Starting Communication Consultancy

8/12/2019 Starting Communication Consultancy

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2004 Eloquor Consulting, Inc. Stacy Wilson, ABC (www.eloquor.com)

Starting A Communication ConsultancyA Template Approach

When you are establishing an independent communication consultancy, four start-up issues are critical:

company name; networking; structure and staffing; financial management; professional and personal

development; and technology, administrative support and office space.

Company Name

Step 1:Does your family name have substantial recognition and awareness within your target network?

Yes No

If yes, use the family name and skip to Step 3. If not, read on.

Tip:Create a descriptive name. Sonja Muller, owner of afino consultingin Berlin, Germany, chose afino because it means refinement, elaboration

and melioration in Spanish, which she found suitable to describe her

company. Be careful, however, that the name you choose doesnt have an

inappropriate meaning in another language.

Step 2:Brainstorm some ideas

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Resources to consider:

! Language dictionaries (including Latin, Greek, English, Spanish, Japanese, etc.)! Google! Bartletts Familiar Quotations! Childrens books! The U.S. Patent & Trademark Office web site

Step 3:Do you intend to trademark your name?

Yes No

If no, go to Step 4. If yes, read on.

Tip:Research whether the name is already being used. A trademark

search will also uncover similar names that could make it difficult foryou to secure a trademark. If you decide to trademark your name, be

aware that it may take two years. You can take care of everything

yourself, but a trademark attorney can smooth the process, saving you

valuable time for business development.

Step 4:Will your business be a virtual firm?

Yes No

If yes, youll probably want a moniker devoid of surnames in case someone leaves the group.


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Starting a Communication Consultancy TemplatePage 2 of 5


NetworkingAlmost without exception independent communication consultants agree that networking is essential to

finding and keeping clients.

Get connected with people, even before you head out on your ownWhich contact are you going to pursue when?

Q1 Q2 Q3 Q4

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Tip:Dont try to be everything to everybody. Pick a niche that themarket responds to and focus on that. This will help you narrow your

target list too.

Get your byline publishedList publications where you have or could publish an article or with which you have a contact.

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Serve as a speaker at conferences and professional association meetings.

List the professional associations you belong to or intend to target and the conferences where you could

speak.

Associations Conferences

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Marketing and Goodwill TechniquesAll of the following might not be feasible for your new business, but its a good idea to try some of them.

! Send holiday or birthday cards via direct mail to prospects and customers! Publish a free electronic newsletter or send interesting articles via e-mail! Create a web sitemost independent communication professionals do! Develop print collateral (e.g., brochures, postcards, etc.)! Join a professional association

Tip:Stacy Wilson, ABC, owner of Eloquor Consulting, Inc., sendsfinely finished note card sets, custom-made by her photographer

husband, as holiday gifts to her best clients.

Structure and StaffingSeek the counsel of attorneys or accountants on business structure, keeping in mind state-to-state and

country-to-country variations. If you are establishing a business in the U.S., consider

! An S or C corporation requires more paperwork, but allows the easy addition of salaried andhourly staff and has some tax benefits with regard to deductions. Although it is fairly easy to

move from an S-Corp to a C-Corp, doing the reverse is more difficult.

! A Limited Liability Corporation (LLC) offers greater liability protection and more flexibility toadd partners or sub-LLCs later.

! A sole proprietorship offers much less paperwork, but little separation from personal finances andno liability protection.

! Virtual firms are typically LLCs with several partners representing different disciplines. Theymarket and network together, collaborate on project work, and serve as sounding boards and

motivators. Each partner feeds a capped percentage of profit into the business, which pays for

marketing, tax preparation, etc.

Tip:Most independent communicators dont add employees right away.

Those considering it typically do so within the first two to three years.Most prefer to subcontract for project support services.

Tip:Many senior communication consultants tap other seniorconsultants as project collaborators, buying even just a few hours of time

to brainstorm together. This is a great way for both to gain new insight

and skills.

Financial ManagementLack of experience in financial management is often the biggest obstacle to making the move to

independent consulting. Move beyond these fears and get started by

! Consulting with an accountant who can lay out all of the initial and ongoing requirements forbusiness operation

! Picking a software accounting tool that fits your business model and is compatible with youraccountants computer systems

! Creating a safety net! Creating and using a contract! Exploring business insurance.


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If you incorporate, set up a payroll system. Benefits include

! Psychologically, it feels better to get a regular paycheck! A payroll system allows automatic withholding, which keeps your tax filing cleaner.

Tip:Setting up payroll means you have something to show the bankwhen you refinance your house or take out a new loaneliminating the

problem many self-employed people have in proving income

Set up your safety net by obtaining a home equity line of credit, or some other secured loan, which can

lend the business money to make payroll if times get lean.

Ask colleagues for sample contracts or request a template from the Small Business Administration. Work

with your attorney to refine and review contracts. Always have a signed contract in hand before beginning

work.

Talk with your insurance broker about the many different types of insurance available and what will be

right for you and your business:

!Healthcare (medical, dental, vision)

! Disability (really important if you are the sole provider)! Accidental Death and Dismemberment! General Liability! Professional Liability! Automobile Liability

Tip:Some larger corporations require certain insurance certificates oftheir contractors. Be prepared to produce the certificates or explain why

you dont carry a particular insurance.

Take Care of Your Own Professional and Personal DevelopmentTo project a professional stance and self-confidence, an independent consultant has to know what they are

talking about. Here are some tips on how you can stay up to speed on whats going on:

! Get accredited! Go to conferences and professional meetings! Hire other senior communicators to partner with you on projects so you can learn from them! Listen to what clients are already doing that is cool and cutting-edge! Take a vacation now and thenpreferably away from voicemail and e-mail

About Technology, Administrative Support and Office SpaceAn independent consultant can sometimes feel alone without all the support we get used to in a corporate

environment. Surround yourself with the tools and resources you need to be successful.

! Invest in the technology that will help you to do the job! Become a technology junkyknow how things work and how you can leverage technology to

give the appearance of larger, more expansive services

! Establish a set of templates for letters, contracts, invoices, etc., that will make the administrativegrind easier

! Find a virtual administrative assistant to help with editing, proofing and fact checking! Design your office space to ensure you can be comfortable and productive


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Small Business Resources

Regulatory AgenciesU.S. Small Business Administration

www.sba.gov

U.S. Internal Revenue Service

www.irs.gov

International Trademark Association

www.inta.org

International Government Regulatory Agencies

http://www.dsrd.vic.gov.au/CA256ADF00214A

61/All/CDB9DEF3C5B47E9ECA256AE600099

C91?OpenDocument

InsuranceIABC Member Discounts and Programs

www.iabc.com/members/memdiscounts.htm

Americas Health Insurance Plans

www.hiaa.org

State-Specific Health Insurance Guides

www.healthinsuranceinfo.net

International Insurance Advisors

www.iia2000.com

Open Directory of Insurers

http://dmoz.org/Business/Financial_Services/Ins

urance

Business ToolsWebex.com

Raindance.com

Webconference.com

Marratech.com

Meetingcast.com

CollectionsDun & Bradstreet: http://sbs.dnb.com

ABC-Amega, Inc.: www.abc-amega.com

Online Newsletters, Surveys and Faxeswww.clickndrop.com

www.spss.com/pwa

www.advancedsurvey.com

www.enablingbiz.com

www.graphicmail.com

www.efax.com

www.faxaway.com

Project ManagementMicrosoft Project: www.microsoft.com/office/project/default.asp

AEC FastTrack Schedule: www.aecsoft.com

Ace Project: www.aceproject.com

Artemis International Solutions: www.aisc.com/us/lang_en/company/about_artemis/default.asp

Financial ManagementIntuit Quickbooks: www.quickbooks.com

MYOB AccountEdge: www.myob.com/us/products/accountedge

Appgen MyBooks: www.appgen.com/products/mybooks.html

Peachtree Accounting: www.peachtree.com

ACCPAC International Simply Accounting: www.simplyaccounting.com

Documents

Starting Communication Consultancy