Strategic Startup: Founding a Consulting Practice

Best Practices i n Running Yo ur Communications Consulting Business Fairleigh Dickinson Uni versity – Madison, N. J., July 22, 2014 Barbara Zelasko Commmunications Management

Personal Assessment

Do you really want to be a consultant?

◦ Are you just between paid positions?

◦ ◦ Are you truly entrepreneurial?

Can you self-promote with confidence?

What do you have to offer?

◦ Your core capabilities ◦ What do you really want to do?

What are your values?

◦ Define your personal and business principles ◦ How do you see your own worth?

◦ How do you view your clients?

Barbara Zelasko Communications Management 2

Situation Assessment

Times have changed—Employers may see consultants as freelance or in transition ◦ Are you willing to take a contract position through a recruiter—this is a temporary job, not true consulting ◦ ◦ Do you have the constitution to assert yourself as an authority?

Are you in it for the long term?

Examine your commitment ◦ Are you willing to manage employees and vendors? ◦ Manage client expectations?

Choose your clients ◦ Is the working relationship tenable?

◦ ◦ Does your client have your back?

Will they pay you?

Barbara Zelasko Communications Management 3

Strategic Business Planning

Define scope of services ◦ Articulate your concentration ◦ What is your point of difference?

Determine your target market ◦ Not just industry ◦ ◦ ◦ Dollar range Terms – markups?

Geography Create your business strategy and marketing plan—on paper ◦ Do you require a complete business plan?

◦ Are you going to be a 1099 worker, corporation, LLC ◦ ◦ Expanding Services?

Build in flexibility Barbara Zelasko Communications Management 4

Earning Clients

Network ◦ Trade association participation bears fruit Deploy your marketing plan ◦ Online presence—keep it professional ◦ ◦ ◦ ◦ Print? Speaking engagements?

Create your image Reflect your truth - Let go of ego Accept your value - Overcome insecurity Image Materials ◦ Portfolio – Online, Take along, Leave-behind ◦ ◦ War stories Business cards Barbara Zelasko Communications Management 5

Retaining Clients

The reputation you create for your clients is your reputation Focus on client needs ◦ The money will follow Be honest and fair Maintain consistently high standards ◦ Language, style, and professional communications guidelines ◦ Performance Treat employees and suppliers well BARBARA ZELASKO COMMUNICATIONS MANAGEMENT 6

Operations

Set borders ◦ Hours of operation ◦ Timing, condition, and format of materials from clients ◦ Be cautious about pro bono work—volunteer judiciously Keep your discipline ◦ You are at work at home or in your own office Make sensible business decisions ◦ Plan for expenses—you have to pay taxes and expenses ◦ ◦ ◦ Hire a CPA Reinvest in your business—updated technology Save—your accounts could disappear overnight Be ready to consider unforeseen opportunities Barbara Zelasko Communications Management 7

Reconsider the Big Step

What kind of bird are you?

◦ Do you want to put a toe in the water or take flight?

Think before you leap Barbara Zelasko Communications Management 8