How to Build in a Base Income and Why You Should!

What is base income you ask? Great question! It’s income you know you will be collecting in the future even if you didn’t sell one more thing starting today. Base income is like an insurance policy for your business. How is that possible? Also a great question!

This is a common practice in client based service industries. You would place your clients or customers into a package where instead of collecting lump sums one month with no idea how you will do next month, you would just collect a smaller amount for both months. Wouldn’t it feel great if you knew today you are already making money next month?

Since you are most likely not a client based service business let's look at how you can build in your own base income. Here are some ideas to get the wheels turning:

• Monthly subscription to your blog with DIY projects, free eBooks, webinars, and even deals on new lines. This model is great with an artist collective of at least 5. Bring more to the table!
• eCourses that span 3, 6, even 12 months. Instead of collecting $150 for that class all up front, charge it over the duration of the course. If your eCourse runs 6 months, that's $25 additional dollars each month. Enroll 100 students and now you have $2,500 dollars guaranteed in your pocket for the next 6 months.
• Create a master coaching program for your industry. You have learned an exceptional skill--why not teach it? Create a master coaching program for a specific portion of having a creative business or the craft itself and coach a small group of up and coming artists for 12 months. Invite members to apply and create a cohort of 10-20 students that have monthly tele-seminar meetings, their own forum, and a blog full of great insight.
• Talk down a big ticket item with installments. Ever think about building in $500 or more product but are afraid it just won’t sell? What if your customers could pay in 12 installments of $41? This way you get to sell more big ticket items with less risk to the customer. Don’t worry, you won’t be chasing down folks for payment. Use Intuit or PayPal recurring payment plans and watch your base income automatically drop into your account once per month for a year.

These are just a few ideas...and all of them do something pretty cool for your brand, they share a unique quality you bring to the table others might miss. What other ways can you build in a creative base income? Bring customers into your world and keep them around for longer-the return can do wonders for the longevity of your business!

Andrea Mansfield, founder of brand & bloom, coaches small and creative businesses to the success of their dreams through their brand.

Main image courtesy of *pascal*.