9 Steps to Turn Your Expertise and Skills into a Business

Also, SCORE pairs entrepreneurs with seasoned mentors who can help them understand how to proceed. And websites like ZenBusiness offer business-formation assistance and other information for a fee.

4. Write a business plan

Nunez additionally advises writing a business plan before you launch your business. The process of writing the plan will require that you think about various questions you may not have considered. “Starting off with a plan and going over it with peers to get those questions answered will give you a better chance when you’re starting off,” he says. There are several free or low-cost business-plan resources online; other resources include SCORE, AARP or your local Small Business Development Center (SBDC).

5. Determine your price

Pricing your services properly is another key step in getting your business started. When you’re considering pricing in a service business, you need to understand the cost of your labor, as well as your overhead, Buhrdorf explains. “The price is going to be driven by the cost of the labor, whether it’s their labor or someone else’s, so there’s going to be that cost and then whatever their margin or profit is on top of that,” he says.

Your pricing may also affect how your business is perceived in the market — the affordable option, the high-end option, etc. The U.S. Chamber of Commerce published a useful information series about pricing. Your accountant may also be able to help you determine the best pricing model for your service business.

6. Promote your services

Promoting your business the right way and to the right prospects is essential to the success of your business, says Adam Lyons, founder and CEO of the S.M.A.R.T. Blueprint, which helps experts get more revenue from their businesses. “Rather than waiting until customers search for you, go find your audience,” he recommends. Plus, he discourages relying on marketplace or gig platforms for opportunities, as those may not be as profitable as work you actively target and cultivate.

While marketplace websites may be good channels for some, you may find better clients by actively marketing your business and networking to locate the best prospects. For example, Lyons suggests that if you’re selling wedding consulting, create wedding-related Facebook groups and Instagram pages; follow and connect with customers via a #WeddingIdeas hashtag. Paid advertisements, meetup groups or other marketing and networking opportunities tend to pay off with better-quality leads than anything that comes through passive promotion.

7. Start selling — but pay attention to quality

“Most consultants don’t have a sales-conversion process in place to take potential customers from one step to the next,” Lyons says. Understand the typical cycle it takes for your customers to decide to use a contractor, and draft a plan to take them from first contact to sale. That may include writing a full script that guides customers through the decision-making process, as well as automating communication at certain intervals to check in and provide information.

As your sales ramp up, be sure you’re not overbooking yourself or ignoring the quality of your work, he adds. Referrals are usually important to service-business owners, so doing a good job and getting results are also important.

8. Think like a business owner

Lyons warns that many “solopreneurs” and freelancers still answer to clients as if they have a boss. When you’re working for a client, have a scope of work and understand when you’re being asked to do more than that — and when you should be paid more. “Change your mindset and you’ll start to change and expand your business,” he points out.

9. Keep up with trends and changes

Industries evolve, and it’s essential to keep up with the emerging skills you’ll need to serve your clients, Nunez says. Today, technology, social media, artificial intelligence and other tools are changing the way many sectors do business. But this offers an opportunity for you to grow your business too, he notes.

“Think of the services that aren’t being offered yet, for today’s world,” he says. If you master them before the competition does, your business will have an edge. To achieve this, stay involved in professional associations, read trade media and observe what others are doing in your field.

If you’re thinking about starting a business, advances in technology have lowered many of the barriers to entry, especially in service businesses. Buhrdorf shares a quote from billionaire entrepreneur Mark Cuban: “Why not me?” For self-motivated people with in-demand skills, business ownership might be just the answer they seek.