Archive for February, 2010
Like many entrepreneurs, Adam Levy expected to do well with the music equipment company he started in 2002. Armed with an MBA and pile of money made in the late-nineties technology boom, he invested six figures in his new venture and waited to cash in.
Only things didn’t go as planned.
His business partner, a music industry mastermind, abandoned ship within the first 18 months and the company floundered. Seven years later, Levy still wasn’t making a living wage and was six figures in debt. Out of cash and out of choices, he filed Chapter 7 bankruptcy.
“If I had known then what I know now, I would have just cut my losses, swallowed my ego and moved on,” says Levy, who’s based in Hoboken, N.J. “I didn’t and it almost cost me my marriage.”
Slash Your Budget
Of course, declaring bankruptcy — which experts say should be a last resort — isn’t the only way to stop the bleeding. Reducing your spending should be at the top of your list.
“Getting out of your office space is one big thing I’ve seen people do,” says Dan Olszewski, director of the Weinert Center for Entrepreneurship at the University of Wisconsin School of Business. Same goes for trading in that gas-guzzling delivery truck for a smaller vehicle or selling off that five-figure color copier and learning to love Kinko’s.
[Read the rest of this article -- including resources for negotiating both business and personal debt! -- on Entrepreneur.com.]
February 25th, 2010
If we haven’t seen each other yet this year, now’s the time. Join me as I cohost a mediabistro party for Seattle media professionals next week. Not a resident of Washington state? Not to worry. I’m sharing tips during a teleseminar on February 16. All you need is a phone. And finally, I invite you to bid farewell to March with a day chock full of seminars to help you navigate the freelance terrain during these challenging economic times. Event details follow.
Mediabistro cocktail party – Tuesday, February 9
When: 7 to 9 pm
What: Cocktail party for media professionals – freelance, staff, and those between jobs. Admission free; cash bar. I’m cohosting with freelancer Crai Bower.
Where: Grey Gallery & Lounge, 1512 11th Avenue, Seattle
RSVP: On mediabistro’s website
NOTE: The above party could use a volunteer to help the photographer jot down photo captions. Great opportunity for students and new freelancers who want to meet people in the media business. Email me if interested.
“Getting Started as a Freelancer” teleseminar – Tuesday, February 16
When: 9 pm EST
What: I’ll share tips on how to start a freelance career. Come with questions! I’ve got answers.
Where: Your telephone
Registration: IndieBizChicks.com; $10 for the entire IndieBizChicks Feb-March teleseminar series (my session + many others)
The Marketing Conference for Creative Freelancers: Finding and Keeping Work in a Tough Economy - Saturday, March 27
When: 8 am to 5:30 pm
What: In my session “Diversify or Starve! How to Stay Busy in a Tough Freelance Market,” I’ll discuss how to identify markets that are a natural extension of your skills, break into them, and promote yourself like crazy.
Where: Bastyr University, 14500 Juanita Drive NE, Kenmore
Sponsor: Tabby Cat Communications
Registration: $75 for entire conference; more info here
February 8th, 2010
In 2002, Marty Metro ditched corporate America to sell used moving boxes. Customers flooded his eco-friendly Los Angeles store, and Metro rushed to open three more locations, hopeful he’d soon be franchising the business throughout the country.
Only thing was, Metro couldn’t figure out how to turn a profit.
“The sales weren’t the problem,” he explains. “It was the operational costs. We couldn’t get the boxes, inventory them, store them and sell them in a way that actually made money.”
Three years later, Metro’s green business was still in the red and he was forced to shutter it. Saddled with $300,000 of personal debt, he found himself selling his office furniture on the sidewalk and back on the market for a day job.
While some would be discouraged, Metro doesn’t consider his failed business a waste of time or money. The lessons learned, skills acquired and contacts made have since served him well. So well, in fact, that he raised enough venture capital to re-launch in 2006 as UsedCardboardBoxes.com–a web-based version of his original business.
Like Metro, you may not walk away from a venture with any cash in pocket. But that doesn’t mean you’ll leave empty-handed.
[Read the rest of this article on Entrepreneur.com.]
February 4th, 2010
So you’ve had enough of your rotten boss or the hideous job market and decided to give freelancing a whirl. Congratulations. But before you settle into your SpongeBob slippers and turn to the day’s project deadlines, ask yourself this: How’s business? Be honest. Are you bringing in enough work? Making enough money to meet your expenses–and your saving goals? Happy with your current client lineup–or frantically nabbing any project within spitting distance for fear it will be your last?
If your freelance business has yet to meet your expectations, don’t fret. With a little strategy and planning, this could be the year you get there. Here’s how.
Track Your Time
Sure, many freelancers get paid by the project, day, week, month, word, session or click. But it’s helpful to do the math and see what your efforts are yielding per hour. This applies to all indie workers, whether you’re a writer, designer, photographer, programmer, bookkeeper, virtual assistant, social media expert or project manager. If you’re scarcely clearing minimum wage for that client you thought was such a coup, Houston, we have a problem.
Happily, the web is rife with free tools you can use to track your time per project. Examples: myHours, Slim Timer and Toggl. If the hours show that you’re grossly underpaid, you have two choices: ask for more money or replace the client with one that actually pays a living wage.
[Read the rest of this article on Entrepreneur.com.]
February 2nd, 2010
