The Top Seven Reasons People Become Independent Consultants

1. They have been recently let go. 26 percent of 200 successful independent consultants surveyed started their work after being laid off or fired. They successfully translated their expertise into a lucrative consulting practice. In today's economy, millions of talented professionals without jobs actually have a great opportunity to begin consulting.

2. They want more control of their work. Many people go out on their own because they are tired of receiving instructions rather than charting their own course. 62 percent of consultants surveyed reported they started their consultancy to make their own decisions and do the work they wanted to perform.

3. They want control of their time. Consultants have total control over when they start and stop work each day. They take breaks and vacations when they wish to. 60 percent chose consultancy to gain greater flexibility.

4. They no longer want to work for "the man." 53 percent of those surveyed were just tired of working for someone else, taking orders, and worrying about mergers, downsizing, and layoffs. They wanted to be their own boss.

5. They want to accelerate their personal growth. At some point, many people realize that they have reached a plateau in their personal and career development and want to reach new horizons. 53 percent of consultants started their businesses as a path to greater personal growth.

6. They want more of a challenge in their life. Intrigued and enticed by the challenge of self-employment, 45 percent said they started their business in part because they relished the chance to take a risk and see how they stepped up.

7. They want the potential for more income. No longer restricted by salary grade or the politics of rarely-offered promotions, consultancy offers unlimited potential in how much money to earn. 41 percent started their business because they wanted the potential of making more money.

Based on the results of a survey of 200 successful independent consultants as reported in AN INSIDER'S GUIDE TO BUILDING A SUCCESSFUL CONSULTING PRACTICE (AMACOM; 2010) by Bruce L. Katcher, Ph.D. with Adam Snyder.