4 Basics Every Project Management Entrepreneur Needs to Get Right
Gloria Martinez of WomenLed.org
When you’re in the business of project management, it can be hard to know which steps are the right steps to help you and your projects succeed. The truth is, there are many paths to thriving with a project management business — or any other sort of enterprise. However, there are a few key elements you should get right to make the journey easier, including the basics below.
The Right Business Structure
Have you set up an LLC for your project management business? If not, you could be missing out on some substantial tax savings. Your personal assets may also be vulnerable, but creating an LLC can be quick and simple when you use an online formation service. You can use this sort of service to look up rules in your state and then file the appropriate paperwork.
When it comes to business structures, LLCs are typically a better fit for entrepreneurs than the more popular sole proprietorship. This is because an LLC, or limited liability company, offers additional flexibility and also provides the essential asset protection mentioned above. You should do your own research to see if an LLC is right for your project management business.
The Right Connections
Are you plugged into the local business community? One of the best ways to do so is to join your local chamber of commerce organization. The benefit of being part of a chamber is that you will get to meet and network with other successful business owners in the area. This could pave the way for more project management clients and other opportunities for growth.
In addition to networking with other businesses and business owners, you also need to have the ability to connect with potential and existing customers. Increasing your digital presence via an engaging business website, social media and email communications is one of the best ways to accomplish this. If feasible you could also plan local events for more meaningful connections.
The Right Branding
Connecting with potential clients and business partners is one thing. Creating trust and demonstrating your values in these relationships is an entirely different challenge but it’s also one that can have a surprisingly simple solution. This blog post from The Skillful Project Manager explains the basics for building a brand based on integrity and trust.
In short, there are three fundamentals for molding a brand that will help your project management business enjoy long-term success: a strong work ethic; a professional and compassionate attitude towards others; and value in the services provided. Sharpening other talents and skills can help you with each of these factors and help your business thrive.
The Right Attitude
Your attitude towards others can make a huge difference but so can your attitude towards yourself, and more importantly, failure. Too many entrepreneurs are too afraid or proud to equate failure with success but the two go hand-in-hand. Or at least they should. It’s like a popular saying goes, in order to achieve great things you first have to fail over and over again.
This isn’t to say that your entire project management business needs to be a disaster but rather you need to be able to learn from and admit to mistakes as you work towards your goals. Remember, every entrepreneur makes mistakes, but only the best can learn from them, get back up, and try again. That’s what will help set you apart from the competition.
Building a successful project management business from the bottom up takes a lot of hard work and determination. It also helps to have the right tools, skills, and pointers from the start and that includes the top-recommended business elements mentioned above. Making sure you include these in your startup plans will help ensure you and your new business thrives.
- Author of "The Art of Project Management"
- More than 20 years experience in project management in banking and financial services with a PMP and MPM.
- More than 25 years experience in systems design, development, and management with a BSCS/MIS.
- Former US Marine and a former missionary.
- Fluent in English and Spanish.
- Experienced instructor. Successful business owner, international author and public speaker.
- His LinkedIn Profile is: http://linkedin.com/in/tsheppard
Program management, project management, change management, process design, business case development, negotiation, multi-tier system architecture, real-time parallel distributed databases, private placements and creative finance.
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