I thought I would relate my experience in my first three weeks as a wage slave for myself, working as a consultant on my own.
My expectations were that I would be working less hours (since my wife also quit and is performed all administrative duties), and enjoying the work about the same as before, just with more flexibility since I eliminated the commute and management responsibilities.
What I have discovered it that the work is MUCH MUCH MUCH more enjoyable working for myself. No worrying about others and eliminating the 2 hour round trip commute has been terrifically liberating. I have actually worked many more hours per week the last two weeks (at least 65 hours each week), but because I can walk to and from the office in my backyard, it is much less stressful and feels like I am working less.
One surprise is that it looks like I will be able to work as much as I want (both good and bad). I have booked as much work in the last three weeks as I expected to book in the first six months. I have started having to give potential clients very large lead times on projects (I.e. i would love to do the work, but can't start for two months).
I expected long hours during the startup, and hope to tail down to 40-45 hour/week over the next month. This is significantly less than the 60-65 I worked before (including my commute). Plus my wife has freed up much more as she will be working at most 20 hours/week and was working full time before.
For some reason working an hour knowing the whole enchilada is going into by wallet has changed my perspective on work. This is somewhat surprising because I was one of the partners and owners at my previous firm and was certainly well compensated. However, essentially all the overhead has been eliminated, narrowing the gap between the invoice and my wallet. I estimate that when I bill $1000, $950 goes into my wallet. Yikes! This makes the hours enjoyable.
My wife and I did take off Friday afternoon to go to the RV show, and she went on a day trip out of town with me last week (I earned a Southwest companion pass last year so she can fly for free). We have also enjoyed other afternoon recreations that were not possible before
I am calling this FI because I would never have had to guts to do this unless I was effectively FI. In short, everything is perfect so far. I will give an update every month or so, whether you are interested or not!