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Archive for the New York City Category

Mulitple-Streams-Of-Income
Find out what revenue streams are key for short and long-term growth.
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Cashflow

Cashflow might be the most important element of any small business. You can have a great business idea, be an incredibly hard worker, and have all the mentors and connections in the world, but unless there is money coming through that door on a consistent basis, the business isn’t going to last too long.

How many times have you read about new startups and their burn rate, which is defined by Wikipedia as “a measure for how fast a company will use up its shareholder capital… if the shareholder capital is exhausted, the company will either have to start making a profit, find additional funding, or close down.”

For an individual entrepreneur, it works the same way. If the cash flow isn’t coming in, they might have to borrow money from friends, find more clients, borrow on credit cards, or go back to working a full time job.

In the pursuit of wealth and building a business, I propose that there are 3 types of income that solopreneurs should strive for:

1) Consistent Income

Consistent income is what feeds the bottom line of the business, and frankly, pays the bills. This is money that you can count on to come in without fail month after month, serving as a baseline for basic expenses.

Let’s look at some examples:
Joanne is a talented web designer. She left her full time job last year at a major publishing company to go out on her own and build her own business. Because she was so specialized in what she did and her old company really loved her work, they agreed to keep her on retainer, paying her $3,000 per month in exchange for being available to do small projects such as ads, banners, emails, templates, and website design projects as they come up.

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vanilla-ice-cream
Why it’s important to sample.

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The Perfect Life?

Imagine a 42-year-old man named Sam. When he was a kid, his father, an insurance salesman, would take him out for vanilla ice cream. He was very good at math in high school, and in his senior year he met his sweetheart, Karen. On their very first date, he took her out for vanilla ice cream.

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permission-slip
Remember back when a field trip meant everything?

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Asking Permission

Although I feel like it’s a phrase that’s been used a million times, I still remember the first time someone told me, “It’s better to beg for forgiveness than ask for permission.” It was an executive at ESPN and remember him saying it with sly look in his eye, as if we were getting away with something. And maybe we were.

Take a second and go back to your elementary school days. For months on end during the school year, the routine was the same… you rode a big yellow school bus in the morning, you worked your way through the same structured class schedule every day, the same teachers taught the same lessons about history and math and science that had been taught to the kids last year and the years before that, and you ate the same boring lunch in the same cafeteria.

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TheHopkinsonReport-Podcast-250

Predictions, Rants, Analysis, and Advice after 250 episodes.

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250 Episodes

Can you believe this somehow snuck up on me? That’s what happens when you’re consistent and you just dig in and crank out something new every week.

So while I had an elaborate rooftop party for episode #100, I don’t need recognition or balloons or high fives for hitting episode #250. Just me, a microphone, and my continuing desire to rant about a topic every week to anyone out there that will listen.

For those that continue to be a fan of the show, my sincere, heartfelt thanks.

However, to celebrate the milestone, lets take a big picture look at the state of new media. I’m not digging too deep into the facts and research for this one, just going from my gut, taking a look at…

Products and trends I think are on the way out, holding steady, and on the rise.

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Portland-Food-Truck-Line

Is everyone else slow or is it just me?

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Efficient vs. Impatient

I have now lived in Manhattan for almost 12 years, which, despite my Boston upbringing, probably makes me an official New Yorker.

Sometimes people get the impression that New Yorkers are mean. That is entirely untrue. I’ve found people here to be incredibly helpful, kind, and outgoing. We are not mean. We are not impatient. But I’ll tell you what we are:

Ruthlessly efficient.

Here’s the difference:

I am not Impatient
– I have a long term view of life and a strong sense of delayed gratification
– I tend to work long and hard on projects and earn things over time, like sustaining a podcast for 5 years, training six months for a marathon, or starting a business at age 42, not 22
– I am not the type of person that blares their horn at the car in front of me the second a light turns green

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