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Essential Steps to Start a Sales Training Company

Start a Sales Training Company

Starting a sales training company can be a fulfilling and potentially lucrative venture for several reasons:

  • Expertise and Passion: If you have a strong background in sales and a passion for helping others succeed, starting a sales training company allows you to leverage your expertise to benefit others. Sharing your knowledge and experience can be personally rewarding.

  • High Demand: Sales is a fundamental aspect of nearly every business. Organizations are always looking for ways to improve their sales performance and boost revenue. A well-executed sales training program can make a significant impact on an organization's bottom line, leading to a consistent demand for such services.

  • Flexibility: Running a sales training company often provides flexibility in terms of work hours and location. You can design your training programs, choose your clients, and set your own schedule. This flexibility can be appealing for individuals seeking a better work-life balance.

  • Potential for High Earnings: Successful sales trainers can command lucrative fees for their services, especially if they have a strong track record and reputation in the industry. As your reputation grows and your client base expands, your income potential can increase.

  • Entrepreneurship: Starting a sales training company is an entrepreneurial endeavor. It allows you to be your own boss, make decisions independently, and build a business from the ground up. Entrepreneurship can be personally fulfilling and provide opportunities for growth and innovation.

  • Impact: Sales training can have a significant impact on individuals and organizations. By helping sales professionals improve their skills, you contribute to their personal and career growth, and you also assist businesses in achieving their sales goals. This sense of making a positive impact can be highly rewarding.

  • Continuous Learning: In the field of sales, there is always something new to learn and adapt to. Running a sales training company allows you to stay at the forefront of industry trends and continuously develop your own skills and knowledge.

  • Variety of Clients: Sales training can be applied across various industries and sectors. This diversity of clients can keep the work interesting and allow you to broaden your knowledge base.

  • Remote Opportunities: With the advent of technology, you can offer your services remotely, reaching clients from around the world. This opens up a broader market and reduces geographical constraints.

  • Job Satisfaction: Helping individuals and organizations achieve their sales goals can be personally satisfying. Seeing your clients succeed and witnessing their growth can be a source of pride and job satisfaction.

However, it's essential to recognize that starting and running a sales training company can be challenging. It requires careful planning, marketing, ongoing learning, and the ability to adapt to changing market conditions. Success often comes from a combination of expertise, dedication, effective marketing, and delivering tangible value to your clients.

Sales Training Statistics to Consider

Sales training is a critical investment for organizations looking to improve their sales teams' performance.

Here are some statistics related to sales training that highlight its importance:

Sales Training Investment:

According to CSO Insights, organizations that invest in comprehensive sales training programs are more likely to achieve their sales goals. In 2020, 55.4% of companies increased their investment in sales training.

Impact on Sales Performance:

A study by the Sales Management Association found that effective sales training can increase sales performance by 20% or more.

Retention of Training:

The Forgetting Curve theory by Hermann Ebbinghaus suggests that people forget newly acquired information rapidly if it is not reinforced. Effective sales training programs incorporate reinforcement techniques to combat this. For example, a study by Sales Readiness Group found that without reinforcement, 84% of sales training content is forgotten within 90 days.

Sales Coaching:

According to a study by the Sales Management Association, organizations that provide ongoing coaching and reinforcement to their sales teams achieve 110% quota attainment, compared to only 88.4% for those that do not.

Sales Enablement:

The use of sales enablement technology has been growing. A study by CSO Insights showed that 61.5% of organizations had implemented or were planning to implement sales enablement technology in 2020 to support their sales training efforts.

Effectiveness of Virtual Training:

Virtual sales training became more common, especially with the COVID-19 pandemic. According to the Association for Talent Development (ATD), virtual instructor-led training (VILT) can reduce training time by up to 60% while maintaining or even improving learning outcomes.

Sales Productivity and Efficiency:

Salespeople spend a significant amount of time searching for and creating content. A study by HubSpot found that 65% of sales reps say they can't find content to send to prospects, and 43% say they spend too much time on data entry and manual tasks.

Measurement and Evaluation:

Many organizations struggle with measuring the effectiveness of their sales training programs. According to ATD, only 8% of organizations reported that they measure the business impact of their sales training programs effectively.

Skills Gap:

A survey by Richardson Sales Performance found that 85% of sales professionals believe they need more training to be effective, indicating a significant skills gap in the industry.

Continuous Learning:

Sales professionals recognize the importance of continuous learning. According to LinkedIn's State of Sales report, 94% of salespeople say they would stay at a company longer if it invested in their learning and development.

These statistics underscore the importance of investing in sales training, continuous reinforcement, and the use of technology and coaching to improve sales performance and productivity. Sales training should be seen as an ongoing process rather than a one-time event to keep sales teams competitive and effective in a constantly evolving market.

Fourteen Steps to Start a Sales Training Company

Starting a sales training company can be a rewarding venture if you have expertise in sales and a passion for helping others improve their sales skills.

Here are the steps to get you started:

1. Market Research and Planning:

  • Identify your target market: Determine which industries, companies, or individuals you want to target for your sales training services.

  • Analyze the competition: Research other sales training companies in your area and online to understand their offerings, pricing, and client base.

  • Define your niche: Consider specializing in a particular aspect of sales training, such as B2B sales, cold calling, or sales management, to differentiate yourself.

2. Business Plan:

  • Create a comprehensive business plan that outlines your business goals, target market, pricing strategy, marketing plan, and financial projections.

  • Legal Structure and Registration:

  • Choose a legal structure for your business, such as a sole proprietorship, LLC, or corporation, and register your business with the appropriate government authorities.

3. Name and Branding:

  • Select a catchy and memorable name for your sales training company.

  • Design a professional logo and create branding materials that reflect the values and image you want to convey.

4. Develop Your Sales Training Curriculum:

  • Create a structured sales training program that covers essential topics such as sales techniques, negotiation skills, product knowledge, and customer relationship management.

  • Consider offering both in-person and online training options to reach a wider audience.

5. Legal and Compliance Considerations:

  • Consult with legal professionals to ensure that your training materials, contracts, and business practices comply with local laws and regulations.

  • Obtain any necessary permits or licenses.

6. Marketing and Promotion:

  • Develop a marketing strategy to reach your target audience. This can include creating a website, using social media, email marketing, and networking.

  • Highlight your expertise through content marketing by writing articles, creating videos, or hosting webinars on sales-related topics.

7. Sales and Pricing Strategy:

  • Determine your pricing structure for your training programs and services.

  • Develop a sales strategy to acquire clients, which may involve reaching out to potential clients directly or partnering with businesses that can refer clients to you.

8. Technology and Tools:

  • Invest in necessary technology and tools, such as presentation software, learning management systems (LMS), and video conferencing platforms for online training.

9. Build Your Team:

  • Depending on the size and scale of your business, consider hiring sales trainers, instructional designers, and administrative staff.

10. Client Acquisition:

  • Start reaching out to potential clients and organizations that might benefit from your training services.

  • Offer free workshops or seminars to demonstrate your expertise and build relationships.

11. Continuous Improvement:

  • Stay updated on the latest sales trends and methodologies to ensure that your training programs remain relevant and effective.

  • Collect feedback from clients and use it to improve your services.

12. Financial Management:

  • Keep accurate financial records, including income and expenses.

  • Monitor your cash flow and budget carefully to ensure the sustainability of your business.

13. Evaluate and Scale:

  • Periodically assess your business performance and adjust your strategies as needed.

  • Consider expanding your offerings or entering new markets as your business grows.

Starting a sales training company requires careful planning, dedication, and ongoing effort. Success in this field often depends on your ability to deliver valuable and effective training that helps your clients improve their sales performance.

About LMS Portals

At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant learning management system that allows you to launch a dedicated training environment (a portal) for each of your unique audiences.

The system includes built-in, SCORM-compliant rapid course development software that provides a drag and drop engine to enable most anyone to build engaging courses quickly and easily.

We also offer a complete library of ready-made courses, covering most every aspect of corporate training and employee development.

If you choose to, you can create Learning Paths to deliver courses in a logical progression and add structure to your training program. The system also supports Virtual Instructor-Led Training (VILT) and provides tools for social learning.

Together, these features make the LMS Portals platform the ideal SaaS solution for our sales training company partners.

Contact us today to get started or visit our Partner Program pages

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