By Margy Horton
Have you been reading all the posts about how to write a resume and what to say in interviews and thinking, “These posts are great, but I don’t have any jobs to apply for”? Maybe you’re geographically limited in your job search, or you’re bored by every job posting you read, or you’re riddled with guilt over the prospect of stealing some Art History major’s job, or (my personal favorite) you hate the idea of taking orders from anyone besides yourself, especially after having suffered the indignities of the academic labor market. If any of these conditions applies to you, then perhaps the reason you’re feeling so frustrated by the post-ac transition is that the job you’re looking for does not yet exist. Perhaps the person who is going to hand you your dream job is, cue swelling music, you!
At this moment, as you lie curled on your couch with 15 open tabs on your computer mocking you with postings for 15 different impossible jobs (jobs in distant cities, jobs that require coding expertise, jobs that pay less than the cost of childcare), the idea of creating your own job might seem just as impossible. How would you even begin to build a business? What would you sell? Who would give you a paycheck? And how soon? Adding to your unease may be the awareness that most small businesses fail within 18 months, and that your academic colleagues are likely to look down on you even if, or especially if, you succeed.
But I want to suggest that you have a much better than average chance of success in small business for two reasons: (1) given the skills you honed in academia, you can start a knowledge-based business that requires almost zero startup capital, and (2) your desperate thirst for challenging and meaningful work is going to make it impossible for you to give up until you find a way to do that work every day. I predict that, once you discover the Big Idea for your business and commit to making it happen, you’ll fall so in love with the project that you’ll actually start feeling happy and inspired again as you go about the work of creating your business: of designing your services and experimenting with your marketing message and figuring out what works for you and your clients. It may be slow going at first, but you can always ramp up gradually as you continue a steady day job.
In an earlier post I proposed some exploratory questions that you might ask as you prepare to write your business plan. After answering these basic questions, like “What can I do?” and “What do people need?”, you can move onto the specific questions that will undergird your business plan. You may opt to write a traditional, highly researched business plan or go with my own preference, an improvisational “lean start-up” plan. Either way, as you develop your business plan, don’t just guess what the answers are to these questions. Conduct some type of market research, even if informally.
1. What service(s) will I offer?
You might consider coaching, consulting, or editing, as these are all knowledge-based services that correspond to your skills honed in academia. In a coachingrelationship, the coach helps the client to achieve competency in a specific area, but does so mostly by asking questions rather than prescribing a course of action. By contrast, consulting tends to be more directive; the consultant provides expert advice for how the client ought to proceed. Editorial services, broadly construed, involve written feedback on a work in progress. The lines among these three services can be blurry, of course. For example, in my business I provide writing consultation, which as it happens, can be more like coaching than like other forms of consulting. I do not prescribe solutions to my clients so much as ask them questions, help them tease out ideas that they hadn’t clarified before, and suggest strategies for revision. The client maintains full ownership of the project.
2. Who are my clients?
These people are the heart of your business, so know them well and love them deeply. A few considerations: Are your target clients aware of the need you propose to solve? If not, how can you help them see the need? What has kept them from meeting this need before now? Will they find your solution uniquely compelling? Also, consider whether you’ll target individuals or institutions, or both. If institutions, who are the decision-makers with whom you need to develop relationships? If both, will you need two distinct marketing messages? No matter who your clients are, be sure to design your solution (services) in a way that it will fit their time and money constraints.
3. What’s my Unique Value Proposition (UVP)?
This is key. Think of your UVP as the thesis of an argument: the concise, compelling articulation of what makes your your business both unique and important. Answering this big question requires attention to what similar services others are providing. How do those other people describe their services? What qualifications do those people have? How are you similar to or different from other people offering similar services? How can you communicate unique value so that you are not competing on price alone? For me, developing a UVP is not just a marketing technique. It is, far more significantly, a way to see oneself and one’s “competitors” as a community of unique individuals who respect one another and even collaborate. Call me Millennial, but I find this perspective far more inspiring than one of zero-sum competition.
4. How will I communicate with potential clients?
This begins with choosing a name for your business, which will succinctly and evocatively communicate the essence of your brand to the public at large. After you’ve decided on a business name and bought the url, you’ll want to think about what combination of web presence and in-person networking you’ll use to get your name out there. Again, it’s amazing how much you can accomplish without spending a cent. Once you create a genuinely compelling Unique Value Proposition and tell everyone in your network about it, the news about your business will have a way of spreading on its own. For me and many others with knowledge-based service businesses, the entirety of the marketing budget is the annual fee for website hosting–under $100 a year. I do spend lots of time building relationships, but this is the fun part of entrepreneurship! One note of caution against relying on online marketplaces such as Elance, Fiverr, Craigslist to generate new business. On these sites, people compete with one another based on price alone and do so at well below market rates. Avoid the commodity trap! Focus on quality relationships, and as much as possible, work with clients who appreciate the value of what you do.
5. Which resources do I need?
When launching your business, don’t spend money for something without first trying to get it for free. The public library, for example, is where I found this book on building a consulting practice. Believe me, I worked my way through the entire Business and Marketing section. I also found Quora to be a valuable resource, a place to ask questions of a brilliant community of people in all spheres of life. Canva is my source for graphics, and plain old Excel and PayPal are sufficient for my current accounting purposes. Obviously, social media accounts are free. The trick with those is to choose only two or three platforms in which to invest time in a purposeful way, rather than trying to be present on every platform.
Suffice it to say that creating a business plan is, like writing a dissertation, a recursive process. Even now, I still revisit and reimagine my business plan. At the moment, I am working out the details of an exciting expansion (I’ll be announcing my first Associate within 3-6 months!), so I am thinking a lot about how other people’s services fit within the ScholarShape brand. For me, this endless room for growth is what makes entrepreneurship fun, energizing, challenging, and rewarding–all of the adjectives that most of us are looking for in a job. In my next post, I’ll discuss two different approaches to self-employment, entrepreneurship and freelancing, and I’ll explain why the distinction is important. Until then, keep dreaming and scheming!