This content was created by Peter Winick. This content was uploaded by Peter Winick. This is a YouTube video titled "Transforming from a Practice to a Business - Thought Leadership Leverage" (published 2015-01-05) featuring Peter Winick delivering a solo talk. He explains the difference between a "practice" (time- and presence-based offerings like speaking, workshops, consulting) and a scalable "business" (monetized intellectual property such as licensed content, e-learning, assessment tools, and train-the-trainer programs). He advises taking inventory of existing assets (including materials from the past 10–15 years), converting content into different formats and modalities, expanding into new markets and organizational levels, and finding partners with appropriate distribution and technology to help monetize and scale. The piece is a thought-leadership presentation aimed at professionals looking to transition from practitioner-led revenue to leverageable, sellable business models.
Chapters
Peter Winick here, and today I wanted to talk to you about making the transformation from running a practice to having a business. So first, let me define what a practice is. A practice is when both you and your content need to be in the same place at the same time for you to be monetizing it. Practices are things like speaking, like workshops, like consulting. Lawyers have practices. Doctors have practices. Consultants have practices. It's a pretty traditional way of doing business, and it's not that they're bad, and it's not that they're good. They just don't scale particularly well. 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. These are things like licensing your content to others to deliver. These are things like e-learning and video platform. These are things like assessment tools, like training programs that are delivered by other people. In a business, you're not the one delivering the content. You're the creator of the content. Your content is being leveraged, being monetized, and you don't have to be at the same place at the same time. What I want you to think about is, how do I start transforming from what is typically, in my experience, 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 you need to do. First, you need to take an inventory of what it is that you have. What are the assets that you have created? Not just recently, not the ones you're thinking about creating or will be creating over the next 6 or 12 months, but what you have created over the last 10 years, 15 years or more? 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 of an organization? What can you do with that? The last piece is really finding those partners that can help you monetize, that have the right distribution, the right technology, the right delivery mechanisms in place to help you monetize. It doesn't happen overnight, and it's not necessarily an easy process, but you can transform your practice into a business. Thank you for your time. Thank you.
