Solo professionals are always at risk of big industry changes, and they can come from just about anywhere; economy, industry, innovation, major client shifts, you name it. The solo professional must constantly evolve their business model if they want to remain a going concern. Let me explain.
Solo professional’s educational experience will eventually become obsolete, and as long as they are so busy working, they may not work on their continuing education as things change. Now in many licensed industries such on-going education is required, unfortunately what is required is often more about regulatory requirements than actually what is needed for dealing with up-coming new trends, client demands of the future, and the change; “Change that happens!”
Worse, what happens when the whole industry drives off a cliff, like the automotive industry; what if you are a consultant specializing in a sector that is not buying anything out there and all those involved are cutting price and scraping the bottom for scraps? It happens and this latest economic catastrophe caught many a solo-professional completely off guard, and by off guard I mean left with little or no income, and many clients not paying. Think this cannot happen to you, or did it already?
Suffice it to say that if you are running the show and you are in the top 5% of your industry, that doesn’t mean you can rest on your laurels now. To stay at the top of your game takes dedication, commitment, and it takes time. So, no matter how busy you are today, this week, last month or next year, you had better be looking ahead and planning for that future, because here it comes. So, think on that.