Why I’m Giving Up My Consulting Business (And Why You Should Too!)

Sorry. Doors are closed. The shop has been shut! I’ve recently made a decision to discontinue offering consulting services. Not that I’m saying that I never will again, but I’ve come to the realisation that it isn’t a viable business model. Let me explain…

1. Trading Time for Money

 time and money

At the end of the day, consulting is still trading time for money. A client relationship is still a one to one relationship. You’re the one delivering a service to the one customer. Once you finish, you move onto the next and then the next! The problem? You can only ever help a limited amount of people with the amount of hours you have free in a day. At the same time, you also cap your income potential. Regardless of the amount you’re being paid, there will always be a limitation.

2. Expansion is Limited

Unless I decide to hire people and build a team, it is difficult to expand when you’re a team of one. You’re the one person managing sales, marketing, finance, customer relations, not to mention delivering your service! The problem is, this model is exhausting. It can lead to burn out if you’re not careful. If you’re working on your own, don’t over commit. Trying to chew off more than you can handle can do more harm than good to your business.

3. Fuelling Other’s Dreams

The problem is, as much as I enjoyed doing what I love, it wasn’t actually fulfilling my dreams. Although I might have enjoyed the medium that I was working with, I was working to highlight the content and message of others, rather than my own. This lead to a degree of frustration as I realised I was putting my big passions and overall purpose on hold.

My New focus… Three Little Words! Products. Passions. Purpose.

Products: Looking Beyond Trading Time for Money

As I mentioned above, it’s pretty clear that trading time for money is limited. Sure, if you have a fantastic hourly rate – you might not be complaining. But really, think about this for a second. What if you could reach a much bigger client base? What if you could create something just once, but sell an infinite number of copies? Not bad, right? It’s a little thing called leverage. When you harness the power of leverage, then you have the power to not only ramp up your earning potential, but you can also have a far greater impact on the lives of others. So I’m now gearing up to teach and share my skills in saleable products. Stay tuned!

Passions: You Have to Do What You Love

Time is precious. We only have a set amount of hours every day, every week, every year to not only make an income, but to also work towards our passions. If we are looking at the grant scheme of things, why bother working on things that we simply don’t enjoy doing? Why would we do it? Because of the love of money?

I don’t believe you can be motivated by money alone. If you can follow your passions (and find passions with a large audience), then you’re going to be far more motivated and productive… As a result, far more successful! And if you can work towards your purpose…

Purpose: Your Big Gift to the World!

we're not born just to pay bills and die.png

I recently shared a quote on Facebook, reading ‘we are not born to just pay bills and die’. I couldn’t agree more! A lot of us spend most of our lives trying to work out our purpose, some know our purpose practically from day one. Our purpose isn’t necessarily tied into our business. It could be a range of different things. It’s ultimately finding your purpose is finding your gift to the world. It’s whatever will make you emotionally charged with extreme amounts of passion. My learning? Keep searching, keep discovering what your true purpose is. Because when you tap into what truly inspires you, motivates you, gives you an unlimited amounts of joy and gratitude… You’re winning! And if you can tap into this in a way that helps others, maybe there’s an income to be earned as well? More on that another time…

In Conclusion…

I discovered that my consulting business was taking up too much of my precious time and wasn’t truly devolving into my passions. It certainly wasn’t tapping into my purpose! Will my next venture enable me to do so? Stay tuned! Question for you: are you working on finding more time for your passions… and your grant purpose? Leave a comment below!

 

Scroll to Top