My First Year “Self-employed” – A Reflection

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On 2^nd April 2014 I launched “WinAbu Consulting” – going out on my own for the first time, offering my skills and experience in executing business improvement projects and turnarounds to companies and their owners.

I’d spent 20 years developing a set of skills and experiencing all sorts of business situations. I reckoned there was a gap in the market for people who can come up with a plan and stay to get it done. In particular, I differentiate myself by being on the “stay and get it done” side, while not being too shoddy on the planning /advisory side either.

In terms of risk management, I set aside a cash-reserve and agreed with my very supportive wife that if the reserve fell to NIL then the idea, however worthwhile I felt it is, was not taking hold and I’d have to get a “real job”.

A year later, I’m pleased to report that I won 8 clients, I issued 41 invoices, and I’m achieving billable-time in excess of 80% each month in the second half of the year. I even have pipeline!

2 weeks after I started, my Dad passed away. During the launch, I would give Dad a daily update at his hospital bed of all the leads I was then chasing. Like any Dad, I think he was both proud and concerned at me going it alone, and he was pleased to hear of the positive response I was getting in the early days. Dad’s passing also focused my mind on getting on with things in the present tense.

Here are the big learnings from the year:

1. The launch was greatly helped by launching the business with all the basics of marketing in place (website, LinkedIn, business card) – I’d actually spent March (pre-launch) getting these ready. The response was strong to the material that was ready on the first day of business.
2. The 800 LinkedIn connections and personal contacts, 200 email addresses and 150 business cards I’d accumulated in recent years were tremendous assets in getting word out about the business. On launch day, I got over 130 responses of one form or another to the new enterprise.
3. All my “wins” came from personal contacts – some I knew well, and some I only “sort-of” knew. They were however all 1^st or 2^nd degree contacts.
4. I joined a good professional group of like-minded professionals (Chartered Accountant Interim Managers) which provided me with new contacts, a support group, and an empowering brand.
5. It took several versions of the pitch to exactly express what I do. I immediately discarded my first set of business cards, in favour of a second set that listed expertise areas on the reverse side. I’m continuing to revise the pitch all the time. I’m currently explaining what I do as “execution-side work”, and I expect to constantly be working it.
6.  I’ve lectured a lot – it really broadens the personal network. It allows one to promote expertise, and lay down long-term connections. As well as lecturing, I’ve had a lot of coffees. Getting out to meet new people (about 4 per month) continuously helps broadening the network.
7. I’ve been shameless in promotion. I’m never without a business card, and I’ve published articles, commented and contributed to discussions. I’ve put myself out there.
8. It turns out that I quite like chasing sales leads, writing proposals and best of all generating invoices at month-end. For an accountant, that’s quite the repositioning!
9. The work has been great – really interesting and challenging, with good clients, and some travel opportunities. I have gotten to know some great folks, and hopefully have served them well in the past year.
10. I’ve been very careful on my financial planning, managing taxes and can quote you chapter and verse about volume versus price variations. When it’s “you’re not working, you’re not earning”, you get good at this stuff straight-away.
11. I’ve kept up with studying the books – I’ve found books about my business model and pitching for new business as helpful as subject matter content in my own field and the monthly subscriptions. Staying current is a biggie.
12. I’ve done OK, for my first year. I’ve enjoyed it. Revenue’s not guaranteed, but life is strangely less stressful than being CEO. It turns out I’ve not even touched the cash-reserve, so I’m good for another year.

All the things the “books” say are key to success turn out to be mostly true – focussing on sales, offering a good proposition, working the network and having good support from home have all been key. Especially the support from home.

That WinAbu’s anniversary now coincides with my Dad’s is a strange juxtaposition, but I think he’d be really proud and he’s definitely the angel on my shoulder now.

John Eager

April 2015