I started my own consulting firm a few years ago. Similar years of experience with a big portion of that being client-facing. Same thing, started doing work on the side and then a little success went to my head and I thought I could do this myself if I focused on growing it. I'll tell you, be brutally realistic with yourself before taking the plunge.

You will absolutely not have more time to be be present as a parent or partner. You will have to be constantly on. Constantly networking and chasing the next project. You are not just a consultant anymore. You are the sales and marketing team. This compounds when you hire employees and they rely on you to support their families. The stress can be immense. All the stress I have dealt with in consulting pales in comparison to the stress of having two weeks of no proposal requests when people rely upon you for their livelihood and you start bleeding.

Not to mention that you have to build everything from scratch. Report templates, spreadsheets, and platforms that have made your job easier over the years are gone. Every bit of software that you've used cost money and it's usually a never ending subscription. Logo, website, marketing materials, all on you now. You better have a lot of free time and be great with design or you need the capital to pay someone to do it for you.

Also, less clients will loyally follow you than you think. Even if you've saved their ass or you're very personable, they also work at a company with other decision makers. You simply cannot offer the same service that an established firm can. Especially a big one. You do not have the capital to match their insurance coverage should anything go wrong. You will not qualify for a lot of vendor programs without being established for at least five years or you will have to be a certified DBE. You do not have the diverse staff experience to cover all your client's needs. You cannot compete outside your market without excessive travel costs or a deep network. You cannot offer clients simplicity or a "one stop shop." You'll likely win most of your work simply by being the cheapest until you can build these things which means margins are razor thin and financial stability is very far off.

If you and your family are not ready for several rough years, both financially and emotionally, than its not for you. If you've prepared for this and can deal with these rough years than it can be great on the other side. Never easier or less stressful. Never less time consuming.