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Starting...again
I have been in higher education for some time. I am trying to get a consultation business off the ground; I am good at grant writing, developing instructional materials, helping people with educational technology, and research.
At this point, I'm ready to be on my own. I would love any advice people have.
MoneyCareerMotherhoodSmart financial decisions for work & home
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09/06/20 at 12:24PM UTC
I'm a mentor to budding entrepreneurs and I agree with Amy. A business plan is a great first step, but don't do a hugely intense one. Your first draft is for your eyes only, to give you some direction on how to proceed and to help you make decisions. The most important part of the business plan is the planning, not the writing. It will help you identify gaps in your plans and force you to take action on them. Start by deciding what problem you want to solve, and then work from there - If you focus on the problem, the rest of the answers will come more naturally than if you start with your service or your personal client target.
Also, start conversations with prospective clients, people or institutions who have the problem you chose to solve. It's important for you to understand the problem from the client side, not just your perception of it. Networking is everything in starting a business, so building these relationships as you start is the best way to find your early clients! Such an exciting time, best of luck!
Amy Elrod-LahtiHR Professional | Coach | Consultant/Advisor
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09/05/20 at 2:22PM UTC
Hi Carolyn,
I worked as a small-business consultant for several years and helped many people start independent consultancies. If you have an SBA-funded Women's Business Center near you (you can search here: https://www.sba.gov/local-assistance/find/?type=Women%27s%20Business%20Center&pageNumber=1), I highly recommend making an appointment to see a consultant who can give you advice specific to your own local area. Assistance is free or low-cost. There are also Small Business Development Centers (SBDCs) across the country if you don't have a WBC in your area.
Every successful small business I ever helped start, or worked with, had a business plan. A business plan helps you create a roadmap for taking your skills and abilities (and it sounds like you have a lot of those!) and using them to generate revenue. There are lots of ways to write a business plan; people think they are dense documents, hundreds of pages long, filled with boring details. But you can write a two-page business plan, you can create a visual business plan (https://www.rightbrainbusinessplan.com/free-stuff/) - do what works for you! The essential part of the plan is figuring out how much money you need to make vs. how much money you can reasonably expect to make from selling your services. Any guide on how to write a business plan will have guidance on how to figure this out.
Entrepreneurship is a big leap but can be so incredibly rewarding - personally and financially. If you have further questions I am happy to try to help. Good luck!
Carolyn OsborneRepresenting knowledge so people can access it.
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09/05/20 at 3PM UTC
Wow. Thank you. I will work on a business plan--when I taught Entrepreneurship, I had students to do business plans. I guess it's my turn! Also I will check into the Women's Business Center.
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