Shingle or Not? Making the Move to Self-Employment

In the era of offshoring, right-sizing, and business closings, the question of whether it is time to hang out one's shingle is even more compelling. We have read of countless people being pushed from the corporate nest and declaring it the best thing that could have happened to them. What about now? And what does it take to succeed? Passion is a prerequisite, of course, but it's not all that stands between being a successful consultant or not.

I spoke to Kathleen Razi, of Razi and Associates, who consults in OD and training and development. Her work spans three continents and she enjoys adjunct status at Baldwin Wallace College in their graduate and undergraduate business division. She told me, "You have to be a well-rounded business person to be successful - you do everything on behalf of your own business, not just focus on your specialty."

Fran Scarlett, principal of Scarlett Ink Media, echoed similar lessons learned in her fledging business. "I have found the seeds I planted way back come to fruition much later. I was really surprised that contacts would return a year or more after meeting me for assistance. That was huge - something I did not expect when I first started out."

The Harvard graduate left the corporate world to pursue her own interests and felt it was a high-risk, high-yield decision, given the fact that she supports a son. Even though Scarlett works in a different field, her experience can apply to consultants of all kinds.

Finding your edge

A recently released books, Will Work from Home by Tory Johnson, highlights the need for market analysis. Johnson's book insists on you doing your homework. During the conversations for this article, the need for a niche became a recurring theme. The more you talk to people, the more convincing this argument becomes.

"People insist that being first in something is the real market edge. Well, then be first!" states most of the literature. I can give you an example of how this might work. "Being first" seems overwhelming, especially when you analyze your market and know you have competitors. It is all in the spin, however. You can be first in something - first in your city or region, first man or first woman, first trainer to develop X program, first OD person to be conservative, first to introduce multi-media or blended curriculum in your area. You get the idea.

As an example, when personal coaches were just starting in the mid-1990s, I launched an e-coach business. My clients came from eBay, as I meta-tagged my ads for those looking for Coach handbags. "Isn't your future worth the price of a handbag?" my ads opened - and they worked. I dismantled the business when technology could not yet seamlessly deliver coaching as I imagined it, but there I wasliterally the first e-coach that I could find anywhere on the Internet. Much has changed since then, including the maturation of that field. Still, I legitimately claim being the first e-coach on my resume.

What can you do?

Now, let's talk turkey. What about training, development, and coaching? Here is where horizon thinking might come in handy. What media will embellish these services? Where is HRD headed in organizations? What roadblocks stand in the way of delivering these services? As an example, recruitment and retention of skilled personnel has become a challenge for most organizations. In a global economy combined with a mobile society, recruitment and retention have been added to many a training and development function. Why? There is a natural link between bringing talent in the door and keeping it. Further, millennials and Gen-Xers genuinely value professional development, enough to make it a deal-breaker when shopping for jobs. The literature supports these findings, which is good news for the profession.

Talent management is no longer confined to Hollywood. So, is this an area that you can manage better, smarter, differently than your corporate cousins can do? Or have time to do? Might you be first in your region? The lessons you learn on your job can sometimes fall on unreceptive shoulders. Hey, it happens. However, nothing prevents your from leveraging your knowledge and transferring it to your own LLC. Look carefully at your agreements, so as not to violate intellectual property. But if it is swirling in your head and not a product you gave to your firm, it's yours (in all cases see an attorney, please!). Again, the point is this: What occurs during problem solving can be unique, exciting, the next door to open in your career.

Questions to ask yourself

In summation, hanging out your own shingle is much like having a child - there is never a perfect time. If you have the passion and want to create something on your own terms, control your own destiny, and develop something unique, chances are you are being called. Here are some things you'd do well to consider:

• Do you have enough money saved to sustain yourself for one year?
• Do you currently have a professional network or the ability to create one?
• Have you studied your market? Have you identified your niche? Could you be first in something?
• Have you investigated white papers or recent articles that project future trends in training and development?
• Do you legitimately own your product?
• Do you have a fire in your belly and a willingness to learn new skills (such as marketing, accounting, and advertising)?
• Do you feel more stimulated than exhausted when reading this?

These are all good signs that you are in a state of readiness. There is a Chinese proverb: "To she who waits all success will come." It takes patience and even a little grit to see your work come to fruition, as Fran Scarlett stated above. You cannot be passive and expect people to find you. Still, trail blazing and opening your own firm can yield deep rewards, far beyond dollars - it is one of last bastions of the pioneer.