If you can generate enough revenue on day one to keep your product development alive and not starve, and grow that revenue at the same pace as your expenditures, then you don't need VC.
If you need to spend significant upfront R+D costs to generate any revenue, and you don't have rich parents, you need VC.
As for generating 95% of your revenue from consulting... that's fine. But it doesn't scale. To make twice as much you need twice as many people.
If you can generate enough revenue on day one to keep your product development alive and not starve, and grow that revenue at the same pace as your expenditures, then you don't need VC.
If you need to spend significant upfront R+D costs to generate any revenue, and you don't have rich parents, you need VC.
As for generating 95% of your revenue from consulting... that's fine. But it doesn't scale. To make twice as much you need twice as many people.