Tag: running an info business

Running a Successful Private Investigations Business: Webinar Recap

By Edward J. Ajaeb

AIIP hosted a free webinar featuring three renowned private investigators who spoke about their journeys in building and running successful private investigations businesses. The panel consisted of Marcy Phelps of Marcy Phelps & Associates, Michael Donaldson of Vindicatus, and Timothy Hardiman of Viceroy Investigation & Consulting.

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Using Checklists in your Business

By Kelly Schrank

Before I get started, I want to offer this disclaimer: I know that lots of people like checklists! People have TO-DO lists for daily tasks, they have packing lists for travel, they use grocery lists. But Atul Gawande, a well-known staff writer for The New Yorker and author of four bestsellers, wrote a whole book, The Checklist Manifesto, on how checklists are used by people in a variety of industries to save lives, fly planes, and manage large-scale construction projects. His book covers checklists as people use them in the workplace, and much of the motivation behind how I approach checklists comes from his discussion of why and how professionals use checklists in their work lives.

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How to Give Yourself a Raise

By Mary Ellen Bates

I was recently asked by someone I’m coaching for advice on how she could negotiate an increase in her hourly rate on an ongoing project, as she had initially priced herself at a low hourly rate. My advice to her was that she had a few options. She could go back to the client and tell her that she was going to raise her hourly rate, but she would have to be able to point to increased value since the inception of the project. In other words, what’s the added value that the client gets for the higher budget? What else can she do in the same number of hours that enhances the value of her contribution? Alternatively, she could chalk this up to a learning experience—we’ve all had them—and reflect on how she can position herself in the future to charge a rate that better reflects her value.

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Measuring What’s Really Important

By Mary Ellen Bates

Back in March of this year, the topic for AIIP’s monthly Info Pro Café virtual event was “Meaningful Metrics: Measuring What Matters for Infopreneurs.” (The recording and notes are available for AIIP members at https://www.aiip.org/Members-Only/IPC-metrics/; my other thoughts on this topic are at https://www.batesinfo.com/reluctant-entrepreneur/meaningful-metrics/)

That discussion, along with some conversations I have had with coaching clients, got me thinking about some of the less measurable metrics – or at least goals – that help us maintain a good work-life balance and avoid burnout. In addition to bringing in enough revenue to cover our expenses and pay us according to our value, we need to ensure we find satisfaction and fulfillment in our work.

One of the metrics I use is how much free time I have and whether I feel like I have control over how I spend my time. I make sure that I take off at least one half-day a week for local volunteer work or to take a hike during off-peak hours. Sure, that may mean that I am in the office over the weekend, but it’s important to me that I can prioritize my non-work activities. (Speaking of volunteering, remember that AIIP offers lots of satisfying volunteer opportunities that give you a comfortable space to build a new skill.)

Look for opportunities to give away your expertise in a context in which you also find enjoyment. When I am offering a workshop, for example, I always offer free follow-up support for all participants. While at first I was concerned that I would be overwhelmed with requests, I found instead that the people who did contact me after an event always had interesting or thought-provoking questions that I enjoyed addressing. I am rewarded for the small amount of unpaid time on my part by getting to have thoughtful conversations and gain fresh perspectives.

Related to finding non-monetary ways to be paid for your expertise is finding clients with whom you feel a particular kinship. A recent article in Organizational Behavior and Human Decision Processes, “To be or not to be your authentic self? Catering to others’ preferences hinders performance” (https://www.sciencedirect.com/science/article/abs/pii/S0749597817308865), describes a study of entrepreneurs’ success in pitching their ideas to potential investors – not unlike our marketing efforts as solopreneurs. The research found that the entrepreneurs who focused on catering to the investors’ expectations and interests performed worse than those who offered a pitch that felt authentic and genuine. The cognitive burden of attempting to discern the listener’s interests and concerns interferes with our ability to connect with the other person.

My takeaway from this and similar research is that the most effective way to attract clients I enjoy working with is to be my authentic self in all my public spaces. I keep my LinkedIn profile fresh and, yes, I post in Facebook with both business-related thoughts and my landscape photos. While I draw the line at politics, I try to show an authentic version of myself in my writing and speaking, knowing that my style may not appeal to everyone. I would rather attract clients who appreciate my, um, non-corporate approach than try to be the kind of consultant that I think a client wants me to be.

While measuring activities that contribute to the bottom line is important, make sure you are also engaged in activities that compensate you in non-monetary ways. A happy infopreneur is a more effective infopreneur.

Mary Ellen Bates has been an infopreneur since 1991, providing business analysis for strategic decision-makers and consulting services to the information industry. Her passion projects are beekeeping and coaching new and long-time infopreneurs. See more at BatesInfo.com.

COVID-19 and the Information Entrepreneur

By Connie Clem, Clem Information Strategies

How has the COVID-19 pandemic affected AIIP members and their businesses? In a recent survey, 59 AIIP members shared what’s happening in their businesses, and several themes emerged from the results:

Theme 1:  Virtuality

As business adapts to connecting more virtually, AIIP members are already comfortable there. Some are so unfazed that we feel we’re missing out on the “downtime” other workers are experiencing.

Most (88%) said the pandemic has had no effect, or a minor effect, on their client interactions.

  • “Almost all my business and biz development were conducted by phone or email. I’ve added Zoom.”
  • “Glad I’ve worked from home for nearly 20 years, was already a Zoom expert, and am used to working with virtual teams and online clients.

Theme 2:  Responsiveness

Work feels different for many of our members:

  • “It’s harder to reach people. They are not answering email; their work phones go to voicemail; they may not even still be employed.”
  • “More social time is expected; conversations are less focused.”
  • Clients who weren’t planning for the future “are now consumed by it…I make sure they have my number.”
  • “I’ve tried to communicate more, touch base more, just be more open and forthcoming.”
  • “I will have to work harder to show value when my target market has to tighten their belts.”

Theme 3:  Adaptability

About 60% said COVID-19 has affected their business operations. A third are adjusting their products or services.

  • “I’m using the time to connect with clients, as well as thinking of new ways to provide services to them, and perhaps to a new market.”
  • “I’m working long hours, uncompensated, to generate good will and future contract extensions.”
  • “I will switch my F2F to engage with smaller groups, and will likely travel less.”
  • “I’m porting much of my workshop business to online.”
  • “I am looking into banding together with other consultants to take on bigger projects.”

Theme 4:  Contraction

Large contracts and retainer work are a source of stability for some members. Others have been earning less income.

  • About 40% have experienced lower demand; 12% have had major drops in work.
  • Almost half had specific projects postponed or canceled.
  • 61% reported a decrease in current or projected income—for 29%, a significant decrease.

Examples:

  • “My biggest client has halved my contract for this year.”
  • “I have expenses (databases, etc.) that continue, but almost no projects coming in.”
  • “I now have to rethink my entire business plan.”
  • “Uncertainty is the word that best describes my business right now.”
  • “I am examining options if clients have to reduce or eliminate any ‘outside’ contracts for the near term and possibly for the foreseeable future.”
  • “It’s harder to focus when I do get work. Busyness is okay, but strategic thinking is tough.”

Theme 5:  Positivity

In the COVID-19 era, 12% of respondents took on new projects focusing on the novel coronavirus and its implications.

In other positives:

  • “Companies will be more inclined to work with consultants online…More managers and leaders will understand the importance of good and just-in-time information.”
  •  “It has had its positives:  opportunities to reconnect with past clients; time to focus on business-building projects, organizing, and professional development; quiet space to write and create new IC.”
  • “I am in my second year of business, so I am still exploring lots of different avenues and marketing and networking all the time…There still seems to be work to pursue.”
  • “I wish that I had all the ‘free time’ that so many people are talking about to do business development, but I’m busy with existing clients that have a greater urgency for info.”
  • “It’s a good time to ‘pivot’!”

AIIP’s solo practitioners are, as always, meeting their clients where they are – with extra support, interaction, flexibility, and personal outreach in a difficult time. Recovery of our national and regional economies defies prediction. In the meantime, we are holding to our courses, assessing our opportunities, and keeping up each other’s spirits within our member community.

Note: Some comments were lightly edited for brevity. Many thanks to Mary Ellen Bates, Bates Information Services, for hosting the online survey.

Connie Clem owns Clem Information Strategies, communicating on innovations and leadership in the corrections field. She served as AIIP President in 2014-2015 and is AIIP’s current webmaster.

Working as an Infopreneur: A U.K. Perspective

By Penny Crossland

As I sit at my desk preparing to Skype a client with whom I was due to meet today in central London, but who cancelled due to the bizarre Covid-19 reality we are currently facing, I realize how fortunate independent workers are to be able to carry on their business regardless of what is going on outside. We have well-established home offices, with all the technology we require to make us professional and efficient, and years of practice have made us disciplined in how we manage our working hours.

After working in business research for consultancies for 17 years, I began my solo business in 2001 when my son started school, which gave me most of the day to work while avoiding the headache of finding quality childcare and paying the prohibitive costs involved.

19 years later, having combined my research practice with a number of part-time positions at companies and a university over the years, I am now back to working full-time from my home office, since I need the flexibility of self-employment to care for my elderly mother.  So, what started as a lifestyle choice has ended up as one as well.

I started my infopreneur career as a market and industry intelligence researcher, working for management and market research consultancies, before switching my service offering to open source intelligence (OSINT) and due diligence research.  This was in response to an increased interest in due diligence-related work from companies after the 2008 economic crash, which led to more stringent regulatory requirements for compliance.  Since then, I have rarely had a lull in work. Know-Your-Customer, due diligence and pre-employment background research are important areas of work required by companies involved in client onboarding or M&A work, and in London there are plenty of customers for this kind of work. This is fortunate, since the market for OSINT researchers in London is very competitive – there are numerous self-employed researchers with experience in corporate intelligence.

As many AIIP members have commented on our email discussion list, the world of a solo researcher can be lonely and there have been times when I have missed the company of colleagues and of learning from working in a team.  Over the years, to combat the feeling of isolation I have taken on part-time research positions in organisations, which have provided me with insights into current working practices and technologies, as well as into new sources, which have been valuable to my own research business. In addition, some of the positions I have had, such as in the advancement department of one of the London universities, have led to new lines of work. I now provide due diligence reports for a major museum as a result of my experience in advancement.

Continuing professional development is important for infopreneurs. Attending workshops, conferences, and webinars, such as those provided by AIIP are essential in our line of work, wherever you are based. 

However, the one thing that has made the biggest difference in the success of my business has been networking.  In addition to AIIP, I am a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) and am involved in the London Information Knowledge Exchange (LIKE) which organises CPD and social events in central London.

Above all, getting out of the office and connecting and learning from workers in similar industries is essential for every infopreneur, no matter where you’re from. It is the best way to meet new clients and grow your business.

Penny Crossland is the owner of CH Business Research Ltd, a London-based investigative research consultancy specialising in due diligence, know your customer research and open source intelligence. Her customers include corporate intelligence consultancies, investment brokers and non-profit organisations.