Setting up your own Business as a Project Manager


Taking the first step to setting up your own business can be challenging; three are many emotions to contend with from excitement to self-doubt to fear. The more positive emotions are the obvious lure of flexibility, freedom, achievement, and gratification, but do you really achieve these outcomes by setting up your own business?


If you are “successful” it may provide the opportunity to create a lifestyle that you’re looking for, you will be the master of your own destiny and not beholden to an organisation.

Like everything, your career is a work in progress

We look at both perspectives with the intention of providing a balanced view and something to consider before taking the leap into the unknown.


There is a perceived safety net in working 9 – 5. You collect a consistent income every month. With the employment market continuing to evolve, coupled with the impact of technology and dare we say, a global pandemic, it may be the ideal opportunity to take control of your own career. 

Project Management can be the ideal skill set for those wanting to set up their own business. A Project Managers’ capability can be utilised by organisations in a modular way. Over the years, we have worked with countless individuals who thought they were immune to being made redundant, in any environment, but particularly in the current climate. There are no guarantees, so does it make it less risky to strike out on your own.



What the ATO says


The ATO says that “The profile of Australian workers is also evolving more generally, with more ‘white-collar’ workers adopting forms of contracting and self-employment in many sectors”.

The evidence is overwhelming that white-collar, high-paid, professionals heavily dominate independent contracting, some of the other defining characteristics tend to be active seekers of information, and above-average income earners, with a high business competency.

The research report by the ATO findings “debunk the popular misconception that workers are forced into setting up their own business due to job loss or lack of alternatives”.



Things to consider before setting up your own business:


Resilience

  • You need to have a certain drive and personality to set up on your own.
  • Be aware that it is unlikely to be easy and that things will not always go your way. In fact, many things may not go to plan, but you need to have a certain type of character and resilience to be able to keep going.


Mind your health

  • All areas of your health. You will invariably work longer and harder than you may have before.
  • It will be easy to push things like exercise and mental health to one side as your business becomes your number one priority, but without your health, achieving the former is not possible, remember to take time out for you.


Play to your strengths and employ others for theirs

  • You may need assistance outside your core skills. These often fall into the areas of Marketing, Accounting, IT Support, and Sales.


Positioning

  • Have you considered how you will position yourself and where you may attain your first client?


Do you have a network?

  • You will soon realise that once you are outside an organisation it can get lonely. It is important to have people to talk to, find like-minded communities, and network. We’re not suggesting collecting as many business cards and mobile numbers as you can. Rather work on making meaningful connections.
  • Be mindful of possible legal issues and conflicts of interest
  • It can be tempting to revert to contracting. You should determine whether you are selling hours or whether you are selling a service as part of a business. 



Tips


  • Success and achievement look different for everyone, be realistic, be patient, be persistent and set some achievable goals 
  • Building networks of likeminded people and peers is key. You may need to seek help, you may feel isolated and may just need to talk to someone, it is important to build and maintain networks with other individuals that have complementary skills.
  • Set some time aside to reinvigorate – exhaustion is not a guarantee of quality 
  • Being your own boss means you must dedicate time to working on the business as much as you do in the business
  • Think about the business cycle. There is a risk of your business stopping because you are so deeply entrenched in delivering the work and you do not have time to think about where your next project will come from. Remember you are now responsible for sales, marketing, service, and delivery
  • Manage your finances. It is advisable to complete a detailed financial plan so that you can manage your cashflow.


 

Resources


Build your virtual team, these are some reliable resources that are available


https://www.business.gov.au

https://www.ato.gov.au

https://asic.gov.au/for-business/registering-a-company/steps-to-register-a-company

https://au.godaddy.com


Try to find reliable professional services such as a Lawyer, an Accountant, Insurance Broker, and IT Support

There are certainly many positives and negatives to setting up your own business. If you are unsure, you may want to test your ideas with a group of trusted friends, colleagues, and even prospective clients. Setting up your own business is a brave decision, one that could reap significant long-term benefits.

 

Good luck, no matter what path you undertake!

Broader industry contribution

June 7, 2023
Attraction and retention “How to attract and retain talent, in the scope of major infrastructure projects” for Australian Local Government Infrastructure Yearbook 2021 https://algiy.partica.online/algiy/algiy-2021/flipbook/122/ Major Projects Conference 2022 https://www.nswconference.com.au/speakers.html Webinar Webinar briefing – sample of what we have delivered in the past (targeted at Graduates) in partnership with AIPM https://www.youtube.com/watch?v=Au7tNN0_tbU Are employers spending sufficient time supporting staff and building a resilient culture? What’s an acceptable staff turnover – none, 6%, 15%? https://www.linkedin.com/feed/update/urn:li:activity:6833872083806769152/ The Future of PMOs - PMO Vision 2030 ProNEXUS were of the PMO Vision 2030 - The Future of PMOs Workshop. The workshop was to discuss the impact and effectiveness of a PMO/EPMO function as part of the Association of International Project Management Officers (AIPMO). Feedback/what to expect from us: Extremely relevant. Massive importance trying to retain & employ Loved the presenter’s style and outlook The conversation style flowed very well Presented really well. The casual approach made for easy and open Conversation. Very relevant topic Engaging speaker, supported by presentation that was shared post meeting Good interaction, more of a conversation than a typical presentation. Nik was excellent. Great perspective and good tips There was some robust discussion particular around different views. Challenging member views was very good The casual approach made for easy and open Conversation. Good speaker, very interactive The feedback was very positive and averaged the following ratings out of 10 for your presentation:  Relevance of Topic: 9.2 Guest Speaker: 9.5

What does a Project Sponsor actually do?

December 30, 2022
The role of a Project Sponsor is to work closely with the Organisation to provide governance and leadership. What makes a good Project Sponsor? An effective Project Sponsor is able to articulate and demonstrate the strategic value of a project at the Board, Organisational, and Project level. They understand the importance of developing and refining the business case and ensuring this aligns with the business strategy. The Project Sponsor typically has a depth of experience within the organisation and is a well-respected individual. The most successful Project Sponsors have a consistent track record in leadership and they are effective communicators. They have demonstrated their capability to influence all facets of the business. What does a Project Sponsor do? A Project Sponsor is part of the initial planning phase of a project. They work in collaboration with key stakeholders to determine what the key outcomes should be. They will:- Determine the availability of resources (financial and human capital) Approve project scope and changes Formulate an ongoing communication plan Work on refining the implementation strategy from project status to business as usual Approve (sign off) each phase of a project Provide support to the project and help resolve conflict or potential conflict Put in place the necessary project controls Help to mitigate risks and remove obstacles that may deter progress Be resilient and emotionally intelligent Ensure adherence to Governance standards Agree to “what success looks like” It is this macro view that adds a certain level of credibility and legitimacy. The Project Sponsor should be the key decision-maker. They are ultimately responsible for delivering the project and adding value to the organisation. The success of the project isn’t about ticking the various boxes along the way, ensuring. What does an Executive Sponsor do? While the Project Sponsor is appointed by the organisation the Executive Sponsor is appointed by the Board. The link between organisation and its project governance practices. The Executive Sponsor is usually a Senior Executive. They will have an intimate understanding of their strategy, financial position, organisational culture, and market dynamics. As such they carry a level of authority and influence beyond just being a project advocate. How much influence does an Executive Sponsor have? The Executive Sponsor will have the necessary influence to determine how a project is progressing, they are focussed on delivering beyond just quality and outcome, they want to ensure the investment yields a return from a strategic, financial, cultural, and market position. Should the Project not deliver against some or all of the pre-determined criteria the Executive Sponsor would be well within their scope to question the organisation’s investment. They can either defend or challenge the Project’s progress. Regardless of whichever position they take, they are (as a Board appointed representative) accountable to the Board. With any strategic role, all parties must take the time and make time to ensure the Project and its stakeholders (including the Board) and engaging on a regular basis. Contact Us Sources Crawford, L. & Cooke-Davies, T. (2005). Project governance: the pivotal role of the executive sponsor. Paper presented at PMI® Global Congress 2005—North America, Toronto, Ontario, Canada. Newtown Square, PA: Project Management Institute. International Journal of Project Management Time and budget: the twin imperatives of a project sponsor Volume 15, Issue 3, June 1997, Pages 181-186 JNevan Wright Auckland Institute of Technology, Auckland, New Zealand

Control and Influence in a competitive job market

July 21, 2022
It’s a competitive market, control what you can? If you want Control and influence in a competitive job market, it requires preparation, persistence, and above all it a positive attitude. It’s not as hard as it may seem. There are many things that you can do to put yourself in the best possible place to succeed when looking for a new position. We have broken down what you can control and influence in a competitive job market into just a few areas:-