The Magnificent Income Matrix
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Self-Employed professionals can create financial stability by incorporating the Revenue Quadrant and monitoring their Money Matrix. It's the perfect way to steer your solo-based business. Find out more.
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The Magnificent Income Matrix
- 1. The Magnificent Money Matrix The Rising Tide Lifts All Boats ~ We’re raising the tide International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 2. The Magnificent Money Matrix Feast & Famine to Garden of Possibilities International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 3. Solo Pros Selling Services… Can be like walking a tight rope International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 4. Just One Storm … International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 5. Can Wipe You Out International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 6. You’ve been told… What if your business is one basket? International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 7. It Doesn’t Take Much You lose a client Clients go DIY You get sick Or… International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 8. Build Your Own Income Safety Net International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 9. 1. Build Differently International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 10. 2. Monitor & Track International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 11. 3. Adjust International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 12. 1. A Different Model International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 13. Old Model Services by the hour. Juggling your business tasks while balanced on a unicycle. International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 14. Kayak! International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 15. A Stable Structure International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 16. What Are You Selling? International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 17. You’re Selling You International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 18. Work Your Quadrants International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 19. Zero in on the Quadrant 1 to 1 Products 1 to Many Passive International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 20. Quadrant A: Services International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 21. Your Premium 1 to 1 Time is precious. Services Charge for it. International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 22. Quadrant B: Presentations International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 23. Teach, Train & Coach Share expertise 1 to Many & experience Events International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 24. Quadrant C: Products International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 25. Package Solutions Group Services Products Templates Procedures & Systems Home Study Courses Workbooks from classes International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 26. Quadrant D: Ads / Affiliates International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 27. Put it on Autopilot Affiliate programs Joint Ventures Passive Advertising / AdSense Sponsorships International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 28. Things to Consider International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 29. Repurpose Work & Expertise International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 30. Content is Gold International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 31. Collaborate & Conquer International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 32. 2. Monitor & Track International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 33. Plug In Business Trends Economic Swings Target Client Needs Technology Updates International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 34. Listen What’s the problem? Be the solution. International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 35. Be Flexible Delivery options Multiple formats International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 36. Deliver Quickly Business moves fast International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 37. Keep Track: Your Matrix Summer | 2010 Your Business D: Passive Streams Quadrant Performance C: B: Products A: Events & Services Workshops International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 38. 3. Adjust International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 39. Adjust for Current Trends International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 40. Case Stories International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 41. David | Sparky Firepants www.SparkyFirepants.com www.DigitalIllustrationSchool.com International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 42. Emma | Acorn Host & Shop www.Beadage.com www.TaoOfProsperity.com www.HolisticBusinessAcademy.com www.AcornShop.com International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 43. Brandie | SOHO Solutionist www.SohoSolutionist.com International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 44. Questions? International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 45. Come Join Us International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 46. Get Connected www.IASECP.com International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 47. Academy www.IASECP.com/Academy International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 48. Magazine www.IASECP.com/Magazine International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
- 49. Summer Pilot Program Create, Launch, Sell & Repurpose Information Product Development Barbara@IASECP.com International Association of Self-Employed Communication Professionals | Self-Employed Academy • www.IASECP.com
Editor's Notes
- We’re going to talk about creating and using a Matrix to monitor and increase your income flow. Then I’ll share some case studies of some real members that are working it.
- Need More clients. JUST selling services can be super risky. You’ve got to market more (more work) to get in front of more clients (more work), but it doesn’t result in much more money. This model: Need more hours OR raise prices to make more money What happens when clients just ARE NOT buying?
- What if: Clients can’t or don’t want to hire you You get sick or hurt A natural disaster or storm shuts things down for a while All it takes is JUST ONE STORM
- You could go under…
- Your business can feel like One Basket… Old style business models for service-based professionals: Get clients / hire someone to do work. Doesn’t work. Raises your overhead Doesn’t cover the other person Your clients hired you You’re not in business to manage someone else.
- There’s no wiggle room with the old model It doesn’t account for fluctuations in the business climate - which can be volatile
- You cannot rely on the government or someone else to step. You need to build in your own safety net How do you do that?
- #1 You need to build your business differently
- #2. You need to monitor what’s going on outside your business and track what’s going on inside your business.
- #3 The you need to adjust as needed Let’s go back and talk about #1
- #1 You need to build your business differently You need to know the difference
- Selling services depends entirely on your clients and what they’re willing to spend. There’s very little difference to having a job except that you also have to do: Marketing Invoicing / billing Administration tasks You need a better VEHICLE.
- Kayaks are small and nimble They can take a hit and roll with it They can go with the flow They can turn on a dime to explore opportunities or to avoid obstacles They can adjust to risk tolerance | Shoot the rapids or stay in calm waters They’re STRATEGICALLY BUILT How do you strategically build a stable small and nimble business?
- Start with a stable structure. Just as a building has 4 walls - you need a Quadrant structure built into the foundation of your business.
- What are you are selling? Design? Writing? That only allows you to compete on price with all the others out there. What are you really selling?
- What you bring to your specialty is unique So you’re selling YOU Clarifying that will make it easy to work the Quadrants.
- Once you understand you’re selling you Knowledge Experience Skills And you understand the basics of the Quadrants - it’s easy to take control of your business
- Like the walls of a building, the quadrant will help bring stability to your bottom line.
- Just like working with any expert: Your 1-on-1 services should be the most expensive way to work with you.
- If clients don’t want to pay the premium… Live or recorded
- A group event gives access to you for far less money for clients If you’re hourly rate for services is $150, and you do a 2-hour workshop for $50. The client gets a deal. They get access to your knowledge & experience But if there are 10 in the class - you earn $500! You get a deal. Added bonus: you only create the material once and give the class many times
- Products allow you to earn while you do other things
- Information products allow you to sell your knowledge, experience, and skills outside your local area. OR you could automate parts of your services and create packages that way Hint: Repurpose the class material from Quadrant B to make a product.
- Passive streams of income can add up with very little effort
- There are many ways to work affiliate programs You can promote (or recommend) products made by other experts that you have an affiliate agreement with Or you can create your own affiliate programs and have others promote your products and services to their people Just be clear on what your selling to who
- Here’s a few things to consider when you’re creating your Quadrants…
- Recycle work and your expertise Don’t try to create the wheel each time Be the expert in your area and leverage that in different ways
- It’s really your knowledge and expertise that people are buying. Hint: There’s way too much information floating around. Leverage your expertise on what to do with that info.
- Don’t try to be the expert at everything. That’s not possible and will hurt your credibility. Leverage other experts to broaden your offerings. Collaborate, joint venture
- #2. You need to monitor what’s going on outside your business and track what’s going on inside your business.
- Understanding what’s happening outside your company can help you know what do to next
- Connect to your tribes - targeted groups of ideal customers Be present. Ask Questions. Create the Solutions
- If clients would rather have physical material than digital - deliver that. If they want podcasts - do podcasts If they want video - do video Be flexible and nimble
- The advantage of being small is that you can move quickly When you hear a need - deliver the solution quickly -Follow up quickly Instant gratification is huge in today’s world. If someone needs a problem solved NOW, and you say you’re the expert - they expect you to deliver NOW
- The results from Monitoring quadrants becomes your Matrix Keep track of how well each quadrant is doing. Doing a quarterly check up will help you plot your business’s course.
- Reviewing the Matrix of how well each quadrant is doing - along with what the current trends are will help you know what to adjust.
- Maybe established clients aren’t spending money on services right now Current trends show that 82% of people that have been laid off are starting their own businesses. They need your Knowledge and experience. Shift your energy from focusing on providing services, to teaching and leading others either through workshops and seminars or with products, templates or packaged service solutions
- Services : Illustration & Design Teach : Digital Illustration School Products : Templates, Tutorials Affiliate : Websites, advertising, partnerships
- Services : High-end only Teach : Business Coaching, blogging Passive : Hosting; AdSense, Affiliates Products : Templates, Shopping cart subscription
- Services : 1-1; Groups Teach : Trainings/events Products : Membership resource site, tutorials Blogging : Syndication, ads, affiliates
- There are lots of ways that you can connect with us
- Newsletter Blog Member Profiles Resources Member Benefits Magazine
- Group Study Home Study Mastermind & Success Circle New Product Development Pilot Program
- Quarterly magazine with insider profiles where we go inside the businesses of members of our community and share how they’re making it work. We also track coming trends and share tips and tactics.