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The other piece of advice I provide begins with “Entrepreneurs beware!” It’s easy to get into the business, but it’s a challenge to stay.But remember: If you can’t adequately explain your value proposition, you can be sure your client will not understand. They use internet search engines and look for things that thought leaders have done in the past.
And they often pay a heavy price for these omissions.
According to the Small Business Administration, the failure rate for cross-industry businesses is nearly 60 percent in the first year.
And I believe training is one of those unique professions where you get to do that.
But my first piece of advice is to be realistic and help them understand that as important as it is to have a passion for helping people, this too is not a prerequisite for success in this industry.
I believe success comes to those who are committed to success. They promise the customer they can do anything the customer wants.
But clients buy specific products and services, not a nebulous claim of proficiency. Once you have created a product, you must articulate its value to the client.
All are good development grounds for entrepreneurs and offer excellent credentials for credibility with prospective clients, but background does not always guarantee a successful company.
Some plan to launch their business as a consulting or coaching practice where training will be a component of their service offering.
Others say they intend to form a pure-play training company that offers customized services or courses to suit client needs.
Both will work, but again, there’s no guarantee as to what the clients will buy.