by Craig Page-Lee (@cpl_ignite) Having spent the later portion of my career working within a number of the big global agency groups, the past few months of venturing into the world of “entrepreneurship and independence” has seen my life take on a very different routine, with my working from either coffee shops, friend’s offices and the dining room table at home — each bringing a very different experience and set of emotions to this new world of mine. Here are some of my learnings.
Independence is a business in itself. Not only in terms of ensuring that the workflow, and therefore billing, is happening with regular succession, nor just in terms of chasing clients for on-time payments to meet the ever-demanding cash-flow requirements. It is obviously all of the activities listed above but, even more so, it’s all the other unknowns and unexpected experiences that really challenge one’s strength of character and lead you to dig deep and find the resolve to pull through and reassure yourself that you are doing the right thing and that it will all work out in the end. What defines the “end” is another set of variables entirely.
Money matters
To start off with, while thinking that I had it covered financially for the first few months, with savings and leave-pay calculated as being enough to plug the difference between regular salary (obviously with lifestyle adjustments) and billed amount as an independent for the first five to six months, my reality changed overnight when the beloved revenue service screwed up my expectations and forced me into a very different course of action from the get-go. My buffer was reduced by half and I had to make sure that the billable workflow increased from the outset — not an easy achievement by any means.
- Tip: No matter how much you may think you have to tide you over, double, or triple that amount and keep it in a 32-day call account so that you only call what you need to top up the gap per month (after lifestyle adjustments)
- Tip: Ensure a regular pipeline of convertible opportunities, with a steady flow of new prospects and conversations is happening in parallel — all the time
- Tip: Timing and size really matter — the size of the capital resources that you have set aside, and the timing of taking that leap into the unknown (or less familiar)
While on the topic of finances, no matter how hard you try to push COD or 30 days’ settlement upon invoicing, there will always be an excuse from clients as to why they cannot pay you on time, whether it’s that you have to register with new client’s finance team (filling in an arduous number of templates and creditor-application forms), or that the invoice approver is not being available at month-end to release payments. All of this impacts severely upon cash-flow.
- Tip: You should move all your recurring stop-and-debit orders to a mid-month cycle and not a month-end cycle, so, in the eventuality that a client which has missed the month-end approval wakes up to this and approves within the first or second week of the next month, funds are received before mid-month debits, with no negative impact upon cash-flow and financial status
Environment
As a highly energised and disciplined individual, I often found myself feeding off the dynamic energy of the environment that I am in, or from the people with whom I am in contact. My biggest fear was that I would find myself isolated when not at client meetings or working with the agencies that I used as outsourced creative teams. Having listened to a number of other independent consultants and freelancers, the dark cloud of “depression” loomed over them for a period of time and, only after a major shift in their routines and attitudes, were they able to move out of this threatening and negative space.
I pledged to myself that this would not happen to me and worked to ensure that I never fell out of my regular routine — no languishing in bed or slothing around for hours after sunrise and no lazing around in pyjamas or finding a number of excuses as why not to open the laptop and be active in driving the business forward. I have chosen to head off to a set destination each day — and still go there on the days that I have no formal meetings scheduled for early morning.
- Tip: I prepare every evening to be ready to leave as if I have an early morning meeting the next day — laptop and mobile phone fully charged, action points noted and in place for the next day’s prospects and client or agency meetings — even if I have no such meetings to go to at that time of the day
- Tip: The discipline of a rigorous routine allows me to focus upon being positive and to look forward to spending time at my set destination, and to leaving the confines of an isolated environment; that said place is my favourite coffee shop in Johannesburg, Motherland in Dunkeld Centre.
Networking
Working there for many an hour, paying my way for the “free wifi” through the vast quantities of great skinny cappuccinos and traditional coffees bought, I’ve come across — and been reacquainted with —a number of industry friends, colleagues and individuals whom I’ve met over the past two decades or so. I’ve also made a number of new friends and even gained a client from the time spent in this incredibly simple, yet energised, and dynamic space. As a regular, you get into conversations with the team members running the establishment; they get to know your order preferences and greet you by name; and, eventually, you know all of their names as well. This is my “safe space”, my place of connectedness with the industry and regular acquaintances
- Tip: You must put yourself out there — be “present” in that space in which you find refuge and comfort. Be open to making new contacts, starting new conversations and selling yourself with pride as there are numerous opportunities waiting for each of us out there
I could go on ad nauseam but, in closing and as an addition to the points noted above, get to know who the people are in our industry as best you can, even if you don’t get to “know” them while in your protected agency job. When you are independent, you become more observant of people and activities happening around you, and a simple catch-of-the-eye and greeting with an industry colleague or acquaintance could start a conversation and lead to greatness.
Don’t burn bridges, never play the political game and never choose sides in an agency group — no matter where that will get you. Leverage off old and be open to new relationships. Take on new work-streams; be disciplined; get out of your comfort zone; stay positive. Form co-ops and collectives with other independents and freelancers to challenge the “Big 5” on projects that smaller entities deserve to land but, at the same time, align with, and remain open to provide services to these highly successful and well-structured entities. Many a pitch has been won off the blood, sweat, tears and uninhibited big ideas of freelancers and consultants servicing the major agencies in the industry.
Keep in contact with friends and family; share the bad news with someone that you trust and who is a good listener; celebrate the good news with many more. Always have a backup of contacts, proposals and correspondence. Never carry that backup in the same bag as your laptop.
Be brave
Market yourself. Write, blog, post, attend conferences. List your offering on relevant sites; find an area of passion and focus; become a thought-leader in this area and present at conferences. Join committees and industry bodies. Give back where you can — AAA, Vega, Red & Yellow.
Know that there are many likeminded individuals out there, all facing the same challenges, frustrations and fears of being independent. Don’t ever be afraid to ask for help, to say sorry, or to acknowledge that you made a mistake. Go be brave as there is no time like now!
Craig Page-Lee (@cpl_ignite) is the former group managing director of Posterscope South Africa and is now an independent consultant servicing the broader brand, marketing and communications industry. His monthly column on MarkLives, “Beyond Borders”, focuses upon doing business in various African markets. Craig is always available for a coffee catch-up and chat (email craig at d-cifr dot com).
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Great article Craig. I’ve been there! Exciting times ahead for you!