Day One, for Your Business of One

Building your one person consulting firm or fractional practice

December 09, 2024

Intro

Recently, someone reached out about my thoughts on stepping out of a company and working on your own. My journey has definitely not been typical or what I would call ideal in my efforts to build my own practice, while working with other firms in parallel. This is one take on experience to hopefully help you in some small way, if you are considering jumping in or already have. Maybe it gives you something to think about while you are starting your journey, or considering venturing out. Someone else asked me about this as well, but they are ahead in the game, asking before they leave their corporate role, which means they’re in a discovery phase to ensure they understand what they are getting into, their doing their research, and gathering intel before forming their offer, strategy, and exit plan from corporate life. I love this approach. Preparing while you’re still getting paid—this could be a great way to build confidence. This doesn’t mean it needs to be a full on side gig, but the discovery phase where you learn so much, starting your funnel with lead generation, your offer, your structure, can all be knocked out before you really sell, deliver, and fend for yourself.

The following is a message I sent back to someone about launching an individual consulting practice:

Hi “Laura”, appreciate you reaching out. Congrats on resigning and a fresh start! Good for you- I’m sure there is significant opportunity for that in your expertise. Exciting stuff!

I’ll give you a few thoughts and feel free to reach out if you’d like to talk more.

1. Begin with the end in mind. All about clarity and focus as quickly as possible. Get clear on a specific area you want to serve (industry if any, niche within marketing, type of business- I’ve learned it’s not necessarily size of headcount or revenue, but what they’re working on or going thru)

2. Decision on how you want to serve to that client profile- doing the work, consulting or coaching. Hours, in person or remotely, local or anywhere, how do you want this business to look?

For your expertise, I wonder if it helps to focus on clients with a certain marketing role in place or a certain size marketing group?

3. Understand your specific offer supporting above. Clarity where when you explain it- people either need it or don’t, can help refer clients or can’t. You’ll figure some of this out as you work on it and practice.

4. Quickly find the best way to get in the right “rooms”, digitally or in person to get attention - associations, meet ups, organizations, online groups on LinkedIn or elsewhere. Quickly learn it to not waste your time if not helpful or at minimum, teaching you a lot. Think about who the audience really is- prospects, peers, or partners, or a lot irrelevant contacts, put bluntly. For local stuff, go where your end buyer is—more than where people are selling insurance 🤣

5. Activity. A lot of it, early on it’s all about BD. Talking with your trusted network first to share your concept and let them know what you’re doing is a great start and practice. Selling you is way different than representing a company. This BD topic is really what helps fuel above quickly. More activity = more clarity and confidence. Confidence sells and delivers.

6. Faith and confidence, belief in your path forward. The hardest part for many- it’ll get hard whether early or later, must feel this is for you, and a priority, otherwise you’ll jump back to FT once you hear of opportunities. Tough balance and nothing wrong with either, just what’s best for you.

7. Have fun. The more simple you make all the above, make it a habit of action and relationships, and not over-complicate it, it’s more productive and fun. Over think it, it’s paralyzing. You can do it if you really want to and have the time and patience to put in work and build.

8. Stay away from distractions. If you take on referral partners, tech or online approach, it must align to serve above not limit time and focus.

I hope that helps.

By the way…what you build has to get you excited or it’s hard to do any of this. So stick with what lights you up…not just the popular thing to do. Balancing what you love, what’s in, and what sells…

One thing opened my mind up recently…I was going after really big deals with high monthly retainer style, which can be great if long term, but the person mentioned a simple idea but so eye-opening:

Monthly, 15 x $2k deals = 2 x $15k deals, why get so worried about big deals when they hurt more when they fall off and are usually way higher maintenance and expectations etc.

Especially in your business, this could be really helpful. What do I want to offer to those 15 clients, and how do I want to work with them. Who is that ICP?

What I would add after thinking about this more?

A. Go above and beyond to seek out perspective and advice up front. Before you take the leap, know what you are getting into and what you want.

B. Build with someone, even if not from Day 1, but keep you eyes and ears open for the right person who could be a fun and supportive person to work with who brings complimentary expertise or at least ways of working compared to yours.

…the list could go on a lot longer I am sure.

I hope this provides some thoughts as you consider your own solo or SMB journey. It won’t be easy, but it will be worth it. Good luck and keep your head up, good things will come with time, effort, learning, connection, and dedication.

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Hopefully, this added a little value to your business or leadership journey. Thank you for reading. If you think this may help someone else, please repost ♻️ or share. Thanks for being here. 🌍🏔️.

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