transforming a practice into a business - thought leadership leverage
TRANSCRIPT
TRANSFORMING FROM A PRACTICE TO A BUSINESS
for you to be monetizing it.
Practices are things like speaking, workshops, and consulting.
Lawyers have practices,
doctors have practices,
consultants have practices, it’s a pretty traditional way of doing business.
They just don’t scale well.
It’s not that they’re bad,it’s not that they’re good,
Having a business is when your content, your intellectual property, is making money, is being leveraged, is being monetized, and it’s not contingent on your presence.
Things like licensing your content to others
to deliver, E-learning in video platforms,
assessment tools, and training programs that
are delivered by other people.
In a business, you’re not the one delivering the content,
you are the creator of the content.
How do I transform
a practice to a business?
Businesses have a much higher value, businesses can be exited, people don’t buy practices—entities buy businesses.
So, starting that process there’s a few
things that you need to do. First, you
need to take an inventory of what it is
that you have; what are all the assets
that you have created.
What format does it live in, and
what format can it live in?
How can you transform that into
different mediums and modalities?
How can you introduce it to new markets, globally, domestically? Different manager levels inside an organization; what can you do with that?
The last piece is really finding partners that can help you monetize. Ones that have the right distribution, technology, delivery mechanisms in place.
It doesn’t happen overnight, and it’s not necessarily an easy process, but you can transform your practice into a business.
TRANSFORMING FROM A PRACTICE TO A BUSINESS
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