Events:
Past Event Summaries

December Meeting Summary:
Going Solo – The Joys and Hazards
of Working for Yourself
by Mary Hecht-Kissell

At the Triangle IABC’s December meeting, three experienced local consultants shared their ideas on what it takes to be successful as an independent communications professional. Here is a summary of what they shared:

Legal Issues:

When you are setting up your business, check to see if you are required to have all the proper licenses for doing business in NC. You also need to examine the pros and cons of the different types of businesses you can set up. This includes a sole proprietorship, a limited liability company (LLC) and an S Corporations. A sole proprietorship is good if you are just doing a little freelance work on the side. An LLC is advantageous for a bigger business. It puts a legal wall between your business and personal assets. If your company were to get sued, your home and other personal assets would be protected. With an S corporation, you pay both corporate and personal taxes as well as pay yourself a salary. The S corporation option may offers some savings regarding self employment taxes.

Finances:

One adjustment in switching from the corporate world to working for yourself is the requirement to plan more when it comes to taxes. When you work on your own, no taxes are withheld from your paychecks. Being diligent about paying quarterly taxes will help you to avoid paying penalties. It is also a good idea to get an accountant who can advise you on best ways to pay taxes and how to claim the maximum tax deductions.

Business Development:

Web sites & SEO

As an independent communications consultant, having a corporate Web site is a must! Be sure to research and use search engine optimization (SEO) techniques. Google has a lot of on-line tools that can help you discover how to select key words and other tricks for boosting your SEO ranking.

Cold Calling

Cold calling on prospects can be intimidating but it proves to be fruitful. It involves finding the right person in the organization that would hire you for your services.

Be sure to find out how your prospects like to be contacted (e.g., via the phone, email, Skype, etc.). This is important so you know how to keep your name in front of the prospects without being perceived as pushy. Another good tactic is to send your prospects a link to an article about happenings in the industry. This continues to position you as “someone in the know” about their industry.

Blogging

Blogging can be another helpful tool to position yourself as an expert. And, the more links you can get pointing to your Website, the better your SEO ranking will be. Several Web hosting companies have handy templates that can make blogging easy.

Networking

It’s always important to network, network, network to build your business! The Triangle offers a lot of great networking opportunities. Some examples include Business Leaders luncheons, the Chamber of Commerce meetings, Council for Entrepreneurial Development, North Carolina Technology Association.

Contracts:

As an independent, you will get smarter with experience on how to write contracts. After being burned on earlier projects, consultants learn to include provisions in their contracts that protect them and their business. For example, one independent added a clause in her contract that stated “if I do not receive input after a 90 day period on the work I submit, the client will still be required to pay for the work completed and a $45 charge will be applied to “re-opening” the project to complete the work.”

How to Set Your Rates:

As an new independent consultant, you may wonder what is the right rate to charge for your services. If you price yourself too low, you may be positioning yourself as not being worth a lot. If you price yourself too high, you may scare away some business. Careerbuilders.com is a good resource to help you determine the going rate for your services in your geographic region. Another good source is to search the Web for salary surveys. One ICA panelist offered that companies are typically more receptive to paying for more hours than they are for paying a higher hourly rate. Another panelist suggested that the rate should be determined by the type of work being asked (i.e., strategic work commands a higher hourly rate than basic tasks).

Resources:

For independent communicators specializing in create services, visit www.creativebusiness.com. This Web site offers a paid subscription newsletters and on-line help to independent consultants.

ICA:

The Indepenent Communicators Alliance (ICA) is a spin off group of the IABC that focuses on freelancers. ICA will be launching a new website in January that will allow members to host their own website within the ICA site and/or a blog. ICA will be holding a membership drive in 2009. For more information, visit http://www.icatriangle.org/

Final Words of Advice:

Working for yourself can be very rewarding. The path to success is all about finding your comfort zone for the types of clients with which you are most comfortable, leveraging your experience to show what you know and creating value for your clients. With discipline, determination and collaborative support from others, it can be a very exciting career.

Mary Hecht-Kissell is president of PR Strategies, a PR and marketing consultancy specializing in information technology businesses. Mary can be reached at 919-846-4949 or maryhk@nc.rr.com