flying solo: lessons learned from independent practitioners

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LESSONS LEARNED FROM SOLO PRACTITIONERS PANEL Nancy Farrar, Farrar Public Relations Moderator Margaret Ritsch, APR, Perception Linda Jacobson, APR, Que PR Jim Haynes, APR, Fellow PRSA, Jim Haynes Consulting Flying Solo

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Panel discussion at Digital DFW with Nancy Farrar, Linda Jacobson, APR, Margaret Ritsch, APR, and Jim Haynes, APR PRSA Fellow

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Page 1: Flying Solo: Lessons Learned From Independent Practitioners

LESSONS LEARNED FROM SOLO

PRACTITIONERSP A N E L

N a n c y F a r r a r , F a r r a r P u b l i c R e l a t i o n s – M o d e r a t o rM a r g a r e t R i t s c h , A P R , P e r c e p t i o n

L i n d a J a c o b s o n , A P R , Q u e P RJ i m H a y n e s , A P R , F e l l o w P R S A , J i m H a y n e s C o n s u l t i n g

Flying Solo

Page 2: Flying Solo: Lessons Learned From Independent Practitioners

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

Page 3: Flying Solo: Lessons Learned From Independent Practitioners

WHAT’S IN A NAME?

S h o u l d b e :

S i m p l e t o r e m e m b e r

I d e n t i f y t h e s e r v i c e o f f e r e d

B e a s u n i q u e a s p o s s i b l e

B e a v a i l a b l e a s a d o m a i n n a m e

Flying Solo: Lessons Learned

Page 4: Flying Solo: Lessons Learned From Independent Practitioners

Flying Solo: Lessons Learned

The first client:

Ideal: Have one already in hand when you start out

Page 5: Flying Solo: Lessons Learned From Independent Practitioners

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

Page 6: Flying Solo: Lessons Learned From Independent Practitioners

SELLING VS. DOING THE WORK

YOU ARE ALWAYS SELLING WHEN YOU FLY SOLO

Flying Solo: Lessons Learned

Page 7: Flying Solo: Lessons Learned From Independent Practitioners

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

Page 8: Flying Solo: Lessons Learned From Independent Practitioners

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

Page 9: Flying Solo: Lessons Learned From Independent Practitioners

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

Page 10: Flying Solo: Lessons Learned From Independent Practitioners

Flying Solo

Taxes: ouch

Set aside 25-30 % of every payment

Deposit in a separate account

Page 11: Flying Solo: Lessons Learned From Independent Practitioners

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 simple

2. Meaningful and memorable

3. Outward, not inward. (Imagine a picture that conveys your vision)

Page 12: Flying Solo: Lessons Learned From Independent Practitioners

MARKET, MARKET, MARKET

Flying Solo: Nuts and Bolts

Page 13: Flying Solo: Lessons Learned From Independent Practitioners

Flying Solo: Nuts and Bolts

What kind of business entity will you establish?

Sole proprietorship

Limited liability Corporation

General partnership

C Corporation

S Corporation

Page 14: Flying Solo: Lessons Learned From Independent Practitioners

Flying Solo

Marketing communications

Business card

Website (services | online portfolio)

Budget | outsourcing

Marketing collaterals

Brochures | flyers

Templates: RFPs, contracts, presentation templates, client reports

Page 15: Flying Solo: Lessons Learned From Independent Practitioners

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)

Page 16: Flying Solo: Lessons Learned From Independent Practitioners

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

Page 17: Flying Solo: Lessons Learned From Independent Practitioners

Flying Solo: Nuts and Bolts

Finances

Accountant for payroll

Bookkeeper

Considerations:

Number of clients

Time

Software such as Quicken or Zoho for DIY

Page 18: Flying Solo: Lessons Learned From Independent Practitioners

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

Page 19: Flying Solo: Lessons Learned From Independent Practitioners

Flying Solo: Nuts and Bolts

Building a Reputation Selling – always

Be visible for face-to-face conversation

Build relationships

Reputation is key

Page 20: Flying Solo: Lessons Learned From Independent Practitioners

Y O U D O N ’ T H A V E T O F E E L S O L O T O B E S O L O !

BUILD ALLIANCES BASED ON TRUST

BEST OF LUCK!

Flying Solo

Page 21: Flying Solo: Lessons Learned From Independent Practitioners

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 R V E Y

C O N D U C T E D B Y

J A Y R A Y B U R NA P R , C P R C , P H . D . , F E L L O W P R S A

F L O R I D A S T A T E U N I V E R S I T Y

V I N C E N T H A Z LE T ONA 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

K E L L Y D A V I SA P R

D A V I S P U B L I C R E L A T I O N S A N D M A R K E T I N G , L L C

Flying Solo: A National Perspective

Page 22: Flying Solo: Lessons Learned From Independent Practitioners

How They Spend Their Time(Averages, in % of Total Time Spent)

35 hours per week on business

66% Providing services to clients

20% Marketing/building business

14% Administration

Page 23: Flying Solo: Lessons Learned From Independent Practitioners

Where They Get Business(Averages)

29% Referrals from past clients

27% Repeat business

12% Referrals from other independent practitioners

11% Subcontracts with agencies, etc.

9% Referrals from other non-IPs

4% Requests for proposals

3% Cold calls

2% Listing on PR databases

Page 24: Flying Solo: Lessons Learned From Independent Practitioners

How They Spend Their Time(Averages)

22% Writing

19% Media relations

18% Counseling clients

15% Producing communication tools

6% Managing events

6% Conducting research

5% Creating/monitoring Website, blogs

4% Conducting community relations

2% Producing media kits

Page 25: Flying Solo: Lessons Learned From Independent Practitioners

How They Charge

74% Said the rate varied by the kind and level of work

68% Both hourly and by the project

27% Hourly

5% By the project

Page 26: Flying Solo: Lessons Learned From Independent Practitioners

Rates(Averages, 2007)

$111 For for-profit clients

$87 for not-for-profit clients

$5, 365 Average fee for project

Page 27: Flying Solo: Lessons Learned From Independent Practitioners

Require a Retainer?

8% Yes

29% No

63% Sometimes

$1,628 = Minimum required

Page 28: Flying Solo: Lessons Learned From Independent Practitioners

Bill for Overhead?

59% Only for cost of expenses

24% No charge for overhead

7% Flat % of project for overhead

10% Overhead and mark up expenses

Page 29: Flying Solo: Lessons Learned From Independent Practitioners

Who Are the Clients?(Averages)

20% Small corporations

17% Not-for-profit organizations

14% Large corporations

9% PR firms, ad agencies, other solos

9% Family owned businesses

7% Individuals (7%/0%)

6% Associations

4% Government agencies

Page 30: Flying Solo: Lessons Learned From Independent Practitioners

Who Hires Them?

58% Head of the organization

23% Senior communicator

16% Department head

3% A member of management team

40% said the organizations had internal staffs

Page 31: Flying Solo: Lessons Learned From Independent Practitioners

•I n s u c c e s s f u l s o l o p r a c t i c e f o r 1 3 y e a r s

•I n c o r p o r a t e d t o p r o t e c t p e r s o n a l a s s e t s

•L o n g t e r m r e t a i n e r s c r e a t e a s t a b l e b a s e i n c o m e

•P r o j e c t w o r k a l o n e t e n d s t o b e m o r e u n s t a b l e

•D o n ’ t b e a f r a i d t o c h a r g e w h a t y o u ’ r e w o r t h

•Y o u m u s t b e g o o d a t b u s i n e s s d e v e l o p m e n t a n d P R

•D o n ’ t p u t a l l y o u r e g g s i n o n e b a s k e t - m u l t i p l e c l i e n t s

•S u b c o n t r a c t o r s f o r g r a p h i c d e s i g n o n l y

•N o n i c h e f o r m e : )

•I u s e Q u i c k B o o k s a n d a c c o u n t a n t c o m e s o n c e / q u a r t e r

•B i l l i n g i s n e c e s s a r y , b u t c o l l e c t i n g i s i m p e r a t i v e

Farrar Public Relations, Inc.

Lessons Learned

Page 32: Flying Solo: Lessons Learned From Independent Practitioners

N a n c y F a r r a r , F a r r a r P u b l i c R e l a t i o n s

n a n c y f a r r a r @ a t t . n e t

M a r g a r e t R i t s c h , A P R , P e r c e p t i o n

m a r g a r e t @ p r p e r c e p t i o n . c o m

L i n d a J a c o b s o n , A P R , Q u e P R

l j a c o b s o n @ q u e p r . c o m

J i m H a y n e s , A P R , P R S A F e l l o w ,

J i m H a y n e s C o n s u l t i n g

j h a y n e s 1 1 0 2 @ s b c g l o b a l . n e t

Flying Solo