3 min read · Written by Grant Rayner on 19 Apr 2023
Share by emailAt some point in your career as a security consultant, you may come to the realisation that you’re delivering projects worth hundreds of thousands of dollars while your salary and bonuses remain largely unchanged. Essentially, you’re generating more value for the organisation than you’re being compensated for. This realisation might prompt you to consider whether it’s time to leave your current company and establish your own independent consulting practice.
But are you genuinely ready to make this transition? How can you be sure it’s the right move?
In this article, I’ll explore several factors that can help you determine if you’re prepared to take the leap and start your own business as an independent security professional.
Expertise and experience are fundamental prerequisites for a consultant. I’ve previously shared insights on how to build your experience. If you plan to specialise in one or more practice areas, you’ll need demonstrable project experience in those domains.
It’s essential to already be generating revenue in your current role.
How much revenue is indicative of future success? I’d propose that bringing in US $500k or more through your own sales efforts is a good benchmark.
To clarify, this doesn’t mean delivering projects worth that revenue. Instead, it signifies you personally closing deals with clients. Delivering the projects contributes to project experience, not your revenue-generating ability.
Revenue diversity and consistency are also important. Generating large revenues from only a few clients doesn’t provide the necessary breadth of experience. Demonstrating your ability to win projects with various client organisations is essential. Similarly, you should be be able to evidence consistent, repeated success over 3-4 years.
You should feel confident that at least five of your clients would continue working with you, in some capacity, if you leave your current company. I’m not suggesting poaching clients when you depart. Instead, you should trust that your clients value your work and will want to collaborate with you in the future, regardless of the organisation you represent.
Invest time in nurturing these client relationships. Stay connected via email or LinkedIn, and schedule face-to-face meetings at appropriate intervals. Building interpersonal trust is critical to fostering these connections. It will take time to develop the necessary level of trust for them to consider working with you as an independent consultant. The best time to cultivate these high-trust relationships is while you are still in your current role.
In addition to forging strong interpersonal relationships with key potential clients, you’ll want to have at least 1,000 contacts on LinkedIn. Most of these connections should be senior corporate security managers at regional and global levels. Building your LinkedIn network takes time, so start today by adding 5-10 quality contacts daily.
Don’t fret too much over followers on other social networks. While platforms like Twitter and Facebook can help build name recognition, they’re more likely to consume time rather than convert into meaningful business for an independent security professional.
You should have at least a dozen published articles focused on your area of expertise. These pieces can be posted on platforms like LinkedIn, Medium, or Substack, or on your personal website.
Publishing is important for two reasons: it showcases your knowledge and professionalism to others, and writing helps you better understand various aspects of your professional field.
Now, let’s shift focus to some enabling factors that will contribute to your success as an independent security professional and highlight some signs that you might not be ready.
Having enough savings to last at least one year is crucial. Although you should lay the groundwork for your new business before leaving your current company, a financial safety net will provide peace of mind, allowing you to concentrate on growing your business.
Success will be difficult without your family’s backing. If you’ve been in a long-term role with a steady paycheque, the prospect of losing that reliable income can be daunting for your family, especially if your family is reliant on a single income or you have children in school.
In addition to the points above, here are a few signs you may not ready to leave your current organisation:
Writing and delivering proposals are fundamental business skills, and you’ll need to be well-versed in them before going solo. Implicit in preparing proposals is pricing your service, which is another key competency that takes time to develop. If you haven’t written and delivered proposals, you’re not ready to strike out on your own.
Running your own business requires understanding client needs and designing new products or services to meet them. Gaining this experience and insight takes time and practice. If you haven’t already designed products or services, you’re not ready to go independent.
Most of you will know when you’re ready. You’ll feel it in your bones.
Even still, I’d caution you against making a rash decision. I’d also caution you against being overconfident in your own capabilities without having the necessary experience to provide depth to those capabilities. Objectively assess your strengths and acknowledge any potential shortcomings. Follow the recommendations above to ensure you’re fully prepared to make the transition.
Next week, I’ll discuss the importance of not burning bridges and the long-term benefit of taking an ethical approach when it comes to separating from your current organisation.