Flying Solo
-
Upload
margaret-ritsch -
Category
Business
-
view
306 -
download
3
description
Transcript of Flying Solo
LESSONS LEARNED FROM SOLO
PRACTITIONERSPANEL
Nancy Farra r, Farra r Pub l i c Re la t i ons – Modera torMargare t R i t sch , APR , Percep t i on
L inda J acobson , APR , Que PRJ im Hay nes , APR , Fe l l ow PRSA, J im Hay nes
Consu l t i ng
Flying Solo
Flying Solo
Life happens. Flying solo brings:
flexibility potential for higher earnings you as your own boss pride of ownership greater control of the actual work
WHAT’S IN A NAME?
Should be: Simple to remember Ident i fy the service off ered Be as unique as poss ible Be avai lable as a domain name
Flying Solo: Lessons Learned
Flying Solo: Lessons Learned
The first client:
Ideal: Have one already in hand when you start out
Flying Solo: Lessons Learned
Partnership vs. Solo
Pros It can get lonely out there Share of the workload: set up, systems, trouble-shooting Perception: larger entity
Cons Who does what? Equitable compensation Make sure selling both equally
SELLING VS. DOING THE WORK
YOU ARE ALWAYS SELLING WHEN YOU FLY SOLO
Flying Solo: Lessons Learned
Flying Solo: Lessons Learned
Where do you set up shop?
Office vs. spare bedroom Additional expense but advantages of office include:
Perception of being a real company vs. freelancer Corporate work may be easer to come by Client meetings Fewer distractions
Flying Solo
Take advantage of free training and resources
Great resources can be found throughout DFW: SBA- TCC Small Business Development Center – 817-
871-6028 SBDC for Enterprise Excellence – 817-272-5952 Knowledge for Success – 682-841-2020 SBA’s Online Training – www.sba.gov/training
Flying Solo
Contracts and Estimates
Many different approaches: no right or wrong way Important thing: get something in writing that
describes services to be offered, rates, billing, terms Important to protect yourself and your business
Flying Solo
Taxes: ouch
Set aside 25-30 % of every payment Deposit in a separate account
Flying Solo
Be sure you have a passion for what you are doing!
WHY are you creating your business?
This is your VISION statement. Your profitable purpose.
1. Short and simple2. Meaningful and memorable3. Outward, not inward. (Imagine a picture that conveys
your vision)
MARKET, MARKET, MARKET
Flying Solo: Nuts and Bolts
Flying Solo: Nuts and Bolts
What kind of business entity will you establish?
Sole proprietorshipLimited liability CorporationGeneral partnershipC CorporationS Corporation
Flying Solo
Marketing communications
Business card Website (services | online portfolio) Budget | outsourcing Marketing collaterals Brochures | flyers Templates: RFPs, contracts, presentation templates,
client reports
Flying Solo: Nuts and Bolts
Office logistics Budget factors:
Lease: consider potential for growth Hardware needed: Telephone/fax, Internet access, PCs
| Macs, printers, calculator, paper cutters Furnishings: desk, chair, private meeting space Software needed: necessary software, time | project
management (Zoho.com – free)
Flying Solo: Nuts and Bolts
Build Your Team
Employees vs. contractors Develop a list of interactive designers, PR colleagues whose
work you trust, graphic designers, printers for simple and complex projects
Relationships are important Set aside time for interviewing, training
Flying Solo: Nuts and Bolts
Finances
Accountant for payroll Bookkeeper Considerations:
Number of clients Time Software such as Quicken or Zoho for DIY
Flying Solo: Nuts and Bolts
Finances
Banking: build a relationship Billing Payment terms: net 30, net 15, due on receipt Late fees; establish up front
Flying Solo: Nuts and Bolts
Building a Reputation Selling – always Be visible for face-to-face conversation Build relationships Reputation is key
YOU DON’T HAVE TO FEEL SOLO TO BE SOLO!
BUILD ALLIANCES BASED ON TRUST
BEST OF LUCK!
Flying Solo
F R O M T H E
2 0 0 8 S O L O P R A C T I T I O N E R S U RV E Y
C O N D U C T E D B Y
JAY RAYBURN
A P R , C P R C , P H . D . , F E L L O W P R S AF L O R I D A S TAT E U N I V E R S I T Y
VINCENT HAZLETON A P R , P H . D . , F E L L O W P R S A
R A D F O R D U N I V E R S I T Y
KELLY DAVISA P R
D AV I S P U B L I C R E L AT I O N S A N D M A R K E T I N G , L L C
Flying Solo: A National Perspective
How They Spend Their Time(Averages, in % of Total Time Spent)
35 hours per week on business
66% Providing services to clients20% Marketing/building business14% Administration
Where They Get Business(Averages)
29% Referrals from past clients27% Repeat business 12% Referrals from other independent
practitioners11% Subcontracts with agencies, etc. 9% Referrals from other non-IPs4% Requests for proposals3% Cold calls2% Listing on PR databases
How They Spend Their Time(Averages)
22% Writing19% Media relations18% Counseling clients15% Producing communication tools6% Managing events6% Conducting research5% Creating/monitoring Website, blogs4% Conducting community relations2% Producing media kits
How They Charge
74% Said the rate varied by the kind and level of work
68% Both hourly and by the project27% Hourly5% By the project
Rates (Averages, 2007)
$111 For for-profit clients$87 for not-for-profit clients$5, 365 Average fee for project
Require a Retainer?
8% Yes29% No 63% Sometimes$1,628 = Minimum required
Bill for Overhead?
59% Only for cost of expenses24% No charge for overhead7% Flat % of project for overhead10% Overhead and mark up expenses
Who Are the Clients?(Averages)
20% Small corporations17% Not-for-profit organizations14% Large corporations9% PR firms, ad agencies, other solos9% Family owned businesses7% Individuals (7%/0%)6% Associations4% Government agencies
Who Hires Them?
58% Head of the organization23% Senior communicator16% Department head3% A member of management team
40% said the organizations had internal staffs
•In successful solo pract ice for 13 years•Incorporated to protect personal assets•Long term retainers create a stable base income•Project work alone tends to be more unstable•Don’t be afraid to charge what you’re worth•You must be good at business development and PR•Don’t put a l l your eggs in one basket-mult ip le c l ients•Subcontractors for graphic design only•No niche for me : )•I use QuickBooks and accountant comes once/quarter•Bil l ing is necessary, but col lect ing is imperat ive
Farrar Public Relations, Inc.
Lessons Learned
Nancy Farrar, Farrar Publ ic Re lat ions nancyfarrar@att .net
Margaret R i tsch , APR, Percept ionmargaret@prpercept ion .com
Linda Jacobson , APR, Que PRl [email protected]
J im Haynes , APR, PRSA Fe l low, J im Haynes Consul t ing
jhaynes1102@sbcglobal .net
Flying Solo