Look before you leap
You are thinking of starting a training business, right? But before, we start talking business-planning and logos, contracts and networking. You need to ask some hard questions.
Why? It’s because 50% of small businesses fail within 5 years or less. You want to last longer than that so you need to some serious thinking about the direction you want to go in and why.
I want you to ask yourself some of the questions in today’s episode. When you do, you’ll know the business is right for you (or not) Cool? Check out the episode now!
Listen to the episode now
50% plus of small businesses fail within 5 years or less (but yours doesn’t have to) …Michael Gerber – Author of ‘The EMyth Revisted’
Start at the end
I’m currently making inroads into Michael Gerber’s excellent book ‘The E Myth Revisited’.
Recognised as an instant classic when it was first published, it adeptly addresses one of the major problems in business. Do you know what that problem is?
99.9% of all businesses in the USA and UK are small. 99.7% in Canada, 97% in Australia and so on.
The failure rates seems to be the same across the board.
Maybe it’s because the owners of those small businesses never gave any thought to whether the business was right for them.
…..(or whether they were right for the business)
Maybe it’s because the owners didn’t give any thought to how that business would fit with their life and where that life would take them.
But if you don’t know where you want to end up, how will you know when you get there?
Michael suggests that you start with what he calls creating your ‘Primary Aim’.
Your business (your training business) must not just deliver profits, it must be a business that supports the achievement of your life plan. (do you know what yours is?)
Your training business is not the destination. Rather it is the vehicle which will help you get to where you want to go as long as you know where that is.
It’s the difference between working ‘ON’ your business rather than working ‘IN’ your business.
It’s the difference between having a business which serves you or having a business which you serve.
So, what’s your primary aim? Will your dream training business help you achieve that aim?TrainingBusiness.com
Take-aways you don’t want to miss
- What you should be charging your customers
- How you can stand out from among your competition
- Which kinds of clients are best for you
- Which qualifications or credentials you need
- Why to consider what the market needs
- How to take an inventory of your sellable skills
Some helpful resources for you
E-Myth – Michael Gerber’s The E-Myth revisited [Wordery]
Chris Ducker – Helping experts build a personal brand and business
TAP – Training Accredited Professional qualification for trainers [UK]
ATD – TTT qualification from the Association for Talent Development [USA]
SBA – Small Business Administration Frequently Asked Questions from 2018 [USA]
FSB – Federation of Small Business [UK]
SBA – Canadian Small Business Association [CA]
COSBOA – Council of Small Business Owners of Australia [AUS]