What’s a business model?
A business model is a strategy describing how you plan to make money and earn income as a creative solopreneur. The building blocks in your business model should include a viable market niche, a value proposition for hiring your creative services in design or illustration, marketing, and business development activities to generate sales.
The Gig Business Model
The Gig Business Model is characterized by hiring engagements for short-term projects like postcards, flyers, brochures, posters, infographics, illustrations and logo design.
The Upside:
- Be your own boss
- Work with a variety of clients and web, design or illustration projects
- Set your own fees for creatives services
- No income cap when you hustle
- Freedom to set your work hours and how you get the jobs done
The Downside
- Continually start from scratch to find the next gig
- Need a high volume of projects to meet income targets
- Periods of unpredictability for generating income
- Abundance of competition on gig platforms and the democratization of design tools
The Cornerstone Business Model
The Cornerstone Business Model is characterized by being strategic about creating value from your creative services. The cornerstone for acquiring a more predictable income is acquiring and supporting a roster of loyal clients. These businesses rely upon your creative talents and services to help them grow. Further, these clients may want to be assured they can secure on-demand access to you and the value you create for them. The business relationship may be formalized by a retainer or a longer-term contract.
The Upside:
- Be your own boss
- Viewed as a trusted, strategic and collaborative creative partner to advance your clients’ businesses
- Work on more substantive and complex creative projects
- Opportunities to acquire new skills to strengthen craft and business acumen
- Work with a variety of clients and web, design or illustration projects
- Set your own fees for creatives services
- No income cap when you hustle
- Freedom to set your work hours and how you get the jobs done
The Downside
- Periodically start from scratch to find the next client or gig
- Some periods of unpredictability for generating income
The Entrepreneurial Business Model
The Entrepreneurial Business Model best fits born entrepreneurs, creative trailblazers, mavericks, and makers. It is characterized by developing a creative asset that you own. You generate income from licensing, marketing and selling it. An example of creative asset that is licensed and sold is software, fonts, etc.
The Upside:
- Follow your creative insights to build a terrific product that solves a market problem
- Build a base of customers and fans
- Develop a brand
- Benefit from a recurring revenue stream
- Create a legacy
- Be your own boss
The Downside
- Need to be comfortable with facing risks and blazing your own trail
- Balancing the demands on your time
The Diversified Business Model
Now that you’ve read about a variety of business models, think about what appeals to your career ambitions and your lifestyle. And if these models are not an exact fit, you have the freedom to construct your own. You can design your very own business model by borrowing or blending strategic elements until you get the right and satisfying mix.