2020 Study: Why Smart People Start a Consulting Business (And What Holds Them Back)

So, you want to start a consulting business? Or interested in taking your consulting business the next level?

Most high-achieving professionals at some point in their career dream of ditching the pressure of the 70-hour workweeks and start a consulting business. But there are many factors that hold them back.

This year, we created a survey that we administered to both new and seasoned consultants to learn more about what drives smart people to start their own consulting businesses and what stands in the way of their success. And we're super-excited to share the findings below. 

Read on if you'd like some instant validation that consulting is right for you, insight into the predictable challenges that most consultants face and strategies for overcoming hidden barriers to success.

Why Smart People Start Consulting Businesses

Starting a consulting businesses is a massive career transition. There are five reasons that drive accomplished professionals to a make a move of this...

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How to Discover and Own Your Consulting Superpower: Interview with Charles Browne

4 - mindset mastery Apr 24, 2020
 

Interview Transcript:

Betsy Jordyn:    Hey, it’s Betsy Jordyn.  I am super excited to introduce you all to Charles Browne, the latest graduate from the Consultant’s Institute, who has got an amazing new business that he is launching, so welcome.

Charles Browne:  Hi.  Thank you.

Betsy Jordyn:  So, what I would love to do first, is like just take us back in time, and tell us a little bit about your journey.  So, I know that you didn’t just wake up one day and say hey I want to start a consulting business, you’ve been thinking about it for a while.  So, take us back to your journey.

Charles Browne:  Yeah, absolutely.  That’s exactly the best way to describe it too.  So, I started my profession career in the Navy, as a member of the Naval Nuclear Power Program.  And when I left the Navy, I worked at a couple of commercial sites, and then for a couple OEMs, Westinghouse and GE.

And through both...

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10 Ways to Use the Fool Archetype to Increase Your Consulting Success

Today is April Fool's Day. Doesn't feel like a day to be pranking each other given the current global health and economic crisis. But that doesn't mean we can't celebrate the Fool archetype.

I am a massive fan of mythology and archetypes. In fact, I love the archetypes so much that I became a certified archetype consultant through Caroline Myss' CMED program. To me archetypes are a short-hand way to connect our individual stories to transcendent universal ones.

Archetypes the secret behind all the success of the movies that we love. We don't just watch Luke Skywalker, Harry Potter or Shrek go on magical journeys. We see the Hero and his journey in action. We love Tom Hanks because he is the Everyman that we all can relate to. Hugh Jackman is the Warrior that overcomes incredible odds for the sake of freedom - from Curly in Oklahoma, Valjean in Les Miserables and PT Barnum in The Greatest Showman. 

What A Fool Believes...

Right now we're in the age of the Fool....

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What The Coronavirus (COVID-19) Means For Consultant Marketing

4 - mindset mastery Mar 31, 2020

Oil...water, consultants...marketing. In general, consultants are not the biggest fans of marketing, even in the best of times. The marketing challenge is definitely exacerbated in times like these, when there is a massive threat to our global health and economy.

But here's the deal - how you treat your clients (those you already know and are working with AND the ones you don't know yet that you meet through marketing) could define your consulting brand. 

If you say and do nothing, you might be perceived as out of touch and irrelevant.  If you get super aggressive, you might be seen as an ambulance chaser.

So what can you do? Let me give you a few ideas:

1. Make sure your auto-responders and messaging aren't tone deaf

  • Update auto-responder emails for lead magnets with customized messages for today's situation. You don't want to come across like you're unaware of what is going on in the world.
  • Pivot webinar descriptions, content and calls to action to be relevant...
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Laid off? Five Ways to Cope with the Stress, Shame and Fear

4 - mindset mastery Mar 27, 2020

As a business mentor to aspiring consulting and coaching business owners, I deal with people who have been laid off all the time. I sit with their shame and fear as they find their courage to pursue the entrepreneurial dreams that the layoff simply accelerated. It's hard enough when it's only your career that takes a hit. For many who are dealing with layoffs right now, it's a career hit, in the middle of a health crisis, in a market where no one is hiring.

Here's some advice that hopefully will help you cope and see the light at the end of this trial:

1. Normalize any and all feelings you might have

Getting laid off, even in times like now, is a shock to the system. The losses are on multiple levels that begin with money and fears around how you're going to provide for yourself and your loved ones. But the real shame that keeps many people stuck is the personal rejection after years of investing oneself and talents to help grow someone else's bottom-line. On a rational level you...

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5 Ways Playing Small is Sabotaging Your Consulting Success

4 - mindset mastery Mar 09, 2020

"Playing small" is making choices that put a lid on your true potential. It's the part of you that wants to protect your comfort, security and validation in the short-term at the expense of what is possible in the long-term.

These feelings are particularly acute for both new and seasoned consulting and coaching business owners which in comparison to other business owners, growing to the next level is personal because your business is based on you. Your ideas. Your expertise. 

It's hard for everyone to step outside their comfort zone, but for you, it can be excruciating because it can feel that not just the business is at risk but everything you have worked so hard to achieve will come crashing down.

You're probably very well aware of the impact that playing small is having on your self-esteem and business results. You're not getting your website copy done, under-charging your clients, and taking work that makes you feel more like an employee vs. an advisor. 

Let...

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The Business Empath's Guide to Consulting & Coaching

Do you feel overwhelmed by the issues and challenges your clients are experiencing? Do unhealthy work environments and power-over leadership practices burn you out and drain you?

If so, you might be an empath. An empath is someone with an extremely reactive neurological system which causes them to absorb both the positive and stressful energies around them. 

I'm an Empath.

I didn't realize I was an empath for a long time. I started to suspect that I was when I was presenting some difficult feedback to a client about their sales practices. I had sat with over 100 focus group participants and heard story after story about the impact of the company's unethical sales practices on their lives. And I was heartbroken when the client disregarded the feedback. 

Being an empath in a profession like ours, where you see the underbelly of organizations and leaders, can be hard. You have a superpower because of how well you understand the hearts and minds of everyone in your client...

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How to Confidently Articulate the Value of What You Do

Over the years there has been one particular roadblock that I watch both new and experienced consultants and coaches hit time and time again.  The truth is, I hit the same roadblock when I first started.

We all know we have tremendous value to offer our clients.

We can see the transformation that’s waiting for them….

…But when it comes time to put that value into words and communicate it to those same clients?

We freeze.

Unable to quantify our value.

This is what I want to start to unpack for you in this article.

Three Myths About Your Consulting and Coaching Value

To do this, I have to first expose the myths.

1. What you do isn't the same as your methodologies or tools.

Your value isn't found in your tools. It's in how you use your tools that matters.

A carpenter may have a hammer, screwdriver and drill and perhaps the best ones on the market. But as a customer we don't care about his tools. We care about how what he does with those tools to build something...

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10 Ways To Making Money And A Difference as a Consultant & Coach (Number 2 Is My Favorite)

If you want to start or grow a profitable consulting and coaching business you need systems and processes to consistently attract, impress and convert a steady stream of ideal clients and deliver exceptional results once you land them. 

To experience greater significance, isn't about doing different tasks but going about those same tasks with new eyes.

The perceptive eyes you need to cultivate includes reverence for your client's work and for your own. It's coming to a place of understanding and respect for the complexity that leaders manage when trying to guide human beings to work together. It's seeing your role beyond an "order taker" or "extra pair of hands" and owning your place as an essential strategic partner.

Related: How to Position Yourself as a Peer (and Stay out of the Dreaded "Pair of Hands" Trap)

Here's 10 ways to perceive the significance of your role and why consultants and coaches matter. 

1. Consultants and coaches exist to enhance leadership...

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Nice Consultants and Coaches vs. Good Ones

If you really want to make money and a difference as a consultant or coach, you can't get there by being nice.

You have to be good.

Nice on the surface appears more ethical and in alignment with one's integrity. A "nice" consultant or coach delivers what a client asks for. Doesn't get too aggressive with their marketing. And certainly doesn't push a client to pay them what they are worth.

But in reality - nice isn't nice. Being nice keeps feathers from being ruffled and maintains a surface experience of pleasantness while hiding or minimizing the real issues that are begging for transformation and the real reason why consultants and coaches exist.

Our profession isn't a new one. It's an old one. The office of an executive advisor was created thousands of years ago, at the same time the office of the king was established. In ancient stories, myths and spiritual traditions, the King always had a Prophet, Mentor, Magician, Guide or Jester that spoke truth to power. And helped the King...

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