 |
|
|
      
|
Different Ways to Make Money Part One
By Marc Kramer
"Web Sight"
marc@kramercommunications.com
Practically every consultant I have ever met has limited his or her income by focusing only on providing his or her expertise in the form of project work. When I meet with fellow consultants and they ask me how I manage to make good money regardless of the economic conditions, I tell them that I do it by diversifying.
When I started consulting, I listed everything I thought I was good at and what friends and business associates told me I was good at. My skills are as follows:
- Writing
- Networking
- Speaking
- Investigating
- Thinking creatively
- Managing people
My wife tells me that one of my strengths is coming up with new ideas. She believes it is one of my gifts. I think anyone can do it if they open their eyes and ears. Here are some sources I use for coming up with ideas for new revenue:
Analyst Reports - I like to read stock analyst reports from brokerage houses such as E-Trade, (www.etrade.com) and Merrill Lynch (www.merrill.com) and research reports from organizations such as the Gartner Group (www.gartner.com). A great place to get from research is Cyber Atlas (www.cyberatlas.com). I read in a research report that business professionals who buy products and services on the Internet typically spend under $200 a transaction and many of those transactions are for a service such as travel and access to online databases for research and information.
Business Books - I read a variety of business books including autobiographies, biographies, and books on marketing and sales. I like reading books written by futurists like Faith Popcorn. I don’t always believe or accept what futurists say, but they do give me ideas. I like reading biographies and autobiographies because ideas tried by legendary CEOs from the last century can still be applied in various ways today. What amazes me is how few business people I know actually read anything more than magazines. Technology may change how businesses offer existing services or provide new opportunities, but the process and methodology of successful people are usually the same and it’s their stories that inspire new ideas.
Business Conferences - One of the best ways to come up with new ideas is to attend venture capital and industry conferences. I particularly like venture capital conferences because the companies that are presenting are typically focused on solving a particular problem that they have identified. It’s interesting hearing what venture capitalists have to say about the companies and which ones they decide to invest in.
Business Magazines - I read a variety of general business magazines such as Fast Company, Inc, Success, Fortune and Forbes, plus industry- or professional-specific magazines such as CIO, CFO, Direct Marketing News and Interactive Week. I like reading business magazines because I learn about new businesses and services and this gives me ideas on what I can offer.
Consultants - As much as I can, I try to have breakfast or lunch with other consultants to see what they are doing, how we can work together, and what new sources of income they have come up with. I ran into a consultant in New York that said he surveys a core of 30 professionals in his industry about different topics and e-mails that information to clients and prospects. I asked him if he ever thought of performing the same interviews for his clients and he said no, but it gave me an idea for a new service that I could offer.
Surveys - Industry surveys are very telling about what people want and don’t want. I like to go on the websites of trade associations and read the surveys they conduct. I also like to go on the U.S. Census site (www.census.gov), which provides a lot of insights into where business is migrating.
Websites - Most people surf the Web for relaxation, but I like to type in the names of industries and corporate leaders in those industries to see what new products and services they are announcing and what types of people they are looking to hire.
I believe you should leverage everything you know and can do, which will translate into more consulting opportunities and new sources of revenue that make you less dependent on fixed-price and per-hour charged projects. Next week, I will I will share with you some of the services I came up with that helped me diversity my income and have allowed me to make money in this slow economy.