Social Selling: Myth or Magic? (Guest Blog by Sam Bessant)

I’m thrilled to welcome back guest blogger Sam Bessant. Her first contribution to the Bennis Inc Blog, “Success Versus the Work-Life Balance” continues to receive top hits! Learn more about Sam in her bio following this post and be sure and visit her personal blog here.

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Social selling is a relatively new concept to the world as its dawn has only come through the dramatic shift we’ve all made to living our lives through social media in the last few years. The whole networking game has changed and we now have easier access to more people and more information than we’ve ever had before. But what are we doing with all this information and what impact does it have on our working lives?

The term “social selling” is being banded around left, right and centre by people who consider themselves forward thinkers in the field but few seem to understand what it really means and whether it really involves any actual selling. A new pothole for salespeople to stumble into is the idea that stalking prospects on LinkedIn and sending them a half-arsed message constitutes selling. Similarly, there is the idea that following an event on Twitter is just as good as being at the event; reading a blog about how to sell is the same as mastering the technique yourself…the list goes on. The problem is that actions taken by your “virtual” presence in the online world are just that – virtual and intangible. And the results will be too. At some point, that world of Web 2.0 needs to meet with more old fashioned actions because we aren’t living in a fully virtual society yet. People still rate people and personal relationships built up through phone calls and meetings; some people aren’t even part of this huge social network, preferring to remain aloof and test your persistence in reaching them.

So we circle back to the question of “what is social selling?” and is it something that has been created by the very people whose advertising revenue relies on us using their social networks? I would suggest not. Social selling is actually very powerful but it needs to be thought of as a tool; one singular tool in a whole toolbox of potential sales techniques. What social media allows us is the opportunity to understand more about the people we want to engage, more about the companies they work for and more about what other salespeople are doing to win themselves success. It gives us an “in” and helps to reduce the awkwardness of the initial contact because we have enough information to make contact with purpose. We don’t have to spend ages battling with switchboards to get hold of a name and we can send messages directly to C-level contacts we’d have spent months trying to target previously, but this is only the beginning.

As with more traditional sales methods, social selling takes time. You still need to qualify your prospects and build a relationship. The social media piece simply allows you to do some of the legwork before you make contact so that you can wow them with a compelling story tailored just for them. A mistake commonly made is thinking that all of the information a salesperson needs can be found online. This is not the case. What you can find is a great foundation to hop over the initial hurdles so you can spend your valuable time working on real sales opportunities rather than arguing with gatekeepers. So social selling isn’t a myth; it’s a real thing and there are real opportunities being found through social media. However, it isn’t magic either. Nobody will do the hard work for you and you’ll still need to be creative in the way you approach people and ensure you deliver the service you’d expect yourself. Social selling is a valuable tool which you can’t afford to overlook but remember…it is only a single tool and cannot replace your entire tool set.

Sam Bessant lives in Reading, UK. She currently works the standard office 9-6 while trying to finalize the direction she will take to start her own business. Sam’s blog, 20somethingfreak was created to help Sam and others understand what it is to be in your 20s and for Sam to share some of the millions of daydreams she has every day! Be sure and visit Sam’s personal blog: www.20somethingfreak.wordpress.com.

 

The Necessary Slow Burn of Business Growth

Consider this. Each spring it’s common practice to burn the tall grasses of the prairie. The reasons for this man made fire are those to benefit the prairie and it’s natural habitat – to remove old growth, put nutrients back into the soil and promote new growth and abundance. The prairie needs this fire to exist. As reckless and destructive as this once seemed to me as a child, I’ve come to understand and appreciate the prairie’s need for this slow, controlled burn. But now as an adult, reexamining this yearly ritual made me question another aspect of these prairie fires.

Why not just use gasoline, light a quick blaze and take care of the whole field at once? Why does it need to be a slow and smoldering fire – a process that seems to be so needlessly drawn out?

The answer to this question is actually quite strategic and far from needless. The slow, controlled burn of these tall prairie grasses is necessary for achieving all the ecological benefits that it does. Gasoline would absolutely ruin the soil and prevent these tall grasses from ever growing again. And a large wildfire would wreak havoc on other parts of the ecosystem (not to mention holds the potential to easily burn out of control). So why am I choosing to tell you so much about these prairie fires? It’s because I see an important lesson on life and business building within these flames – a lesson that speaks to both patience and strategy.

Letting it burn (slowly)

For anyone who has ever attempted to build a business, the process of growth is unpredictable and unstable at best. We want to believe, that like any model growth chart illustrates, our business will grow with dramatic spikes until we blast off the chart. But this is neither common nor sustainable for 99% of businesses out there. Instead, like a prairie fire, the healthiest and most lasting business growth is a steady smoldering that inches onward day by day. I define this as healthy growth because it’s growth that blazes a new trail while giving us enough time to stay right in tow. We control it; it does not control us. This is also the type of growth that strengthens a business as oppose to a wildfire which could burn it all down. Most importantly and much like the prairie fires, this slow, controlled burn weeds out the old while laying the rich foundation for future growth. It’s a change that moves at the pace of evolution, and it should be our goal to evolve patiently and strategically as such.

Avoiding the temptation to rush

With technology at our fingertips and our society of ever-connectedness, our accessibility to “gasoline” is endless. This causes a great temptation to rush the process of the slow burn just because we have the means to do so. But as ecologists have proven and stressed, this quick and fast method is not always beneficial, and sometimes harmful, depending upon what you’re trying to achieve. For the slow burn of business growth, you’re trying to achieve much more than a burnt and barren field. You want to preserve the ground and burn only what is necessary. Gasoline won’t allow you to do this. We have to avoid the temptation and let things progress on their own. Instead, we often want to ignite the fire with things like an overkill of paid advertising (this is often a waste of precious capital in the beginning) or gimmicky deals (this often pulls in the wrong client base). Such “shoot-from-the-hip” strategies may produce big flames for display, but at some point these flames will cause destruction or someone will get burned. As I’ve mentioned before, such growth is neither sustainable nor beneficial in the long run.

In life or in business, have you ever personally experienced the temptation to rush a critical process? Maybe this is a process of growth, a process of healing or a process of change. While it’s tempting to want to overcome these uncomfortable and even painful moments in life quickly, rushing the process can prevent us from receiving all of the benefits they’re meant to bring. Learn to appreciate the slow fires we have lit and know that they are with the purpose and intent to make us stronger and more abundant.

 

A Price For Passion: Being smart and fair when pricing your services

As a business owner and entrepreneur, one of the hardest challenges is figuring out a consistent pricing system for your services. Even with almost two years now under my belt, this is one area of my own business which can still be overwhelming and stressful at times – mainly because it also carries so much weight. How you price your products or services has a direct impact on the money you make or the clients you turn away. There are many reasons to want to undercut competitors and to offer the cheapest bargain around, but then there is the challenge of putting a price on passion. As entrepreneurs, we are much like artists and inventors.  It’s hard to keep an unbiased perspective on something we quite often view as priceless.

A quote by Henry David Thoreau that I truly love is, “The Price of anything is the amount of life you exchange for it.” Though I appreciate the underlying message of valuing our time, this mindset would make it impossible to ever set a price for my writing and creativity that was fair to both me and my clients. But luckily, just as much as I am an artist with the pen, I am also a businesswoman. This balance has allowed me to build a smart and strategic method for pricing my services without undervaluing my time or talent. Here are just a few of the guidelines that I’ve come to rely upon when placing a price tag on my passion:

Determine your hourly rate

The first hourly rate I set for myself when I was still freelancing my services in college is a mere fraction of what I now charge. However, it was a price that was fair for both me and my clients at that time. It was a nice increase over the minimum wage I was making at my other side job and to my clients, although they were working with a college undergrad, the price was a steal for the quality of work they received. After graduation, I was able to increase this price because of the formal degrees I had earned. I was sure to communicate this with existing clients and positioned it as a “value added” to my work and professionalism. Because it still remained well under the industry’s going rate, I received no negative kick-back from this increase. With the start of every New Year, new contract or new client, I have the ability to adjust my pricing. For clients who remain with me over the months and years, I offer them the loyalty benefit of “grandfathering” them into their starting prices so long as the scope of work remains the same and it’s not a significant opportunity cost.

Your years of experience and education/degrees will have an impact on how you price your services. I’ve found that remaining even just $5 under the hourly rate of the “industry norm” gives you a sizable advantage. While I don’t dismiss that this small difference in hourly rate can certainly add up over a large project, a small discount still earns you far more money than not being selected to complete the project at all. The best way to get a feel for the pricing of your competition is to talk with clients and people within your network who have worked with other similar contractors – they can also give you their honest opinion of what price range they are most likely to hire within.

Bundle your services

It’s standard – and smart – to have a set hourly rate because this is a common question clients potentially seeking your services will want answered. While I do have an hourly rate, I rarely charge by the hour on my proposals. Most often, I use this hourly rate to estimate the maximum cost for a project, but aim to lower this significantly for a client by offering service bundling. With bundling, I discount my rate in exchange for a client who chooses to hire me for more than one service. For example, I may offer a proposal with several communications strategies including writing web site copy, newsletter content and updating their social media profiles. When contracted separately, these services would be higher than if a client should choose to do them all together. The benefit to the client is of course the cost savings and the benefit to me is the security in work. Often clients will just want to know your hourly rate before you discuss much else, but I am sure to include that my hourly rate is discounted when combining multiple projects. This also helps me to create a more cohesive and effective communications strategy than just one project alone. The service bundling is an incentive to do more for the best price possible.

Reward efficiency

When providing my clients with a proposal for my services, I emphasize that the price I quote them for is the guaranteed maximum that will not increase so long as the scope or size of the project remains as we discussed. This is important because all too often we’re hit with unexpected price increases from every angle in the form of electric bills, cable and internet and the list goes on. It’s nice to offer clients something that’s a bit more stable which allows them to better budget. Also, once I provide my clients with the best possible price (bundling services, maximum price guaranteed, etc) it’s now to my advantage to work efficiently. If I estimate a project taking me 8 hours, I certainly don’t want to procrastinate and stretch this project into 14 hours. That’s a waste of my own time and earning potential! Instead, the way I price my services encourages efficient work which means my clients often receive their project days if not weeks before our agreed upon deadline. When pricing your own services, I suggest structuring this in such a way that you reward your efficiency while offering your clients stability. This is a great way to earn respect and trust while earning the most money for your time.

What are your thoughts on pricing your services? Where do you most struggle or what are some ways to make this less of an overwhelming task? Share your comments or questions and let’s get this important discussion going!

 

Fear or Inspiration: The Two Motivators That Makes Us Move

We see it in the news, read it in a magazine or hear it within our networks almost every day. There’s some new start-up that’s growing exponentially and breaking all kinds of projections. They’re on the fast track to becoming the “next big thing.” It’s enough to make any small business owner or entrepreneur want to throw the old adage of “slow and steady wins the race” out the window.  Who wouldn’t want their business to skyrocket to Facebook-like fame? From my own experiences and observations, I’ve found that for any business that’s progressing and expanding at warp speed, there is most commonly one of two causes for this type of growth. The differences between these causes are paramount to the ultimate success – or implosion – of the business.

Most simply defined, the two motivators for momentum are fear and inspiration. For most businesses, it’s easy to pick out which they’re experiencing. The difference can be seen in whether their actions to accommodate this growth are proactive or reactive. Not all speeds of growth are beneficial if it comes at the risk of ruining your business or losing your sanity.  The ultimate goal for any business experiencing a period of growth should be to run like you’re crossing the finish line, not like you’re being chased.

Running Scared

Especially seen in start-ups, where one good viral marketing campaign can create an insatiable consumer demand almost overnight, the momentum of business growth can make you run like you’re being chased. You’re reactionary. There’s no time to create a sensible growth plan when you’re barely able to keep up with the current demands of the business. You’re not running the business, the business is running you – or after you, rather. Sure it’s momentum and to the outside world it appears that you’re making significant progress, but in reality you’re shooting from the hip with every decision. My political experience has provided me with far too many examples of organizations who function out of fear. Jokingly we called it organized chaos, but this reactionary behavior to everything thrown at us resulted in frequent mistakes and missed opportunities. In retrospect, these situations would have greatly benefited from even just an hour or two of critical planning. This small investment of time in the short term would have given us a more proactive plan to turn to in the long term. For any business or organization that appears to be “running scared,” it’s never too late to pump the breaks and replace this fear with strategy.

Running Toward A Goal

In contrast to the first type of motivator – fear, the motivator of inspiration produces quite a different result within a business. To the outside world movement all appears the same, but inside you can clearly tell a business that functions off of a well thought out growth strategy. Unlike running scared, running toward a goal helps you to make even big decisions with less effort. Your strategy – or finish line – helps you to see the obvious answers. You’re calm, confident and collected because your focus is on anticipating the next step not reacting to the last hurdle. The inspired movers are the business owners who are able to appreciate the growth of their business, not come to curse it. Most importantly, when you have inspiration as your motivator, not fear, you are in complete control of the direction of growth. You’re able to pick and choose the opportunities that best align with your goals. When motivated by fear, you’re more likely to take on every opportunity that comes your way regardless of whether it’s the right fit. I once had someone give me the advice, “Pile as much on your plate as you can. You can always take it off later, but you can’t put it back on.” I was hesitant when I first heard this and have since learned that it’s very bad advice. Be strategic with your opportunities and don’t give into the fear that tells you another one may never come your way – with enough talent and inspiration, they always do!

In thinking about your own business – or even your personal life – which type of growth do you most familiarize yourself with? Are you running scared or are you running toward a goal? There’s no questioning the accuracy of the term “growing pains.” Growth means change and change is often uncomfortable. What’s important to remember is that between the two motivators that make us move – fear and inspiration – one drains us while the other fulfills us.  It’s important to seek out the latter to ensure that even during the most uncomfortable periods of growth that require us to stretch our limits, we have a finish line in sight and a strategy to get there feeling like a champion.

 

The Power of Habit–And Making Your Bed (Guest Blog by Todd Shirley)

This week’s post comes from returning guest blogger, Todd Shirley. Todd is a talented writer with a wealth of knowledge to share. I hope you are inspired to leave a comment or engage in conversation after reading this post. To learn more about Todd, please visit his biography at the end and check out his blog here.

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The Power of Habit–And Making Your Bed

I have a habit of talking to myself. It has lead to some embarrassing situations. One time at a job I worked in high school, co workers, customers, and my bosses stopped business briefly to share a communal laugh at this habit.  As I cleaned the large windows of the shop, the sun was at my back and reflected onto my eyes. I couldn’t see into the store while everyone could clearly see me wiping the windows and pantomiming an argument I was having inside my head.

As an adult, nothing gets me talking to myself more than when I read a good non-fiction book. In a weird way, I live the facts that I pick up from it.  The Power of Habit: Why we do what we do in life and business by Charles Duhigg is such a book to trigger this habit several times over.  I highly recommend it.

The following three points from the book are my favorite. I have also shared  how they relate to me.

1: Habits are inevitable because our brains RELY on habits:

Nothing makes the brain take up more energy than novel experiences. To move an experience into the realm of a habit offers the brain a tremendous cost savings for its resources.

Consider this point in terms of dialing a new ten digit phone number. I estimate there are over thirty steps involved. Each number has to be recognized, located on the dial pad, and double-checked for accuracy. To dial a familiar number, your brain doesn’t approach it in several steps; it approaches it as one movement of your finger.

In my day to day work I encounter middle schoolers from foreign countries. I’ve heard time and again that their day is eight times more tiring than students who are familiar with the school district, speak English and understand our customs.

2: We operate under the influence of keystone habits:

Keystone habits are habits that dictate other habits.

I struggle all the time to eat breakfast before work.  While reading the book, I decided to begin focusing on making my bed before work instead of preparing breakfast. In doing so, I found out I had more time before work than I realized. This led to frying up some eggs and eating them.  After about the fifth time doing this, I thought I was on to something.  Regularly now I eat breakfast about four times a week but no longer make my bed.

3: Habits don’t go extinct, they get written over:

I haven’t touched a mountain bike in years but feel pretty confident I could hop on one and make my way down the street.  The habits necessary to ride my bike are still there but were written over by habits relevant to driving my car.

The book, The Power of Habit, has many implications for an individual’s life as well as how organizations work.  I found it rewarding and encouraging as it seems to lift the veil of mystery that often covers up human behavior. I hope I’ve piqued your interest by writing about my personal experiences as they relate to this book.

Anyone care to venture a guess about what I do now instead of talking to myself?  Leave a comment with your best idea and I’ll reveal the answer…

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Todd Shirley works full time as a school counselor and carries a caseload of clients who are in the foster care system. When he is not working, he is reading, working out, cooking Paleo and discussing all that is arbitrary about life. Oh-and his favorite animal is the manatee. Todd is an incredible guest blogger with a wealth of knowledge to share. I hope you are inspired to leave a comment, engage in conversation or visit his blog having now read this post. You are always welcome to share your thoughts below!

 

Never Lose Sight of Your Childhood Dream

Every time a beautiful home catches my eye or I’m inspired by a furniture store’s interior design, I’m reminded that there was a time in my life when I was quite certain that I would grow up to become a creator similar works of art. Yes, my childhood dream was to become an architect and interior designer. The signs were quite obvious, really. The remnants of my mounding collection of doll houses can still be found packed away in my parent’s attic. Yet instead of playing house with the tiny people inside these homes, I would spend hours rearranging furniture and building additional walls to expand the modest structures into dream mansions.  I filled binders and binders with magazine pictures of bedrooms, kitchens and patios and would stare at blueprints long enough until I could visualize the house I would use them to someday create. And at the age when most children were still building with Legos and Lincoln Logs, I taught myself to use the same computer programs used by professional architects and designers.

Even as an adult, the memory of this childhood passion is still vivid.  It’s no longer as common that I allow myself to become so consumed in a hobby or so certain of a dream – and maybe that’s why I love to reminisce back to the time in my life when I did. Childhood should be a time for complete creative freedom and to allow natural talents to shine through. It is also a time that can tell us a lot of about ourselves and who we were destined to become long before we let responsibilities, worries and failures affect our dreams.

It should be obvious to you now that I never became that architect or interior designer of my dreams. The level of intensity I had for this hobby didn’t outlast high school. Instead, I slowly migrated into a completely different career path in communications and writing. Not many people know about my dreams to become an architect that I once constructed so carefully. For the longest time I thought it to be irrelevant and to some degree an admittance of failure. I walked away from something I was so passionate about and never felt the need to look back. Or did I?

To this day, I may not have a portfolio of beautifully furnished houses to showcase, but I do have quite a different portfolio of equally impressive work. I’ve never built a home, but I’ve built a brand and business. I don’t use my creative talent toward interior design, but I do use my creativity in so many broader ways every day. That passion for building something from the ground up and talent for thinking outside the box were never lost, only reassigned. I’m a Public Relations professional, not an architect, but I’m confident this is what all my childhood daydreaming has prepared me to do.

So many years ago I may have mastered some impressive feats for a 10-year-old architect, but I wouldn’t have had the slightest clue as to what Public Relations was and certainly wouldn’t have understood how to apply my talents toward this career path. Yet, with every choice I made to move away from architecture and design, I took one step in the right direction of finding the career I now have today. I couldn’t be more grateful for all the hours I spent playing with those doll houses. Almost 15 years later, I still have yet to build a single home, but I’ve built exactly what my childhood self would have wished for had she known everything that was possible.

As a child, did you ever have a passionate dream about becoming something far different than what you are today? Look closely at the career path you have chosen and you may see that these childhood talents were never lost, only reassigned.  Share your own story by commenting below!

 

A Quarter-Century of Life Lessons: Revisited

Tomorrow, on December 18^th, I will again celebrate my birthday. For as long as I can remember this was a day that all 364 others would be spent looking forward to. With the start of December before I began counting down until days to Christmas, I first counted down the seconds until my birthday. And from midnight to midnight for a full 24 hours I felt like the most special person in the world. When you’re a little kid birthdays are a big deal. You get cards from every aunt, uncle and neighbor you don’t even know and at school you get to bring in treats and wear a ribbon. And then there’s the cake. I loved every new candle each age earned and how it made my birthday seem bigger and brighter with every passing year. My birthday is still a day when I feel very special, though it’s not nearly as big of an ordeal as my childhood self once made it. But instead of those birthday candles merely adding glow to a cake, I now see them as adding wisdom to my life. And so on my grand quarter-century birthday, I want to revisit the blog post I wrote about one year ago at this time “(Almost) A Quarter-Century of Life Lessons” and with this new year and new candle,  I’ve added the life lesson my 25th year has taught me to this ever growing list.

1. Tie your happiness to a goal—not people or things

You will never be able to control people or things; don’t let your happiness be dependent upon them.

2. There is no such thing as awkward situations, only awkward people

Realizing this allowed me to take control of situations and handle them with confidence and grace.

3. Sometimes good things fall apart so better things can fall together

It’s not easy when you feel slighted or taken advantage of, but I truly believe that there’s a greater plan and even the bad parts play in to a happy ending.

4. Crying is neither an indication that you’re weak nor a solution to your problems

You can never really hold emotion in. Not dealing with how you feel causes emotion to come out as passive aggression or displaced anger. I allow myself a good pity party from time to time, but after that’s over I don’t let my thoughts linger. I move on.

5. No matter how many mistakes you make or how slow you progress, you are still way ahead of everyone who isn’t trying

Sure it’s easy for people to sit back and criticize when they’re not in your position. But even failing is a sign that you’re trying—and that’s so much more productive than standing still.

6. Do what you love, not what you think you’re supposed to do

I struggled with this one for a while. I thought I was supposed to stay with whatever job offered the most money and benefits, regardless of how miserable I became. Sure I’d like more money, but it will come. Until then, I’d much rather be doing what I love and calling my own shots.

7. Only blaze your own trail if no one before you has gone where you’re going

Don’t take the path less traveled solely for the sake of being different. There’s no shame in following in someone’s footsteps, especially if you admire the path they’ve chosen.

8. If you keep doing what you’re doing, you’ll keep getting what you’re getting

This can be applied to both results you want to keep and results you want to change. If you want change you have to create change—time alone cannot and will not do this.

9. At the core, people are truly good

Sometimes I meet people who really test this belief of mine! But if I spend enough time with someone, somewhere along the line they give me the proof I need to know this is still very true.

10. Strive for progress, not perfection

The real world doesn’t reward perfectionists; it rewards people who get things done. Trying to make each day perfect will only paralyze you from making any sort of progress, perfect or not.

11. Opportunity doesn’t go away, it just goes to someone else

Remembering this makes me reconsider any time I’m tempted to take any opportunity for granted and let it pass by.

12. Do not compromise sleep for anything

Anyone who knows me knows that even with a big project or looming deadline, I would rather call it a night and wake up early to get it done. Sleep is sacred to me—it allows my mind and body to reset. Don’t deprive yourself of this vital time; you need it to do anything else to your full ability.

13. As soon as you wake up, start by saying one positive thing about today

I’ve used this positive thinking technique to get me through some of the gloomiest work periods of my life. No one wants to be at the beginning of a 12 hour work day, but saying one thing you have to look forward to—even if it’s just a your favorite lunch–will help get you out of bed.

14. Not getting what you want is sometimes a wonderful stroke of luck

It may not be what you want, but life will always give you exactly what you need. The sooner I learned to trust this, the sooner I was able to let go of all of the “What If’s.”

15. When you don’t plan everything, everything goes as planned

You may remember this as a blog post where I learned a pretty valuable life lesson. By planning everything, I only set myself up for frustration (and madness) when things would inevitably change.

16. Don’t measure life in grand gestures or life-changing moments

In doing so, you will miss the better part of what life truly is…the little moments

17. Happiness and success are independent of each other

Sure they can, and often do, occur at the same time. But this is not guaranteed nor is the fact that one will always cause the other. You must pursue each separately.

18. The problems we have with other people are more often about ourselves

You may remember my post about not having to like everyone you work with. It’s a fact of life that we will interact with people we don’t like, but do remain introspective about what it is that bothers us about someone else. It’s most often a reflection of our own insecurity or jealousy we can work on.

19. You will never be 100% ready for an opportunity when it arises

Never use this as an excuse not to take it!

20. Time can only heal what we allow it to

If you allow your mind to wallow in sorrow or hurt, it’s like picking at a scab that’s trying to heal. Either move on or embrace the fact that this will become your scar.

21. Never assume you’re the best or worst at anything

A quote Mr. S often shares with me is from his former coach, Joe Paterno “You’re never as good as you think you are when you win and you’re never as bad as you think you are when you lose.” This thought keeps me grounded.

22. Deferring your happiness to the future is a terrible decision

So often we hear people say, “I can’t wait until I retire so I can do that.” But why not be happy and do what we love right now and throughout our entire lives? Don’t put off your happiness and life goals until you have more money or more time, both can run out sooner than expected.

23. Under promise and over deliver

In work and in relationships, never promise more than you can reasonably give. It’s far better to underestimate your skills and commitment to someone to ensure you’re always exceeding their expectations.

24. Nobody has it all figured out

And anyone who claims they do probably has the most to learn.

The newest life lesson that I will add to the 25th spot on my list is the lesson I believe this year was meant to teach me. It’s a lesson that I not only personally experienced, but finally had the wisdom to open my eyes and see all around me…

25. Merely planning to do something is not the same as accomplishing something

I become so frustrated when a goal is set and never met. With so much information about goal setting and motivation I could never justify why so many good intentions never get off the ground. Just before my 25th birthday I reasoned that the answer was the trap of thinking planning to do something is the same as  accomplishing something. Good intentions are not enough if you want to bring something to reality. So as we emerge on the cusp of New Year resolutions, keep this simple truth in mind. It’s a lesson I’ll be sure to carry into my next quarter-century and beyond!

 

Turning Freelance into Fulltime: Taking the Leap

This blog completes a series of 5 posts which outline and address a very valuable lesson for any industry or any career – how to turn your freelancing into a fulltime business. If you’re currently contracting out a set of skills or have at least thought about it, this can be the critical first step toward starting your own business. I invite you to join me each week as I share the 5 most important components needed to prepare for a successful transition from freelance to fulltime.

In case you missed it, read:

Establishing Professionalism

Getting Your Name Out There

Moving Away From One-Time Clients

Building a Client Base

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Taking the Leap

Last December when I wrote the post “Entrepreneurial Survival Mode,” I talked about how sometimes you have to give yourself no option but to sink or swim in order to find that inner fire to make your business a success. I still believe this. But during my own journey from freelance to fulltime, I didn’t tie a blind fold and allow myself to walk off a cliff. Instead, I carefully calculated the jump before I ultimately made the leap into entrepreneurship. The most important concept I want you to take away from that previous post and now this one is that when you can take the leap – do it without hesitation and get ready to work for all you’re worth. It’s a bold and risky move, but it holds the possibility of the most rewarding career experience…creating something that’s all your own.

Here are the key steps I recommend to every almost-entrepreneur contemplating a leap of faith:

Crunch the numbers.

I still have the first spreadsheet I created with all of my expenses versus the meager income I would make if I turned my freelance business into my sole income. It’s a great reminder of where I started and where I’m never too far from to return. But most importantly, it was the assurance I needed to know that I could make ends meet even if everything about my business stayed the same (which of course I hoped that it would improve). When I reflect on this spreadsheet now, it still offers that same assurance that if all came crashing down, I could stay afloat. At this point in my entrepreneurial journey, I learned the skill of minimizing costs. On my spreadsheet I listed all of my current expenses with my fulltime job. I was paying for internet I never used, far too big of a Comcast package and a reserved parking spot at my apartment. Before I took the leap, I really crunched these numbers. I cancelled internet and began sharing with my neighbor for a fraction of the cost. I downgraded my TV (anticipating 80+ hours a week of work on my new business didn’t leave me much time for such luxuries anyhow). I discontinued my parking spot and as a city resident was able to get a parking pass right across the street for just $5 a year. I wasn’t as surprised with my ability to minimize costs as I was shocked with why I was ever throwing this money out the window to begin with.

When you first start your own business, don’t let anyone convince you that you immediately need to rent an office space, pay for a separate phone line or upgrade the speed of your internet. There are many ways to achieve the same results for little to no cost. Separate business needs from business wants. Later down the road when money comes, so will the corner office, fancy business cards and personal assistant. You simply don’t need these things for the first year…or first five years. How much money you have in the bank isn’t just about how much money you made, it’s about how much money you didn’t spend. Minimizing your expenses will help supplement a smaller income and make your leap less of a stretch.

Consider everything that will be affected.

A salaried, fulltime position has many benefits beyond the stable paycheck. Remember that as an entrepreneur your healthcare, 401K and taxes will become something you actively worry about. These will take research and a critical eye to determine the best option for you. For healthcare, I got lucky with my age. Until 26 I’m able to stay on my parents’ insurance plan for a very minimal cost each month. After that dreaded birthday, I’m not sure what I’ll do next but I do know there are more and more options every day for entrepreneurs and small business owners. I will likely talk to a local independent healthcare provider and outline my options. For retirement, I rolled my existing 401K into a Roth IRA. Again, it made the most sense for me for a variety of reasons, but do your research and talk to several people before landing on a plan. Finally there are taxes. I dread them more and more every year as what I pay goes up in proportion to my income. As a business owner, it’s your responsibility to claim your earnings and pay taxes on them accordingly. For the first several years you may be able to get away with claiming your business as a loss or have enough deductions that you still get money back. But that can only last so long. Eventually you should consider paying taxes on a quarterly basis to lessen the blow come March  (which is by the way when business owners must file taxes—note this now and avoid a nasty letter from the IRS later).

My dad gave me the best advice when I first started making freelance money, “Spend only what you need and keep the rest in savings.” He meant this so I would always have enough to cover my taxes, but wouldn’t it be great if we all handled our money like this all of the time?

Have an emergency backup plan.

For some, a backup plan may seem like a way out. I’ve heard, and at times agree, with the theory that a safety net is only an excuse to fall. But for large enough leaps where you are risking your income, career and possibly all of your worldly possessions (not to mention sanity), a safety net is warranted. For me, my emergency backup plan came from solid relationships with past employers and key contacts who said that if I should ever decide to be available for fulltime hire, I have a standing offer for a position with them. This verbal reassurance from people who believed in my skill set was the emergency backup plan I am grateful to have never used. More than just the ability to find fulltime work should I need it, I also keep a financial “runway” of at least 3 months. By this, I mean I aim to keep enough funds in savings and in my business that if one day absolutely all income should go to zero, I would be able to continue living and spending in exactly the same way for 3 months. This is a substantial amount of time to find additional income, cut back on spending and make other adjustments to prevent depleting this runway, but it’s a comfort to know it exists.

The idea of having an emergency backup plan in place reminds me of the quote by Robert H. Schuller. “What would you do if you knew you could not fail?”  This plan is not to give you an easy way out should things get too hard; it’s to give you the confidence to move forward fiercely and passionately. When you know your next step is not doomed to be your last, you can keep moving forward with courage.

Do it right – and don’t look back.

Once you outline a tight budget, decide how you’ll handle your healthcare, retirement and taxes and setup and emergency backup plan, you’re ready. As tempting as it may be to go out with bang, scream “I quit!” and throw everything off your desk onto the floor, resist the temptation. Your grand finale should be one with grace and professionalism that demonstrates to your employer and everyone else that you are destined to become a great entrepreneur. First, speak directly to your boss. Give them the honor of being the first to know your passion for your side business and plans to take it fulltime. Whether you hate them, don’t want to disappoint them or have no relationship with them, they deserve this respect. Once they’re on board, they can become your advocate and guide you through the process of leaving. Depending on the structure of your business, you may need to speak with the Human Resources Director to place your 2-weeks’ notice. For me, I was also required to write a resignation letter (which felt absolutely wonderful to sign). Going through the proper process of resigning from your job allows everyone to be aware of why you’re leaving and to celebrate with you. It also allows you to take advantage of things like using vacation days, selling back sick days and getting that final pay check 2 weeks after you finished working. By leaving on the right foot, you’ll also start your new business on the right foot. And if you haven’t learned already, this world is a small place and you never know who you’ll see (or have to work with) again.

Once you properly end your fulltime job, that’s it. It’s all you now. During your first year it’s natural to be reminded of your old job by every season, holiday or co-worker’s birthday that would have been a special mile marker. But you have new mile markers now. Don’t look back or keep track of where you might have been had you not taken the leap. The fact is, you did take the leap and every ounce of you should be focused on sticking that landing rather than trying to backpedal mid-air.

Have you enjoyed the 5-part series, “Turning Freelance Into Fulltime?” If so, share this with a freelancer or entrepreneur you know! This wisdom was gained through my own rough and wild personal experiences and I only wish to use it to help others navigate their similar journey. Thank you for reading along.

 

Turning Freelance into Fulltime: Building a Client Base

This blog continues a series of 5 posts which outline and address a very valuable lesson for any industry or any career – how to turn your freelancing into a fulltime business. If you’re currently contracting out a set of skills or have at least thought about it, this can be the critical first step toward starting your own business. I invite you to join me each week as I share the 5 most important components needed to prepare for a successful transition from freelance to fulltime.

In case you missed it, read:

Establishing Professionalism

Getting Your Name Out There

Moving Away From One-Time Clients

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Building A Client Base

The two previous posts, “Getting Your Name Out There” and “Moving Away From One-Time Projects” are both aimed toward the ultimate goal of building a solid client base. Reaching this goal is more than just having your business known in the local community; it’s taking it to that next critical level of getting people to actually hire you. While many aspects about taking your business from freelance to fulltime will be about building a professional brand, this particular component will most directly affect your business’s bottom line – or more accurately, its “life line.” You need to have a core client base which can provide you with a stable income while so many other aspects of your business are fluid and ever-changing. So how do you begin to build this base of paying clients? It only needs to begin with one. From there you can implement these following steps to turn this single brick into a solid foundation for your business.

Ask your existing client(s) for leads.

Your first one or two clients are much more than a desperately needed paycheck. They are a source of potential leads for new clients. Not only can they speak to your business from a firsthand experience, they are also likely to have connections in similar situations where your services could be of great value. If you are a freelance writer and one of your clients is a commercial video production company that often hires you for script writing, they are likely also connected to other video production companies that could use a freelance writer. My own client base was built in a similar way – through word-of-mouth recommendations from current and past clients. Because of my background in political campaigns, I secured my first freelance political client who I helped with public relations and planning fundraisers. At the fundraiser, many of his fellow colleagues who are also elected officials were fascinated with the services they could contract out to me. This single client helped me break into a unique area that has consistently grown my business ever since. I am also lucky that it’s an area I truly enjoy. When I first began my freelance Public Relations business during my senior year in college, I knew little to nothing about political campaigns nor did I have an interest in them. Yet with a single client, I established a whole new branch of my business. When looking to build your own client base, don’t overlook the obvious or easy. Ask your existing clients for leads from their own network who might be interested in your services. Better yet, ask them to connect you directly by personal email. If the initial introduction to your business is made by someone that the lead knows and trusts, it won’t be as easy to brush it off as a cold sales call and will speak volumes for the quality of your work.

Identify your niche.

When using existing clients as a building block for new clients, it’s natural that a pattern of businesses with whom you work most frequently will emerge. Allow this to build organically for some time before taking a critical look at what these patterns mean for the direction of your business. Essentially, you will now need to identify your niche and embrace it. Identifying your niche is not a limitation or a blinder for future business. You can and should seek out projects from all directions as you never know when this could tap into a new reservoir of work. But a niche will allow you to target many aspects of your business’s branding and marketing to appeal to this niche and establish your expertise within it. Say you make custom invitations to sell on Esty and begin to track that the most orders you receive are for wedding invitations. You can focus your web site content, social media and portfolio on wedding-related stationary. You may also choose to attend more bridal shows and advertise in bridal publications or on wedding web sites. This focus will allow you to place your time and effort in the area in which you are most likely to secure future clients. In the client building process your focus may form a spotlight on your niche, but don’t completely turn out the lights on all other categories of services. Remember that the bride you created invitations for will someday be interested in birthday and baby show invites or holiday cards. Make sure even current clients are aware of the full scope of services you offer.

Introduce and incentivize.

Once you’ve reached out to your existing clients for recommendations and have focused on your niches, next comes strategically introducing your business to potential clients. There are various ways in which you can accomplish this and the method will depend upon your type of business and the clients you’re trying to reach. One common method is a letter written to the business owner which serves as a friendly introduction to you are and what you do. This should go out to all businesses which fall within your niche or with whom you’d like to work. The letter should close with a realistic call to action. This can be as simple as inviting them to visit your web site or alerting them that you will be following up by phone in the coming weeks. If you’re in the position to do so, including an incentive such as a discount or free trial for one of your services is a very effective way to get a response. I’ve written such letters for several clients and we’ve seen some amazing results. The more personal you can make it (add in details specific to the person or their business) the more likely you are to receive a response. People want to feel that it’s genuine and not a form letter sent to hundreds of other businesses. Finally, by providing an incentive to try out your services, you reduce the risk of the unknown and take one step closer toward gaining a new client.

Stay tuned as the “Turning Freelance Into Fulltime” blog series continues with: Taking The Leap

 

Turning Freelance into Fulltime: Moving Away From One-Time Projects

This blog continues a series of 5 posts which outline and address a very valuable lesson for any industry or any career – how to turn your freelancing into a fulltime business. If you’re currently contracting out a set of skills or have at least thought about it, this can be the critical first step toward starting your own business. I invite you to join me each week as I share the 5 most important components needed to prepare for a successful transition from freelance to fulltime.

In case you missed it, read:

Establishing Professionalism

Getting Your Name Out There

———————————————————————————————————————————–

Moving Away From One-Time Projects

Often freelancers are hired for a single project that is pre-defined in both scope and pay. If the project was ongoing or needed regular maintenance, that business would just hire a fulltime in-house employee instead, right? Not always. Some businesses still have the need for a fulltime employee but may lack the office space or sizeable pay to do so. This is where being able to offer a contracted service is so valuable. You can provide as much time and skill as a salaried employee, but at a much lower cost because you don’t require a workspace, benefits or consistent 40 hours a week of work. To turn a freelance business into a fulltime career, you need consistent pay or in other words, consistent work. Instead of living on a hope and prayer from one project to the next, begin building a reoccurring client list to add stability to your income.

Identify An Ongoing Need.

When you want to move away from a pay-per-project basis, sometimes you need to be one to identify an ongoing need in which you can address. Essentially, you need to put yourself in the position of that business owner. Ask, “What are their long term goals, reoccurring problems or limitations?” Once you’ve uncovered these valuable issues, look for areas in which the services you offer can align with resolving them. For example, a graphic design artist doesn’t have to wait around for the next client who needs a logo or promotional material put together – these tend to be isolated, one-time projects. With some creative thinking and researching you might discover that the client also updates their website homepage graphic on a monthly basis or regularly includes infographics in their weekly blog posts. This presents the opportunity for an ongoing contract in which you can provide these services on a reoccurring basis. No matter what your freelance business offers, there’s almost always the opportunity to become a regular contractor if you look closely.

Create Your Own Position.

Once you’ve identified a client’s ongoing need, you’ll next need to package your services in such a way that they create a valuable position that your client will want to fill – and do so by hiring you. Start organizing your ideas by writing them down. What can you offer on a regular basis? If you’re a freelance writer, this could be weekly blog posts, website content writing and formatting a monthly email newsletter. Be specific in what you’ll bring to the table and remember to include things like monthly client conference calls, unlimited email communication and projects guaranteed to be completed by a certain deadline every month. These will help to make the position look less like a freelancer and more like a real employee. By doing this, you will have essentially created a proposal in which you will need to pitch. For any freelancer, the first time you pitch to a client can be role reversal that takes some getting used to. Often you’re the one being pursued for work, now you’re the one pursuing a client for work.

Learn to Pitch.

You identified a need, you created a job proposal, now you need to pitch it – and hope you hit it out of the park. First, be sure your client is expecting a proposal for your work. If you’ve worked with them on several projects before, you can easily initiate a conversation in which you explain what you’d like to do. You want to offer them your services on a reoccurring basis to maximize their business goals. Once they’re aware of your intentions and are expecting your proposal, schedule a time to meet with them in person (if feasible) or a time you can connect for a conference call. In either scenario, email them a PDF of your proposal before your meeting so they can review what you’re offering and bring up any questions they may have at that time. This simply removes the back and forth that can often occur later. After your meeting, set a time frame for follow-up that works for both of you. This can be another call or just an email. This follow-up should confirm whether or not they are interested in hiring you as a regular contractor. During the whole pitching process, answer any phone calls or email within one business day. This sets the first standard for how responsive you would be if hired and clients will take this into consideration. Once you’re comfortable with the proposal and pitching process, you’ll be well on your way to securing more ongoing projects and this will also become a very useful skill once you take your business fulltime. Want more information? Click here to read the popular Bennis Inc Blog post, “Protecting Your Pitch.”

Think “Value Added.”

When turning one-time projects into reoccurring clients, your energy is best spent answering the question “What can I gain by hiring you on a regular basis?” Depending on your services and the situation, the possibilities are endless. Most commonly your answers will be among the following. A client will be able to focus more time on running their business by not always looking for freelancers every time a new project should arise. They will save money by using multiple services from one person. You will both develop a working relationship that will allow you to understand each other’s communication style and work together most effectively. I refer to this as “value added” or the value that is above and beyond the services in which you’re being paid to perform. If a client can understand the value you bring to the table that is at no extra charge to them – but can often become invaluable – then you are far more likely to secure them as a reoccurring client. Because there really isn’t a place to emphasize the value added services in a proposal, they’re best communicated when you’re pitching to your client. Make a strong case for yourself! Think of every client as one step toward taking your freelance business fulltime and put this passion into your proposal.

Stay tuned as the “Turning Freelance Into Fulltime” blog series continues with: Building a Client Base