Across Australia, more executives than ever are considering stepping away from salaried employment to set up their own boutique consultancies. Whether in HR, finance, marketing, or digital transformation, the idea of running your own practice, being your own boss, setting your own hours, and directly shaping your value to the market has a powerful appeal.
And it can work. Boutique practices can generate substantial income if the model is right. In fact, The Australian Financial Review recently reported that professional services start-ups are seeing significant growth as companies look for specialist, flexible expertise instead of hiring large firms.
But the path is not without its pitfalls. For every executive who builds a thriving practice, there are others who, 12–24 months in, are struggling to keep the lights on.
“Million dollar practices don’t fall out of the sky. They come about by having a lot of great activity all coming together.”
The Positives of Running Your Own Consultancy
Let’s start with the upside. Launching your own practice offers:
- Freedom and autonomy – You’re in control of what you work on and with whom.
- Scalability – Small, specialist practices can generate serious income without the overhead of a large firm.
- Leverage of expertise – If you have deep knowledge in a niche, the market will pay for it.
- Long-term equity – You’re building something of your own, which can evolve into a sustainable enterprise.
This is why we’re seeing executives with decades of experience exit the corporate treadmill to try something new.
The Hidden Challenges: Feast or Famine
While the positives are enticing, reality often looks different. The number one issue new practice owners face is cash flow. Consulting work can be lumpy; one month, you’re flat out, the next, you’re chasing new leads.
“They’re struggling with the feast and the famine of work, having to deliver the work, win the work, and then find the next piece of work at the right time.”
This constant cycle of pitching, delivering, and chasing the next contract can be exhausting. Many highly skilled executives discover that while they excel at their craft, they are not natural business developers. Without a sales pipeline, even the most talented consultant can quickly hit trouble.
Practical Advice for Success
If you’re serious about moving from employee to entrepreneur, here are some practical strategies to increase your chance of success:
- Be brutally honest about your strengths and gaps. If you’re not comfortable selling, consider partnering with someone who is, or invest early in business development support.
- Budget carefully. Set aside funds for essentials like a professional website, brand collateral, and initial marketing. First impressions matter.
- Build your network before you need it. Most boutique practices thrive on referrals. Engage your contacts, attend industry events, and stay visible on LinkedIn.
- Think scale early. Your goal should be to build processes that allow you to grow beyond just “selling hours.” Consider products, workshops, or retainer models.
- Adopt a career portfolio mindset. Don’t rely on consulting income alone at the beginning. Supplement with board roles, fractional executive contracts, or other income streams.
The Sydney Morning Herald recently highlighted how Australia’s “portfolio career economy” is accelerating, with more professionals blending consulting, contracting, and board service as a way of managing both risk and opportunity.
Why a Career Portfolio Approach Matters
A boutique consultancy can take months, sometimes years, to achieve stable, predictable income. That’s why a career portfolio strategy is so powerful. Serving on a board or holding a part-time executive contract alongside your practice can give you financial stability while you grow your client base.
“If you go into your own practice, consider serving on a couple of boards or holding fractional executive contracts as you build your cash flow.”
This hybrid model also strengthens your brand. Board service enhances your credibility, while executive assignments keep you plugged into industry trends. Together, they create a sustainable professional ecosystem.
Final Thought
Starting your own boutique consultancy is one of the most exciting — and most daunting — career moves you can make. It offers freedom, scale, and long-term opportunity, but it demands foresight, resilience, and a willingness to hustle.
If you’re ready to take the leap, go in with your eyes wide open: plan for cash flow, build your network, and maintain a portfolio of income streams. Done right, it can be one of the most rewarding professional choices of your life.
Ready to Explore Your Options?
If you’re thinking about setting up your own practice, let’s talk strategy. I offer complimentary board and career assessments to help executives map out the smartest next steps.