It’s odd thinking that I have been doing this for over five years. When I left Hilton, I really had no clue what I was going to do. I knew that I wanted to prioritize my kids and family. I knew that I was really good at marketing—but who knows what that really means? Lastly, and most fortunately, my boss Kellyn Kenny Smith said to me, “No matter what you do, make sure you are building something, because that’s what you’re best at.” In the moment, I understood why she said it; I had no clue how important it would be.

So here I am, five-plus years later. I’ve worked with over 20 companies, including seven of the largest private equity firms in the world. Every project (but one) has been a success. How do I know? Almost every single one has led to a referral, which led to another project. Every PE firm has given me at least a second project. I’ve done some fantastic work, met amazing people, made it to parent-teacher conferences, and taken my daughters to dance class after school. (I was even a parent chaperone for the 3rd grade field trip to the Freedom Trail.) For those curious about the financials: yes, I broke seven figures last year—not that making more money was ever my top objective.

Three things I would impart on anyone who is starting out—or sorting it out? Here we go:

1. Know your value proposition.

By the time one decides to become a fractional CMO, you’ve no doubt developed a ton of skills. You probably have deep expertise. But that doesn’t help people understand how you can actually help their companies. Yes, I’m talking about your elevator pitch, but you have to resist the urge to jam everything in. That’s not interesting to people. You have to narrow it down to the sweet spot between what companies need, what you are good at, and most importantly, what makes you happy. When you thread that needle, you’ll be well on your way.

I’m forever grateful to Kellyn Kenny for her advice. So start with your mentors, the colleagues you trust, the directs who would come back and work for you again and again. See what they think. My guess is they’ll set you on your way. Once you’ve got that, you have to package it not just as an elevator pitch but as an answer for the people in your network who are going to refer you. Imagine this scene: a potential client is talking to your friend about business challenges, and your friend replies, “Oh, you have to talk to my friend Armin. He’s a talented marketer with broad category expertise, but what makes him special is that he applies that breadth to solve challenges in any category. He’s a builder, a fixer. You have to talk to him.” If you’re bored, I can list out every client and tie each one back to the referring person who more or less said that about me. Know your value proposition.

2. Build your tribe.

Being fractional is LONELY. I’ve had client engagements where I was CMO/Head of Marketing for 8–10 months—fix what I was hired to fix, find my replacement, transition, and then POOF, gone. Lots of people leave my orbit. Sure, I keep in touch, but it’s a very transient, nomadic lifestyle. So what do I mean when I say “build your tribe”?

Yes, you’ve got your work besties from past companies, but that’s not enough. You’ve got to build a roster of folks you professionally admire, who you’d happily bring onto a project, and who you’d love to spend an hour with just shooting the sh*t about challenges. Bonus points if they are freelance/fractional too. Trust me, you’re going to need them—and they’ll need you.

“Your tribe” is also more than just individual people. You have to find ways to get out and about. Go to networking events, like the AdClub! As I write this first draft, I’m en route to a dinner to talk about “What is True Intelligence?” with five people who have yet to be revealed to me. You have to get out of the house, get out of your co-working space, and meet people. Build your tribe.

3. Have a “Slow List.”

Here’s the tea: you’re going to have slow periods. You’re going to have times when you have zero billable work. It’s going to happen. One April, a future client called and said, “Can we start this project at the end of August?” I was psyched—I was hoping for a light-ish summer. Come August, the same client called: “We lost the funding. I’m sorry.”That project was planned to be the bulk of my work for the rest of the year.

I finished up the few projects I had and, come Labor Day, I had NOTHING on the books. I am the breadwinner (important note: health insurance comes from my husband). Sleepless nights. Lots of anxiety. Lots of, “How could I be so irresponsible to my family?” Just like job searching, you can’t look for projects every minute of every day. Anyone who says they are is lying to you.

You need a “Slow List”—a list of projects, books, and things to do that you’ll tackle when “things are slow.” My list right now has a course about building custom GPTs, a course about photography, cleaning out the attic, organizing my computer, and finally checking out Farm Pond Park in Framingham (everyone says I’d love it). It’s all on my Slow List.

The fractional life isn’t for everyone, but for those willing to bet on themselves, it can be an incredible ride. Know your value, build your tribe, keep your slow list—and most importantly, keep building. Because at the end of the day, that’s what this is all about.

The Author

Armin Molavi, Fractional CMO | Advisor & Strategist to Private Equity PORTCOs and Fortune 100