The three great phases of a solo professional's career

Looking back on my career as a solo professional, I realize that my practice went through three wonderful phases. In case you are thinking about starting your own coaching or consulting practice, you might find value in learning about these milestones. If you are still active in your practice, let me know if you find these benchmarks useful.

Phase I: You discover that you can attract clients and build a successful practice.

When I started my practice, I was working full time for a consulting firm and miserable: waking up at 5 am Mondays to get to the airport, not seeing my fiancee for four days, and coming back exhausted.

My fear in starting my own practice was about whether or not I could match my income.

To find out, I switched to an administrative role at my firm so that I could work from home, and I spent every hour I could building a non-competing side practice.

The first six months were brutal. I didn't know anything about marketing or selling without a big-name consulting firm on my business card. No clients came my way.

Eventually, I figured it out and realized that I could attract clients if I did certain things. I learned how to position myself as a go-to professional. I learned how to have selling conversations that closed business and felt natural. I left the firm soon after and, within a year, was making more than many partners at my old firm.

This was the greatest day of my career, until....

Phase II: Earning enough passive income through programs and people so that you no longer have to trade your time for dollars

At a certain point in your solo practice, you will hit a revenue ceiling. You simply don't have enough time to serve more clients. Most of my colleagues tell me that they hit this point at somewhere between $250,000 and $750,000 in billings.

In my own case, I started building out programs early on -- especially online training programs and resources for my clients. I also licensed some of my content to other colleagues for a fee.

Gradually, revenues from this kind of passive income became high enough that I never had to work with another "time for dollars" client again. I did, and still do, because I enjoy the work and it keeps me fresh. However, it felt great to know that I could say no to any client that didn't seem like a great fit.

Paradoxically, once I reached this phase, more and more clients wanted to work with me. I guess I no longer gave off that scent of needing the business.

Now I earned money while I was walking the dog, playing tennis (nothing is better than switching sides on an odd game during a tennis match, checking my phone, and seeing an order come through), or at a kid's piano recital.

Reaching this milestone was the greatest day of my career, until....

Phase III: Financially done!

My wife and I have been excellent about living beneath our means, saving and investing, avoiding debt, and finding joy in experiences vs. buying stuff.

The day I realized I never have to work again was absolutely the greatest day of my career.

Now I work because I want to, not because I have to. I can say what I want to say because financial freedom gives one the ultimate freedom of speech (you can't cancel someone who doesn't care about being cancelled). I get to spend my time how I want, with whom I want.

It's great.

Is there a fourth phase? There probably is. At a certain point, but not too soon, I will drop off social media (being off social media is the ultimate symbol of success), throw my iphone in the ocean, and just spend time exploring new places. Right now, I'm having too much fun, and my kids are still in school, but I see this phase on the horizon.

What about you?