Navigation Point: Building Growth
There are times when opportunities of building additional revenue are presented in our path.
Should we go down that road? Will it lead to trouble? Let’s see.
Why Accept Outside Revenue?
It’s known by many names and forms:
- Affiliate programs
- Subcontracting
- Gig work
- Part-time W-2 work
- Freelancing
I’ll refer to it as “outside revenue”; opportunities to bring in additional money outside of your own business model by partnering with other companies.
The reasons to say yes can be just as varied, and not even be tied to money. You can –
- mitigate a lull in your company revenue.
- work with a whole new set of clients.
- work with a company you admire.
- expand your knowledge base.
- gain new experiences.
- grow your network.
- fast-track your savings goals.
- throw some fun into your day to day.
Financial genius, Warren Buffett, says “never rely on a single source of income.” He advises finding ways to bring in money from a variety of sources.
It’s another take on, “don’t put all your eggs in one basket”. However you say it, it’s wise advice!
How Outside Revenue Can Throw You Off-Track
There are always 2 sides to the story, so it’s just as critical to beware of pitfalls when seeking outside revenue or considering opportunities presented to you. In fact, this consideration is so important, I created a worksheet in my Growth Positioning System.
Some items from my GPS Tool include
- How much will this take away from time devoted to my company?
- What is the expected payment and pay schedule?
- Who else is involved in this opportunity?
- Who will I have access to?
- Are their core values aligned with my own?
- What are the legal considerations (ownership of work) in the contract?
And as an entrepreneur, I’ll bet the biggest consideration you’ll have is
How Much Freedom Will I Have?
We’re not used to reporting to or answering to someone else; we make our own rules and now we have to follow someone else’s.
Are you ok with following someone else’s rules and processes?
A lot to weigh!!
How Can I Help You?
If you need help with this or similar scenarios, and are reaching decision exhaustion and entrepreneurial loneliness, it may be time for you to enter a supportive group environment. The Clear Path Collaborative provides you with access to the Growth Positioning System, a coach, and fellow entrepreneurs who experience what you do and are ready to help each other on a steady path of growth. Running all aspects of a business alone is madness. Even when you have a team, the buck stops with you and it’s lonely at the top. A peer advisory board has helped millions of business owners. Here’s how you can benefit as well.