Episode 14 Show Notes: Six Steps to Starting Your Own TC Business

Hello, my friend. I am so glad that you are back with me today. Over the last few weeks, we have spent a lot of time talking about some of the details of becoming an independent transaction coordinator. Well today, I wanted to dig a little deeper and talk about the steps that are actually needed to get you started with setting up your own business. Now, this is not going to be an all-inclusive checklist. But we will go over some key milestones and considerations to get going with your independent business.  

Now you may not know me personally, but if you do, you know that I am a huge Amy Porterfield fan. I listen to her podcast regularly. I love that her style is so simple and she is so supportive and sweet to her audience and clients. And I can only hope that you think that way about me. Anyway, recently she had a podcast where she talked about the steps it takes to leave your nine to five job. I will link the podcast episode link in the show notes for your reference. In the episode, she shares some of her story and the steps that she took to leave her corporate job. and start her own business. 

I thought that since we've spent so much time talking about the realities and getting started as a business owner and an independent transaction coordinator, I would share a little of my story and how my business got started, as well as a roadmap on how to do this if you were actually planning. I'm going to be totally honest here. You are going to hear some things today that I did and how I fumbled my way through to the finish line. It was not pretty, there was certainly a level of scrappiness to my start. And sometimes if you have to start messy to get it off the ground, then that's what you're going to do. But let's talk about what the steps could be if you were organized. 

Stop Number 1: Pick Your Start Date (02:59)

So this is it. Stop number one on our roadmap. 

First, pick your start date. I mean it. Pick a date on the calendar in which you're going to start your business. Tell a friend your start date and have them hold you accountable. If you're working your current job, this will be the date that you're no longer employed by them. If you've been doing TC work on the side, this will be the day that it becomes your full-time gig. And if this is something that you're starting from scratch, this is the day you launch my friend. I am telling you to tell a friend because you need someone to remind you what your goals are, to remind you what you're planning and why you're planning it. It is super easy to get caught up in life and just set the plan aside because life gets hard or your plan isn't coming together the way you want it to.  

When I started my own business, when I made that decision, I did not have a start date. I had an idea. I luckily had the buy-in from the team I was working for. In fact, they encouraged me to explore coaching operations and TC work. Not everyone is going to be that way by the way. So I do recommend you look into your policies about non-competes and non-solicitations that your company may have your strategy to get started may have to pivot if that's the case.  

What happened next? The universe went to work. I was goofing off on the Facebook like platform that my brokerage has and I stumbled on a post from a realtor in another state that was looking for a TC who could handle 10 to 30 transactions a month. I sent a message. We met on zoom and the rest is history. It's not always that way and following an actual roadmap is vital. So here we go. 

Stop Number 2: Construct Your Launchpad (5:02)

I actually have a Six Step Roadmap for this, and I am sharing that resource to you for free (click the link below). Especially for you. Okay, this is all about your plan. This is the work you are going to do before your launch date. And these are my suggestions:

CEO Mindset: First, get into that CEO Mindset: I think this is one of the most important parts that a business owner can do. You need to shift your mindset from an employee who's taking orders from an employer to a business owner and to the CEO of your business calling the shots. For me, this was actually a really big adjustment, even though in my career, I had always been a leader. It's really quite different when you're the one who has to motivate yourself, you have to coach yourself. You have to hold yourself accountable. Today, when I make a mistake, I always laughingly say, “I'm going to write myself up.”  

Branding: The next thing you're going to want to do is define your brand. Now, branding your business is way more than just designing a logo and selecting a color palette. It's about understanding the very essence of your business, the unique identity that sets you apart in a crowded marketplace. This process starts with deep introspection about what kind of business you desire to operate and extends to identifying who your ideal customer is. Imagine your business not just as a provider of services, but as a living entity with its own personality, values and aspirations.

• What does your ideal business look like? 

• What are the core values you want it to be known for? 

• And equally important, what do you not want for your business? 

Understanding these elements is crucial because your brand should reflect the essence of these choices. Your brand is also about the connection you forge with your customers. To create this bond, you must first know who your perfect client is. 

• Who is your ideal customer? 

• What type of business do they run? 

• What clients do they serve? 

Get really, really specific. Think about who they are, where they hang out, what their hobbies are, what's their education level, all of the things you can't get too specific here. And here's why:  EVERYTHING you do from this point on is about them (every piece of marketing you design, every newsletter you write, every social media post you create is about them). It's not about you, it's about them and you can never forget this. By aligning your brand with your ideal business vision and your customer's needs you create a brand that resonates, inspires loyalty and stands the test of time. Remember your brand is the promise you make to your clients and how well you deliver on this promise will ultimately define your success.  

Business Foundations: Now let's talk about business foundations. Let's define some specifics. You're going to need to research here.

• What's the name of your business? 

• What are the licensing requirements in your state? (Not only for a business license, but what about engaging in real estate activities?) 

• What will your business structure be? Are you an LLC? Are you a sole proprietor?

• Where will you have your business bank account? 

• What type of insurance do you need? 

• What's in your service agreement? 

• What contacts do you need in your pocket (like an attorney and an accountant to assist with this)?
  

I recommend researching SCORE in your area. It's a free service offered throughout the country that provides access to attorneys, tax advisers. and so on. They will help keep you on track and help advise you on these details. 

Figure out your income needs and your services you'll provide, what expenses you will have and what kind of profit you will need to make in order to attain that income goal. Now, I used SCORE heavily when I was getting started. They helped me pull together my service agreement, as well as my independent contractor agreements for my team. It was nice to have a resource to go to. 

If you are anything like me, you'll probably struggle a little bit finding your team of advisors. It has been quite challenging! And likely the first set of people that you find may not be the people you'll land on. You'll find out very quickly who is on your team and is a trusted advisor, and who is not really aligned with your business and what your business needs are as an owner. 

Attracting Your Ideal Customer: All right, now let's talk about attracting your ideal customer. We already talked about attracting the actual person, identifying who they are. But another thing that's really, really important to do is identifying what your brand's values are and what your mission is. 

• What values are the guiding principles of your business and its character? 

• How is it going to interact with your clients and the market? 

Your mission will express your business's purpose and its commitment to your clients. It articulates what your business does, who it services and how it benefits your clients. 

Marketing: Now let's talk marketing. So marketing strategy: marketing is my favorite. This is where you get to have some fun, defining some things like your brand story, your website, how you're going to attract the actual person to you. 

• Will it be through a blog? 

• Will it be a newsletter? 

• Will it be through social media posts?  

Speaking of social media. You have some decisions to make here too. In the digital age, our presence on social media is as significant as your presence in the business world physically. Begin by thinking about the platforms where your ideal client is the most active. Are they scrolling through Instagram, networking on LinkedIn or engaging in Facebook communities?  Identifying the right platforms is crucial for effectively reaching and connecting with your target audience.  

Next, think about how you'll connect with them on these platforms. Social media is not just about broadcasting content. It's about building relationships. So think of the strategies and the types of interactions that will resonate with your ideal client and foster meaningful connections, then prepare for the possibility of deeper engagements. If someone you interact with on social media expresses a desire to talk more, how will you respond? Will you direct them to your website? Schedule a call? Offer some other form of contact? Having a clear plan for these scenarios ensures you're ready to convert social media interactions into potential business opportunities. 

Lastly, focus on content creation my friend! Consistency is absolutely key in social media, but it can be very challenging. Reflect on how you can create a steady stream of content that appeals to your ideal client. Will you use a content calendar, will you batch content creation, or will you outsource your content creation to help keep you consistent?  

Final Foundations: A couple of other things I want you to consider in this foundational stage. 

One thing we know in this business is that real estate is a highly systematized process. You will also need to make decisions about the systems and processes you will use during this launchpad period. You will need to research what email service provider you will use, what transaction management platform you will work in and how you'll address invoices and billing, just to name a very few things. 

And here we go. It's time to launch! You have your date, you have your plan and it's time to go. We'll talk a little bit more about this in a minute.  

Stop Number 3: Tell Your People (14:07)
All right. Stop number three on our roadmap. Tell your people. Now, listen to me, friend. 

I'm not saying tell all your people. I am talking about the select few, and you know who they are. They are your ride or die: the friends and family that believe in you that support you and the ones that root for you the whole way. This is not the time to share with anyone who is a naysayer, someone who is critical or someone who will ever make your insecurities and doubts rear their ugly heads. You're going to be dealing with those struggles enough on your own, and you don't need that additional noise. 

Now, I'm not saying to ignore advice. You're likely pretty new at this and your mindset at this stage needs to be that of a sponge. So I want you to read every business book you can. I want you to ask a ton of questions on Facebook groups and other resources that you have. I want you to do all of that research. We all started somewhere and whenever you're feeling like you're failing, remember. You're not. You're just a beginner. When you hear a success story, I want you to think “I'm going to get there too” not “I'm never going to make it.” You will. You're beginning. I'm so excited for you. 

Stop Number 4: Quit Your Job (15:40)
Stop number four, the big one - actually quitting your job! Here we go. Your start date is looming and you've made all the plans. You've got your systems and processes in place, and you even have clients lined up who are dying to work with you. The time has come, friend. Give your notice. 

I always recommend giving two weeks notice (more if you can) and if it feels good to your heart. There is a possibility that you may be released immediately. Please understand that this might have nothing to do with you and your choice to start your business. This could simply be a company policy, especially if there's any alignment with the business that you're starting and the business you're coming from. During your launchpad construction, you should have discovered any policies about non-solicitation and non-competes. So make sure that you are clear on those policies and what you can and can't do.  

Conclusion (16:45)
Now, one last thing before I let you go. This is simply a high level overview of a process and is not inclusive of every step and every situation you could encounter while getting your business off the ground. Please connect with our Facebook group, The TC Exchange to collaborate with our amazing members, many of which have been where you are and have lots of value to add.  

I am so proud of you for taking this step! You are going to make it and obtain the dream of self-employment. It is a hard journey, I'm not going to lie. It is one that will require many late nights and early mornings, and you will certainly find out how scrappy you really are. I'm here for you my friend. If you need any help, reach out to me @truenorthtct on Instagram or at amity@truenorthtransactionservices.com. 

Until then, keep going. You've got this.  

Resources:

The Amy Porterfield Podcast Episode #646
It’s Time To Quit: 4 Steps To Quit Your Job & Be Your Own Boss

SCORE
Small Business Service Provider