4 Key Investments New Business Owners Should Make
A New Direction: Fractional Sales Leadership
My initial plan was to seek sales training and coaching, but I soon discovered that many people saw this as a nice-to-have rather than necessary. Since it assumes that a company owner would execute the tactics you suggest, sales coaching is often the first line item cut from a budget.
That's when I realized what was wrong: Business owners required more than just a coach; they also needed strong sales leadership to develop their sales infrastructure better and lead their team. All of this must be completed in a fraction of the time you estimate and within their budget.
I discovered that no other company was addressing this market after a quick Google and LinkedIn quest. Many companies have already implemented a fractional model in marketing, finance, and other departments, but not in sales leadership. We decided to take the risk.
At the time, I was emotionally torn between wanting to build something different and being worried that it had already been attempted and that there wasn't a need for this form of service. We knew we'd be the only ones who could convince small and midsize business owners that they had an option in sales leadership. It wasn't easy to let businesses know they had a unique alternative — one they didn't even know about — but it was something we felt exceptionally qualified to do.
4 Crucial Investments for New Leaders
Today, our fractional sales leadership company is thriving, expanding at a pace of more than 50% per year, and I'm still overjoyed with my decision to leave corporate America. Along the way, I discovered that I needed to invest money to make money. The same is true for you.
You must be willing to invest in the following areas if you want to develop innovations that could make you millions.
Even the fundamentals—require investment. We squandered so much time and resources on our first website, spending just $5,000 where we should have invested $40,000 to $50,000. Those "saved" dollars resulted in defective foundational components, which we had to redo later. We wasted time and money because we didn't do it correctly the first time. However, when you're first getting started, you'll want to spend wisely by concentrating on the items that are most important to your early success. Investing in things like information systems, equipment, and key staff from the start would help lay a solid foundation.
2.Your First Hire
When assessing a cost, make sure you consider the potential return on investment or ROI. We made the mistake of waiting too long before hiring an operations director. It only took a few weeks to realize she had freed us up to concentrate on what we did best: sales leadership. She focused on her field of expertise. Make sure you still invest in the right recruit. According to the United States Department of Labor, hiring the wrong worker will cost the organization 30% of the employee's first-year earnings.
It is more of a mental investment: fully accept the possibility of failure. Understand that the sooner you lose, the sooner you can iterate and restore. The more you cling to the illusion of being right, the longer you will be a hindrance to yourself. When I learned I had become dissatisfied with my sales career before venturing out on my own; I decided to take the risk and find something meaningful. Pay attention to the pull and dive in if you like you need anything more.
4.A Mentor or Advisory Board
We had a lot of head trash for the first few years about what was possible, and as a result, we unintentionally limited our market. When we recruited an advisory board of experts from various backgrounds, our eyes were opened. They pushed us to think beyond the box, to dream big, and to go down roads we hadn't considered before. Build a shortlist by asking people in your network for advice to help you develop a great advisory board. Look for people who have bounced back from previous setbacks, and try to incorporate people from various backgrounds.
Success is great, but it's much better when it comes after you've overcome a challenge. If you're up for a once-in-a-lifetime adventure with unlimited earning and performance potential, it may be time to strike out on your own. Be willing to put money into yourself and your decision.