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The Involuntary Entrepreneur

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

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The Involuntary Entrepreneur

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  1. The Involuntary Entrepreneur Making the Leap from Unemployment to Independent PR Practitioner

  2. 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

  3. Things to Consider • Are you passionate about what you do? • Your personal working style • Work-life balance • Level of experience • Willpower • Money • Support system

  4. 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

  5. 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

  6. 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?

  7. Obstacles to Opening a Firm • Naming your business • Conducting a name search • Effectiveness and functionality • Legal availability • Trademark search

  8. 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

  9. 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

  10. 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!

  11. Establishing a Presence • Web site • Marketing materials • Business cards • Phones • Print materials

  12. Marketing Yourself • Must-join professional organizations • Client organizations • Internet marketing • Word-of-mouth • Public presence

  13. 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

  14. Mentors & Resources • SoloPR.com & #solopr chat Wednesdays at 11am • PRSA • Counselors Academy • Individual Practitioners Alliance • Ken Jacobs at Jacobs Communication Consulting • ken@jacobscomm.com • www.jacobscomm.com

  15. Outside Assistance • Attorney • Accountant • Insurance agent • Banker • Consultant • Technology/computer expert

  16. 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.

  17. Debra Bethard-Caplick, APR, MBA dcaplick@quicksilveredge.com www.quicksilveredge.com 773-339-3884 @dcaplick @quicksilveredge Questions?

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