Does consulting success help or hurt the job search?
Marketing Headhunter Harry Joiner in your blog is not your resume, discussing the wisdom of approaching the employment market without a résumé:
In fact, if you're self-employed, you probably need a fresh, hard hitting, credential-rich resume more than anyone—along with a believable story as to why you would consider going back "in-house." Trust me, I applied for a handful of jobs during the last recession and couldn't get arrested. Having my own website and newsletter only made it worse.
Here's the challenge for the laid-off professional: If you're not working, hiring managers tend not to be interested. If you appear to be successful in your new consulting business, they'll want to know why you would leave a successful business of your own for a job. And if you're unsuccessful in your consulting business—well, unsuccessful is just not the word you want to bring to an interview.
I think Harry has the right answer: you need a great résumé and a solid story about why you consider this job (the one you're interviewing for) to be worth leaving your business behind. Just be prepared for interviewers who've never been laid off to be a little slow understanding that laid-off professionals have to pay the bills, too.
And while you're waiting, do everything you can to make the consulting business a success.