After spending more than a decade of your career “working for the man,” some employees start to get that entrepreneurial bug. That could mean starting a side hustle while keeping your current full-time gig, certainly, but what if your job disappeared through a layoff? Then you might need to transition to consulting or business ownership a bit faster—and without that cushion of still having a job.
I’ve worked with plenty of clients just like you: They’re considering taking the opportunity to make a leap to entrepreneurship. But they naturally have some anxiety about the jump. Maybe this resonates with you (like it does with many of them): I have the skills and expertise, but I have no idea how to successfully launch a consulting firm or business. And there’s the rub.
If you’re ready to jump yet need a little guidance, grab a cup of your favorite beverage and dig in. I’m going to provide you with tips and suggestions to develop a sound strategy that will set you up for success. And remember, I’ve not just spent the night at a Holiday Inn; I’ve actually built businesses. I know of what I speak, and I’m happy to share all my ideas with you to create a smoother journey.
Step #1: Get Clear about What You’re Selling—and What Clients Are Buying
It can be tempting to jump right into the deep end when it comes to launching a business, but you need to stop for a bit and figure out three key things:
- What are you selling?
- Who’s your target market?
- What are they actually buying?
You might think, “Wait a minute; aren’t #1 and #3 the same question?” Nope, not at all. Here are some examples of how to answer these questions:
Chiropractor
- Selling: adjustments and chiropractic services
- Target market: “weekend warriors” aged 45–80 who are physically active and workout, run, hike, or play golf, tennis, or pickleball regularly
- They’re buying: the ability to continue their active lifestyle without fear of injury
Family Attorney
- Selling: legal services targeted to divorce and child support
- Target market: professionals who make $100K+, have been married 5+ years, have two children, and are considering separation or divorce
- They’re buying: a secure future for their children and an amicable co-parenting partnership with their ex
Resume Writer
- Selling: resume-writing/LinkedIn-writing services and job-search coaching
- Target market: mid-level managers, C-suite, and executives aged 45–60 who want to advance their careers or recently lost their jobs due to layoff/downsizing
- They’re buying: the confidence to successfully navigate a job search in a brand-new market
Yes, you will need to get this specific (and perhaps even more so!) before being ready to transition to consulting or business ownership.
Step #2: Enlist Professional Help
Smart and successful entrepreneurs don’t typically go it alone. Even if they’re solopreneurs, they typically surround themselves with mentors and guides. You can do the same thing, whether you prefer to work with a professional business coach, join a business group, or build a board of directors. These resources will set you up for success by pointing out aspects you might not have previously considered in your transition to consulting or business ownership. They’ve “been there, done that,” and they’re willing so share. From developing a business plan, conducting market research, and determining whether you need an LLC or Inc. to identifying sources for funding, you’ll find a wealth of information by enlisting help. Today, there’s absolutely no reason to go it alone or reinvent the wheel. Bonus: You can take it slow or jump right in based on your comfort level.
I’m a big fan of Donald Miller’s StoryBrand approach. I leveraged his tools to get my messaging straight when launching several business ideas. You can get his book/audiobook from Amazon or the local library, and he has a few websites with paid and free resources. He also has a podcast. Check out storybrand.com, storybrand.ai, and businessmadesimple.com, as well as his Why That Worked or Marketing Made Simple podcasts.
Another (free!) resource I suggest as you launch your own entity is the Small Business Administration (SBA), namely your local Small Business Development Center (SBDC). From guidance on all your questions to the legalities of running a business, you’ll find most of what you need to get started here.
Other excellent resources include your area chambers of commerce and BNI. Both provide a wealth of information and training on business development from other professionals.
Step #3: Leverage the Heck out of LinkedIn
If you know me, you know that I’m a huge advocate for LinkedIn. When it comes to making a transition to consulting or business ownership, you can leverage LinkedIn to make connections and build that business. Here are some tips that will go a long way to building your LinkedIn presence (and be sure to check out my other blog that goes into more depth):
Add LinkedIn Services
You can transform your LinkedIn profile into a marketplace for selling your services. LinkedIn Services is available for all members, but you’ll only be able to see leads when you join LinkedIn Premium. The platform is relatively dummy proof, walking you through all the components. Be sure to fill everything out completely!
Update Your Profile
Your profile looks and reads differently when you’re looking for a job as an employee vs. when you’re seeking clients. Go through every aspect of your profile, from the images and headline to your about section, and position yourself as the solution to the challenges your potential clients are facing.
Get Active!
Unfortunately, marketing is not “If you build it, they will come.” You must be active, and that means publishing content regularly. Your goal here is to position yourself as an SME, which you can do through posts, collaborative articles, articles, and responding to your networks’ posts.
Ask for Recommendations
If you don’t already have at least two recommendations on your LinkedIn profile, this is the time to start adding them. That glowing praise from past clients will go far to help convince future clients to hire you.
Step #4: Revisit Your Resume
You might not think you’ll need a resume if you’re not looking for J.O.B., but you might be surprised. If you want to transition to consulting, it’s common for future clients to ask for something to prove your worth. While that could be your LinkedIn profile or a website, it might also be a resume. This resume could look a lot different from that ATS-focused document a job seeker will use.
Here, you can create a one sheet, case studies, and/or a slide deck that showcases how you do—and have done—what you say you do. If you decide to hire this out, connect with a resume writer or marketing specialist who is skilled in helping business professionals develop marketing collateral as consultants. This is a different skill set than working with job seekers, so ask good questions.
Step #5: Build and Leverage Your Network
If you ignored the networking aspect of your business, job search, or whatever before, now’s the time to put that front and center. Your network will help you more than you probably imagine. After all, word of mouth is gold!
Reconnect with everyone and let them know what you’re up to. Tell them how you can help and which companies and people you’d like to meet. Go to a few in-person networking meetings in addition to leveraging LinkedIn. Be seen and heard. Stay top of mind with these folks through your LinkedIn posts and ongoing follow-up.
Make a Successful Transition to Consulting or Business Ownership
It may seem like a huge undertaking to leave a steady, secure career path of being an employee to go out on your own as an entrepreneur. And it is, if I’m being honest. But better folks than you and I have done it and succeeded, so you have good pathways to follow.
Be smart. Look to those who are leading the way and emulate what they’re doing. Tap into those free resources. Ask your network. You’ll learn a ton, and in no time, you’ll be ready to hang up your own shingle and welcome your first clients.
At Your Career Advocate, I write resumes, sure, but I also help people make that leap to consulting and business ownership. I create the strategy and connect the dots to help you find success. Connect with me to learn how I can help: [email protected].