Monthly Archives: December 2011

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The Road to Freelance

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Many established professionals consider leaving the world of traditional employment and launching a Freelance consulting career.  The growing lack of job security,  as evidenced by the unemployment rate,  along with the increasing occurrence of toxic work environments endured by those who are working,  have caused many people to give serious thought to self-employment.

I’ve found much personal and professional satisfaction in Freelance nation but there are challenges.  Preparation is key and if you’re still on the job,  begin now to build the infrastructure that will support your transition.   Take the steps while on the corporate dime to sock away some cash and learn how to approach your business clients and contacts as an independent professional.  Learn how to package and sell your services and determine and negotiate fees for the scope of work you will perform.  Visit professional associations and meet Freelancers who do what you aspire to do and ask some questions,  especially on how to build visibility and credibility as an independent consultant in your industry.

Build your savings account

Aim to have savings that will allow you to cover your living expenses for 12 months.  You don’t know how long it will take to sign your first client,  or the one after that.  Freelancers,  especially in the beginning,  will need cash to float themselves,  especially if one is the sole or primary breadwinner.  Furthermore,  scheduled  projects have a nasty habit of being delayed or even canceled.

Start saving money now by eliminating those $5.00 coffee drinks.  Brown bag your lunch whenever possible and cut back on nights out eating and drinking by 75%.  Do not buy any clothing you don’t absolutely need and cancel any vacation plans.  Remember that in addition to paying for living expenses,  you may need to buy or upgrade technology hardware and/or software and will also need to pay for marketing materials  (business cards, website, etc.)  so that you can effectively operate and promote your business.

Business plan and business model

You must figure out how you will get clients,  select the services you will offer and how to determine your fees.  You must choose the marketing materials you will use and decide what they will look like.  You must define the best target client groups and know how to approach them and convince them to hire you for Freelance work—even if you’ve worked with them as an employee of you current organization.  Do you need to be accepted onto an approved vendor list in order to be considered for hire?  Discreetly ask questions of those you can trust to not rat you out to your boss.   Also get an understanding of the typical length of the sales cycle.

Additionally,  it is necessary that you assess the competitive landscape.  The presence of competition is good,  as it demonstrates the need for services you provide and shows that Freelancers are hired to fulfill those needs.  However,  you don’t want to be in an over-crowded marketplace,  unless you are a very heavy-hitter.

Finally,  summon the discipline to write a business plan.  A mission statement,  comprehensive marketing plan and basic cash flow and profit and loss statements will provide a useful road map to get you started and encourage you to examine what will be required to make your Freelance venture successful.  I wish you the best of luck.

Thanks for reading,

Kim

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From Employee to Freelancer

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Perhaps the handwriting is on the wall?  Is your intuition talking to you?  Anyway,  rumor has it that a few jobs will be eliminated and you suspect that your head may eventually be on the chopping block.  In addition to sprucing up your resume and LinkedIn page,  you wonder if perhaps you might go out on your own?  If you must face insecurity,  why not have it on your own terms?  You may be right.  Millions of Americans have done exactly that,  including your humble diarist.

If you’re still collecting a check consider yourself fortunate,  as tense as things may be at the office.  Having a job gives you two enormous luxuries: time and money.  I was not so lucky.  I tried for many months to get a job after losing my long-held corporate gig.  I knew nothing about how to Freelance,  although I had long harbored the desire to strike out on my own.  Unfortunately,  I had to learn the hard way.  It was an expensive lesson that continues to reverberate.  On the other hand,  I am in business and somehow manage to support myself.

Self-employment is difficult in any economy.  It’s necessary to work hard and work smart,  plus be resourceful,  resilient and rather lucky.  I know a few people who are making good money,  but I’ve read that a 30%  decrease in income is typical.  Freelancers must campaign and compete for assignments and there will be gaps. 

Clients are known to pay when they feel like it and collecting in 15 – 30 days is not always possible.  Furthermore,  there are many expenses that we must shoulder:  professional training seminars,  technology and office supplies,  retirement plan,  health insurance,  life insurance  (yes, we do need it,  even if unmarried and childless).  On top of that,  we have no paid sick days,  vacation time or holidays.

But if you’re trying to explore all income generating options because unemployment checks do not last forever and you wonder if your next employer might be you,  here are a few Freelancer start-up guidelines for you to follow:

Expand your network

It’s almost impossible to secure work assignments when you’re not well-known to potential clients and there are few who can give testimonials that will vouch for your expertise.  Growing your network is the most important step you can take in preparing to become a Freelance consultant.  Ideally,  you will consult in a field and specialty where you have deep expertise and credibility. 

Immediately begin to cultivate and solidify client relationships with those who can green-light projects you would want.  Identify professional associations that cater to consultants in your industry and also seminars that clients attend and get on mailing lists,  so you’ll know where to network.  Read industry blogs and other publications,  so you will be up-to-date with important issues.

Check your credentials

Be sure that whatever competencies and qualifications,  degrees,  certificates,  licenses and/or  insurance necessary to do business are in hand.  Whatever you don’t have and can get on your employer’s dime,  take steps to do so ASAP.   Otherwise,  consider professional development expenses as a 2012 tax write-off.  If nothing else,  the improved credentials might help you get your next job if you decide to hold off going out on your own.

More next week,

Kim

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It’s Time to Stop Procrastinating

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It’s December 13.  Have you sent out your Christmas cards yet?  Well,  neither have I  (but I will).  I’m disciplined and organized and you know that to be true,  because I’ve faithfully published this blog every Tuesday morning since June 2009.  I enjoy writing this blog and I enjoy receiving cards from friends and colleagues every year,  but getting into the mood to write my cards takes some effort.  I will do it as always.  But first,  I’ll write this week’s post…

According to psychiatrist Ned Hallowell,   author of  “Driven to Distraction” (1995),  we mostly put things off because we are busy.  Most of us are working harder and longer these days.  Second,  we are prone to avoid what we consider to be drudgery.  But as we all eventually learn,  procrastination does not pay.  Avoiding the thing we hate does not make it go away.  It hangs like the sword of Damocles until the required work has been done.

The experts say that what we procrastinators need to do while we’re busy doing everything except what needs to be done is to understand why we’re avoiding the inevitable.  Research demonstrates that it basically breaks down into two categories:

1.   You’re faced with a task you despise and you’re unable to face it,  or

2.   You don’t know how to do what you need to do,  so you’re afraid to get started

We all put off doing what we dislike,  but procrastination cannot be allowed to rule one’s life.  To be a productive and responsible citizen,  to maintain positive work and family relationships,  we must train ourselves to put shoulder to the wheel and plow through onerous tasks when necessary.  Consider it character-building.

We can help ourselves by being honest about the kinds of tasks that we dislike and cause us to procrastinate and then figuring out which can be outsourced.  ( Would a virtual assistant write Christmas cards? )  You may want to hire someone to clean your apartment twice a month,  or send your laundry out,  or order your groceries online and arrange delivery.

Setting up a time table and schedule can help to get you started on what can’t be farmed out to someone else.  Use deadlines to motivate you to get cracking and get the job done.  Teresa Amabile,  co-author of  “The Progress Principle” (2011),  suggests breaking a project down into manageable segments and creating an achievable time table and deadlines for each.  These  “small wins”  make the project more manageable and less intimidating.  When faced with a task you have a history of avoiding,  put it in your calendar to tackle segments of it,  to ensure that you get the job done on schedule.  Post-it notes on your computer screen can work,  too.

It’s helpful to give yourself rewards for completing projects.  When segments of your project are completed,  maybe treat yourself to a nice hot chocolate and your favorite croissant at breakfast the next day.  When an especially important project is completed,  maybe a facial or a massage can be scheduled,  or perhaps even a weekend trip to a favorite place.

If your procrastination is caused by not knowing how to do something,  then get help.  Solicit advice from a trusted friend or colleague,  or do an internet search to get more information about how you can approach the project to learn what successful completion looks like and what you have to do to get there.  If you don’t have the required skill set,  recruit someone who does and make your project a team effort.

OK,  enough avoidance behaviour for me,  it’s time to face the music.  I bought a nice box of cards and holiday stamps back in November,  so I’m able to dive in and start writing.  My reward is a Christmas lunch party that’s in my calendar for December 14.  On my way to the party,  I’ll pass by the post office and mail the cards,  I promise.

Thanks for reading,

Kim

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Christmas Party Networking

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Christmas season is upon us and your party invitations are in the mail.  My favorite part of Christmas is the parties and I usually have a good time.  Christmas parties are an excellent way to catch up with dear friends and meet new people as well and for those reasons they set the stage for networking.  Catch some Christmas spirit and be sure to wrangle two or three invitations (I’ll bet that will be easy for you).  As you add parties to your calendar,  give some thought to the following:

Guest list

Ask your host who’s likely to be in attendance to find out who the VIPs will be and decide whom you’d like to meet.  Do an internet search and peruse the LinkedIn page,  using what you learn to devise a savvy ice breaker plus a couple of questions that will allow your VIP to do what s/he enjoys most—talk about him/herself.  Ask the host to make introductions.  The party is social and not business,  so frame your approach as relationship building,  although it’s probably not taboo to talk a wee bit of business.  Go with the flow.  If it’s not awkward,  ask to get together after the new year to continue your business discussion.  In the second week of January,  make contact.

Respect the occasion

Be mindful that a Christmas party is a social event.  Even if the gathering is sponsored by a professional or business association,  dial back the all-business mode and get to know folks and let them get to know you,  too.  Refrain from treating a Christmas party as just another business meet ‘n’ greet.  Overt selling is to be avoided.

What not to wear

I belong to a club that hosts a black-tie optional Christmas party every year.  About half the men wear a tux.  A white dinner jacket with black tuxedo trousers is likewise very chic and appropriate attire.  A dark suit with tie is acceptable.  The ladies wear after-six formal dresses,  usually long.  A lady can also wear a tux  (work it like Marlene Dietrich).  Ladies should avoid showing too much cleavage or too much leg,  or wearing a very tight dress,  no matter how physically gifted,  when business networking is part of the agenda.

Moderate alcohol intake

 Last year,  I was invited by a friend to attend a Christmas party that was hosted by a prominent marketing company whose client list includes politicians who hold office at the state and federal level.  My friend has worked with the company off and on and he’d like to do more.   He complained that lucrative assignments had been withheld from him.   However,  as I watched him guzzle about six drinks in 90 minutes,  I wondered why they gave him any work at all.   His foolish behaviour also soured the introductions he made for me  (and I’m suffering for it,  because I don’t know anyone else to bring me back this year,  without the lush).   In other words,   make the most of your networking and pace your drinking.  Two or three drinks are all you need.  The idea is to relax and not get tanked,  or even visibly tipsy.  An unexpected VIP may walk through the door and you don’t want to look and sound ridiculous.  Moreover,  you don’t want to upset your host.

So far,  I’ve attended three Christmas parties.  I had a lovely time at each affair and I was fortunate enough to meet and enjoy the company of one person with whom I plan to follow up.  Two more parties are on my calendar and I intend to make the most of them.  

Thanks for reading,

Kim