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Why everyday is payday for the empire-building entrepreneur.

I’m reminded today about what it takes to create your own empire, where your income is not dependent on market changes or pay days and can be centered around what you love to do. My brother Dale has been an entrepreneur since leaving Morehouse in the 80’s. During a conversation years ago, when I casually asked when his next payday was, he uttered three words that have remained with me to this day… “Everyday is Payday“.

Mind you, at that time I lived for my Friday direct deposit, so his words were hugely inspiring – opening up many new possibilities for me. I mean, why shouldn’t your income be ongoing? This might still be a novel idea for some of us – as it was for me. I’m guessing that niche marketers, entre or micropreneurs won’t be surprised by this at all unless your income is centered around one sales type. But I had been brainwashed into a 9-5 mentality – where my life plan was largely dictated by my JOB. As I navigated the ranks of corporate America over the years, I came to realize that I needed a new way of making income – one that would sustain my lifestyle and allow me to retire comfortably (which for me means working on the beach doing something I love).

I embarked on my Everyday is Payday Project, the project elements included:

  • Highly active cash flow (high sales, low returns)
  • Multiple niche markets within areas you are passionate about
  • Automated online electronic delivery and offline service delivery components
  • Knowledge based product & service revenue streams
  • Company infrastructure can be duplicated easily
  • Provides work/life balance and the ability to work anywhere in the world
  • Something under my control – the more I put in, the more I receive

During the development of this empire-building plan, I explored many MLM programs – those selling technology, products, etc.  I loved the energy and the positive messaging about achievement that often go hand-in-hand with these programs. But I realized that whether it’s a mind-numbing 9-5 or high-energy affinity/network marketing company you are still creating wealth for the top tier of the organization. And most importantly, you also end up promoting products and services you don’t really care much about. For me this is not a winning combination.

"Thriving in the Creative Economy"

We have noticed for years now that creative skills in this economy are becoming more highly regarded. As we move from our reliance on production of goods and materials to one more largely based on selling ideas, we find that the creative vanguard is thriving. You know it’s true what they say about the number of millionaires that will tend to emerge from times of great economic distress, despite the circumstances.

With the right tools (almost all of which are found online) it’s now really easy to create, distribute, manage and collect revenue – right from your bedroom if you wish. If nothing else, the recession has taught us all to be more resourceful and to build multiple revenue streams. (just make sure it’s done well to ensure long-lasting profitability)

Here are six strategy considerations for building companies which thrive in the creative economy::

  1. Multi-tier pricing plans :: be flexible in how you approach your pricing model so that you can capitalize on all available revenue opportunities. We often recommend three or four layers to your pricing model
  2. Multiple product formats :: just as there are multiple prices, design and develop your product offerings in different packages or formats to meet the needs of your consumer
  3. Cottage Industry Costs :: keep your overhead low and put more money in your business checking account by working from shared spaces or home offices, this makes you nimble and keeps you from becoming a dinosaur
  4. Creative Consortia :: build mastermind teams who commit to sharing their skills to help everyone thrive
  5. Make it multiple :: one website isn’t enough these days your brand should have multiple sales, event and social media networks, feeds and landing pages all branded with care.
  6. Strategic partnerships :: Create an affinity network to help you save and make money.  Share your costs and profits from by developing shared advertising and campaigns and product offerings.