Download - The Involuntary Entrepreneur Making the Leap from Unemployment to Independent PR Practitioner
What We’ll Cover
• Decide if going solo or forming a virtual firm is right for you
• Learn how to conduct a critical assessment of your abilities and how to translate those abilities into a business model
• Discover the obstacles and solutions you will encounter in forming your own PR firm
• What next? Learn how to start the process of forming your own PR firm
Things to Consider
• Are you passionate about what you do?• Your personal working style• Work-life balance• Level of experience• Willpower• Money• Support system
Going Solo vs. a Firm
• Do you play well with others?• What do you want to offer clients?• How much time do you want to spend on
administrative tasks?• Organizational structure– Partnership– LLC vs. LLP– S Corporation
Assess Your Abilities – Do You Have What it Takes?
• Personality Characteristics of an Entrepreneur– Persistence– Creativity– Self-starter– Dedication– Follow-through– Strong
communication skills
– Detail-oriented– Multitasker– Adaptable– Ethical– Big-picture vision– Sense of humor– Sell-ability
Assessing What You Have to Offer
• Conduct a critical assessment of your abilities– What’s your value
proposition?– Specialization or
generalization?– What are you up against -
Identify your competition• How will that translate into a
business?
Obstacles to Opening a Firm
• Naming your business– Conducting a name search– Effectiveness and functionality– Legal availability– Trademark search
Obstacles to Opening a Firm
• Bank issues– Patriot Act requirements– Managing accounts
• Taxes and government filing requirements– IRS.gov – State/city filings: Illinois Secretary of State– Licenses and permits Chicago-style
• Operating agreement sample
Ready? Go!
• Begin at the beginning doesn’t work– Forming a firm isn’t an orderly process
• Startup costs– Overhead – Office space– Subscriptions– Insurance– Technology
What is Your Value Proposition?• What do you offer your
clients that other solo practitioners or firms don’t?– What can you give them
that they can’t get anywhere else?
– THAT’s your value proposition!
Marketing Yourself
• Must-join professional organizations• Client organizations• Internet marketing• Word-of-mouth• Public presence
Managing the Business Side
• Pricing– Retainer vs. project-based fees
• Contracts & letters of agreement• Non-disclosure agreements• Invoicing• Billable time vs. admin/marketing the business• Payment policies
Mentors & Resources
• SoloPR.com & #solopr chat Wednesdays at 11am
• PRSA– Counselors Academy– Individual Practitioners Alliance
• Ken Jacobs at Jacobs Communication Consulting – [email protected]– www.jacobscomm.com
Outside Assistance
• Attorney• Accountant• Insurance agent• Banker• Consultant• Technology/computer expert
Lessons Learned• Not everyone plays nice in the sandbox• If something can be done quickly, red tape will
quadruple the amount of time it takes• Housework and naps have the allure of the
mythical Sirens when you should be working• If something can go wrong, it will…..then it’ll
go right in a way you least expect.• Stuff happens…and it will happen to you.
QUESTIONS?
Debra Bethard-Caplick, APR, MBAdcaplick@quicksilveredge.comwww.quicksilveredge.com773-339-3884@dcaplick @quicksilveredge