7 Questions to Validate that Consulting/Coaching Business Ownership is Right for You

Want rock-solid confidence that starting or growing your own consulting or coaching business is right for you? Use these questions to help you get it.

1. What is telling you that you want to grow your own consulting or coaching business?

Which of the following reflects your answer:

• I have always wanted to run my own business
• I'm burnt out
• I got laid off
• I just want more - more freedom, more control, more meaning

What your answers indicate:

The desire to grow your own business doesn’t happen overnight. It’s probably been going on for a while. A key indicator that you’re supposed to grow your own business is simply that you want to. You think that the idea sounds exciting and if you had it all your way – if fears about money and having what it takes were off the table – this is what you’d love to do.

2. What emotions do you experience when you think about growing your own business?

Which of the following reflects your answer:

• Excitement, Calm, Joy
• Fear, Anxiety 
• Overwhelm

What your answers indicate:

Having emotions of any kind are indicators that you’re on the right track with your business aspirations. The thing is that leaping from the 9-5 or making a shift in your business direction feel risky. Therefore, your heart, mind and body respond to this change with the twin emotions of excitement and fear.

• Do you have excitement AND fear? If so, they are good indicators that this is the right move for you.
• Do you feel neutral about the idea? Take a beat and reconsider if this is the right path for you.

3. Why do you want to start your own consulting business or coaching practice?

Which of the following reflects your answer:

• It’s the logical next step for my career
• I like helping and influence others to grow and improve
• I want control over my career, time and earning power
• I want to be able to work from anywhere

What your answers indicate:

There’s actually two parts to this question. Why business ownership?  Why consulting/coaching? Pursue business ownership if it is the path that best helps you achieve your total life priorities. Pursue consulting or coaching as your business if you like helping others grow individually or collectively. 

4. What concerns do you have about growing your own business?

Which of the following reflects your answer:

• I won’t be able to replace my salary with business revenue
• I’ll let others down who are depending on me
• I don’t have a marketable expertise that clients will want
• I’ll fail and be so embarrassed
• I don’t know where to start

What your answers indicate:

Everyone who leaps from the 9-5 to growing their own business has some concerns. Here’s the myth about these concerns: You have to figure it all out before you take action. Here’s the truth: You’ll figure it out as you take action.

5. What’s in your personal or professional experience that translates to a consulting or coaching business?

Which of the following reflects your answer:

• My years of experience as an executive or internal consultant
• The life challenges I have dealt with and overcome
• My natural wiring and interests
• Advanced degrees and/or specialized certifications

What your answers indicate:

Right now, you don’t have to figure out the words that describe what you do. Put thinking about future clients to the side for a moment.

• What do you friends and colleagues say about you?
• Do they say that they are clearer and more confident after talking with you?
• Do people seek you out for your wise counsel and sound advice?
• Are you genuinely motivated to help others grow, improve and be the best version of themselves?

If yes, the rest of what you’ll need to figure out in terms of developing a “what do you do” statement, personal brand and marketing messages will come later as well as if you need any additional education. If you possess these attributes, a consulting or coaching business model is a good fit for you.

6. What is now is the right time to take concretes steps to start or enhance your business success?

Which of the following reflects your answer:

• I decided to start my business and I want to do it right
• I got laid off and am at a crossroads
• Am burnt out and something has to change
• I started a business and it’s not making enough money

What your answers indicate:

All of the people I mentor thought about running their own business for a while, but it was a crisis that finally got them to act.  A layoff.  An intolerable job redefinition. What you feel cripples you actually qualifies you for this type of career transformation. You can look at these experiences through the lens of shame or see it as the way the universe has taken positive action on your behalf.

Ask yourself: Why now?

Test yourself: Is there any shame in your “why now” response?

Challenge yourself: Can you reframe the shame into a more elevated story about why now is the time to act on your business visions?

7. On a scale of 1 to 10, how strong is your commitment to making your business a success?

I wish I could promise you a straight path to success - a clear line from today to your desired future state. But progress often happens more like how an ice-skater moves forward – side to side. You put your best efforts forward and the market will tell you what works. And then you adjust. 

IF you are committed to your real intention and why you want to start your own consulting business or coaching practice and what you hope it will create for your career and your life.

The question on the table is: Can you go ALL IN on this adventure and do what it takes to make it successful?

Analyzing Your Results

• If growing your consulting/coaching business success is for you…Congratulations! This is exciting! Becoming an entrepreneur was the single best decision of my life because of how it benefitted me both personally and professionally. Start down the path from launch to landing clients.
• If growing your consulting/coaching business success isn’t for you…Whew! Good thing you know now before investing a lot of time and money in a direction that doesn’t support your purpose and life goals.