End Goal: Teach a Class #

Many small business owners start companies that are in an industry that they are familiar with or have experience in.  Accountants have typically worked for a larger firm for some time, and any tradesman has likely become a master in their field long before they started their own company.  It is natural to think that you may be able to skip this step, after all you most likely are already an expert.  However, Turtlesmith would urge you to take a moment and decide whether you are actually an expert in your industry as a whole. Would you be able to confidently teach someone else about every aspect of your business?

A master electrician is certainly going to have all the necessary skills and technical expertise to complete nearly any electrical job that you can throw their way.  But do they know how to navigate all the regulatory hurdles that are needed to operate a business in the trade?  What about new technologies on the horizon? Even simply scheduling their own appointments.  A master electrician working for a large firm shows up at the job site at the appointed time and does the work they are an expert in, but oftentimes people don’t think about all the small details that got them there.  

• Advertising so the contractor in charge knows and hired this particular electrician.
• Software which allowed for estimating and scheduling.  
• Administrative support, legal support, insurance, repairs on the work van they use. 
• IT support

The list can go on and on.  As a small business owner, you don’t have to be an expert in all the necessary fields, but you need to know about them so that you can have the necessary tools in place to get the job done.

Start off by figuring out what industry you are actually in.  North American Industry Classification System (NAICS) is the most common one used in the US, there is also the Standard Industry Classification (SIC) system.

It is possible that you will fall under more than one category or you may find that a perfect category doesn’t exist.  Both are ok, you just want to find a general industry or the various industries that affect yours in order to help us learn more as you go through the steps. It will help in researching your industry as well.

Research: #

BLS.gov is the US Bureau of Labor Statistics’ website. This should have some good information on industry size and reports on basic economic data. Research as much as you can about your industry.  There should be plenty of industry specific sites, newsletters, forums, subreddits, etc.  Try to find and read as much information as possible about your industry.  The more you learn the better you can do and the more prepared you will be with any industry changes.

Technology: #

At the forefront of your research should be technology and advancements.  Technology moves incredibly fast in today’s world and a new advancement could spell disaster for your industry as a whole.  New Technology could also provide new opportunities as well.  A company using new technologies should be able to out compete existing companies who are reluctant or slow to switch over.

Industry Economics: #

The economics of an entire industry are a little too vast to become an expert on, but you should be able to tell whether the industry is healthy or on a downward spiral.  Look into market reports and other industry specific sites to see how people are doing.  You can also look at anecdotal evidence from people within the industry, but don’t rely fully on this. 

Networking: #

Do not be afraid to talk with people in the industry. You would be shocked at how many people love to talk about their business.  Do not be afraid to reach out to ask questions.  The worst they can say is no, but more likely than not, people will be willing to help you.  Even if you are a direct competitor, those who are established in the industry typically don’t mind helping some new people come up.

The end goal of teaching a class is of course a metaphor, and we don’t expect you to actually do it. Although, after this step, your research should make you able to talk about your industry as a whole for around an hour, or a class’s worth of lecture.