Transitioning from a career in learning and development (L&D) to entrepreneurship has become an increasingly attractive option for industry professionals seeking personal and professional growth. In our current economic landscape, we witness a surge of creators saturating our social media feeds, leading many of us to wonder if we too can do this. I was bitten by that entrepreneurial bug and took the leap from corporate L&D to establish my own consulting company. I am far from being an established small business, and as I venture into uncharted territory, I’m learning at a rapid pace.
My professional journey has been marked by a series of transformations. From being a leader in education, I transitioned into L&D, and now, I find myself navigating the wild world of entrepreneurship.
The primary difference lies in the mental battle required to launch your own business. It’s a lonely endeavor, with limited human interaction compared to the office environment. The constant struggle of questioning whether you’re on the right path is another significant challenge. The highs are exhilarating, and there are moments when it feels like the best decision of your professional life. But then there are those nagging moments of doubt, questioning whether this endeavor will truly succeed and the sacrifices you and your family are enduring. Unfortunately, those moments usually happen at 3 a.m.
The mindset needed for this journey is fundamentally different from the one needed to work as a L&D professional within an organization. Success hinges entirely on you; there are no regular salaries or hourly wages to fall back on. It all revolves around generating revenue. This mental challenge is unlike anything I’ve encountered in my career, and it demands a robust professional network and, quite frankly, a supportive family. I am fortunate to have an exceptionally intelligent spouse who lends a helping hand in many ways. Support is indispensable, but you must also be wired differently, mentally, to thrive on your own. Be prepared; it’s more intense than you can imagine at the outset.
Here are three key takeaways from my early entrepreneurial journey.
1. Cash Is King
Understanding the value of cash is often the foremost lesson in business acumen. However, the real significance of “cash is king” hits home when you find yourself with no cash. Transitioning from an expert to a revenue generator is challenging because you must learn to transform your knowledge into tangible products. Without products, there is no avenue to generate revenue. Creating products from your expertise is a nuanced and demanding process that requires an extensive learning curve. It’s critical to have a clear understanding of your business plan and goals to identify the products that will work for both you and your training consulting business.
Every bit of knowledge you possess can be transformed into a product, but the key lies in the validity and viability of that product. Taking the time to carefully consider what your products will look like, the problems they will address and the value they bring to customers will expand your revenue opportunities at the beginning.
2. Revenue Generation Is Complex
In the realm of consulting, generating revenue presents two distinct paths: in-person training and digital products. These paths require different skill sets for creation and delivery, and more importantly, they demand contrasting marketing strategies. In face-to-face sales, you can engage in interactive dialogue and address questions in real-time. If you are a personable person that enjoys sales, this is a great place to start.
In digital marketing, there’s no immediate back-and-forth interaction; you must anticipate questions and answer them effectively in your copywriting to support your training business’ growth. The digital marketing world is very complex and there is no shortage of places to spend money on digital marketing. Understanding this channel is essential otherwise you are just throwing away money. Having somebody to guide you on the entire realm of the digital world is essential.
Deciding which route to take is crucial, and if you opt for both, leverage your stronger channel while honing your skills in the other. It is possible to do both but you must accept that results will come quicker and cheaper if you leverage your natural skillset first. The other key piece is that you likely launched your business because you are passionate about the services you provide. You must learn to be as passionate if not more passionate about marketing to have any success in generating revenue. For me marketing has become an obsession and it is something I have found myself consuming differently since launching a business. Every ad on social media sites that pops up now gets looked at very differently now. Often, I do not even know the product as I am studying the use of color, spacing and images in the ad rather than knowing realizing what they are selling. Marketing must create the same level of excitement and passion as the service you are offering to be successful.
3. Networking Is More Vital, Yet Very Different
As a training professional, you understand the significance of networking and have likely invested time in building connections. However, networking for a job differs from networking as a vendor. When networking for a job, the other party typically knows their needs and how they plan to address them. As a vendor, your networking counterparts often don’t even realize they have a need or a plan to address it.
Therefore, you must establish a personal connection similar to job networking, and then guide them in recognizing the unique solution you offer to meet their needs. Building trust and nurturing the relationship takes time, but it’s essential. Prioritize building the relationship, and don’t be overly concerned with immediate purchases. The more value you add to the relationship, the deeper and more fruitful it becomes.
Launching your own business is both daunting and exhilarating. At 7 a.m., you may feel like you’ve made the best decision in the world, only to question everything by noon. This rollercoaster ride is the mental aspect of entrepreneurship. In reality, there are benefits and challenges. When embarking on your consulting business journey, it’s imperative to be prepared for both. Lean on a strong professional and personal network, as there’s a vast amount to learn, and you’ll need to learn quickly. Action is your ally; results demand quick decision-making and execution.
If you’re considering entrepreneurship, seek guidance from those who’ve walked this path, and above all, evaluate whether you possess the mindset required to embrace the challenge. It’s a relentless grind that offers both rewards and trials. Connect with others, engage in authentic dialogue about the process, and relish the exhilaration and exhaustion it brings simultaneously.
