Marketing plan for a training company

How to develop a marketing plan for your training company

What is a marketing plan?

A Marketing Plan is sometimes called a marketing strategy, in essence it is an action plan of what it is you are going to do to promote your business. Like any SMART goal  it is a written plan that states the marketing goals and the objectives to be achieved over a specified period of time.

So if you are currently in business or looking to set up a training company or starting out in freelance training, the one thing you need is a clear plan – well in fact two plans… a business plan (a simple one page plan will do) and a marketing plan.

A marketing plan looks at three factors:

1. Where is your business now?
2. Where do you want/ need your business to be? (and why)
3. How are you going to get your business there?

Jumping straight to step (2) or three is a waste of time without REALLY understanding (1) – where is your business now (are you now)? What do you do? Who do you do it with? For how much?

We need to follow some sound principles…

Knowledge -> Understanding -> Action

We need Knowledge of where we are – we need to understand or make sence of this in order to take appropriate Action

 

A  Marketing Plan Template (example)

 

Executive Summary - What is the plan about – one or two simple paragraphs

Business Overview 

- What do you do – be specific (to say you run management training courses is too vague)

Target market - who do you do it do/ with? The narrower & more specific the better

Vision – what do you want to be ?

Mission – Why are you in business? what is your purpose?

Current Analysis - where are you now ? what do you do? who to? for how much?

External Analysis – What is happening in the environment in which you are, or want to operate? 

Conduct a PEST/ PESTLE analysis

Internal Analysis

Conduct a PRIMO-F analysis

Use the PESTLE & PRIMO-F data to complete a comprehensive SWOT analysis. Use this to consider where you are, where are you going and how are you going to get there?

 

Marketing Strategies – your plan

Consider what approaches (strategies) are required to achieve your desired goals. Look at:

• Marketing Mix (4 ps – product, place, pricing, promotion)
  • Your target market
  • Service/ product strategy
  • Pricing  approach
  • Promotional strategy- how do people know you exist?
  • Customers – acquisition, maintain – also see Ansoff matrix

  

Implementation Plan

What needs to be done. What actions.. by who… by when

Resourcing requirements

• How much money/ cash you need for your business plan
• Investment from you ?
• The people involved – is this just you? associates? partners?

This template will work equally well for a coaching or consulting company.

The 5 Traps to Avoid – Increasing Trend for People Going Freelance

How to have a sustainable business model

With the economy showing little in the way of recovery, every day there seems to be more and more people looking towards self-employment, in particular in the freelance or contracting markets.

This is having a strange impact on the supply and demand in the profession. People are often despirate for work, so set low rates – custonmers like the thought of saving so hire at the lowest cost… but what is the real cost?

When contracting or freelancing, it is not about generating an income – its about running a business. This means creating reserves for when there is no work. Driving day rate lower and lower does no-one any favours in the longer run. Customers want a reliable supplier (if you charge too little you wont be there in 12 months time), customers get used to low rates and poor quality (or hidden costs) and this damages the sustainability of the industry. Worse, some sites claiming to support the freelance and contracting market accept adverts for roles that are clearly un-sustainable – driving the profession into the ground.

Rates should be based on value and business aspirations not just cost. This works well for all parties in the medium to long term.

In the past we have written a number of articles on freelancing and setting sustainable rates and business approaches – links are included below.

If you are considering setting up on your own make sure that you dont fall into one of these 5 traps:

1. Starting a price war – you will lose
2. Undervaluing what it is you can do for your clients
3. Selling on price rather than value
4. Believing that the client really cannot afford to may that little bit more – just look aroud the carpark! (or on notice boards announcing their latest contract win)
5. Giving discounts – you will never raise the price for that client again – always add value – not reduce costs

http://rapidbi.com/management/going-freelance-in-training-or-hr-how-much-to-charge/

http://rapidbi.com/management/going-freelance-in-training-hr-or-as-a-coach/

http://rapidbi.com/management/tips-going-freelance-training-consultancy/

http://rapidbi.com/management/going-freelance-independent-trainer/

http://rapidbi.com/management/going-freelance-in-difficult-times-consulting-and-training/

Why blog? Is it a Marketing tool?

Why blog?

For some time I have been promoting Twitter as a good thing for people running small businesses to do, but recently I have been asked “why blog” and what is the value to small businesses and freelance consultants and trainers.

I guess that because I have been doing this for some time that I overlooked the basics. This article is the first is a short series to show why and how to blog for business.

People and business blog for a wide range of reasons including:

• Providing a “space to think”, plan & reflect
• To read their own thoughts
• A place to experiment with technology and ideas
• A place to collaborate
• An element of danger
• To show what you know
• To help others

Indeed people blog for different reasons at a personal level. For business there are different reasons including:

• Being seen as knowledgeable/ the expert
• Providing  regular & updated content for your web site
• Customer relations
• Knowledge management
• Search engine placement (SEO – Search Engine Optimisation)

Blogs in many ways are no different from other communication channels, they all have their strengths and weaknesses, and however the key difference with blogs is speed and cost.

What is the value of a blog?

When you build a website, many people think that if you build it, they will come. Unfortunately this is not true. Like having a brochure printed that action itself is pointless without distributing it to people that want to read it. Website are exactly the same. People need to know it exists and what it provides – and that goes for the search engines too!

On the web there are literally millions of sites and unless people know the exact address it is unlikely that it will be found by anything but a few isolated individuals.

A blog is a tool that as a by-product can help you get found. Search engines line fresh and regularly changed information, and while you do not want to change the copy on your site every week, having an article or piece of information to add value and provide the search engines with the “new stuff” is a win/win solution.

By writing quality content (600-1500 words) that is both informative and useful other blogs will link back to you – raising your ‘value’ to the search engines and at the same time increasing the audience for your content

When an individual is looking for an answer to a question or for some information and find your content of value, the chance are they will remember your site and come back – then when the time is right buy your product or service.

Business websites are often cold and inhuman – a blog can add the human face. Good content from a person builds trust, this can lead to sales, or referrals from people that found your content of value.

The best bit – cost

Unlike many other marketing and customer based strategies, blogging or at least providing it is low or no cost… free! Blogging does require skill, dedication and commitment, along with a little bit of forward planning.

Blogging should be done by you the practitioner – not your web team, software developer or PR company!

Summary

• A space for new content
• “show you know”
• Add value to current and potential customers
• Tell the web you exist
• Are low cost or free to set up and run

Coming soon – what to blog – and where to blog

What is happening in the world of L&D (Training)? Is it changing?

Experienced L&D people are bleeding out of organisations and going freelance

While talking to a colleague, he confirmed that there appears to be a trend in the training world at the moment. This trend is supported by the change in readership of both my site and blog are getting.

Here is the thought – I’d appreciate your views on this:

Experienced professionals are leaving organisations and going freelance, leaving behind managers and less experienced individuals to carry on delivering.

The evidence:

Times are tough for many organisations and firms are looking to reduce costs. Learning and Development (Training) is seen as a “luxury” so cuts are targeted. People with experience and significant qualifications and competence are seeing the opportunity to take redundancy and “go freelance”.

At networking events there is a distinct increase in the number of “new” coaches and trainers – mainly coaches!

On forums and online networks, there is a trend for a lot of self promotion, and on the whole it looks like people new to the industry, rather than established people “desperate for work”. This activity I have seen on a number of forums and discussion groups I moderate (TrainingZone and LinkedIn)

Types of articles being read. There is certainly (on this site) a trend towards some of the basic articles on “basics of training”, the How to… type of article. The reading numbers for these have gone from 10-12 a day to 30-50, for each article. The numbers here are going through the roof. The extent to which this is L&D professionals looking to information, or people from outside L&D (managers) I do not know – maybe I should add a poll to the site… now there is a thought…

E-Learning

Are those colleagues left behind looking to e-learning as a cost effective way of meeting their organisations needs? certainly, some of our advisers have just undertaken significant contracts providing “Instructional Design” expertise to some of the UKs biggest E-learning providers, as they have a large and growing order book.

Is it that E-learning is more effective? or because it is easier to purchase? E-learning is great for knowledge based acquisition, but not effective (at the low cost end) for behavioural change and improvement. It also requires little skill from the purchaser to have a product, as the role of the “training professional” is to write the basic spec and project manage, not to look at the design itself.

Coaching

Why are so many people leaving industry and setting up as “coaches”? Why are so many people still confused by coaching? Well this latter question is harder to answer – why are new people going freelance and calling themselves “coaches” – simple.. research being published by organisations like the CIPD show that coaching is on the increase, and must be in demand. over the past 2-4 years many people have completed “accredited” and prestigious coaching courses so deem themselves ready for the coaching market.

The CIPD reports says that “90% of organisations now use coaching” which in the context of “Coaching at work” is correct – coaching as a MANAGEMENT STYLE is prolific and has been encouraged. However the growth of the executive or performance coach market (from a purchasers point of view) has not increased at the same rate. Indeed one-to-one coaching seems to be on the cost cutting list. Coaching at work and employing external coaches are not the same thing.

People that call themselves “coaches” but actually deliver “training” are doing themselves and there clients a disservice.

Sustainability

Sustainability needs to be maintained both within the organisation, sustainable standards, skills abilities etc, and in the market place. If too many people pitch for the same work, then often the purchaser will use price as a differentiator. This is not healthy for either side in the long run. A freelance individual must have a sustainable business model, and client organisations must have a sustainable supplier. If you are paying £100 for a current service – what will you do when that provider goes bust – and the going rate is £1000? How long will your budget last? 

Outsourcing

One advantage of outsourcing e-learning is that the activity can be done anywhere in the world. India and other parts of the world have high quality software people, but English and grammar is not as good as many of us require it to be. Outsourcing has its own dangers.

Conclusions

When looking to cut costs – be careful what the “price” is of that activity – better to get added value than a “lower cost”.

While an experienced L&D professional my look expensive on the budget sheet, what is the overall saving they are providing your organisation over a year? The purchase of one wrong. ineffective training intervention can easily outweigh the salary and benefits package of a good performer.

Attracting clients in a freelance market space – lessons from MLM

How do we attract and retain clients when we are working as a freelancer?

As trainers or consultants we get a meeting booked, we have a successful meeting and we are asked to submit a proposal. Often after submission of a proposal we are disappointed when we are not successful, thinking that it was a ‘done deal’ when we left the initial meeting. But how do we get the initial meetings? the more meetings, the more proposals, the more proposals the greater opportunity of a contract being awarded.

This morning I was reading a blog article about MLM (Multi Level Marketing), now while I am not a fan of this sector, like franchising, MLM does offer some insights into patterns of behaviour which can lead to success. Not to take notice of successful strategies and follow them (as appropriate for our business) is just plain silly.

In franchising the key is consistency – so how can we show our clients that we are consistent at the right things (for them). In the MLM world the lessons are a little different.

 

Success in MLM – Amway example

“You may have heard of Bill Britt, one of the most successful distributors in Amway. Some years ago, 20/20 (US TV show) did a feature story on Amway. They spent 19 minutes interviewing whiners and complainers – several distributors who had failed and showed the garages full of products they couldn’t sell. During the last minute of the show, Mr. Britt was interviewed in front of his palatial home. He was asked, “Mr. Britt, this business has obviously worked for you. What’s your secret?”

He replied, “There is no secret. I simply showed the plan to 1200 people. 900 said, ‘No’ and only 300 signed up. Out of those 300, only 85 did anything at all. Out of those 85 only 35 were serious, and out of those 35, 11 made me a millionaire.” 

Copy from MLM Leadership Course http://bit.ly/wzicH

The article give other examples, but the key learning point for those of us in the freelance world is that it is a numbers game, or in the very least a variant on it. Rejection is a key part of the game and we have to keep going. The term ‘working through the numbers’ is used and in many ways they are correct. You cannot always expect to be successful with each proposal. It is a bit like having a website and expecting every visitor to buy your product or call you. It just does not work that way. Create the contact, build the relationship, make a proposal, get the work.. at each stage there is a loss or attrition of some kind.

In the article they identify four ‘enemies’ that need to be overcome:

1. ENEMY #1: Rejection – inviting 200 friends over to his house to watch a marketing video. 80 said “No, not interested”
2. ENEMY #2: Deception – He thought, “No problem. My sponsor warned me about that. I’ve got 120 people still coming over.” Guess what?
3. ENEMY #3: Apathy – Mark thought, “No problem. My sponsor warned me about that. I’ve got 70 people who watched the tape.” Guess what? 57 said “Not Interested”.
4. ENEMY #4: Attrition – Undaunted, Mark thought, “No problem. 13 people signed up.” Guess what? 12 of them dropped out of the business shortly thereafter.

The remaining one provided a substantial turnover for a significant number of years. Do you know what these factors look like in your potential clients? What strategies do you have for dealing with each one? Do you know when to ‘back off’ from a client as you will not get work from them? Remember people change, but of you still have the job title and phone number you can always make contact with the next job holder. In many ways this is a people business, do not expect to get on with everyone. Or of course what you are offering may not be right for them ‘at this time’ and a level of regular contact may not them at the ‘right time’.

Sledge hammer or intelligence and ‘engine power’

Many freelance consultants have one approach (sledge hammer) to ‘rejection’ – lower the day rate… NO!!!!!

Generating new clients is much like professional job search, you need to put your CV out to a number of agencies, each with several clients and one may strike it ‘lucky’. We need to market and promote our business so that we increase our success odds, not lower prices. Once a price is lowered, it is almost impossible to raise those prices with that client. It is not a sustainable approach.

Using a combination of ‘intelligence’ (where and when) combined with horse power (frequency and energy) we can lay the seeds that we are the right provider for the role.

Marketing

So how do we raise our profile? How do we increase the number of people that know we exist?

The traditional approaches of networking is important, build relationships, get yourself known. Be a regular fixture at a number of key meetings that your potential clients will attend. Get yourself into the fabric of the meeting. Be active in regional groups, join appropriate networking groups. Don’t make the mistake of just ‘attending’, have a plan, participate, add value. use the ‘law’ of abundance – give first and you MAY get back later, but don’t expect a 1:1 return – it does not work like that. If you are me..me..me then you will not get the levels of engagement that you will if you help people find solutions from the best you know in a given area. Give first and you will get back in buckets later.

Publish. get your views and thoughts on key issues out into appropriate publications. And not just the supplier led ones, but the ones your potential clients will read. For example if a trainer, do you spend your time writing for training based journals or journals that your clients will read – i.e. industry specific ones?

Web 2.0is great but do not under estimate the time and effort required. This is not a one off approach it must be an investment. You need to get into peoples faces – be there every time they look for a particular search string relevant to your specialism. Yes you must specialise – there are 1000s of generalists – you will never beat them all, but you can be a big fish in a small pond. Using emails you can build a list of several hundred ‘luke warm’ potentials, you can add to this by purchasing pre-qualified lists.

Use all of the available tools, Blogs, video (YouTube), forums and communities,  micro-blogs: twitter, identi.ca, friendfeed etc. These are all great and highly effective vehicles for a long term strategy. Learn how to use them to help deliver and manage your marketing messages. They are less intrusive than email, but are also more likely to be re-sent on to others that recipients know.

Putting a good article on a blog or e-zine site can generate 100s of views per month. Using a tool like one of the micro-blogs can get your message in-front of 1000s. Get in the habit of writing one or two 800-1000 word articles a month. once you have written a couple it gets easier. before putting good content onto third party sites, ensure that you have considered the balance of good content pointing to your site, or using good content to draw in traffic.

Do you digg technorati?

Book marking and index sites like Technorati and Digg are great, ensure that any blog you have (inc micro-blog) is listed and registered with these services. Make it easier for people to add ‘Diggs’ to their account, this adds exposure to your writing and content.

Change is key

For any on-line based presence change is vital. The same words will lose impact over time. It is important to keep things ‘fresh’. That may be daily, weekly or monthly, based on your identified strategy or plan – but do have a plan and deliver to it. Ad Hoc just does not deliver in a sustainable way.

Pipeline

We need to have a pipeline of potential work, knowing that several will not ‘come off’. We also need to be prepared to say ‘no’ to clients if we have a heavy schedule. If they want us they will wait. When people are waiting for you we can look to increasing our rates.

The name of the game is numbers and frequency. How often do you make contact with clients? tell them what you are doing, new ideas, thoughts etc?

What is your plan for raising your profile?

Freelancing in training, coaching & consultancy: How to stand out from the crowd

Freelancing in training, coaching & consultancy

Over the summer time (and early in the new year) we often reflect on our position and of our career options. Some of us start looking for new roles, others for different challenges like going freelance. In the current economic climate of course some of us may not have a choice.

In this article I collate my experiences and those of other freelance providers. The list is presented in a (near) logical order, however the order presented is indicative and not a prescription. Not all elements will be necessary for your business or business model so use this as an ideas base and not a prescription.

There are several business models available to you, you should choose the model which best suits your skills. For example if sales is not your thing then direct contact with a client, persuading them that you are the right provider, writing proposals etc may not be your thing, so consider the temporary or associate market, where others do the selling and you do the delivery. However be aware that the money is made in the selling and account management phases, so do not expect high day rates (although you may be lucky).

Do:

1. Decide on a trading name: This is important and needs to reflect your proposition and values – doing something too ‘samey’ or quirky will go against you unless you are in a particular niche (make sure the web site is available)

2. Decide on a specialism – subject or sector: The more you specialise the easier the sell. People buy solutions not opportunities.

3. Hire a (good) accountant: getting the books right from the off is vital, they can also save you more than they cost.

4. Get a logo or brand developed: this is essential if you are going to have a web presence. – Don’t do this yourself

5. Decide a day rate and stick to it: develop your business model and ensure that your business is sustainable. At £100 per day you will be earning less than national minimum wage by the time tax etc is taken away.

6. Develop terms and conditions and stick to them: always charge for cancelled dates. It is critical to have a business policy, something that is clear and understood by your customers and potential customers.

7. Get a website: increasingly people are buying trainers from the web, make sure yours gets seen.

8. Set up a blog for content: this should be part of your web strategy as it helps purchasers know you exist and, more importantly, what your believe and your approach.

9. Decide your business model: the percentage of associate work, direct etc

10. Get business cards & other key stationary – quality counts – don’t do cheap!.

11. Network with people you know: let them know what you are doing and that you are available.

12. Ask your network who they know who would benefit from your offer: referrals will mean the difference between long-term success and failure.

13. Use forums and other community sites to raise your profile: TrainingZone.co.uk, TrainerBase etc, but don’t spam them. Identify and comment only on topics in your specialist area to build your reputation.

14. Develop standard documents: proposal, invoice etc, this saves time.

15. Start a contact database and write quarterly/ monthly newsletters that add value, not just to advertise (again a form of spam if you are not careful).

16. Develop yourself: go on courses, visit exhibitions, attend conferences, read books, and then write each one up in your blog.

17. Get all travel and accommodation booked and paid for in advanced: It’s cheaper for the client and saves you hassle.

18. If you are a member of a professional institution, attend local events irrespective of the topic or relevance. It’s about networking and relationship building.

19. Involve other people: your spouse / partner, accountant etc. You have many strengths – and weaknesses – it’s a team effort not a solo act. Identify what it takes to provide a rounded offer.

20. Understand what it is that you offer and others cannot or do not: how can you articulate this?

21. Learn to say no to clients: if you are not the best person or you are uncomfortable ethically, don’t do it.

22. If you are not already qualified get some recognition of what you can do: TrainerBase’s CLP, TAP, the IITT’s TPMA – the best ones require you to be re-assessed every couple of years – purchasers like badges and so external recognition is important.

23. Always explore the ‘value added’ what can you bring to the party: Web 2.0 solutions, workbooks, experience, certificates, etc.

24. Build a Twitter profile for developing and growing relationships (as well as marketing)

25. Have a cancellation clause in your contract – a day in the diary cannot be charged for again if cancelled at short notice

26. Consider asking for a percentage of the fee up front.

27. Free work today does not equal a contract tomorrow….

28. Don’t accept all work – only accept work that you can do – be a specialist, avoid being a generalist – there are 1000′s of them.

29. Outsource – be prepared to pay or barter – avoid doing it all yourself.

Don’t

1. Get involved in a joint venture unless all parties put in the same time and exposure.

2. Put all your eggs in one basket: set a limit of a maximum of 25% of turnover from one client.

3. Discount unless it is conditional on volume (delivered not promised).

4. Wait for an associate to be paid: you should accept and expect payment 30 days from invoice or less.

5. Spend hours a day on social networking sites and forums. Be strategic in your use.

6. Try to deliver every course under the sun: you must specialise.

Finally: Remember – this is not personal – it’s business, but people buy people. The market is challenging and those best prepared and connected will be the ones that will survive. Good luck if this is the journey for you.

Based upon an article first published in TrainingZone.

Mike Morrison is director of RapidBI Ltd, a consulting and training company specialising in organisational development and the development of high performing teams and individuals. Mike was a business adviser for six years and has run his own consultancy company. For more information go to www.RapidBI.com

Going freelance in training, HR or as a coach

Going Freelance… So you want to go independent but do you know what it takes to be successful?

Starting out in freelance training

Overview

This document is not meant to be a complete how to guide for those wishing to start a consultancy business. It’s purpose is to ask some of the questions and show some information that many other sources fail to do.

Introduction

Many trainers, developers, coaches and facilitators occasionally get the urge to jump ship and do their own thing. So what is the difference between those that ‘make it’ and those that don’t? Lets first look at why you want to leave a place of safety, because it is. Salaried roles provide a predictable structure and a predictable income. But often with politics that we believe we can do without. We want the freedom to make our own choices.

The reality of going freelance

When starting out while on paper you may be your own boss – it is your clients and the tax man that pull the strings. While we like to think that we are own boss (and to some extent we do make decisions), it is often our clients that make demands on us that dictate what we do and how we do it. It is a brave and rare freelancer that ‘manages the client’. The risk of losing the potential income for many is too great – especially in the early days.

Setting a daily rate for freelance work

How much do you want to earn? Well while this might be “how long is a piece of string?” we must have a plan of some kind. In order that you have time for marketing, preparation and filling in all the finance paperwork that you have to you probably only have 100 working days available to you. And as your business expenses, tax etc are additional you will want to aim for: Salary/100 *20% So if you wish to earn £40,000 40000/100 + 8000/100= 400 + 80 = £480 per day

Where will you get your work from?

When first starting out you will probably get 80% of your work from one client (or associate group). This is fine for a time – however statistics from companies house and the banks suggest that most business fail in their first 2 years of business because of their client base or cash flow.

You should aim for no more than 30% of your turnover from one client or associate group. Difficult in the short term – but essential in the long term. I have recently been contacted by a very able trainer looking for associate work – why? Because the associate group he was with work was drying up. We all know there are cycles in the training world – and it is about having a wide client base to help us to weather these storms.

What makes great freelancer?

Well in my experience there are 2 main types of successful freelancer:

1. The jobbing trainer

2. The ‘expert’ Both can succeed.

The Jobbing trainer –

This works well if the day rates expected are low. The understanding here is that most of the marketing is done for you therefore you will be expected to deliver more. Day rates are typically 20-40% lower when working in this mode – but hey a level of security

The ‘Expert’ –

Over the years I have see a lot of consultants and trainers.The very best, (those that stay around) often have one or two models that they apply relentlessly to their clients needs. They understand these models and can adapt them to suite.

Where many freelancers fall down

There are three main areas where individuals embarking on a solo career come unstuck:

Sales & Marketing –

it takes time and if this is not your thing or you find it very difficult. Build a strategy of alliances that will undertake this for you. Please do not place an advert on a forum and expect the work to come flooding in because you are good. It just does not work that way. Be very careful of everyone trying to get you to spend with their type of advertising – they want your money – they are not usually interested in your success. If they say they are offer to pay on results and see how they react.

Finance –

Yes you must do this – budgeting, VAT etc and it always takes longer than you expect! Do not just hire an accountant and expect it all to be done for you. Keep immaculate records.

Focus –

When working on your own there is often a feeling of ‘desperation’ when the work dose not come flying in. The temptation is to go for anything and everything. This may include basic consultancy, facilitation, training and research & evaluation projects. A ‘Jobbing trainer’ of the dangerous kind. No USP (Unique Selling Proposition), the danger here is that the person gets to be known as being a ‘project fodder’ and unfortunately rarely gets invited to do the type of work that they enjoy or are really god at – as the reputation they have built is too generalist. These things often lead to freelancers only being in the market for 2-3 years and then going back into the corporate world.

CPD – Keeping up to date

One of the challenges of being freelance is the challenge of keeping up to date. When in a corporate role you bight not think twice of attending a course costing £1000 upwards – but when you are paying the fees yourself this is a different matter. Attending accreditation courses can add to your portfolio and in time add to your income generating ability – but you have to select the right ones. If your are going to invest in yourself how long are you expecting it to take to get a return on your investment?

Look out for innovative ways of developing yourself. These include institute regional meetings, sales pitches by suppliers etc. You can even barter with your existing clients to attend programmes they are running in house, in exchange for a discounted delivery rate.

CPD training offered by providers – if the offer of training in association with a flow of work appears too good to be true it probably is. Remember it is a commercial world out there.

Keep an eye out for products and tools that you can use that not only meet an immediate need but can act as a catalyst for follow-on work. Examples include Investors in People. For many freelancers this started as a needs analysis exercise and led in time to a long term relationship. Unfortunately the cost of becoming accredited has increased making the is a significant barrier to entry, especially when considered in the context of there being a lot of IiP advisers out there and the market now declining. What will be the new IiP? What other diagnostic tools solve an immediate need and can lead to follow on work?

The Business Improvement Review (BIR) is such a tool. It provides a holistic and strategic overview of an organisation along with the ability to identify a prioritised action plan. This provides the freelancer with the opportunity to:

1. Provide coaching & mentoring throughout the implementation phase

2. Identify second order needs

3. Carryout a further review 12 months on and the cycle can start again!

Other tactical tools that can solve a particular problem include the SDI (Strength Deployment Inventory) and the Creatrix Inventory. The SDI is great for developing relationship skills & for teams – it also provides a common language within an organisation. The Creatrix can be used with individuals to look at their propensity for innovation, creativity & risk as well as at team & organisational culture level. Start at one and slowly migrate to the others over time. Both of these instruments are adaptable, have good ‘face validity’ and can be used in a multiple of situations and environments.

When selecting an instrument to be accredited in ensure that if you are a generalist that the tool can flex with you. Also check that the supplier will help and support you in its use.

Is this really for you?

If you are they type of person who is a real extrovert (MBTI) and gets your energy from others, then think carefully about this – how will you get your energy? Networking etc? It is easy to sit at your desk typing, surfing etc BUT not generating income.

Summary

• Clients & that tax man are the real boss of your company
• Only 100 working days
• Have not more than 30% of your turnover from one client
• Jobbing Trainers work more days at a lower day rate
• High performing consultants have one basic model that they ‘do to death’ but are very good at it.
• CPD is important

Mike Morrison

RapidBI – Rapid Business Improvement through effective diagnostics.

Origionally published © 2006

Powerpoint slides – Making the Break (used in the CIPD branch session)

Types of consultant

• Outsourced worker
• Gissa job
• Single model solution finder
• Guru

Catches

• 100 day rule
• Spread your clients
• ‘Discounts’ for quantities
• Marketing
• *Associates

Personal Vision

Create a clear story

Marketing

how often?

who to?

Networking Considerations

• Training
• Cash-flow
• Insurance
• Indemnity
• Contracts

Going freelance in training or HR – how much to charge

With organisations laying staff off HR and training are no exception. This leaves many to think about going freelance. Knowing how much to charge is one challenge. Often people in the consulting and freelance world under value their services, and equally purchasers are increasingly unrealistic about what they expect to pay.

Some time ago I was asked to present to a local CIPD group about ‘going freelance’ and in the course of that preparation it highlighted some important facts that all freelances should be aware of.

When setting your daily rate, you need to look at the wider picture rather than just a recovery of your ‘old salary’

Lets do some simple maths…
There are 52 weeks a year – you will want 3-4 weeks leave – that leaves 48 working weeks.

You need to account for admin – tax returns, marketing etc, this will leave you with 2-3 days to work a week – so that is 48*3= 144 working days. Marketing effort should not be underestimated – this included all unpaid time doing proposals, visits etc.

Now – rather than charge ‘by the hour’ and all of the timekeeping required to prove it – charge by the 1/2 or full day. Your market space and the way you deliver your services will dictate if this is possible or not.

So if you want an income of UP TO:

• 100k – that is 100,000/144 or 695 a day
• 50k – 350 a day
• 25k – that is 175 a day

If you are going to charge by the hour,  remember that you need to cover other time you cannot sell – for example a one hour meeting means you cannot sell that day as a full day. Also invoicing for 1 hour of work takes the same effort as invoicing to 10 days.. so the cost of that must be taken into account.

Hourly charging

If you are looking to do hourly advice/ guidance, then charge for a package – say 50 hours over a year and invoice monthly. then all you need to do is keep a record of time used. The client can always add time if they need it. This is better for you and them in terms of cash-flow. professionals will charge up-wards of £100 (UKP) per hour – this is only £800 per day – don’t undercut too much (putting the competition into a war on price will just undermine the industry and make your business unsustainable - look what happened in the IT training sector – encourage people to buy on quality and service) - value yourself and what you can offer.

You get the idea – remember of course that you will now need to pay for any training you need, equipment, internet connections etc – so these can easily mount up – do not undersell your self – set your price and be proud of it!

Useful references include:

Trainerbase purchasers 1
TrainerBase purchasers 2
Trainingzone article
TrainingZone article
HRZone article
Trainerbase article
Going Freelance

Mike

first published Jan 2008

Going Freelance – So you want to go independent?

Starting out in freelance training – What does it take to be successful?

Overview

This document is not meant to be a complete how to guide for those wishing to start a consultancy business.  It’s purpose is to ask some of the questions and show some information that many other sources fail to do.

 Introduction

Many trainers, developers, coaches and facilitators occasionally get the urge to jump ship and do their own thing.  So what is the difference between those that ‘make it’ and those that don’t?

Lets first look at why you want to leave a place of safety, because it is.  Salaried roles provide a predictable structure and a predictable income.  But often with politics that we believe we can do without.  We want the freedom to make our own choices.

 The reality

When starting out while on paper you may be your own boss – it is your clients and the tax man that pull the strings.  While we like to think that we are own boss (and to some extent we do make decisions), it is often our clients that make demands on us that dictate what we do and how we do it.  It is a brave and rare freelancer that ‘manages the client’.  The risk of losing the potential income for many is too great – especially in the early days.

 Setting a daily rate

How much do you want to earn? Well while this might be “how long is a piece of string?” we must have a plan of some kind.  In order that you have time for marketing, preparation and filling in all the finance paperwork that you have to you probably only have 100 working days available to you.  And as your business expenses, tax etc are additional you will want to aim for:

Salary/100 *20%

So if you wish to earn £40,000

40000/100 + 8000/100= 400 + 80 = £480 per day

Where will  you get your work?

When first starting out you will probably get 80% of your work from one client (or associate group).  This is fine for a time – however statistics from companies house and the banks suggest that most business fail in their first 2 years of business because of their client base or cash flow.

You should aim for no more than 30% of your turnover from one client or associate group.  Difficult in the short term – but essential in the long term.  I have recently been contacted by a very able trainer looking for associate work – why? Because the associate group he was with work was drying up.  We all know there are cycles in the training world – and it is about having a wide client base to help us to weather these storms.

What makes great freelancer?

Well in my experience there are 2 main types of successful freelancer:

1. The jobbing trainer
2. The ‘expert’

Both can succeed.

The Jobbing trainer – this works well if the day rates expected are low.  The understanding here is that most of the marketing is done for you therefore you will be expected to deliver more.  Day rates are typically 20-40% lower when working in this mode – but hey a level of security

The ‘Expert’ - Over the years I have see a lot of consultants and trainers.  The very best, (those that stay around) often have one or two models that they apply relentlessly to their clients needs.  They understand these models and can adapt them to suite.

Where freelancers fall down

There are three main areas where individuals embarking on a solo career come unstuck:

Sales & Marketing - it takes time and if this is not your thing or you find it very difficult. Build a strategy of alliances that will undertake this for you. Please do not place an advert on a forum and expect the work to come flooding in because you are good.  It just does not work that way.  Be very careful of everyone trying to get you to spend with their type of advertising – they want your money – they are not usually interested in your success.  If they say they are offer to pay on results and see how they react.

Finance - Yes you must do this – budgeting, VAT etc and it always takes longer than you expect! Do not just hire an accountant and expect it all to be done for you.  Keep immaculate records.

Focus - When working on your own there is often a feeling of ‘desperation’ when the work dose not come flying in.  The temptation is to go for anything and everything. This may include basic consultancy, facilitation, training and research & evaluation projects.  A ‘Jobbing trainer’ of the dangerous kind.  No USP (Unique Selling Proposition), the danger here is that the person gets to be known as being a ‘project fodder’ and unfortunately rarely gets invited to do the type of work that they enjoy or are really god at – as the reputation they have built is too generalist.  These things often lead to freelancers only being in the market for 2-3 years and then going back into the corporate world.

CPD – Keeping up to date and ‘fresh’

One of the challenges of being freelance is the challenge of keeping up to date.  When in a corporate role you bight not think twice of attending a course costing £1000 upwards – but when you are paying the fees yourself this is a different matter.  Attending accreditation courses can add to your portfolio and in time add to your income generating ability – but you have to select the right ones.  If your are going to invest in yourself how long are you expecting it to take to get a return on your investment?

Look out for innovative ways of developing yourself.  These include institute regional meetings, sales pitches by suppliers etc.  You can even barter with your existing clients to attend programmes they are running in house, in exchange for a discounted delivery rate.

CPD training offered by providers – if the offer of training in association with a flow of work appears too good to be true it probably is.  Remember it is a commercial world out there.

Keep an eye out for products and tools that you can use that not only meet an immediate need but can act as a catalyst for follow-on work.  Examples include Investors in People.  For many freelancers this started as a needs analysis exercise and led in time to a long term relationship.  Unfortunately the cost of becoming accredited has increased making the is a significant barrier to entry, especially when considered in the context of there being a lot of IiP advisors out there and the market now declining.  What will be the new IiP?  What other diagnostic tools solve an immediate need and can lead to follow on work?

The Business Improvement Review (BIR) is such a tool.  It provides a holistic and strategic overview of an organisation along with the ability to identify a prioritised action plan.  This provides the freelancer with the opportunity to:

1. Provide coaching & mentoring throughout the implementation phase
2. Identify second order needs
3. Carryout a further review 12 months on and the cycle can start again!

Other tactical tools that can solve a particular problem include the SDI (Strength Deployment Inventory) and the Creatrix Inventory.  The SDI is great for developing relationship skills & for teams – it also provides a common language within an organisation.  The Creatrix can be used with individuals to look at their propensity for innovation, creativity & risk as well as at team & organisational culture level.  Start at one and slowly migrate to the others over time.

Both of these instruments are adaptable, have good ‘face validity’ and can be used in a multiple of situations and environments.

When selecting an instrument to be accredited in ensure that if you are a generalist that the tool can flex with you.  Also check that the supplier will help and support you in its use.

Is this really for you?

If you are they type of person who is a real extrovert (MBTI) and gets your energy from others, then think carefully about this – how will you get your energy? Networking etc?

It is easy to sit at your desk typing, surfing etc BUT not generating income.

Summary

•  Clients & that tax man are the real boss of your company
•  Only 100 working days
•  Have not more than 30% of your turnover from one client
•  Jobbing Trainers work more days at a lower day rate
•  High performing consultants have one basic model that they ‘do to death’ but are very good at it.
•  CPD is important

Mike Morrison

RapidBI – Rapid Business Improvement through effective diagnostics.

www.rapidbi.com

© 2006

Powerpoint slides

Making the Break

Types of consultant

•  Outsourced worker
•  Gissa job
•  Single model solution finder
•  Guru

Catches

•  100 day rule
•  Spread your clients
•  ‘Discounts’ for quantities
•  Marketing
•  *Associates

 Personal Vision

Create a clear story

Marketing
            how often?
            who to?

Networking

Considerations

•  Training
•  Cash-flow
•  Insurance
•  Indemnity
•  Contracts

Going Freelance in difficult times – consulting and training

Many believe that one of the most successful ways of starting and maintaining a growing business is to specialise or to find your own niche.

What is a business niche?

A niche business is one with a focus or area of specialisation. It is a market segment that particularly suits your experience, knowledge, talents, interests and personality. It is a segment of the market that you can make your own. You make it yours because it fits your expertise and your passion. Any niche must also reach a viable market that is hungry for a solution to a pain or need.

Why trainers and consultants avoid selecting a niche

Many consultants and trainers hesitate to pick a niche because they are afraid that if they narrow their target to a smaller specific group of people that they will miss out on too many potential clients. You can be a generalist consultant or trainer but I believe it is far better and in the longer term sustainable to have a clearly defined niche. My niche is business focus, ensuring any development activity add holistic value to the client organisation. A second is training trainers.

Benefits of Picking a Niche

Picking a niche is important because you need to be able to clearly define whom you are marketing to and what their needs, desires, and challenges are. When you have a clearly defined niche you can become a know expert in your area. This advantage enables you to communicate to the market place and “show you know”. this might be on sites like TrainerBase, TrainingZone or HRZone etc.

How do I select my niche?

To help you identify an appropriate niche, make a list of all the areas in which you have a strong passion for as well as an appropriate level of knowledge and expertise. Undertake a SWOT analysis and make a list of all the credentials and experience you have in that area to help you realise that compared to most others you are an expert in that niche.

Picking a clearly defined target niche will allow you to communicate your understanding of their specific needs, challenges, and desires.

Tips for those thinking about going freelance in training or consultancy

Tips for those thinking about going freelance in training or consulting

So you want to go independent? Do your own thing?

How do you go about starting out in freelance training?

Overview
This document is not meant to be a complete how to guide for those wishing to start a consultancy business. It’s purpose is to ask some of the questions and show some information that many other sources fail to do.

What does it take to be successful?
Early in the new year is traditionally the time when we start thinking of our career options. Some of us start looking for new jobs – others for new challenges like going freelance. In the current climate of course some of us may not have a choice.

This short piece collates my experiences and those of other freelance providers. The list of dos and don’ts below is presented in a (near) logical order, however the order presented is indicative and not a prescription. Not all elements will be necessary for your business or business model so use this as an ideas base.

Introduction
Many trainers, developers, coaches and facilitators occasionally get the urge to jump ship and do their own thing. So what is the difference between those that ‘make it’ and those that don’t?

Lets first look at why you want to leave a place of safety, because it is. Salaried roles provide a predictable structure and a predictable income. But often with politics that we believe we can do without. We want the freedom to make our own choices.

The reality of independence
When starting out while on paper you may be your own boss – it is your clients and the tax man that pull the strings. While we like to think that we are own boss (and to some extent we do make decisions), it is often our clients that make demands on us that dictate what we do and how we do it. It is a brave and rare freelancer that ‘manages the client’. The risk of losing the potential income for many is too great – especially in the early days.

Setting a daily rate
How much do you want to earn? Well while this might be “how long is a piece of string?” we must have a plan of some kind. In order that you have time for marketing, preparation and filling in all the finance paperwork that you have to you probably only have 100 working days available to you. And as your business expenses, tax etc are additional you will want to aim for:

Salary/100 *20%

So if you wish to earn £40,000
40000/100 + 8000/100= 400 + 80 = £480 per day

Where do you get your work?
When first starting out you will probably get 80% of your work from one client (or associate group). This is fine for a time – however statistics from companies house and the banks suggest that most business fail in their first 2 years of business because of their client base or cash flow.

You should aim for no more than 30% of your turnover from one client or associate group. Difficult in the short term – but essential in the long term. I have recently been contacted by a very able trainer looking for associate work – why? Because the associate group he was with work was drying up. We all know there are cycles in the training world – and it is about having a wide client base to help us to weather these storms.

What makes great freelancer?
Well in my experience there are 3 main types of successful freelancer:

1.    The jobbing trainer

2.    The ‘expert’

3.    The Interim

All can succeed.

The Jobbing trainer – this works well if the day rates expected are low. The understanding here is that most of the marketing is done for you therefore you will be expected to deliver more. Day rates are typically 20-40% lower when working in this mode – but hey a level of security

The ‘Expert’ – Over the years I have see a lot of consultants and trainers. The very best, (those that stay around) often have one or two models that they apply relentlessly to their clients needs. They understand these models and can adapt them to suite.

The Interim – many organisations need a temporary specialist during a phase of a change project, to cover an increase of work or to cover maternity leave. These roles can be contracted on a day rate or on a PAYE basis.

Where freelancers often fall down
There are three main areas where individuals embarking on a solo career come unstuck:
Sales & Marketing – it takes time and if this is not your thing or you find it very difficult. Build a strategy of alliances that will undertake this for you. Please do not place an advert on a forum and expect the work to come flooding in because you are good. It just does not work that way. Be very careful of everyone trying to get you to spend with their type of advertising – they want your money – they are not usually interested in your success. If they say they are offer to pay on results and see how they react.

Finance – Yes you must do this – budgeting, VAT etc and it always takes longer than you expect! Do not just hire an accountant and expect it all to be done for you. Keep immaculate records.

Focus – When working on your own there is often a feeling of ‘desperation’ when the work dose not come flying in. The temptation is to go for anything and everything. This may include basic consultancy, facilitation, training and research & evaluation projects. A ‘Jobbing trainer’ of the dangerous kind. No USP (Unique Selling Proposition), the danger here is that the person gets to be known as being a ‘project fodder’ and unfortunately rarely gets invited to do the type of work that they enjoy or are really god at – as the reputation they have built is too generalist. These things often lead to freelancers only being in the market for 2-3 years and then going back into the corporate world.

Continued Professional Development – CPD – Keeping up to date
One of the challenges of being freelance is the challenge of keeping up to date. When in a corporate role you bight not think twice of attending a course costing £1000 upwards – but when you are paying the fees yourself this is a different matter. Attending accreditation courses can add to your portfolio and in time add to your income generating ability – but you have to select the right ones. If your are going to invest in yourself how long are you expecting it to take to get a return on your investment?

Look out for innovative ways of developing yourself. These include institute regional meetings, sales pitches by suppliers etc. You can even barter with your existing clients to attend programmes they are running in house, in exchange for a discounted delivery rate.

CPD training offered by providers – if the offer of training in association with a flow of work appears too good to be true it probably is. Remember it is a commercial world out there.

Keep an eye out for products and tools that you can use that not only meet an immediate need but can act as a catalyst for follow-on work. Examples include Investors in People (IiP). For many freelancers this started as a needs analysis exercise and led in time to a long term relationship. Unfortunately the cost of becoming accredited has increased making the is a significant barrier to entry, especially when considered in the context of there being a lot of IiP advisors out there and the market now declining. What will be the new IiP? What other diagnostic tools solve an immediate need and can lead to follow on work?

The Business Improvement Review (BIR) is such a tool. It provides a holistic and strategic overview of an organisation along with the ability to identify a prioritised action plan. This provides the freelancer with the opportunity to:

• Provide coaching & mentoring throughout the implementation phase
  Identify second order needs
• Carryout a further review 12 months on and the cycle can start again!

Other tactical tools that can solve a particular problem include the SDI (Strength Deployment Inventory) EESS (Employee Engagement & Satisfaction Survey) and the Creatrix Inventory.

The SDI is great for developing relationship skills & for teams – it also provides a common language within an organisation.

The Creatrix can be used with individuals to look at their propensity for innovation, creativity & risk as well as at team & organisational culture level. Start at one and slowly migrate to the others over time.

The EESS is a ready to run staff survey tool with benchmarking and the ability to add custom questions quickly and easily.

When selecting an instrument to be accredited in ensure that if you are a generalist that the tool can flex with you. Also check that the supplier will help and support you in its use. there are many other excellent instruments on the market check out the training forums and journals for details.

Is this really for you?
If you are they type of person who is a real extravert (MBTI) and gets your energy from others, then think carefully about this – how will you get your energy? Networking etc? It is easy to sit at your desk typing, surfing, blogging etc BUT not generating income.

There are several business models available to you, you should chose the model which best suits your skills. For example if sales is not your thing then direct contact with a client, persuading that you are the right provider, writing proposals etc may not be your thing, so consider the temp or associate market – where others do the selling and you do the delivery – however be aware that the money is made in the selling and account management phases so do not expect high day rates (although you may be lucky).

1.  Decide on a trading name – this is important and needs to reflect your proposition and values – doing something too ‘samy’ or quirky will go against you unless you are in a particular niche

2.  Decide on a specialism – subject or sector – the more you specialise the easier the sell – people buy solutions not opportunities

3.  Hire an accountant – getting the books right from the off is vital – they can also save you more than they cost

4.  Get a logo/ brand developed – essential if you are going to have a web presence

5.  Decide a day rate – stick to it – develop your business model and ensure that your business is sustainable – at £100 per day you will be earning less than national min wage by the time tax etc is taken away.

6.  Develop terms & conditions and stick to them. Always charge for cancelled dates – it is critical to have a business policy – something that is clear and understood by your customers and potential customers

7.  Get a web site – increasingly people are buying trainers from the web – get seen

8.  Set up a blog for content – part of your web strategy – this helps purchasers know you exist and more importantly what your believe and your approach

9.  Decide your business model % associate work, direct etc

10. Get bus cards etc developed

11. Network with people you know – let them know what you are doing and that you are available

12. Ask your network who they know who would benefit from your offer – referrals will mean the difference between long term success and failure.

13. Use forums and other community sites  to raise your profile – TZ, TrainerBase etc, but don’t spam them – identify and comment only on topics in your specialist area. – build a reputation

14. Develop standard documents- proposal , invoice etc – saves time

15. Start a contact database and write quarterly/ monthly newsletters that add value, not just to advertise (again a form of spam if you are not careful)

16. Develop yourself – go on courses, exhibitions, read books (write each one up in your blog)

17. Get all travel (air) & accommodation booked & paid for in advanced – its cheaper for the client and saves you hassle

18. If a member of a professional institution attend local events irrespective of the topic or relevance – its about networking & relationship building

19. Involve other people – spouse, accountant etc – you have many strengths – and weaknesses – it’s a team effort not a solo act – identify what it takes to provide a rounded offer.

20. Understand what it is that you offer and others cannot/ do not. How can you articulate this -

21. Learn to say NO to clients – if you are not the best person or you are uncomfortable ethically.

22. If not ‘qualified’ get some recognition of what you can do – TrainerBase’s CLP, TAP, IITT’s TPMA – the best ones require you to be re-assessed every couple of years – purchasers like badges – it shows that external recognition is important

23. Always explore the ‘value add’ what can you bring to the party – web 2.0 solutions, workbooks, experience, certificates,

Don’ts

1.   Get involved in a joint venture unless all parties put in the same time & exposure

2.   Put all your eggs in one basket – max 25% of turnover from one client

3.   Discount unless it is conditional on volume (delivered not promised)

4.   Wait for an associate to be paid – you should accept and expect payment 30 days from invoice or less – always enter into informal agreements

5.   Spent hours a day on social notworking sites and forums – be strategic

6.   Try to deliver every course under the sun – specialise

 

Remember – this is not personal – its business, but people buy people

Summary
Clients & that tax man are the real boss of your company
Only 100 working days
Have not more than 30% of your turnover from one client
Jobbing Trainers work more days at a lower day rate
High performing consultants have one basic model that they ‘do to death’ but are very good at it.
CPD is important
 

The market is challenging and those best prepared and connected will be the ones that will survive. Good luck if this is the journey for you.

Mike Morrison is director of RapidBI Ltd, a consulting and training company specialising in organisational development and the development of high performing teams and individuals. Mike was a business adviser for six years and has run his own consultancy company. For more information go to RapidBI.com

Company Formation for Freelance Consultants and Trainers

With so many people being made redundant at the moment, many are considering taking their payoff and investing some of it into setting up their own business. Where your skills are readily transferrable, it may be possible to set up as a freelance consultant and sell your services to a range of companies.

Consultants and trainers, by definition, provide advice and guidance to others requiring those skills for a short period of time. As such, it is important to make sure that when you set up your business you are protected from any potential claims due to negligence or incorrect advice. One way to do this is to set up a company and be the sole employee or officer where the corporate shell provides some degree of financial barrier in the event that you are sued.

The alternatives to setting up a company are to trade within a partnership (with someone else) or as a sole trader. These leave you fully exposed to the financial liabilities of your actions and, although it is possible to obtain professional liability indemnity insurance, the consequences can be significant.

Therefore, setting up a company can provide protection as well as an image of scale beyond the true size of the business.

If you have knowledge of corporate law and procedures, it is possible to set up a limited company from scratch for as little as £25. This will register the company and file the necessary legal returns to Companies House as to the directors and secretary. You will also need to provide a registered office address – and you may consider domiciling this at an accountants or lawyers office to ensure that the legal procedures are correctly followed for any notices that arrive. This can cost in the region of £100 per annum – particularly if the secretarial services are also outsourced to them.

Depending on the nature of business you are in, you may even consider buying an established business. Be wary though as the due diligence and warranties involved may not always discover or protect you from past corporate indiscretions.

Finally, you will need bank account(s), VAT registration (if you anticipate your turnover will exceed the statutory amount, and someone to do the books of account. If your skill set is not in any of these areas, then the whole company formation, registrations, secretarial services, registered office location, name plates and accounting services can be outsourced for a first year cost of around £800. In the first year, this is a peace of mind and low cost option for the first time self employed consultant that allows them to fully focus on setting up their business and earning revenue.

Having gone through the Company Formation process you are ready to trade. Try to avoid working for a single customer as you may get caught up in all sorts of potential arguments with HMRC about the nature of your work. As always, take professional independent advice before committing to anything of which you are unsure.