The golden handcuff fallacy
Most white collar professionals shy away from starting their own businesses.
They think that independence will require more work and greater risk while likely making less money (at least for a season).
But this is the golden handcuff fallacy – the idea that it’s better to suffer where you are than to make a move that will change your life for the better.
This is a fundamental misconception about being an independent consultant – that it’s riskier than it actually is.
Going independent will liberate you from your current job.
Moreover, it’s the fastest route to making more money and infusing purpose back into your day.
It’s the best way to reclaim your time such that you’re only focusing on what you want.
This is especially true when you cross the threshold into your first $150,000 into multiple six futures.
I call this the Solopreneur phase of growing a business. It’s when you start operating as more than a freelancer, but not quite a true entrepreneur (yet!).
If you have a solid professional background and network, this level of income and freedom is so much closer than you realize.
I’m going to break it down for you.
After going independent, here’s what you can expect in your first 12-24 months.
(Yes - it can take this long. It’s about showing up consistently, not being an overnight sensation).
In your first 6 months, you’ll likely uncover an anchor account or two that help you keep the lights on. This can help you get to that first $150,000.
But you can’t rely on 1 or 2 clients as an independent consultant.
You’ll need to build a business that is predictable and sustainable – and one that aligns with your true passion.
Here’s what you’ll need:
1 or 2 clear offers (likely a custom consulting framework as well as a turn-key solution that you’re in love with)
A basic website that showcases your authority as a consultant
A network of top professionals who refer you consistently
1-2 coffee chats per week to keep your pipeline HOT
A solid resume and LinkedIn profile (think of this as an online business card)
1 post per week on LinkedIn (or the social media platform of your choice)
An email list that you’re growing consistently
High quality delivery to your existing clients
Once your consultancy is built and running, it becomes a consistent source of income.
You can accurately predict what you’re going to make each year because you’re no longer at the mercy of 1 or 2 clients.
Your network becomes your sales engine. They sell for you.
Most people don’t realize the incredible sense of freedom and autonomy that comes from running a small consulting business like this.
You don’t need employees or complex operations.
You just need to keep getting referred. Which means you need to keep the quality of your work high and your prices reasonable so that you’re always top of mind.
The longer you do this, the easier it gets. Eventually you’ll find yourself on autopilot.
That’s how you’ll know it’s time to level up and move into Phase 3 of your business growth: becoming a true entrepreneur with a scalable business that runs itself even when you’re asleep or on vacation (more on this topic at a later date).
But until then, enjoy the ride. It’s so much simpler than you think.
Chris
PS: Pro Tip - what typically makes it hard for people to get to this point is that they underestimate how many conversations they’ll need to have with folks in their network to get the engine ramped up. They think that it’s sufficient to change their LinkedIn profile or casually mention their business to a few old colleagues. Your network is like a fire. It requires constant fuel to keep it hot. So turn up the heat!
And if you know you’re ready to start the journey, sign up with me today. I’ll walk you through every step.
Thanks For Reading!
I am on a mission to help driven people find clarity in the fast lane – making great money doing work they love, on their own terms.
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