Many times per year I get inquiries through my professional network from people who are interested in becoming consultants to talk to me about what it's been like. The say "You seem successful Cheri, so how does one become a consultant?"
Anyone can become a consultant by printing out business cards and getting a business license. Building a successful practice requires a lot more. Here are a few of the things I'd suggest if you are considering a transition into consulting:
1) Financial Reality Check - It took me 7 months to get my first client, and three years to get to the point where I was earning steady income. A lot of my early income was spent on developing my business, including trademark registrations, legal fees, website development, and professional education. Are you prepared to survive your 2-5 year "lean times" as you build your practice?
2) Business Savvy Reality Check - Do you know how to build a business plan, market your services, manage your business finances, and develop a professional network? If not, learning these things should be high on your list.
3) Confidence Reality Check - Are you confident and ready to advocate for the value you offer? Are you prepared to tell a CEO why you're a good investment? Confidence will develop with time, but it's hard to get very far without it.
4) Value Reality Check - Are you clear on how specifically you will improve your client's condition? (If not, go immediately to Alan Weiss's book Million Dollar Consulting. Required reading for all consultants as far as I'm concerned.)
5) Talent Reality Check- Successful consultants are multi-talented. They not only consult, but they write, they speak in front of groups, and they develop their own content. I had to get over my fear of public speaking. What hurdles will you have to overcome?
6) Network Reality Check- Do you know people who need what you offer, and who are able to pay for or recommend your services? The stronger your network is at the start, the faster you will find clients. My network was nonexistent, so I had to build it from scratch.
7) Personality Reality Check - No one reminds me to do my job. No one manages me. I am surrounded by potential distractions. Are you the kind of person who can sit down at home with your computer and put in a solid 8 (or 12) hour day to develop your business, even when you don't have clients yet? Self motivation is essential.
You don't need to have absolutely everything figured out from the get-go, but remember that any education you can get BEFORE opening your doors will shorten your time to that first client.
I love consulting, but there are easier ways of making a living. I think that for most people, the answer to "should I be a consultant?" is "no." If you read this and it sounds more exciting than it does scary, perhaps you're one of the few who will be poised for success.
Other consultants... feel free to chime in!