In an environment where more and more people are leaving the “security” of a steady, corporate job to hang a shingle as an independent, the difference between those that succeed and those that fail can often be related directly to how much people are willing to invest in themselves.
Putting “skin in the game” is an expression that conveys how far you will go to prove that you are invested in the business. I’ve met so many independents that seem to think that an idea, a cell phone, and an old computer entitles them to contracts but I have found that the people who do best on their own have made significant investments in themselves before expecting others to invest in them (buying projects or infusing capital.) Over the past ten years, I have come up with a list of “no-brainers” that I think every consultant should keep in mind when deciding to go out on his own.
9 No-Brainer Non-Negotiables Keys to Success as an Independent Consultant
1. Give your company name real thought
2. Get a separate business phone line, internet address, web page
3. Buy good equipment and keep it updated
4. Ongoing education counts – go to conferences, trade shows
5. Visit clients on your own dime now and then
6. Don’t misrepresent yourself, and don’t discount the value of a virtual corporation
7. Join associations, volunteer, and network
8. Don’t be cheap
9. Don’t be greedy
What’s in a name?
Your company name and logo makes an impression before you ever get a chance to dazzle your prospect with your expertise. There are lots of opinions on naming conventions – but one thing that screams “small” are people who run one person shops, and name their companies by adding “and company”, or “and associates” to their last name. The exception to this are of course, those career professionals who have a real recognizable name in the industry they are working in. Otherwise, naming your company after yourself ties you and everyone you may hire to your name. And your name usually is NOT an indicator of the benefits you offer your clients. Starting a real business means creating something above and beyond YOU. Get out of your own way. Be clever, be original, and be descriptive. And, incidentally, if you come up with a good story about how you got your name you’ll have something to break the ice when you meet prospects.
You are NOT your company.
Outsourcing work to other consultants is part of my business model and over the years I have learned that people who don’t take themselves seriously as contractors are inconsistent with their deliverables. I look for partners who: have a separate work space in their home (with a door!), have established a business line of credit (separate business from personal expenses), have a cell phone (not one for the family that they share, but their own), have a dedicated phone line, own a domain name for business use (e.g. don’t use yourname@yahoo.com for business mail), have a relatively new notebook computer, a scanner, and at the very least a black & white laser printer. Buying legitimate copies of software counts, too. When you are “official” you have access to help lines which comes in handy when inevitably, you need real assistance to solve a problem. (As an example, I’ve gotten stuck writing complicated if/then statements in Excel, but my legitimately purchased software entitled me to tech support.)
Keep yourself updated with the best tools you can afford
I always pay a little more to get equipment that meets today’s needs and gives me room to grow. A high quality business-class telephone (like the Polycom), a laser printer, a scanner/fax machine – all of these are essential for your home office. Virtual phone systems such as GotVMail can forward your calls to any number while giving you a professional appearance for less than $10/month. And of course, keep in mind that today’s great package is tomorrow’s old tool set. When you are on your own, your time is your most valuable asset that unfortunately, you can’t buy more of. When you take the time to equip yourself from the get-go, you’ll be able to deliver professionally with the least amount of anxiety! And as you grow, you need to keep reinvesting to maintain that edge.
Keep learning.
There is no sorrier sight than meeting a has-been-hotshot now “consultant” who thinks he/she knows it all. If you go into business thinking that your clients are going to pay you to keep improving your skill set – you are wrong. Schedule a class, trade show, or conference at least once a month. Sure, you may have had sixty people working for you in the past at your beck and call. Now? You are on your own. So for goodness sake, learn how to really use Word or create Excel macros. Go to trade shows, pick up literature as an exhibits-only attendee, and now and then PAY to attend a conference and go to the sessions. Taking those one or two day seminars that dive beneath the surface of applications can help you in unexpected ways when you are trying to solve vexing problems. Really. Take time to develop an alternate view of everything you can.
Stop in and say hello.
Not just to the clients that are in your city. Schedule a trip – go visit clients that are across the country, just because – and do it at your expense. Find a conference and schedule trips around it. The more proactive you are, the more top of mind you will be when a project comes along. The key is not to have a high pressure sales call. Your long term agenda might be to get more work, but short term — you should focus on checking in with people and demonstrating that you care about them and their problems even when you are not on the clock. Setting up your schedule is easy if you don’t pressure people to see you. At least twice annually, I find a good conference to attend in a city where I have clients and prospects. I mention that I’ll be in town for the X conference and would love to stop in and catch up. While I don’t leave with contracts all the time, more often than not, I’m the first person they call when something new and intriguing comes up. And don’t limit yourself to clients. If you work with others virtually (other contractors, vendors) make it a point to meet them. It makes all the difference in the world when people can size you up in person.
Represent yourself as you are.
I’ve run a virtual corporation for nearly ten years. I have had Fortune 50 companies meet at my dining room table. How is that possible? I represent what I do honestly. I explain that I have a virtual team. We are all connected via the internet with group collaboration software (think Basecamp, WebEx Intranets) and we meet regularly for updates on our projects. I invite clients to visit with the team – and host everyone at my home, or we agree to meet at a trade show. On those occasions where it counts, those who want to grow together find ways to get there. Showing up is 90% of success or so it seems. Once people know they can count on you, they do.
No consultant is an island, get out there, network and share!
As a professional information specialist, I belong to as many associations as I can to keep on top of industry trends. In my business, the Direct Marketing Association (DMA), American Marketing Association (AMA), Association of Independent Information Professionals (AIIP), Market Research Association (MRA) are just a few of the many groups that I have associated with through the years. As a woman-owned business, I joined the WBOC in Syracuse, NY and the National Women’s Chamber of Commerce as well. While I can’t attend all the meetings, I actively participate on list serves, attend conferences, and volunteer when I can. Keeping up with contacts is easy using LinkedIn as well as address book software, such as Plaxo. I find that the more I share with others, the more they share with me. The more I know, the more value I bring to my clients.
Don’t be cheap.
Just don’t.
The tighter you are with your money, the more people think you are desperate and the less likely they are to do repeat business with you. On the other hand, don’t be a prima donna. You don’t have to go overboard to impress others. If someone invites you to join them on a client call, pick up the tab for lunch. If an associate invites you stay over (instead of staying at a hotel), bring a small gift. When you’re at a conference and you go to get a coffee, buy one for your client. And when it comes to projects and deliverables, if you can throw in something extra, do it. Nickel and diming your associates and clients will earn you a reputation that is impossible to shake. The old saying “it takes money to make money” — is true. You need to dress the part, act the part, feel the part, and suddenly, you will be the consultant you envision.
Don’t be greedy.
Some of the smartest people I know are lousy team players. They put themselves first – above and beyond rational expectations. Over the years I have been very close to working with potential partners who decided at the last minute to negotiate hard – and almost exclusively in their own favor to the detriment of the rest of the team. I suppose that is why some people are independent; they really don’t play well with others.
People do not like to be taken advantage of or forced into a corner. The more you push someone, the more he is likely to drop out of the discussion. I have learned to think through the options and to keep them open as opportunities evolve. Keep in mind that a truly beneficial agreement is one where everyone gives up a little for the good of the group. This holds true for client contracts as well as for collaborative opportunities. Some people think that you should start much higher than you expect to get and negotiate down to an acceptable level. Personally, I don’t like to feel as if I’m giving up that much. I’d prefer to start reasonably, and take things off the table rather than put on a show and try to get the other party down to a bare bones agreement or price. Everyone should feel as if they are getting a good deal. Greed has no place at the negotiating table.
What’s the bottom line? To be successful, you have to invest time, money, and thought into yourself, your clients, and your associates. In my opinion, if you can’t bet on yourself, why should you expect anyone else to bet on you?
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