3. Become an Independent Consultant

When Pat Wallington left her job as CIO for Xerox, she founded CIO Associates, a technology strategy consulting firm. Similarly, when Tracy Austin left her position as CIO of Mandalay Resort Group, a $US2.7 billion gaming and hotel company, she decided to go into consulting. While both Wallington and Austin employ external resources as they need them, they each operate as independent consultants, responsible for their own business development and project execution.

Pat Wallington's Advice

Be focused, but not too focused. "One of my clients had some troubled projects, so project management was what I offered them," says Wallington. "But eventually, they asked me to do some leadership coaching. That service has become a core of my business." If you plan to do only what you were hired to do, you may miss out on new ways to evolve your business.

Don't be a one-client act. Once you've started to do good work for a client in need, that client may present you with an endless array of projects - enough to last you for a year. "That's a trap," warns Wallington. "Don't be so consumed by one company that your future becomes dependent on it while in the meantime, your other contacts have gone cold." Regardless of the revenue opportunities that one client may provide, keep your pipeline filled with new opportunities.

Tracy Austin's Advice

Prepare for a more isolated environment. "When I started consulting, I was surprised by how much I missed developing and mentoring people," says Austin. "Before you go out on your own, make sure you're comfortable giving up in-house staff, administrative support, colleagues and mentors." To mitigate the change, Austin suggests hiring a coach and inviting mentors to join an advisory board for your nascent firm.

Develop a business plan. Regardless of how quickly the business is coming in, "you need to have a business plan with clear goals", says Austin. "I had my coach work with me to establish those goals and to help keep me on point. Without that, I would just go to work and keep on working."

As the debate rages on about how much consulting is the right amount to have on your resume, chances are you will make the leap at one point in your career. For those of you who have walked on the dark side, what words of wisdom can you offer?

Martha Heller is the managing director of the IT Leadership Practice at the Z Resource Group, an executive recruiting firm based in Boston. She can be reached at mheller@zrgroup.com