of salary, dividends and other benefits to optimise your tax position
- Your business pays tax many months or even years after the end of the trading period in which the profit was generated. In the interim, that cash is on deposit, earning you interest and is fully in your control
- You pay tax typically at a lower average rate than previously as an employee
- Your mind races as you work through the range of possibilities for developing your Consulting Practice
- You are part of a flourishing network of like-minded Independent Consultants. Each an expert in his / her own field. Each willing to selflessly help, support and assist others in the network
- You have scheduled a four week holiday during August to coincide with your clients' summer break. You have two weeks in the sun booked and two weeks of professional development activity planned
- You are in control of your own time and master of your own destiny. You Look back at your life as it was two years ago and feel proud at having had the courage to say 'Yes, I am going to start up my own business...'
A note on Navigation
This tier 2 page is 1 of 4 interrelated pages that together are intended to provide a basic body of information to assist you with starting your own consulting business. The four pages seek to answer following questions:
1. Why (This page)
The rationale for considering starting your own consulting business including consideration of the advantages and disadvantages.
What is a Consultant? - Basic definitions and distinctions between different ways of working.
The factors that are likely to influence the timing of your move to establish your own consulting practice.
A summary of the key activities and steps that are inherent to starting your own consulting business and making a smooth transition to a commercially successful independent consulting business.
More information to provide useful context:
Revealed... the Key Advantages of working as an Independent Consultant
Caution - - Some of the Disadvantages of working as an Independent Consultant...
The Big 5 Consulting firms
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