flying solo

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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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Page 1: 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

Page 2: 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

Page 3: Flying Solo

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

Page 4: Flying Solo

Flying Solo: Lessons Learned

The first client:

Ideal: Have one already in hand when you start out

Page 5: Flying Solo

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

SELLING VS. DOING THE WORK

YOU ARE ALWAYS SELLING WHEN YOU FLY SOLO

Flying Solo: Lessons Learned

Page 7: Flying Solo

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

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

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

Flying Solo

Taxes: ouch

Set aside 25-30 % of every payment Deposit in a separate account

Page 11: Flying Solo

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)

Page 12: Flying Solo

MARKET, MARKET, MARKET

Flying Solo: Nuts and Bolts

Page 13: Flying Solo

Flying Solo: Nuts and Bolts

What kind of business entity will you establish?

Sole proprietorshipLimited liability CorporationGeneral partnershipC CorporationS Corporation

Page 14: Flying Solo

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

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

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

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

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

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

YOU DON’T HAVE TO FEEL SOLO TO BE SOLO!

BUILD ALLIANCES BASED ON TRUST

BEST OF LUCK!

Flying Solo

Page 21: 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

Page 22: Flying Solo

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

Page 23: Flying Solo

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

Page 24: Flying Solo

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

Page 25: Flying Solo

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

Page 26: Flying Solo

Rates (Averages, 2007)

$111 For for-profit clients$87 for not-for-profit clients$5, 365 Average fee for project

Page 27: Flying Solo

Require a Retainer?

8% Yes29% No 63% Sometimes$1,628 = Minimum required

Page 28: Flying Solo

Bill for Overhead?

59% Only for cost of expenses24% No charge for overhead7% Flat % of project for overhead10% Overhead and mark up expenses

Page 29: Flying Solo

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

Page 30: Flying Solo

Who Hires Them?

58% Head of the organization23% Senior communicator16% Department head3% A member of management team

40% said the organizations had internal staffs

Page 31: Flying Solo

•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

Page 32: Flying Solo

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