"Where is the risk in this?"

Hmmm, let me see, how about:
- liability risk
- could get sued for malpractice, risk
- not getting paid risk
- cash flow risk
- no 2-weeks notice risk
- no severance pay risk
- paying taxes to the government before you get paid risk,
- Currency exchange risk (exhibit A: USD/CAD drop today)
- Nobody wants to hire you risk
- Investing in new technologies with no demand risk,
- Long term Sickness risk
- No health insurance risk
- no dental plan risk
- New small business tax that changes everything risk

You're right - no risk for IT consultants.