How to Monetize Your Brand

In the internet age, there are numerous Freelancers who gain significant notoriety through social media platforms, mainly Instagram, Facebook, YouTube, Twitter or their blogs.  Their accounts have thousands of subscribers and followers.  Paid advertising deals have come to about all of them and provide a revenue stream.  However, advertising deals are not all equal and advertising rates received can be too low to substantively impact one’s financial status.  Often, the achievement of notoriety earns these Freelancers little money.

Among the primary differences in earning a living in the 20th and 21st centuries is that in the former, one made money by doing a particular activity, such as law, medicine, secretarial, writing, or being a musical entertainer.  In this century, there are proportionately far fewer traditionally employed full-time workers and many more of the self-employed.

A 2017 study by Intuit (maker of QuickBooks) reports that 34% of U.S. workers are self-employed, swelled by Lyft and Uber drivers who join the usual plumbers, electricians, website developers and event planners.  The path to money for Freelancers is to skillfully parlay the achievement of notoriety into a series of revenue streams that create a sustainable income.

For example, Freelance writers of magazine articles were formerly paid $1.00 per word or more and many publications would regularly hire writers to produce 500 – 1500 word articles. The writing life was good.  Even those who wrote for a mid-level daily newspaper and occasionally submitted a story to a middle-brow magazine could be financially comfortable.

Then the internet age arrived and turned the world on its head, in more ways than one.   Online ads may sometimes be clever but they are apparently perceived as less compelling than the full-page ads that once fattened your Sunday newspaper and as a result, online ads command a lower price.  Advertising revenue is tanking and has caused publishers to cut back on editors’ salaries and perks.  Compensation for writers at online magazines is a mere pittance.  In the literary world, advances to writers have become smaller and less frequent.  Book tours are for big-name authors only.  Publishers and editors-in-chief have much smaller budgets and the chauffeured town car to take them to the office is about to disappear.  The Vanity Fair and Rolling Stone editors-in-chief recently announced their retirements.

Musical entertainers of every level made money from record sales, singles and albums, plus touring.  But in the late 1990s that began to change when Napster brought about peer-to-peer sharing of music files. Today, music is downloaded and performers from Nicki Minaj, who is the face of MAC cosmetics, to Lady Gaga for Tiffany & Company, use their famous brands to generate millions of dollars for the corporation and themselves by appearing in ads.  Touring remains relevant but music sales, for decades the very reason for being for a musical entertainer, are greatly diminished.

In the 21st century, one must learn to generate a livable and sustainable income as a result of one’s writing, or other expertise.  This is an unprecedented shift in the way an economy works.  The big challenge for those of us who are self-employed and following the playbook as regards developing a strong online presence, teaching at the university level, speaking at business and professional associations will not appear in an auto advertisement any time soon monetize their comparatively modest brand and perhaps superior expertise?  For those who no longer find an open door to full-time, benefits paying employment, making a living only becomes more difficult as time goes on.

So what does one do? Suggestions on how to make money by building on your brand will be featured in next week’s post.

Thanks for reading,

Kim

Academy Award winning actress Joan Crawford (Best Actress 1945, Mildred Pierce), who was the Pepsi Cola brand ambassador, in Frankfurt, Germany (1963).  Photograph: Tony Evanoski/Stars and Stripes (publication that has served military personnel since 1936)

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Ready To Fly Freelance!

According to the Freelancers Union, 53 million Americans, 34% of the workforce, engaged in some level of Freelance work in 2014 (that includes workers like Uber drivers, who are classified as private contractors). Of that number, 45% were Freelancers who consider themselves self-employed professionals; 27% were moonlighters, doing Freelance projects in addition to their primary employment; and 18% were considered “diversified” workers, who cobbled together three or more revenue raising activities to support themselves.

Businesses large and small continue to eliminate traditional full-time employment and push American workers into figuring out how to support themselves independently. Some workers have an entrepreneurial mindset and an independent spirit and would strike out on their own regardless. Maybe that is you? Whatever the circumstances, the time may be right for you to plan to work for yourself. Here are some signifiers:

You are confident You’ve honed a set of skills over the years that you are certain others will pay you to provide to them. You have access to potential clients who are familiar with you and your work and you are fairly certain that you can build a successful organization that will yield an income that will allow you to pay your bills and maybe even exceed your current salary.

You have a very good professional network and colleagues who will make referrals for you (and you will be able to return the favors and make referrals as well). You believe in yourself and your abilities and you are not afraid to step out and go it alone.

You are self-motivated You want to be independently employed, the captain of your own ship. You are a self-disciplined leader who is comfortable working alone or in a team. You are able to meet deadlines and enjoy meeting and especially exceeding expectations.

You cannot get a better job The new economy is unkind to so many. Middle-class jobs have been disappearing since the late 1980s as a result of computer technology, globalization, the off-shoring of labor and most of all, unprecedented corporate greed that has driven down wages, restricted merit raises for the vast majority and made billionaires of the 1%.

Age, race and gender discrimination are real and well-documented. The pervasive use of “search committees” that control the hire of even administrative assistants, whose members apparently aim to hire minimally competent functionaries who are incapable of out-shining the committee members, effectively block the employment of many talented workers.

Regardless of your skill set and experience, work ethic and track record of working collaboratively, you may not be able to get either a promotion or a new job anywhere. Breaking into a new field with “transferable” skills is usually limited to either the enormously well-connected or the very fortunate.

You’re a good salesperson  Freelancers and business owners are salespeople, first and foremost. Devising and implementing a marketing plan (and financial and operations plans as well) requires that you promote your venture in ways that will put you on the radar screens of potential clients and referral sources. Whether you are an introvert or extrovert, you must effectively talk up your business, in particular to those with money and motive to do business with you.

You have money saved You’ve been able to save 6 months + wages that will float you as you bring in projects and rack up billable hours. To further cushion your Freelance experience, you would be wise to identify and pursue other revenue streams, better known as flexible part-time employment. Teaching is a popular sideline for consultants, but do not be embarrassed to consider taking a low-level job that will not bring you into contact with potential clients. You just want to discreetly make money and also have time to pursue your real work.

Flexibility matters You may have aging parents who need your help; you are the parent of school-age children; or you prefer to work intermittently (or all three). Being saddled with the ongoing requirements of a 40 hour + job may not blend well with your personal obligations.

If you think that you have a marketable skill, arrange to let potential customers know and try to get hired for a few projects while you still have traditional employment. The strategy also applies to those who are retired or about to retire. Join the 27% of Freelancers who moonlight and beta test your business concept. You could be pleasantly surprised by how much you enjoy running your own empire!

Thanks for reading,

Kim