Fractional CMO Show Starting Your Own Fractional CMO Practice - Casey Stanton - Fractional CMO Show - Episode # 073
What does it take to go from full-time employment to becoming a Fractional CMO? Casey Stanton is the Founder of CMOx, a Fractional CMO, and author of the Wall Street Journal #1 bestseller, The Fractional CMO Method. This week, Casey discusses the risks associated with becoming a Fractional CMO and the amazing opportunities that make those risks worth taking.
Takeaways:
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The first thing to think about when becoming self-employed is your healthcare insurance. In the United States, an adequate plan to cover yourself and your family, not to mention potential employees is expensive. Top policies can start at $600 per person, per month.
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As a Fractional CMO, you can choose what contract lengths to sell to your clients. You’ll start out with 3-month contracts, but as you gain notoriety and recognition, these can increase to 6 or 12-month contracts. This lessens how often you need new clients.
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Being a Fractional CMO is about more than just achieving the same level of income as your current job or even exceeding that. By building out your Fractional CMO practice, which is really a service-based business, you can build a company with equity.
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Understand that being an entrepreneur comes with struggles, however, you have control over how everything is done. While there are ups and downs, the ups greatly outweigh the downs.
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Decide if you need autonomy in your career more than the safety of working for the same company for your career. Owning your own business as a Fractional CMO offers a limitless upside in terms of income, happiness, satisfaction, free time, and impact.
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Instead of pursuing low-profit, high-volume deals, you can prioritize landing a few high-value clients as a Fractional CMO. A small number of clients can generate a significant income. Aim to build long-term relationships with clients, renewing contracts and extending their contract duration over time.
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Consider specializing in a niche industry as a Fractional CMO. Look for industries where you can become the go-to expert. The early stages of these niches offer great opportunities for growth and establishing yourself as a marketing leader.
Quote of the Show:
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“There are so many niches in industries that are available for someone to step in and become the defacto number one Fractional CMO. If you're listening to this, you're still early.” - Casey Stanton
Links:
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Twitter: https://twitter.com/CaseyStanton
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CMOx Website: https://cmox.co/call
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The Fractional CMO Method: https://cmox.co/book/
Ways to Tune In:
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Amazon Music: https://music.amazon.com/podcasts/039bc2d6-c1b5-4ced-ac2a-437e69546e7c/fractional-cmo-show
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Apple Podcast: https://podcasts.apple.com/us/podcast/fractional-cmo-show/id1592740671
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Spotify: https://open.spotify.com/show/1HGwnjsXA4c4gYQvj4w53E?si=bd6e0908e25749ec
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Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9mcmFjdGlvbmFsY21vLmxpYnN5bi5jb20vcnNz?sa=X&ved=2ahUKEwjlpNDTveb0AhUXEFkFHaZcDtYQ9sEGegQIARAC
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YouTube: https://youtu.be/OgwggGLcX4Y