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Today’s Thoughts ☠️

Hey there 👋,

We’re taking a little detour from the usual tech for L&D talk this week.

A lot of people ask me how I’ve built STT. Spoiler: it’s not an overnight success story. I mean, it would be pretty boring if it was.

Before I made this my full-time thing, I spent years crafting my skills, experimenting and learning from others. This gives me an advantage in the 1-person biz life.

I see a lot of BS on social media about choosing to ‘be your own boss’ It is neither as glamorous nor as terrifying as you might believe.

Today. I’m giving you an unfiltered look into 8 lessons I’ve learnt building Steal These Thoughts as a 1-person business. It’s a pretty long read, so I’d recommend viewing it in your browser in case the email is clipped (you can get a video version too).

Get your tea or beverage of choice ready, 🍵.

We've got lots to discuss!

→ Much love to today’s sponsor, Learnexus ❤️

👀 In today’s chat:

1. 8 unfiltered lessons on building a 1-person L&D biz
   

2. The best EdTech platforms of 2024
   

3. Why AI needs more hand-holding than you think

THE BIG THOUGHT
8 Lessons I’ve Learnt Building A One-Person L&D Business

Ok, a little history lesson about how this whole thing you’re reading started.

About 7 years ago, not in a galaxy far far away (it was north London to be exact). I was curious to learn about the world of writing a weekly newsletter.

Like all humans, I’ve been writing my whole life.

Somewhere along the line of my early life, I got good at crafting the written word. I was writing plays at my school, getting top marks for fiction stories and somehow found myself as a published poet in a national poetry book at the age of 12.

To this day, I’m not sure why the poem did well. From what I remember it was about some cat on a fence, which all sounds a bit trippy to me today.

Anyway, in late 2018 I’d already been writing online for about 4 years.

For the time this was unusual because writing online wasn’t as big back then as we know today. In practising what I preach as an L&D pro, I set out to learn how to turn my writing into a weekly newsletter.

After much thought on a name that wasn’t something lame like ‘Ross’s L&D musings’, Steal These Thoughts was born.

I had no plan for it whatsoever.

I enjoyed writing. I thought making a weekly commitment to write something of use would help my skills and perhaps support others in the same industry. I expected maybe 2-3 people might read it with most of them being people I know.

Fast forward to now as I type these words, a little over 4,000 people read this weekly conversation.

It’s something I feel weird, humbled and ultimately grateful for.

I never planned to turn it into a business. It kinda just happened through a series of choosing different doors at different times in life.

However, in June 2023 after probably waiting too long and ignoring too much data, I decided to turn STT into my full-time work.

To be fair, I was kinda doing two jobs anyway.

I’d spend 60 hours + at my 9-5 and another 20-30 on STT as a side hustle. I don’t endorse that kind of schedule though. It’s not for everyone.

Now over 365 days later in surviving in the operation of a one-person business, I thought it could be helpful to share lessons learnt for those who are either curious about ‘how this all works’ or doing something similar.

If not, you know where the delete button is.

1. Understand your Business Model

Let me be clear, my business model is not one of a traditional L&D consultancy.

In reality, I run more of a media or product-based business.

I had no plans to leave a 9-5 with one boss to step into a consultancy with 25 bosses. I’m aware this is the traditional route for most people. Perhaps this part will give you an alternative view of what you can do.

Here’s how I’ve setup STT:

The central part of my business is this newsletter.

It’s where I share all of my insights and practices from the work I've done over the last 20-ish years. I love to write long-form stuff (as you know).

It would be the only thing I’d never stop doing if I had a gun put to my head to choose just one thing, this is it. Without this, I have no business

Everything outside of this is secondary.

I only partake in projects that I believe I can add value to (more on that later). I have a small batch of online courses focusing on understanding and maximising the latest technologies in the L&D industry. These came from audience demand rather than me consciously looking to build them.

There might be cohort courses in the future.

Not a lot though as I find them incredibly draining. I don’t get my energy from those activities. That’s a big lesson in crafting your business model.

Do the stuff that gives you energy, not the things that don’t.

I know that’s obvious but I see so many just replicate what they did in the 9-5, still feel deflated and make less money.

This is why I do very little consultancy work.

I’m blessed in that I can make that choice, yet I’ve also worked my ass off for a decade to craft that kind of control. If something comes my way that excites me or is something I can contribute to in a meaningful way, I’ll consider it.

In sum: Identify and commit to a core business model that aligns with your strengths and interests.

For me, the newsletter is central, serving as the primary product and service. All other activities are supplementary and chosen selectively.

Find what works for you.

2. Find a Niche

The biggest mistake I see with solo L&D ventures?

Doing exactly the same thing with the same messaging as each other.

You must recognise there are millions of people in the same industry, offering the same services. Whenever I doom-scroll on LinkedIn (which I’m trying to get better at not doing), I see coaches and trainers everywhere.

While that’s not a bad thing. How they position themselves to potential customers is.

If you say the same thing as every other coach, how do you expect to stand out? You won’t succeed by just saying “I provide coaching services”. This is where the power of finding your niche comes in.

Get clear on:

1. What you provide

2. Who for

3. Why

4. The transformation that combination provides.

Let’s take STT as an example.

I decided where to focus here because my area was quite niche in the L&D world already. I focused very specifically on learning technology. Over the last two decades, I’ve seen a huge lack of understanding and application in HR and L&D with how we use technology to improve performance. So, I kind of knew that was my niche.

It’s my primary focus. I enjoy it. I really do love it, I have to say.

Now we can use that same formula if you are a coach:

→ Get specific or get lost in the crowd.

In sum: Focus on a niche where you have expertise and credibility. Leverage this to provide unique value in a crowded market.

3. How much should I charge for x?

I’m not going to have a clear-cut answer for you on this.

In reality, no one does.

What I can do is share my thought process and approach to this million-dollar question. Like with everything in life, the more I learn, the more I get better at doing it.

My best advice to you is to evaluate the work that you're doing, the worth of that work based on your IP, and the skills that you bring to that. I can't give you a bulletproof framework for that.

That's just how I do mine.

I think about how much would I pay for x if it's doing something similar to my newsletter or courses, as an example. When working with companies is all very much aligned with how much I feel my skills and IP are worth in the market today.

Don’t charge by the hour if you can avoid it, go with project-based costs as a total.

I find charging by the hour can get tricky quickly.

In sum: Set your fees based on the unique value and intellectual property you bring to the table. There is no one-size-fits-all. Tailor your pricing to the specific project and client.

4. How to get customers and clients

Ok. Two different schools of thought here.

1. If you’ve built an audience before going solo

2. If you’re going solo with no previous audience-building

Hot take: I think it’s very hard to succeed with number 2.

We’ll unpack this in the next section, but for now, I’d recommend doing work to attract potential customers on the side when you’re in a full-time gig.

I fall into category 1 because I spent 6-7 years giving out free content to showcase my expertise and build my credibility before I made the jump to start a business. I’m a giveaway the process and sell the implementation kind of guy.

That has resulted in an unexpected and fortunate event.

Lots of people get in touch with me because of the newsletter. It shows my work in public. Prospective customers and clients know what they’re going to get because they can see my work at any time they want.

So I am very fortunate in that I've not had to go look for clients. I haven't done any outreach work. It's just people who are interested in my work would like me to do stuff with them or help them with something.

The most important lesson I can teach you on this…

You have to learn to play the game.

We’re all playing different games in life but we each occupy different levels. You might think marketing and sales are yucky, which I still have a hard time with, yet they’re the things which give you an advantage.

In sum: Showcase your work publicly (if you’re comfortable). It’s not for everyone, but it’s the best thing I know that will give you a unique advantage. You’re only going to live once, don’t worry about what other people think.

5. Preparation and Patience

These are two things I never see get enough attention on all those glamorous LinkedIn posts.

To succeed in this type of venture you need both to prepare and be patient. I strongly advise you to test the waters when you have a secure 9-5. This life is not for everyone. I work more now than I did when I was Head of L&D for a global company.

For me, the reward of control of my time is worth that.

You have to decide if that’s the same for you. I’m not going to sugarcoat it. This life is rewarding but f*ckin hard. So, where you can, test the waters by doing a side project.

Get first-hand experience of running your own ship to see if you like it.

It’s better to do this at a small scale when risk is low versus discovering it’s not your thing once you’ve burnt your world down. Saying that, if it does work for you then my next point is something to keep in mind.

You’re going to need patience and a lot of it.

For a lot of you who know nothing about my journey, what I’m talking about might seem like it came together quickly.

IT DID NOT!

It’s a culmination of nearly 20 years in the corpo world and 10 years of giving away content for free. These two things were a game of patience.

It is that patience which is granting me success in the solo venture.

To put it into perspective, I’ve been writing this newsletter and doing conferences for free for a long, long time. I’ve written 52 issues of this newsletter every year for the last 5-6 years for free.

It is and will remain free for everyone (for deeper stuff you can pay to join the Cult of Thoughts).

My point is I’ve never missed an issue in 6 years.

There have been times when it’s been close with work and family commitments, but it was still done. All without any financial reward. That can’t motivate you at the beginning, and if it does, I think you’ll find this work difficult.

You might not see the rewards you seek for months or even years.

It can happen but you need patience + solid preparation to protect you.

In sum: Success doesn't happen overnight (no-brainer). Prepare by offering value for free to build credibility and a following. This long-term investment will pay off in stability and trust.

6. You are the business: From one job to all the jobs

The days of asking x team to do x thing are gone in the solopreneur life.

You’re the business.

You wear all the hats from product creation to financials. I hate financial stuff. You know, taxes, invoicing. I hate that, but it's part of the life. You have to do it.

Understanding that you've got to do all that stuff. You are on your own. You haven't got all the departments to help you. That can be a big mental shift for sure. Some days I love it, others I hate it.

It can be lonely at times as well.

However, the plus side of that is you can work on what you want, and choose how you spend your time and who you work with. I think that's a pretty good trade-off.

In sum: Be prepared to handle all aspects of the business, including those you may dislike. Understanding and accepting this reality is crucial for maintaining a successful solo venture.

7. The Importance of Saying No

This is another major lesson to learn.

No one likes saying no. It’s hard, we all know that, but you've got to do it. If not, you’re playing a dangerous game on many fronts.

I still struggle with this. I get a lot of outreach, which I’m incredibly grateful for, but I say no often. It's part of the whole process. That means I leave money on the table, but I want to build a thing I’m proud of. You can’t do that by working with anyone who throws a dollar your way.

You need to learn to say no to be intentional with your goals.

You can't give your time to everything or add value everywhere. Again, my best advice is if it’s not a ‘hell yeah’ it’s a no. Be clear on why you do what you do and who you want to be associated with.

In sum: Learning to say no is vital. You can’t avoid it. Focus your time and energy on opportunities that align with your goals and add value to your business.

8. You must be open to keep learning

Hopefully, this one is obvious.

Learning never ends. Unless you’re 6 feet under, and who knows, maybe it doesn’t end there either.

No one has it all figured out. Despite what social media tries to make us think with its algorithms of doom. We’re all just figuring it out as we go along. That’s the beauty of it, imo.

My mindset in this phase of solo business building is I'm forever a student.

I'm forever listening, and asking questions. I’m reading, watching, and trying to learn with every opportunity that I've got. I talk to those old, young and the same age, no matter their age or walk of life, I want to know:

• How they're doing things.

• What are their operating systems?

• What can I learn from that?

• What can I integrate?

This forms part of how I (and you) can build a better business.

I share this Bruce Lee quote all the time, but again I find it has so much relevance here.

In sum: Never stop being a student. Always seek to improve and adapt by learning from others and the world around you.

Final Thoughts

• Building a one-person business is cool but hard

• To win, you must cut through the crowd

• Use this blueprint to do your own thing, but have patience

Till next time.

SMART THOUGHTS

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AI assistants are a revolutionary next step in the digital tech story, but they too need a bit of care and support to reach their full potential.

This includes a bunch of things like users having the right skills to work with them, updated data and ongoing maintenance. They’re like a garden in many ways. Care for them well and you get something beautiful. Don’t invest in proper care and you end up with a land of waste.

Unpack more in this Wall Street Journal article.

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In a $400 billion industry with endless suppliers, it’s hard to know who to partner with.

The next instalment of yearly research from Emerge Education makes it easier to know who’s worth your time. Awesome to see a friend (and sponsor) of the newsletter, Sana, in the top 10 superstars list.

🔥  5 rare skills no one talks about to become a successful L&D pro

As we’re talking about unfiltered advice to succeed in our industry.

You’ll find this thought piece and its research incredibly meaningful in doing that standing out from the crowd we discussed. I connect this to the L&D world, yet in reality, these are transferrable skills to success in most areas of business.

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