Having just done this, I agree with Triton. And to add - you either will need 6 months of living expenses in the bank or a few jobs already lined up. My partner and I started out with a job in our pocket and two in the "pipe". However, it was about six weeks before we got the website up and I feel that lost us some "marketing" time. Also, you did not say if you are alone or have a partner. In my situation, I am the business/ops/admin/biz dev/networking guy who assists with the consulting and my partner is the primary creative consulting guy. We would not be successful without the other. My point is, it takes a lot to run a business - even a two man consulting shop. Unless you have a chance at a long-term contract with a company, find a partner so that one of you is always working on some part of the business.