I’ve been working with a friend who wanted to start a b2b consulting business.

11 Comments

1. Peggie Arvidson * Career Consultant | Adoptee Advocate | RecruiterJanuary 9,2023 at 2:43PM UTC

   Therapy. This is not about jobs. it's about communication.

2. AnonymousJanuary 9,2023 at 7:47PM UTC

   Perhaps you could expand this thought?

3. Peggie Arvidson * Career Consultant | Adoptee Advocate | RecruiterJanuary 9,2023 at 8:51PM UTC

   hahaha - this was MEANT to go on the post about the couple whose partner got a job in her dream locaiton but doesn't want to take it - no idea why the algorithm put it here -- but I'm pro-therapy - so before going into business with someone (esp a friend) I'd likely have a therapist lined up.

4. KatJanuary 9,2023 at 3:26PM UTC

   While it's nice that you want to help your friend, I'm not sure how much help you can be in his new venture. He needs help with sales, marketing, and creating a business from the ground up. If you don't have experience in (or the desire to learn about) any of these areas, then you're not the right person to help him out. While this may be a good idea, it doesn't sound like there's anything concrete attached to it yet. Neither of you should be quitting your day jobs (so to speak) at this point. His idea is very broad and needs to be refined first. Does he want to move into executive coaching? Does he want to work for a corporation rather than himself? Is he interested in being a private mediator/consultant? Once he figures that out, then he needs to create a business plan. Get the certifications/training or whatever else might be needed/desirable for the new venture. Or he could work for a company that already offers these services to build up a client base and the needed skill set before doing it on his own. Either way, he's got a long way to go before his new business is up and running. You can support him but only in ways/areas you know about or feel comfortable helping.

5. AnonymousJanuary 9,2023 at 7:46PM UTC

   I would agree with you. I’m not sure this will work out as he seems to be expecting me to figure out how to make this happen. He does pay me a small fee each month but I’m just clueless how to help him. ?‍♀️

6. KatJanuary 10,2023 at 3:54PM UTC

   I think he really needs to put in a lot more work (business plan, vision, services, how to get customers) and thought on this (does he want to be a coach, mediator, or something else) rather than expecting you to do that for him. It's his idea, so he needs to put in the effort to figure out what he wants to do and how he wants to do it. You've been given some excellent advice on how to help him, but only do what you feel comfortable with. You can always pass the advice given here on to him and proceed from there.

7. Rebecca AliJanuary 9,2023 at 3:50PM UTC

   There is an entire area of professional/executive coaching that deals with these issues. There are lots of therapists who act as coaches - it's just a different boundary that he would have to not blur. He should do the research on people who have made this transition, what challenges are faces businesses that he can support/course correct, his value proposition etc. Once he has a concise message and offering, he will feel more comfortable selling his skills. He should consider finding local small to medium business where he can "beta" test and get a feel for business needs. People like easy to use tools - creating "job aids" or tools that can be part of his portfolio will be important. Best of luck! Also, it's really nice of you to help a friend. :-)

8. AnonymousJanuary 9,2023 at 7:44PM UTC

   I appreciate hearing from you!

9. Barb HansenJanuary 9,2023 at 6:55PM UTC

   How do you build a sales pipeline?

   Well, that's a huge question, which I will provide some answers too in this short response.

   Let's assume that you and your friend have:

   -- "back of the napkin" business plan (a one-page lean business model canvas is a great solution - you don't need a 45-page business plan)

   -- a product/service to sell (is your product coaching, individual or group classes, or some other structure?)

   -- rough pricing structure

   -- ideal client and ideal industry (you can't be everything to everyone so focusing down to an ideal client in an ideal industry will help focus on a go-to-market strategy)

   -- understand your ideal clients pain points and how your product will solve those pain points.

   -- understand your competition (and please don't say that your product/service doesn't have any competitors, cause that's never true.)

   -- know and be able to quickly communicate your product uniqueness.

   -- create a 15 to 20 second description of your product/service and a 60 second description of your service (a short and a long elevator ride "pitches)

   If you don't have the above or don't know how to get the answer to complete the work above, then I suggest doing some "product/market fit" work to figure it out. Product/Market fit work can involve asking potential clients what they want, what they can't find, what they would pay for a potential solution. Product/Market fit work is invaluable if new company owners don't know where to start.

   Now back to your question: How to do build a sales funnel?

   -- Build a company page on LinkedIn (this assumes that you have a website so perhaps you have to build a website first - but only do this after your product/market fit work, don't waste any time or money if you don't know if someone will buy your product)

   -- Get a sales navigator membership on LinkedIn

   -- Search on sales navigator for your ideal client (every B2B marketing and sales team uses Sales Navigator)

   -- Reach out to those people with a simple short marketing pitches (the potential clients pain point(s) and how Product/Service XYZ can help)

   -- Ask friends to follow your company page

   -- Follow-up, follow-up, follow-up

   -- build a content marketing strategy for LinkedIn - create short posts (including commenting on related news articles) and longer articles that provide value to potential clients.

   -- create a monthly newsletter to provide value to potential clients and encourage everyone to subscribe to that newsletter

   -- Build a following on TikTok, Instagram and YouTube by creating short easy to engage with content

   I strongly recommend NOT paying a 3rd-party company to do this work for you (the initial sales funnel work). There are thousands of Sales Funnel Building companies and they all cost hundreds to thousands of dollars per month. They do provide value BUT if you don't know if anyone will pay for your service or who your ideal client it or how to quickly explain what you do, you need to focus on that work first.

   I'd be happy to chat with you and your friend to discuss his product thoughts. I'm setting aside 2 hours a week to help new business owners and founders get their product/market fit work done and/or to help them figure out their go-to-market strategy for no charge. DM me if you want to set something up.

10. AnonymousJanuary 9,2023 at 7:43PM UTC

    Thank you for the extended reply. I may be in contact with you - I’ll check with him. Today I’m out but will circle back!

11. Heather CutlerJanuary 9,2023 at 7:56PM UTC

    You've received some excellent advice already from this board and I would also challenge you to think carefully about what you bring to this equation since you have no corporate or sales experience.

    Big thoughts and dreams about a new business venture are great but what I don't see in your post is the mechanics of executing on this plan.

    Does your friend have even a basic business plan together? I'm thinking about things like goals and objectives, business mission, vision, values and goals, marketing strategy, business development and pipeline strategy, and the current environment...is he filling an unmet need with this business offering.

    I'd also consider a SWOT analysis: strengths, weaknesses, opportunities and threats. It will help you with total situation awareness. To be clear, these are all MBA 101 concepts and can be easily googled. If I didn't have this background, however, I'd find it really difficult to offer actionable advice in this situation.

    While I like your friend's idea, I'm not sure it baked. And that makes me concerned for you that you'll end up being part of a sinking ship. Many community colleges offer courses on starting a small business, everything from licensing to insurance and creating a business plan. Don't know if your friend took these steps already but its a really necessary step to guarantee a good outcome.

    Please proceed with caution, I'd hate to see this fail even before it gets off the ground b/c you and your friend don't have the right resources. Best of luck.