Tag: consulting

Multiple income streams

Right now, I’m splitting my time between being employed (four days per week with Moodle), my consultancy and the co-op which I co-founded (one day per week combined). In other words, I have more than one income stream, as this article suggests:

Having multiple income streams can come in handy if one income stream dries up. After two years in business, I’ve learned that you’ll always have peaks and valleys. Sometimes everyone is paying you, and sometimes your lead pipeline can look barren. I started a marketing and PR agency and spent that first year working my startup muscles: planning, strategizing, defining markets. If I hit a slow month, I kept working those same exercises. While it helped grow my business, I sometimes needed an intellectual rest day.

People who have only ever been employed (which was me until three years ago!) wonder about the insecurity of consulting. But the truth is that every occupation these days is precarious — it’s just hidden if you’re employed.

This is a short article, but it’s useful as both a call-to-action and to reinforce existing practices:

Developing a secondary income stream is easier than you may think. Think about how you like to spend your off hours and research potential markets. Maybe you’re really good at explaining something that is a difficult concept for other people–create a course on an on-demand training site like Udemy or Skillshare.

In general, we think more people are paying attention to us than they actually are. Your first endeavour doesn’t have to set the world on fire, be a smash hit, or a bestseller. The important thing is to get out there and provide something that people want.

Through volunteering, putting myself out there, and developing my network, I haven’t had to apply for a job since 2010. Also, with my consultancy, it’s all inbound stuff. Some call it luck but, as Thomas Edison is quoted as saying:

Opportunity is missed by most people because it is dressed in overalls and looks like work.

I’d add that knowledge work doesn’t look like work. But that’s a whole other post.

Source: Inc.

How to get people to pay you what you’re worth

Good advice in this article for people who (like me) are asked regularly whether someone can ‘pick your brain’.

If you decide you do want to give advice, do it on your terms. If they ask to meet for coffee and you don’t have time, send an email instead. If they ask a question that requires a novel-length answer, address one part of it, or send them some helpful links. Don’t fear being explicit that you didn’t have time to answer in full by saying something like: “Thank you for reaching out. Your question requires an answer that I unfortunately do not have time to fully address due to my work. However, you might find the following books/links/thinkers/YouTube videos helpful.”

Given I live in the back of beyond, most of my initial meetings are online, which makes life easier. I give people 30 minutes for free, and then that sometimes leads to them asking me to put together a proposal for them.

What I particularly like about this article is that it encourages readers to find ways to give back to their sector / profession:

Once you’ve created boundaries around when and where you’ll provide help on demand, you can begin looking for other, more expansive avenues for giving back. This can include devoting your time speaking on panels, at schools/universities, on podcasts, or at workshops for free if it’s a cause or audience that would benefit from your knowledge. Though beware of the requests that can often follow on from such engagements, and refer to the third step when answering them.

One thing that’s not mentioned in this article that I’ve found can work is if you offer a ‘critical friend’ service. This is basically billing them for a day’s work at your regular rate, from which they can draw down time for advice when they need it.

Source: Quartz at Work