Flying Solo

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<ul><li> 1. Flying SoloLESSONS LEARNED FROM SOLO PRACTITIONERS PANELNancy Farrar, Farrar Public Relations ModeratorMargaret Ritsch, APR, PerceptionLinda Jacobson, APR, Que PRJim Haynes, APR, Fellow PRSA, Jim Haynes Consulting</li></ul> <p> 2. Flying SoloLife happens.Flying solo brings: flexibility potential for higher earnings you as your own boss pride of ownership greater control of the actual work 3. Flying Solo: Lessons Learned WHATS IN A NAME? Should be: Simple to remember Identify the service offered Be as unique as possible Be available as a domain name 4. Flying Solo: Lessons LearnedThe first client: Ideal: Have one already in hand when you start out 5. 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 6. Flying Solo: Lessons Learned SELLING VS. DOING THE WORK YOU ARE ALWAYS SELLING WHENYOU FLY SOLO 7. Flying Solo: Lessons LearnedWhere 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 8. 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 SBAs Online Training www.sba.gov/training 9. Flying SoloContracts and Estimates Many different approaches: no right or wrong way Important thing: get something in writing that describesservices to be offered, rates, billing, terms Important to protect yourself and your business 10. Flying Solo Taxes: ouch Set aside 25-30 % of every payment Deposit in a separate account 11. Flying SoloBe sure you have a passion for what you aredoing! 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 yourvision) 12. Flying Solo: Nuts and Bolts MARKET, MARKET, MARKET 13. Flying Solo: Nuts and BoltsWhat kind of business entity will youestablish? Sole proprietorship Limited liability Corporation General partnership C Corporation S Corporation 14. Flying Solo Marketing communications Business card Website (services | online portfolio) Budget | outsourcing Marketing collaterals Brochures | flyers Templates: RFPs, contracts, presentation templates, clientreports 15. 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 | projectmanagement (Zoho.com free) 16. Flying Solo: Nuts and Bolts Build Your Team Employees vs. contractors Develop a list of interactive designers, PR colleagues whose work youtrust, graphic designers, printers for simple and complex projects Relationships are important Set aside time for interviewing, training 17. Flying Solo: Nuts and Bolts Finances Accountant for payroll Bookkeeper Considerations: Number of clients Time Software such as Quicken or Zoho for DIY 18. Flying Solo: Nuts and BoltsFinances Banking: build a relationship Billing Payment terms: net 30, net 15, due on receipt Late fees; establish up front 19. Flying Solo: Nuts and Bolts Building a Reputation Selling always Be visible for face-to-face conversation Build relationships Reputation is key 20. Flying Solo YOU DONT HAVE TO FEEL SOLO TO BE SOLO! BUILD ALLIANCES BASED ON TRUST BEST OF LUCK! 21. Flying Solo:A National PerspectiveFROM THE 20 0 8 SOLO P RACTITIONER SURVEY CONDUCTED BY JAY RAYBURN APR, CPRC, P H.D., FELLOW PRSAFLORIDA S TATE UNIVERSITYV INCENT H AZLETON APR, PH.D., FELLOW PRSA RADFORD UNIVERSITY KELLY DAVISAPR D AVIS P UBLIC R ELATIONS AND M ARKETING, L L C 22. 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 23. 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 24. 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 25. How They Charge 74% Said the rate varied by the kind and level ofwork 68% Both hourly and by the project 27% Hourly 5% By the project 26. Rates(Averages, 2007) $111 For for-profit clients $87 for not-for-profit clients $5, 365 Average fee for project 27. Require a Retainer? 8% Yes 29% No 63% Sometimes $1,628 = Minimum required 28. 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 29. 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 30. 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 31. Farrar Public Relations, Inc.Lessons LearnedI 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 sI 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 sL 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 eP 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 eD 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 hY 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 RD 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 sS 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 yN 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 rB 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 32. Flying SoloNancy Farrar, Farrar Public Relationsnancyfarrar@att.netMargaret Ritsch, APR, Perceptionmargaret@prperception.comLinda Jacobson, APR, Que PR ljacobson@quepr.com Jim Haynes, APR, PRSA Fellow, Jim Haynes Consulting jhaynes1102@sbcglobal.net </p>