The income octopus
One of the things we like about him is his honesty. Until recently, my own particular favourite of his was his monthly income octopus. He’s decided to finish doing this for now and is replacing it with another financial topic. But all of the income octopus videos are still on his YouTube channel for anyone who wants to learn more.
Basically, he likes to run his business with at least eight streams of income, and he uses the octopus to bundle them all together into suppliers or types of supplier.
It’s pretty much the same as not keeping your eggs in one basket, which is something I’ve always strived to do and, until very recently, was very successful at. Up until the middle of last year I had at least four regular clients and had dropped the job boards from my routine.
Then my work for the one client – my favourite client, fortunately – erupted into madness, which was wonderful. The client isn’t just an editing client, they’re also a proofreading client and now they’re a writing client too.
And so my four regular clients dropped down to just one because I didn’t have the time to chase for other work or juggle multiple regular contracts.
This past month or so I’ve given myself a bit of a kick up the bum again. I’ve worked really hard to catch up on backlog of work due to various issues during December. And in between, I resurrected my job board account – and won a job immediately, for which I was also paid a bonus.
While I don’t have four regular clients any more, I do, however, have more than eight streams of income. I bunched a couple together and came up with the following:
- main client work (including editing, proofreading and writing fees)
- jobs board
- advances for books and novels
- editorial (including short stories, articles, readers’ letters, fillers)
- PLR & royalties (including ALCS)
- online surveys
So far this year, since I started this income octopus, number 1 above has been my top earner. My second biggest earner has been number 8, miscellaneous, and it includes income that doesn’t slot in anywhere else.
The areas I want to concentrate most on in the coming months are numbers 3 and 4, aka my own writing. If I can keep everything else chugging in – or those things I have any control over, such as the editing, proofreading and job boards – it’ll be great.
Brendan van Son needed to earn $2,000 a month from these eight sources when he started with the income octopus, and he reasoned it should be relatively easy enough to earn at least $250 from each. That’s a good way to look at it and, psychologically, an easy enough target to achieve.
I don’t need to earn that much each month (apx £1,400), but I think it’s a great idea and, as I have a picture of a cartoon octopus on my spreadsheet, it’s a fun way to keep track of things too.
If you had an income octopus, where would your eight streams of income come from? Answers below, and thank you for reading.