Buy the Boat

The best day of my career was the day I decided to become a consultant.

The worst day of my career was my first day as a consultant.

But what makes consulting worth doing? Why build a business that’s all about other people’s businesses?

Exactly that — the people and their businesses.

Professionals, especially engineers, often get the wrong idea about consulting. They think the value lies in knowing more than the client — being the smartest person in the room.

Sure, you need to know a few things. Maybe even be an expert. But if all you can offer customers is knowing more or better than them, you won’t grow. You might bag a few niche contracts, but your total addressable market will be small, and your customers will adapt to not needing you. It’s a tough road building a backlog when your pitch to functioning businesses is “I know things you don’t.”

Successful business owners – the ones who actually sign the checks – didn’t get there by knowing everything. Put yourself in their shoes. Their days are governed by the 80/20 rule: 80% of things are running fine; 20% are not (and eat up all their time). Every day, there’s another 20% of things they wish they had time to start. Call it the 80/20+20 rule — the daily grind of leadership.

Creating value in a consulting business is about speaking to that leader and their needs – creating value for them.

So, where does a consultant fit in?

A good consultant can walk into a business cold and see that full portfolio of 100 things. They understand the 80 that work, the 20 that don’t, and the 20 that are waiting for time, capital, or courage. They know which tasks drive margins, which ones burn cash, and which ones quietly determine success. They can solve the 20+20.

Ok, but how does that translate to selling, let’s say, engineering hours?

Quite simply: the consulting partner who understands the playing field isn’t just a more trustworthy partner to assign hours or contracts to – they are an order of magnitude better than the competition. They’re a lighthouse in the fog. A map in a foreign land. Insert cliché here.

Your value isn’t knowing more or knowing better than your customer. If they didn’t know how to navigate the unknown, they wouldn’t be in business. Your value as a consultant is increasing their capacity to be successful the 20+20.

Positioned in such a manner, the actual niche expertise – the ASTM spec mastery, the permitting difference in Texas vs. California – become secondary. Those needs present themselves organically when you’re working with the right companies on the right problems.

So, what is really rewarding about a consulting business? Why should you buy the boat?

The people. The businesses.

Let me clarify:

The second best day of my career was the day I decided to become a consultant.

The worst day of my career was my first day as a consultant.

The best day of my career was the first time I helped a customer’s business get better. One more successful project. One point higher in the margins. One more meal on the table for their team.

Buy the boat.