This blog series addresses some common misconceptions about consulting and executive coaching. Visit the CommsLede blog or my LinkedIn page for more…
Misconception 3: If I’m a subject matter expert/talented professional, consulting or coaching will be an easy transition.
According to the U.S. Bureau of Labor statistics, approximately 20% of small businesses fail during their first two years, about 50% fail within five years, and 70% collapse within ten years.
Why?
Simply put: Knowing how to grill an outstanding steak doesn’t guarantee you can run a successful restaurant.
I don’t say this to scare anyone off or burst anyone’s balloon. Lots of folks can be successful consultants and coaches.
I’d just be remiss if I didn’t call out that running a private practice goes beyond functional expertise and a nice-looking website. Whether it’s scoping work, forecasting, client pipeline development, identifying trusted partners, keeping your books up to date or building a strong brand, your current skillset, workstyle, or personality today might not be a good fit with small business management.
And that’s okay.
You can skill up, learning as you go.
You can take courses or research on your own.
You can find someone willing to mentor you.
… Or you can decide the stress and unpredictability of small business ownership is just not for you.
I always encourage folks to learn what it truly takes to run a business and honestly assess their tolerance for financial uncertainty and risk (see previous post) before assuming consulting is something they want to take on.
With more than two decades of communications experience spanning agencies, Fortune-100 organizations, non-profits and academia, Kristi Hinck Mills brings her passion for communications to CommsLede Consulting, where she delivers strategic solutions and executive coaching for her clients. Visit the CommsLede blog for more tips.
