Venturing Out On My Own

Reader JB wrote in with these questions, and with her permission I answer them publicly so that others too – even those who are established – may benefit.

Questions edited for clarity.

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I am looking to venture out on my own. I want to make this a successful venture and I am willing to invest in myself to make sure it is. 

At what point should I look at getting help/ guidance from you or any others? 

» As soon as you can afford to. There is no greater ROI than investing in your own growth and development.

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I am currently researching and planning how I want to do this. Do you have any advice, direction, or articles I should read? 

» My podcast, obvi, and be sure to catch the episode on Top 5 Reads from 2021, which will include excellent, non-academic books on business strategy.

In addition, read Alan Weiss’s Value-Based Fees to get your head on straight about value and pricing, and Jennifer White’s Work Less Make More, to prevent overworking.

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I think these are my steps, in this order:

Identify my "goal" niche, then identify exactly what I want to offer future clients, researching, working on a business name. Once I am ok with those items I was planning on working on a website, researching software and then figuring out how to best reach out to potential clients. 

Reorder the above like this:

1. Research your niche

2. Talk to business owners in that niche about their business challenges

3. Determine what problems they have, and which of those you could help with

4. Then come up with solutions to offer them

NB: Make sure you can find potential clients. If they are impossible to reach at this stage, it won’t be easier to find them once you have a business

5. Then start working 2 - 3 with clients

6. Then use what you have learned (their pains, their dreams, your fix) and put that content on your website

NB: Unless your clients specifically request it, keep deliverables like cost segregation and revenue recognition off your website. Most business owners wouldn’t recognize a pound of cost segregation if it hit them in the head. More on this later.

Somewhere between steps 4 and 5, once you understand what problems you need to solve and what your clients will pay for with actual real dollars, THEN research software to determine what software you need to help you solve their problems.

NB: “Research” falls under Productive Procrastination and can be coy, making itself appear to be more necessary than it in fact is. To be clear, I am NOT suggesting that you don’t research, or that all research is procrastination. Rather, think: Homer, and Sirens. Understand the allure; take preventative measures.

For now, have your business name be your_name_accounting.com or your_name.cpa or something simple. If you build a company, then come up with a name then. If it’s just you, use your name for now so you can stay focused on gaining experience working with clients. Don’t use your time at this stage to come up with a business name –use your time to bring in a base of clients and get experience.

Also, your name in your URL is good SEO juice. :)

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If I am doing it all wrong please let me know. I am not sure if I am on the right track or if I am making this more difficult than it needs to be. 

You have many of the right pieces in place! I applaud your intentionality, and getting yourself in position for the smoothest possible on-ramp into your business. 

Godspeed, JB, and keep us posted on your progress!