I am working with a study group whose members are all board members from I Heart Art here in Portland. What a great group of talented creatives! We had a great discussion last week about the way that the concept of “expert” is now being co-opted by people who only want to make money by claiming expertise when it may not be warranted. I have been thinking a lot about that conversation and I think the word we creatives should use is “mastery.” What we are doing as we move confidently into our unique niche, is claiming our mastery in whatever field we are in. I think this word better describes what is happening and is easier to say. What do you think?
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Sheri Joi recently did a phone interview with Amy….click here to listen to the updates going on with Amy and what she has learned in her journey to the top. This is a short interview (about 15 minutes) that will inspire you on your creative journey. Small file of Amy McAuley interview She has a piece of advice that EVERY creative entrepreneur needs to hear. Visit Amy’s blog to keep up on the exciting new projects she is working on. http://oculuswindow.blogspot.com/  Does this project lead me towards my mission or away from it?
As Creative Entrepreneurs and Solopreneurs, we work and work and market and market and then a possible opportunity comes our way BUT it is not QUITE the right thing. Is it a great opportunity not to be missed or is it mission creep? How to know?
Here are some questions you can ask yourself:
One of the problems we have as creative entrepreneurs is that we like what is new, different and exciting. One of my clients said, “I get distracted by shiny things.” Is this project a distraction or is it right on track and on focus. When you take on projects that are off your mission and off your focus then they are really distractions, not career moves. A career move is one that is going to lead you to other wonderful jobs- other work that is right on target for you and your skills and your dreams and aspirations. We all know one thing leads to another. The same is true of work. One project leads to another. The people who see you doing work that is not quite the right thing are going to refer you to other “not quite right” projects. One of the problems with mission creep is that often the referrals to the jobs that are not quite right come from those who love and support us and are giving us ideas and referrals because they do not want to see us suffering or worrying. So, they make suggestions. However, if we have not been ABSOLUTELY CRYSAL CLEAR about our focus and our niche, they, because they are not certain about what we want, send out random ideas that they think are what we want. These random ideas are both help and temptations. Even if they are the wrong ideas, they tell us that we have not yet gotten our message out clearly. After all, if our message was clear, the wrong referrals would not be made- what that means is that we have more work to do. They are temptations because sometimes we just get scared and allow our focus to drift- take the wrong work for the wrong reasons. Remember, test new ideas against the questions I have outlined and be honest in your answers. If the project/work is not right for you , say NO. I promise that when you have the courage to say no to the wrong work, when you stay out of mission creep, the right work will show up. (Because you are finally clear!) Share the above questions with other creative entrepreneurs or solopreneurs that may be tempted to follow “distractions” so that they can find the perfect project/work.
 How do I balance the time I need to focus on my business and making money to survive? I believe mission creep comes from two sources: a fear that the work you want is not attainable and more importantly a fear that there will never be enough money if you follow your dream. Mission creep can also happen because of a fear that if you don’t take the first thing that comes along, you will remain poor and without work forever! But what if I need money now? That is the big question. I often hear “How am I supposed to spend all this time working towards my future goals if I still have to support myself?” My answer is: You take the minimum time needed to make enough survival money and then you spend the rest of your time focusing on your goal. Taking short term work is not necessarily mission creep as long as you keep your laser focus on your business goals. Recently I spoke with a creative entrepreneur that had returned to his previous transport job on a part time basis because it was easy, he knew the work and being part time allowed him the time he needed to focus on the goals he had for his computer programming business. I know that it can be extremely tempting to go for the easy money when money is tight but I encourage you to make your choices with a very careful eye on the future. If you consistently take work outside of your direct mission or take a long term job in a completely different direction you may be giving up your entrepreneurial dream and turning it into a “beloved hobby.” What ways have you made money while getting your creative business under way? Share with us below.
Did you read the previous blog about the changes for online sellers? If you do any online selling (think paypal), then you need to know the changes being made about YOUR business. Read the blog here……http://www.bettersmarterricher.com/2011/10/big-changes-for-online-sellers-2/ So, what do all these changes mean to you and your business? You need to know what your cost of goods sold is. Outright, a software company, recently asked me to share my expertise with their blog community on this subject. In this quick blog I explain why you really need to know the cost of goods sold as well as your monthly fixed costs ….. (think *profit*…I know I always do and think write off’s). Great info…. Check it out here…. http://outright.com/blog/why-should-you-care-about-cost-of-goods-sold/ To check out the wonderful software that Outright has available for solo and creative entrepreneurs, you can find them at www.outright.com
Outright dramatically streamlines the work involved with running a small business, by helping entrepreneurs pay the right taxes, organize their income and expenses, and keep their businesses on track. We help small businesses thrive in our connected world. Read more about what inspired them to create this software at:  Outright software for solopreneurs
Starting with Tax Year 2011, there are some big tax law changes coming for online sellers. All payment processors (think PayPal) will be required to send 1099k forms to online sellers who make more than $20,000 in sales AND sell more than 200 items. The forms will arrive in sellers’ mailboxes in mid-January 2012. So, what does this mean in plain English?
Hopefully, you’ve been tracking your expenses all year and this is easy! But, if not, you should start now – as something is better than nothing. One way to go is to use a free online tool, like Outright, that does it for you by downloading your transactions into one place (disclosure: I work for Outright.com). Alternatively, you can start tracking your expenses in excel, so that you have the appropriate records. Either way, the better your tracking, the better your taxes will be at the end of the year! About the Author: Laura Messerschmitt is the Vice President of Marketing at Outright, a free online accounting software for small businesses. She loves helping the self-employed and small businesses to be more successful and grow their businesses.
(Now visit the Outright blog to read my guest blog that will help you understand what cost of goods sold is and why you should care about cost of goods sold. http://outright.com/blog/why-should-you-care-about-cost-of-goods-sold/ ) Most Creative Entrepreneurs suffer from Mission Creep so what is it?
Before my clients call or email me for consulting they are usually fully entrenched in mission creep. These creative clients see so many opportunities that they can hardly sit still and they bounce off into all directions. They do a little of this and a little of that, following every new idea that comes along, hoping this is the one! They eventually find themselves spread so thin in all their efforts, trying to keep all of their ideas a float that there is not time or money or energy for any of their endeavors. I believe mission creep also comes because creatives have a fear that the work they want is not attainable and more importantly a fear that there will never be enough money if you follow your dream. Well, meaning loved ones also help with mission creep as they offer suggestions for work that is “like” what you’re real intention for work is but is not exactly what you really dreamed you would be doing. The problem is that you take a job “like” what you want to do then that leads to another “like” it but a little further away and another and another until finally you are so far away from your original mission that you are burned out. Here is a page from the workbook, Better, Smarter, Richer. This client had a huge awakening when she sat down and finished this exercise. Do the exercise yourself and see if you suffer from Mission Creep. If you find yourself fully entrenched what can you do to avoid mission creep? (Hint: The next exercise in the workbook has all the answers to this question.)  Do you suffer from Mission Creep?
A UniqueValue Proposition should: - Be unique. - Clearly and passionately state what you do and how your work is different from others in your field. - Confidently state the value you bring to others. - Purposefully state how the listener can work with you. - Possibly ask a question about a “problem” a customer would have so that they can see how your work will “solve” their problem. If you have the book, Better, Smarter, Richer: Seven Business Principles for Solo and Creative Entrepreneurs, there are fabulous exercises on coming up with the perfect U.V.P. and if you are signed up for the Better, Smarter, Richer Mastermind then we will work on making yours even BETTER!
Share yours below….
Last week I answered some very tough questions on our Cash Flow call. The call was a huge success and we had many people on the call, we’ll do another one soon!
One of the biggest problems that solo and creative entrepreneurs have is they just don’t know where their money goes. They don’t track it and they don’t plan for it. Here are some steps to get you going in the right direction to start a positive Cash Flow Plan for yourself:
1- Start a money diary and track all your incoming money and your expenses for the next 2 weeks. Make detailed entries so you’ll know where your money is being spent. This is not about judging right or wrong on your spending habits. This is a tool to see where you can take control.
2- Put together a reasonable budget for a month. Personal and Business. List all your outgoing bills and estimate what they were for the last couple months and what you anticipate them to be for the next couple of months (remember to take in to account that warm months and cold months can make utilities fluctuate a bit.) Now calculate what your monthly incoming money has been for the last couple months and what you anticipate it to be the next couple of months (take in to consideration if your business has a seasonality to it.) Don’t forget to include a budget for entertainment and eating out. Setting a budget is a great tool to give you the courage to raise your prices to meet your budget needs.
3- Pay yourself first. Make sure you include yourself in your budget and make sure it’s not starving artists’ wages. If you have to start off small, that’s ok but include yourself in the monthly bills.
Repeat after me: “My money is the tool to give me the life that I want!”
Knowing exactly what money is coming in and what money is going out is a great start to treating your business like the success you want it to be.
We want to hear how you are doing with this. Click the buttons below and leave your comments.
“Now you know.And knowing is half the battle.”-GI Joe
 Where does all my money go?
· Why should I care about Cash Flow? · I have my bank balance isn’t that enough? · My problem is not having enough work-how will this help? · My clients don’t pay on time, that’s MY cash flow problem? · I look at my profit and loss quarterly, what’s different about cash flow? · What’s a good way to keep track of all of this information? · I never have enough cash, how can a cash flow plan help? · I barter a lot, does that affect cash flow? · I never have enough cash to plan- it’s totally hand to mouth; how can this help? · I am so busy doing projects, how can I possibly make time to make a cash flow plan- and won’t it take away from my work? · What do I need to know to make a cash flow plan? · I just got a great big contract, isn’t that all I have to worry about that? I thought all I had to do was do the work and he make sure he pays me on time? · Why doesn’t the bank balance in my head, match the bank balance on my statement at the end of the month? If you related to ANY of these questions then you don’t want to miss the CASH FLOW call I will be doing on Sept. 13th at Noon PST. This call is FREE and we want you to invite everyone you know that is passionate about making money doing what they love. This is a MUST hear call for all solo and creative entrepreneurs, put it on your calendar now and don’t miss it. Call in number is 507-726-4240 passcode 101311# Sept. 13th at Noon PST The call will be 60 minutes. The last 15 minutes you can log into Facebook and ask questions on the Better, Smarter, Richer page and I’ll answer them. I do this because if you have the question, I guarantee there are more that have that exact question or need to hear that question and the answers will help everyone. If you would like your questions to be anonymous you can email your questions ahead of time to Sheri Joi at bp@speakeasy.net and I’ll address them on the call. Use the buttons below to share on Facebook and email your friends. Time to get Better, Smarter and Richer! |
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