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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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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
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?
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
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 simple
2. Meaningful and memorable
3. 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 proprietorship
Limited liability Corporation
General partnership
C Corporation
S 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
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
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
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
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
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
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
Rates(Averages, 2007)
$111 For for-profit clients
$87 for not-for-profit clients
$5, 365 Average fee for project
Require a Retainer?
8% Yes
29% No
63% Sometimes
$1,628 = Minimum required
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
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
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
•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
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