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I talk on my NOW page that I am organizing IEEE networking events, promoting heavily to the younger members of the IEEE to get them out there and start growing their network. We are in the network age not just with the internet, but how work gets done. I have heard it call the agency model similar to how studios get their movies made, or the gig economy similar to Uber.
In both of these cases, building your own personal network is vastly more valuable than writing a good resume. About two or three times an evening I get asked, what’s it like running your own business. When I mention that its awesome, most of the members my age say they are thinking about it, and the young ones start talking about that friend of theirs that is either a founder or working at a Start Up.
Today I want to talk about a couple of the most important housekeeping items that you should get put together before starting a professional services company/firm/agency.
First, do you have the network that you can get your first few jobs through? This is critical both for cash flow and social proof that you can show to prospective clients that you can help them build their business. If you don’t have an audience or list of people that you KNOW would jump at your services if you struck out on your own, start building there.
How does your bank account look? Do you have credit? The biggest thing that I had to work on when I started JMK Engineering Inc was inconsistent cash flow. At the time I had a line of credit that helped smooth everything out, but I still struggle with cash flow. I haven’t had trouble getting the work, but from the day you get the PO to the day you get your first check can be 90days or more, so make sure you are ready for it.
The Right Memberships
Something that can be overlooked is having the rights to do the work you are interested in. For example, you can’t practice engineering in Nova Scotia without being a registered engineering with Engineers Nova Scotia, and this is similar around North America. The same requirements hold for architects, private investigators, etc. Make sure you have all the credentials you need before jumping into the pool.
What I’m doing this week.
This week is another awesome week for me and JMK Engineering. I will be heading to St. John’s to talk with some clients I have there and hope to come home with some more business.
What are your plans this week? Hit reply and tell me what you are doing to take more steps to your goals, whether they are life, business or health. I would love to hear from you.