MONDAY BYTES – July 2, 2012
Many creative folks have multiple income streams, and are at least partially self-employed. Freelance careers can make for both complicated taxes and a laissez-faire approach to career management—getting by with whatever comes along.
As a creative worker, it can be all too easy to NOT see the big picture of your financial situation and career trajectory. So it’s a good idea to periodically examine your “business model.” Reducing it down to essentials, let’s look at the revenue—what’s coming in.
To help your thinking, try this week’s strategy steps:
1. Make a list of ALL the ways you generate revenue—these are your “product” lines (such as your church job, private teaching work, sub work with a local orchestra, a day job, etc.)
2. Next, create another list of possible NEW ways you could generate revenue (or ways to rebalance the existing revenue streams). Be specific: think about all your skills and experience (musical and otherwise)—and write it down.
3. Now leave your lists aside. To get a sense of your “big picture,” use a blank sheet of unlined paper and any colorful markers or crayons you like, and illustrate your revenue “big picture.” Depict all your revenue streams (both current and possible future ones). There’s no right or wrong here—draw it YOUR way.
After you’re done, take a good look at your masterpiece. Most likely, it will reveal some of your unexamined thinking. In your drawing, which income stream(s) dominate, or seem to get more energy and effort? Not all income streams are equal, in terms of revenue, time/energy spent, and emotional investment. Any surprises in how you’ve represented your income streams? What does your picture suggest to you?
Question for the week: What changes do you want to make based on your big picture insights? What can you do this week to get started—think practical and small action steps!
Bonus: For more on business models, here’s a quick and fun video (27 minutes) from the founder of CDBaby, Derek Sivers. Loaded with great examples of innovative business models to expand your possible ways to monetize you expertise: watch the Art of Profitability.
I’d LOVE to hear about what you come up with!
Curious about working with me? Details are HERE.
Dream big, Plan smart, Live well!
