On June 16, I passed a milestone – 26 years since I launched my one-man consultancy. As tradition dictates, we celebrated with tacos and a nice bottle of red wine.
I’m often asked some version of “How did you last this long?” Apart from being undeniably lucky, I think I can boil it down to a set of nine decisions that have made the difference.
I should note that this is what’s worked for me. I’m not saying every bit of it will work for you, especially when we get into the finer details. But I believe in all of it.
Here’s what I decided:
[1] To start young.
You can’t last 26 years unless you start young, right?
But also: When I started out, at age 27, I was optimistic and/or naïve enough to believe everything would turn out okay.
It’s also worth noting that I had less to lose back then. I was single. I owned a home but had no other debt. And I had a little money in the bank, enough to get this thing off the ground.
I could have been a complete bust as a consultant, and it wouldn’t have ruined me. And that gave me a weird kind of courage.
[2] To go narrow & deep.
Bless those soloists who list three dozen services on their websites. That ain’t me.
I’ve always wanted to be a specialist. I find positioning and strategy sufficiently fascinating that I don’t think I’ll ever have them all figured out.
I was client-side for seven years, and based on that experience, I assumed that there are enough clients looking for an expert to keep me busy. And that assumption has been borne out.
[3] To do fewer, larger projects.
Early on, I tried to sell on price. That meant that I had to generate a lot of inquiries, so I could make a lot of sales, so I could do projects at a low rate.
F-minus. 0/10. Do not recommend.
After a few years of that nonsense, I challenged myself to do fewer, larger projects. This is fundamentally about designing a high-value offer and targeting it intelligently.
It requires being comfortable working at or near the top of the org chart. That’s where you have the best chance to create the most change.
And, yes, they’re a little more difficult to sell. But not proportionally so. A $50k project is not 10 times harder to sell than a $5k project.
So now I spend less time selling, and more time doing the work that I love.
[4] To screen well.
I do my best not to allow assholes into my orbit. And if one happens to slip through, I don’t work with him twice.
My professional mantra is “meaningful work in a healthy environment.” Both are vital. Unhealthy environments aren’t worth any amount of pay.
If I see red flags, I heed them. So I’ve ended up with a pretty wonderful batch of clients over the years – people who are making a difference, who are pleasant to work with, and who you wouldn’t mind sharing a cocktail with. And that means the work I do is that much more enjoyable.
[5] To track my time rigorously.
I still do this, 26 years in. And I recommend that every soloist do the same.
You may be shocked to learn how much time you spend on social media or networking events. But you’ll never know if you don’t put a number to it.
And you’ll write better proposals, because you’ll know how long each step in your process takes.
Time-tracking helps you make better decisions.
[6] At times, to get paid less to learn more.
Sometimes life hands you a chance to get paid to upskill. Grab those opportunities with both hands.
For about a decade, one of my steady gigs was as a “Trained Brain” at Doug Hall’s Eureka! Ranch. I learned a ton about both innovation and facilitation.
For a few years, I partnered with Interbrand, where I got a schooling in design theory from the likes of P&G.
Both those gigs paid less than my consulting work. But they also left me with tools I could use to better serve my clients in the future. I’ll take that trade.
[7] To build teams, not overhead.
Some people will advise you to build a team of worker bees. You sell the gigs, they do the work.
There’s already a word for that. It’s called an “agency.”
And I know enough about the agency model to know it’s not what I want to do.
One of the promises I make to my clients is that nobody will touch their strategy but me. There’s no junior person to push it down to.
And when clients need help in other areas – design, social, whatever – I can build a team to get that done. But there’s no need to have them on my payroll, because then I’d be a manager. And I didn’t go solo to be a manager.
Does this restrict my income potential? Absolutely. Is that the only thing that matters? No.
[8] To do work that I’m proud to sign my name to.
That’s the work that gets me rehired and referred. And I want to be highly referrable.
I’m proud that 95% of my lifetime revenue has come from repeat business or referral.
This begins with the discipline to say No to work that’s not in your wheelhouse. That work might get you paid, but it probably won’t get you referred.
[9] To protect the asset.
As a function of doing fewer, larger projects, my average workweek isn’t oppressive. And that leaves me time to live a balanced life.
At times, this has meant impromptu weekend trips, or music fests with good friends. (Remember that video of Prince shredding at Coachella ’08? I was there.)
It meant I could study improv at Second City, go deep on my hot yoga practice, and get pretty good at poker.
Lately, it means daily exercise and quality sleep. And it means shaping my schedule in such a way that I can attend to my priorities. Most mornings, for example, are blocked for exercise and my top-priority work task. Meetings can wait until the afternoon.
But I can’t take good care of my clients if I’m not taking good care of myself.
So that’s what’s worked for me – and, again, your mileage may vary.
The important thing is to recognize that your solo business is your creation. You get to decide what it will be, and you live with the outcomes of those decisions. If something’s not working, or is dragging you down instead of lifting you up, you can decide to make a change today.
Take advantage of this, won’t you?
Your time is valuable, and I hope I’ve rewarded it. If so, your shares are greatly appreciated, as I try to spread the gospel to as many freelancers as possible.
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