So, you want to freelance or start a fledgling agency?
Here are 25 things to think about if you’re thinking of going freelance or starting an agency.
Get fit and healthy. There’s only one of you
Find a client
Reduce your personal costs. Reduce them further
Benchmark fees and services
Create a strong proposition. The market is saturated
Create a business plan. Two pages of A4 should do it
Do a six-month cashflow analysis. Figure out how much investment you need
Aim to have a three-month cash buffer to cover your personal costs
Secure investment: bootstrapping, a loan and savings are all options
Buy a mobile phone, laptop (spend as much as you can for a hardworking machine), printer and invest in decent broadband
Create a name and a visual identity
Register a domain and email address
Marketing: social (LinkedIn and Twitter) and owned (website)
Tech stack: office apps, video meetings and storage
Security: set up realtime backup for your phone and your laptop, invest in a password manager and a VPN
Register your business as a limited company and for VAT (assuming you plan to turnover more than £85,000 in your first year)
Buy professional indemnity insurance cover
Invest in your network, real and virtual
Open a business bank account, hire an accountant and invest in an accounting application
Ruthlessly chase debt
Set aside cash for tax and VAT
Use your time wisely, focus relentlessly on finding clients and delivering excellent work
Say no to work that doesn’t fit your proposition
Find more clients
Invest in continuous learning and development
Thanks to members of the Freelance PR community on Facebook this week for contributing to a discussion this week. It’s a hugely supportive community for anyone working solo in PR.
Personal experiences
Several members of the group shared articles that they’ve written about their own personal experiences.
#PRGems: Five things freelancers should think about - Gemma Pettman
Survival skills for freelancers - Sarah Townsend
Business advice for comms consultants and freelancers - Hel Reynolds
Ten years as an indy (PR) kid - Julian Christopher
Should you become a freelance PR - Nigel Sarbutts
Ten lessons in ten years - Katie Marlow
Freelance event
PR Cavalry founder Nigel Sarbutts, who hosts the community, is running an event called The Business of PR Freelancing on 15 to 17 September. It’s worth checking out if you’re thinking of setting up as a freelancer or fledgling agency.
Coaching and mentoring
I typically support agencies and communication teams as a professional adviser but offer a limited number of one-to-one mentoring slots each month. Please drop me a line if I can help you.
