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The Philpott Briggs guide to going solo

This is a personal guide for those of you who are interested in moving into a challenging and often rewarding career working for yourself – as an interim, consultant or coach.

The aim is to provide you with some practical guidance on what should work. I’ve been independent since 1997, with virtually all of my work coming through recommendation. However, it’s got much tougher since I started (competition) and also much easier (Social Media, increased use of contingent resources). There are a couple of courses on the market. Ask to see some content first before you commit and to speak to previous delegates. I have no feedback on them.

x The Interim Hub - £295 PLUS VAT x The Association of Professional Interims - £265 INC VAT

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A. BEFORE YOU EVEN START

1. Why do you want to go solo?

The best reason for going solo is that you feel you have no choice. Not because you can’t find a permanent role and this will do for the time being, but because of the way that you operate and what drives you. Staying employed is not an option any more.

x You’re a natural change agent (irrespective of your formal role) who makes things happen

x Your motivation is to do the right thing for customers and for the organisation x You take others with you and coach them to improve their performance x You’ll speak out when the wrong things are done

You will take on challenges as a matter of course x You’re commercial and pragmatic x It doesn’t hurt to be a strategic thinker (though very few people are) x And most of all, you are highly allergic to politics (apart from using it to get

things done) Being solo is much harder than being employed so it’s not for the faint-hearted.

2. What’s the market like? Improving – by several measures - including the Institute of Interim Management (IIM) c. 56% of experienced interims were on assignment in Q4 2010 although this has now moved up to 73% in the IIM survey 2013 However, that’s not a concern if you’re serious about going solo. It is going to take a while to establish yourself and create demand for your services, and to get to the point where market conditions become immaterial to you.

3. What behaviours and skills do you need to have? A successful independent will be highly experienced and usually taking on a role where they are ‘suitably overqualified’. To be effective on assignment and in your solo career you need

x To know what your proposition is – what you do that is special and clients

need and able to demonstrate you have done it several times with quantifiable results, albeit referring to your employed roles when you first start out.

x To be incredibly results focused WHILST able to coach and engage above, below and around you. People, people, people.

x To be low maintenance – with no status needs x To sell yourself and your proposition – only 44% of interim roles are found

through Interim Service Providers (‘agencies’) the rest through networking including social media and job boards

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B. ABOUT YOU

1. What behaviours do you have? To help you find out more about your suitability try a couple of psychometrics. Remember that they only reflect what you say about yourself. Get feedback from people who have worked with you.

x The Interim Hub (a good resource, backed by an accountancy firm specialising

in interims) recommend DISC. The cheapest online version I found was about $30, and you can get a snapshot for free

x The Association of Professional Interims (API) use a bespoke psychometric tool

produced by Saville Consulting – and carried out on a larger sample of 1200+ interims. The cost is £45 inc VAT. This can also form the basis of your development programme as there are more advanced modules available to use when you have gained experience

x When I’m assessing interims and consultants I use a shorter version of OPQ

called DPS – and have had it tailored to give me a score on the 4 behavioural areas that, to me and to the clients I have surveyed, are key. I then use competency examples and compare, combine and contrast the results, and top the whole assessment off with a verbal reasoning test.

x The IIM’s survey of 2011 also uncovered an interesting fact about Myers Briggs

Type Indicator profiles – 55% of all interims fall into 3 out of 16 profiles (which compares with 35% for general management and 11% for the overall population). Those profiles are ENTJ (25%), INTJ (16%) and ENTP (14%). Use this information with caution though. You can do a quick superficial and free test here.

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2. What skills do you have? This may look like a short section, but it’s going to take a while. It is the absolute heart of what you do. What you will sell to clients. It’s your proposition. If you are building a career as an independent and you want to have business come to you then this is your cornerstone and from it you will develop your marketing strategy and content, including your fee level. But how do you work out what it is? Have a look at this guide 1 and work through the exercises. Sense check the outcomes with people who know you well in a work capacity.

3. Are you an Interim or consultant? This raises a lot of debate. A simple definition is that an interim does, whilst a consultant advises but the two can be blended or you can operate in each mode on different assignments. In terms of work pattern – interims tend to be full time and on client site, consultants are more focused on outcomes so don’t need to be full time and can work ‘remotely’. Always ask the client what mode they would prefer and you can often get to work in consulting style, which is better for the client as well as it can be more cost effective. Work out your preferred mode before you start your marketing campaigns.

1 This does take a little time to load. If it comes up as gobbled-gook then simply hit enter at the very end of the url and it will convert to a .pdf file. Technology eh?

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C. MONEY

1. How much can you charge? Interim (project/senior resource)

Work out a day rate range. The average number of days an interim works is 161. A lot of your ‘non-working’ time will be taken up with marketing, selling and very tedious admin. Think about what you are offering – expertise bigger than the role requires normally plus the flexibility the client needs (which impacts on your earnings), otherwise they would be hiring a perm. You are a business with other demands on your time and overheads, which the client needs to compensate you for. This is a good breakdown. I’ve suggested a couple of ways below and one to avoid at all costs.

x Benchmark the salary only for the role if you were to be employed by the client and convert as follows:

x Base salary is £100,000. Divide by 100, giving a day rate of £1000. The market has softened however and you should then multiply by about 85%, to give you £850 per day.

x A different approach from the Interim Hub x And never ever take this approach – which would give you a day rate of £575

per day on £100000 base and £12000 benefits. Madness. FTC roles are just as bad for you financially in the long run

x If the client is struggling to pay you at your day rate, suggest you work fewer days but maintain your rate, or even set up a bonus arrangement.

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Consultant (selling change) 2 basic approaches (which you can mix and match and add in bonuses, risk/reward etc)

x Day rate (time based) – as above for interims but instead of multiplying by 85% multiply by at least 120%. Your work is of higher value and you are unlikely to have the long run that interims can enjoy. Remember the day rates charged by the consulting firms – up to £6000 day for a partner.

x Fixed fee (which can be value add based, a percentage of the financial difference your intervention will make to the organisation).

(a) Work out the £ of the value add (b) Work out a reasonable amount to ask for as a % of the value add (c) Work out the number of days you think it will take and multiply by

120% (d) Divide b by c. (e) Recalculate if it looks too low (or indeed too high)

PLEASE NOTE Never have your day rate reduced because you are new to independent work. The assignment rate is worth £x per day or £x total fee and you are either suitable to deliver it or not.

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D. MARKETING

2. How do you build your brand? Your proposition

Don’t even start marketing yourself without this. From this you will generate your brand (WHAT you do and HOW you do it. You might want to take the Simon Sinek approach and start with WHY). Once you have defined this you need to then build a profile demonstrating your expertise in this area.

What dragons you slay Think about the pain you will take away, and who will want that pain removed. Those are your clients. Start speaking in ways (stories) that will resonate with them and use this throughout all your collateral. I like the concept of the value proposition.

Your Name What your company will be called, which gives you your domain name (see this article on best practice), which gives you your email address. Get professional help for this one if you need it, though you can try this free name generator. And this one is fun.

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Your CV It should be skills oriented and a good template can be found on Total Jobs. You want the career changer format – and for ‘achievements’ align them to your proposition. Keep it short and be prepared to modify it depending on the opportunity.

Your LI profile Make sure your LinkedIn profile is up to date, has a photo and has the right key words in it for clients (including recruiters) to find you.

x This is typical of the many articles although I am not in favour of name collecting and link only with people I know and trust.

x This is very bullish – go to LinkedIn, interests, pulse and type in ‘my LinkedIn results were poor…’ It’s a great read.

x This is pretty straightforward x Andy Headworth’s excellent article and even better his exclusive Interimity

webinar. Finally, try this infographic. Follow Andy for social media tips galore

Use LI to contribute and raise your profile. Essentially, find where your buyers will be and go to where they hang out on LI (and in the real world) and see how you can help them. Don’t forget to set up your company pages. Get recommendations, but only from clients/previous managers. Anything else can look too desperate.

Your web site (and blog) Yes. Dead easy. Use Wordpress, it’s free, though you may want to upgrade for more design features. Not only do you have a web site but it’s also where you will blog your pearls of professional wisdom from, on a regular basis.

x Get free pictures from google images – but make sure you use advanced search to find those you can use for free commercially, or use Veer – the best and least expensive out of the commercial sites. Or make your own.

x Generate blog topics very easily (writing a blog is harder) x Check the best headings here x Top tips on content and again x And recycle on a regular basis – use PULSE on LinkedIn for instance. Find

content providers who will be very keen to publish you to your relevant market for free

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Networking

Where are your clients going to be? It’s that simple. But very hard to get to them. And there is a protocol for networking you avoid at your peril. Get on Heather’s course.

Agencies Agencies (or Interim Service Providers) fill only about 45% of roles and tend to favour experienced hires. Choose your ISPs very carefully – they are your brand as much as you are of theirs. Some are members of the Interim Management Association a starting point but no guarantee. The key is the consultant. If you like and trust them and they are 100% professional and keep you informed, stick with them, not the organisation. The IIM also have recommendations. NB – fairly quickly you should be getting assignments from your network. I would not hire an independent who only got their work through an agency

Other ideas

x Twitter, Facebook, Google + x Newsletters – use mailchimp for free. Check the email heading for effectiveness x Specialist articles relevant to your client base x Public speaking – you know you have arrived when you get paid for it x Press (if you want to find out more about this – go on Mary Murtagh’s course)

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E. NUTS AND BOLTS

1. What about your business plan?

x Do a simple one pager x Do an approach plan for clients, but expect a very low conversion rate. 10% of

your initial guestimate x Look at your financial situation and make sure you have sufficient cash to keep

you going - allow at least 7 months. If you are lucky enough to get your first assignment within 3 months you may not get paid until 4 months after start date. Payment is often 90 days after invoicing in spite of terms. And the gaps between assignments average almost 2 months (IIM survey)

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2. What about set up and legal issues?

x Set up a limited company – all the major Interim Service Providers will expect it, and so will clients. This is the government advice

x Get indemnity insurance – again clients expect it. I find www.hiscox.co.uk

good, or try your professional body

x Register for VAT. Your fee level in the first year should demand it. And again, it shows you are serious. Ask also about registering for a flat rate scheme as it could allow you to make a margin on your turnover of 7% in the first year (6% thereafter)

x Get an accountant – one who specialises in interims and independents. I use

Joel Harding at www.hillierhopkins.co.uk and have found him really helpful. His number is 07980 294740 (NB they do operate a referral scheme, but I don’t participate in it)

x Get legal advice for your contracts. David Blomfield (www.draperlang.co.uk)

will provide good advice. With contracts there are usually 3 scenarios: 1. Your client has a contract they want you to sign – get it checked for IR35

compliance 2. You are working through an Interim Service Provider – and their

contract. Go through it very carefully – check for payment terms in particular. They will ask you to opt out of the Conduct Regulations 2003 – which means you will lose protection on payment. Make sure, if you opt out, that payment terms are covered, including non-payment by the client

3. You have your own contract. Get a solicitor (see David Blomfield above) to draft it or check it, even if it is someone else’s

x The Agency Workers Regulations came in to force in October 2011, and gives

more rights to temporary workers, so your contract needs to give the client the re-assurance you will not be classed as a worker. The easiest suggestion is to add 'out of scope' to your CV and your LinkedIn profile eg: "Professional interim management business operating ’out of scope’ of the AWR." The BIS guidelines say that professionals who are in a genuine business relationship with a client fall ‘out of scope’

x You may want to join the IPSE for about £120 plus VAT, which gives you access

to lots of professional advice about freelancing and has draft IR35 ‘proof’ contract templates

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F. FINAL FRIENDLY ADVICE

1. Lifelines

x The Institute of Interim Management – an excellent resource and getting even better under the aegis of Ad van der Rest

x Seth Godin’s daily blog on marketing matters – keeps you sane x Essentialism – a great way of keeping you VERY focused x Daniel Pink – takes the pressure of thinking about selling as a dark art x Decision making made easy

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2. About Philpott Briggs

Philpott Briggs, The Business Leadership Consultancy. We provide a simple, structured, commercially focused approach to leadership coaching, leadership team development and wider organisation consulting. Formed in 2015 by Lawrie Philpott (previously CEO of Philpott Black) and Julia Briggs (previously owner of Interimity). Find out more at www.philpottbriggs.com If you would like to contact one of our great coaches for more help with going solo then contact us juliab@philpottbriggs.com

3. Waiver

I cannot and do not guarantee that the suppliers listed have product expertise or experience suited to your business and circumstances, and it is your responsibility to satisfy yourself about their suitability.

However, do contact me if you have any feedback on the recommendations I make, want to add your own top tips, or to let me know a link has broken…they do get moved.

Julia Briggs July 2015

For more information on Philpott Briggs contact juliab@philpottbriggs.com