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

The Involuntary Entrepreneur

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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 - PowerPoint PPT Presentation

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Page 1: The Involuntary Entrepreneur

The Involuntary Entrepreneur

Making the Leap from Unemployment to Independent PR

Practitioner

Page 2: The Involuntary Entrepreneur

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

Page 3: The Involuntary Entrepreneur

Things to Consider

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

Page 4: The Involuntary Entrepreneur

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

Page 5: The Involuntary Entrepreneur

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

Page 6: The Involuntary Entrepreneur

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?

Page 7: The Involuntary Entrepreneur

Obstacles to Opening a Firm

• Naming your business– Conducting a name search– Effectiveness and functionality– Legal availability– Trademark search

Page 8: The Involuntary Entrepreneur

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

Page 9: The Involuntary Entrepreneur

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

Page 10: The Involuntary Entrepreneur

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!

Page 11: The Involuntary Entrepreneur

Establishing a Presence

• Web site• Marketing materials• Business cards• Phones• Print materials

Page 12: The Involuntary Entrepreneur

Marketing Yourself

• Must-join professional organizations• Client organizations• Internet marketing• Word-of-mouth• Public presence

Page 13: The Involuntary Entrepreneur

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

Page 14: The Involuntary Entrepreneur

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

Page 15: The Involuntary Entrepreneur

Outside Assistance

• Attorney• Accountant• Insurance agent• Banker• Consultant• Technology/computer expert

Page 16: The Involuntary Entrepreneur

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.

Page 17: The Involuntary Entrepreneur

QUESTIONS?

Debra Bethard-Caplick, APR, MBAdcaplick@quicksilveredge.comwww.quicksilveredge.com773-339-3884@dcaplick @quicksilveredge