208 | Finding Balance and Building for Success: The Art of Rest for Self-Employed Consultants

Introduction:

In this podcast episode, hosts Andy and Cat dive deep into the significance of rest for self-employed consultants. They discuss the mental and financial aspects of taking breaks, setting rates, and building a sustainable consulting career. Whether you're a seasoned consultant or considering a career in consulting, this episode offers valuable insights to help you achieve a balanced and prosperous consulting lifestyle.

 

Episode Highlights:

 

1. **The Need for Rest (00:02:20)**

   - Andy and Cat emphasize the importance of taking breaks, even for self-employed consultants.

   - They draw parallels between consultants and athletes, highlighting the necessity of rest and recovery in both fields.

   - Cat shares her personal experience of feeling recharged after taking a break and how it positively impacted her mindset.

 

2. **Visualizing Success (00:11:45)**

   - The hosts discuss the power of visualization and the effectiveness of vision boards.

   - Cat shares a story about how visualizing a reward helped her stay motivated during a challenging project.

   - They stress the idea that having a clear vision of your goals can provide the mental energy needed to overcome obstacles.

 

3. **Financial Planning for Consultants (00:21:05)**

   - Andy and Cat delve into the financial aspect of being a consultant.

   - They suggest calculating your hourly bill rate by considering factors like sick days, vacation time, and taxes.

   - Cat recommends basing your calculations on ten months of work per year and accounting for potential downtime.

 

4. **Setting a Floor Rate (00:28:45)**

   - The hosts explain the concept of a floor rate, which represents the minimum rate needed to maintain your desired lifestyle.

   - They emphasize the importance of factoring in expenses like taxes, insurance, and savings into your consulting rate.

   - Cat underscores that setting a realistic floor rate is crucial for long-term financial stability.

 

5. **Balancing Work and Personal Interests (00:35:15)**

   - Andy and Cat discuss the significance of cultivating personal interests and hobbies outside of work.

   - They stress that finding productive and enjoyable activities can lead to personal growth and a more fulfilling life.

   - Cat highlights the importance of trying new things to stimulate mental growth and well-being.

 

Conclusion:

In this episode, Andy and Cat stress the importance of rest, financial planning, and personal growth for self-employed consultants. They encourage listeners to prioritize mental and physical well-being, visualize their goals, and set realistic financial expectations. Balancing work and personal interests is key to building a successful and fulfilling consulting career.