And then something inevitably goes wrong

What does this (F+W Media bankruptcy filing) mean for the little people like designers and tech editors (...and of course everyone who works there, but I am speaking from my own perspective, my own experience as a contract worker for F+W)?

It is not clear how this will affect us. But I’ve already reached out to check in on the status of payments coming due soon for projects I’ve worked on (I still haven’t received a definitive answer, but we’ll see)👀🤞🏾

So just months ago we got word that Twist Collective had closed down. Now we’re seeing this instability with F+W Media. Where does that leave us, contractors? 🤷🏾‍♀️

👩🏾‍💻I’ve always run my design and tech editing business like a BUSINESS with the mentality that things can go pear-shaped quickly and at any time without warning. While we can’t predict these things, we need to keep a steady hand when we think about our businesses.

✨What does that mean? Well, it means not putting all your eggs in one basket. Maybe you only self-publish on Ravelry or you design for only one publisher like Interweave Knits.

The problem with this, only having one revenue stream is that you’re leaving your business vulnerable😩

💥The answer to combat these industry uncertainties is to DIVERSIFY your portfolio, that way if one source of revenue shut down like in the case here, you have other areas to fall back to. Right now I have EIGHT sources of revenues from courses, to one-on-one coaching, to designing, to tech editing. What do all these revenue sources mean? Well, if one area should fail, I have others to fall back on to make up the revenue deficit. I really think you should consider doing in your business. If you self-publish, look into publishing with magazines. If you self-publish on Ravelry, look at other sites besides just Ravelry, like Etsy and Craftsy. Of course, it can be overwhelming to think of doing all at once, thinking of promoting your work on all these different platforms, but that's the thing... you don't do it all at once. You strategically grow each arm of your business, one at a time and I can show you how.
❓❓❓
• So, have these recent events influenced how you run your design business?
• Have you made any changes?
• Do you plan to make any changes to how you go about business, and if so, how?
If you just don't know, have no clue what to do, I'd like to hear that as well.


P.S. Psst. I know you can tell me anything, right? I want to hear your insight into this conversation.
I've been stuck in this same space where a project ended and I didn't have a way to continue and had to start from scratch to get more projects. So, I've totally been there and understand how difficult it is to land that first project, for something to go wrong, it ends and not having a backup plan.
So, if you're struggling. If you would like some help diversifying your portfolio, I have slots available for my One-on-One 1-hr Strategy Session. It's risk-free because you will first book a FREE 15-min Discovery Call. In this initial call, we will figure out what you need help with, discuss some options of how I can help you, and pretty much figure out if we're a good fit to work together. So, hop on a call and let's chat.
    

Talk to you soon.

- Tian

 
 

P.P.S. Your pattern deserves to be treated special. I'd love to help you with your next design.
Book a tech editing spot today - fast turnaround available.
Want more information? Click here to hire Tian to tech edit your next pattern(s)! 

 

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I'd love to connect with you and see what you're up to!

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