Michelle Kvello is the director of Lantern Partners, a virtual CFO consultancy, and a long-time champion of entrepreneurs and the hardworking individuals behind small businesses. Recently, she’s launched a new venture – Corporate to Consultant – helping people transition from their office jobs into their own businesses full-time.
Joining Cec Busby, editor of Flying Solo, Michelle shares the key things any aspiring solopreneur should have at the forefront of their minds if they plan to leap into flying solo.
Leaping into solopreneurship
Michelle’s interest in finance only developed when she began her first grad job after university. Coming off the back of a history degree, she found herself drawn to the stories behind the numbers within businesses.
“I was interested in the businesses and how they grew and operated and what made some businesses successful and some businesses not,” she says.
Michelle saw an opportunity to impact the corporate world by helping businesses and individuals understand their financial circumstances, looking at both their potential for growth and financial limitations.
“A lot of business owners can quite easily get themselves into burnout if they don’t understand the key things that make their business successful and grow their margins,” Michelle says.
Listen to Michelle Kvello on the Flying Solo podcast:
Looking through the lens of your clients
“I’m hearing so many more people being open to the idea of doing something for themselves and under their own umbrella,” says Michelle.
Having made the jump from corporate to consultant herself, Michelle is passionate about supporting anyone looking to reshape their career path.
“Corporate jobs aren’t as secure as we would like them to be,” she says. “Being self-employed is becoming more and more attractive to people.”
With this career choice becoming increasingly more prevalent across all industries, Michelle shares some straightforward advice for anyone looking to go out and start their own consultancy business.
“One of the really critical first steps is to work out what you want,” she says. “But more importantly, identify who it is that you’re serving.”
She says the best way to sell the value of your service is to address your client’s needs first and foremost.
“I think quite a common mistake when people go out on their own is to talk a lot about what they can offer and what they’re good at,” Michelle says. “And frankly, clients want to know how you can solve their problems.”
Out on your own, but not alone
Like most professionals, Michelle notes the impact the last few years have had on what kind of value individuals place on feeling a sense of purpose in the workplace.
“What we do for work should share the same kind of values as what we do at home,” says the consultancy expert. “It seems like it’s such a simple thing, but it’s been ignored for some time.”
Reflecting on her own experiences, she notes how damaging it can be to sustain two separate personas throughout your personal and professional lifestyle, encouraging listeners to try and align their values and goals with their chosen careers.
“One of the best things about going out on your own is that you can choose who you work with,” she says. “And staying true to your values and not working with clients that don’t share those values is an absolute bonus.”
Michelle recommends establishing a diverse and reliable network of like-minded professional mentors to guide your journey when moving to consulting work. She outlines the importance of nurturing two types of support networks, both personal and professional.
“Support networks are absolutely critical,” she says, alluding to the benefit of diversifying your support system with friends and family and professional peers and mentors.
While highlighting the undisputed value of networking, Michelle also encourages aspiring consultants to exercise caution when selecting their central support pillars.
“Be careful who you ask for advice and who you share your aspirations of going out on your own with,” she says. “Not everybody’s going to be receptive to that.”
Speaking from experience, Michelle began her networking quest close to home, joining the Flying Solo community in the early days of her consultancy journey.
“I joined Flying Solo when I first started my business. It was one of the most useful things I could do in terms of getting information and sharing information. Especially at a time where what you are doing feels very uncertain,” Michelle says.
Offering a great starting point for anyone considering the entrepreneurial journey, Michelle has created a seven-step program for aspiring solopreneurs. The course outlines how to clarify your business values and purpose and offers helpful tips on handling a new business’s technical, financial, and corporate setup.
Michelle’s program is available now through her website.
For more tips and wisdom from Michelle Kvello, listen to the full Flying Solo episode now.
