Diverse income avenues for creative business leaders may make the difference between whether or not your company survives or not. By having multiple avenues of income you can also increase your chances of remaining passionate about your product and service offerings over the course of several years and decades.
Flexing Small Business Muscle
According to Get Busy Media there were approximately 27 million small businesses in the United States as of 2011. When you consider that at least 60 percent of all jobs in the United States are created by small businesses, the muscle these smaller organizations have becomes increasingly obvious. Yet, small businesses can be the hardest hit during economy downturns. After all, these companies have between one and 50 employees, generally not enough to gain the attention of local and federal government officials on their own. It’s in the banding together via professional associations and unions that small businesses get a voice that’s as loud as a major corporation.
Creating Diverse Income Avenues as a Small Business Leader
The importance of having multiple streams of income grows as the numbers of employees your creative business has shrinks. For example, if you’re an independent book publisher who’s wearing multiple hats (e.g. executive director, marketing manager, publicist, accountant) having diverse income avenues can help you manage through slow book selling periods. It’s also a way to expand your business knowledge as you explore additional ways to generate income.
Below are a few ideas you can consider as you explore diverse income avenues as a creative business leader:
- Create and sell e-books in the fields or occupations you operate your creative business in. Smashwords.com and Ebookit.com are two vendors who’ll take your manuscripts and convert them into e-book format. These and other companies also distribute your e-books to retailers, increasing your book sales.
- Write articles for local newspapers and major online and print publications, articles that are related to your company offerings. Include your website URL in the article bylines.
- Design t-shirts, hats, mugs, etc. that have your creative business name and logo (remember to include your website URL on all of your products!) and sell them through online and offline stores.
- Edit and market books, articles and manuscripts written by other creative business leaders for a set fee.
- Schedule and deliver educational and/or motivational speeches at colleges, universities, high schools, social organizations, etc.
- Create one or more websites to promote other creative business leaders’ work, requesting a monthly fee to continue to highlight the work. Mosaic magazine and the African American Literature Book Club (AALBC) do this with success.
As you continue to brainstorm for ideas to create diverse income streams, you can find new ways to grow your wealth. While your income grows, also continue to focus on ways to improve your existing products and services. After all, it’s in the service (even if it comes in the form of quality entertainment) to others that word of mouth spreads and consumer support for your creative business grows.
Get into Spiral online at: https://www.ebookit.com/books/0000000841/Spiral.html
Check out Long Walk Up online at: https://www.ebookit.com/books/0000000531/Long-Walk-Up.html
Sources:
http://www.getbusymedia.com/small-business-stats/#comment-2496 (Get Busy Media: Small Business Stats for Small Business Week 2011)
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