From Passion to Profit; by guest blogger Jackie Peterson

Introducing my first guest blog! Jackie Peterson,  from Better, Smarter, Richer is my special guest this week!

Jackie Peterson

Jackie Peterson has been helping creative entrepreneurs develop business savvy for more than a decade.

If only I’d known her, and learned from her when I was running my wearable art business! Oh, would I have saved myself some headaches!

I asked her to share her “Seven Business Principles” because we need to hear this stuff.  Over and over and over— until we embrace the fact that as much as we love to develop our creative skills, we also must build business muscles so that we transform our passion to profit.  I hope you enjoy her wisdom.

From Passion to Profit

“You’re such a talented artist!  But you’ll never make a living that way—better get a business degree.  Maybe you can keep painting/writing/singing [insert your passion here] as a hobby.”

Sound familiar?

Too many creatives have been discouraged by advice like this from well-meaning friends or family members. I wish I could turn back the clock for these promising artists and tell them that IS possible to make a living doing what you love…you just have to follow the right kind of advice.  Traditional business advice is built around hiring and managing employees.  Artists and creatives—solopreneurs who have to BE the business and do the work they love (not hire other people to do it for them!)—play by a whole different set of rules.

Ready?  Here they are:

1. Find your focus and develop your niche: Successful solos work daily to develop a deep and narrow niche in their field…you’re not just a photographer, you’re a photographer who specializes in black-and-white nature scenes from the Pacific Northwest.
2. Articulate your unique value proposition: Successful solos ALSO know to clearly succinctly tell others what they do.  Instead of “Oh, you know, I take pictures, and I kind of prefer doing outdoor stuff…” think “I’m a photographer who specializes in high-quality black-and-white photos of Pacific Northwest nature scenes.”
3. Avoid mission creep: There’s an important word that a lot of creatives don’t seem to have in their vocabulary: NO.  It’s important to say no to work that takes you away from the direction you want to be headed.
4. Avoid the time/money squeeze: You must know how to get the best return for each hour you work.  That means knowing exactly how long it takes to do a project…and exactly how much you must charge in order to earn it.  Since you choose the hours and you quote the price, why not get it right?
5. Develop a business mindset: You don’t have to be a starving artist!  Successful solos respect and understand the value of money, and work hard to understand the financial aspects of their business.
6. Understand your target clients: Successful creative entrepreneurs are able to say yes to clients who further their career…and (here we go again) NO to those who might not be a good fit.  Make sure your clients are a good match for your deep and narrow niche, communication style, project vision, and financial expectations.
7. Market everyday: Don’t be afraid of marketing!  Develop a marketing plan that is focused, clear, dynamic, and financially responsible.  If you do a little bit every day, it won’t feel like such a chore!

Jackie B. Peterson has worked with small businesses and solopreneurs—including creative and encore entrepreneurs—for over 30 years.  She was named one of the 100 Most Powerful Women in the Northwest, and recently won the Portland, Oregon Chamber of Commerce’s prestigious President’s Award in recognition of her years of working on behalf of the small business community.  Jackie is a strategic adviser and instructor for the Small Business Development Center at Portland Community College, and also offers one-on-one consulting, study groups, and an exciting new series of web-based workshops and tutorials.

Learn more at www.BetterSmarterRicher.com.

Want more? Jackie and I are setting up a Google+ Hangout in the next several weeks. . . to be in-the-loop, join my tribe with your name and email below! When we get rolling it’s a rocking good time, I hope you join us.