Making big decisions in a tiny business
Steemit has been one of the main income sources in my tiny business and I'm so glad to be rebuilding it although it does seem slower going this time around.
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Lack of revenue
I've had a steady stream of revenue from two of my business endeavours. I prefer to spread my revenue sources in my tiny business. I actively have 3-4 going and I'm working on adding one or two more this year.
The accidental draining of my Steemit account gave me funds to work with but also meant that the income source dried up. In addition, my knitting pattern sales have tanked. The site that provided me with 2-4 sales a month, which was truly passive income had a mishap in their algorithm. Hopefully, it will return with the fix and the upcoming cooler weather in the northern hemisphere.
If you hear me use the word income when talking about my business you can be sure I'm really meaning revenue. The business doesn't create any income yet. I'm funnelling it all back into the business to grow it organically.
Making big decisions
As a result of my lack of revenue, I'm faced with a tough decision. I signed up for coaching at the beginning of the year and it has been worth every cent. But I'm not sure I can keep it since it is a monthly drain on my business account. Lately, I haven't had the same need for this type of coaching and I'm wondering if it would be best for my business to take a break from it. I would have to focus on what I already know I need to do and then when I feel like I have some of that going well, I could possibly sign up again and get coaching on moving to the next level. It's a BIG decision though since it has been a game changer for me this far.
My BIG Steemit goal
My BIG hairy audacious goal is to make Steemit pay for my coaching. But I have a long way to go to get there. Hopefully, Steemit will get back to providing me with a small income every month. Right now, I'm powering up like crazy, are you tired of hearing me talking about it yet? ;) I feel like it's pretty much my duty as long as I have the awesome support of the @minnowfund. My baby step goal for that is 10 SP. I reached 5 SP yesterday, and I'm still celebrating. Once my delegation ends, I will have to evaluate how to go forward. At some point, I will start cashing out the liquid Steem from each post once a month to add some revenue but I haven't decided at what SP that will happen. If you have any tips on how I should decide that let me know :) It's difficult to balance growing my Steemit account with using Steemit as part of my tiny business but I know it can be done!
Thanks for the post, it's really helpful to hear about how other people are working with Steemit! I have similar goals.
Thank you. I hope you meet your goals then!
Not sure the direction you should go but have been enjoy reading about your journey! Also seems like you got back on Steemit just as everything was going down. I have however noticed that I am earn SP a little quicker than before so I'm trying to get as much of it as I can while the price is still low!
Yes, I did. Lucky I'm not here solely based on the price of Steem. I'm also here because I missed you and a few others... I will try to do the same!
Good luck to us all!
I can see how the "little" job and business endeavors can feed each other; especially where steemit is concerned.
It's nice knowing that you were able to earn from steemit to be able to advance other situations and things in your life.
To me every new milestone reached is cause for celebration! I want to help you celebrate!
Your dedication to your lifestyle, businesses and steemit encourage me! And I get excited when people share their dreams.
Next steemit milestone met?- ✔
Aw, you actually made me cry! I looked at my account this morning and went, wait, something went wrong here! and then I found it <3 Thank you so much! Now I have to set a new goal :)
Ever since I have known you here on steemit... you have been a dedicated business woman and homesteader.
I am all about helping- because there isn't a time in anyone's life that they didn't need help, a little helping hand or a positive (and re-vigorating) word to keep them going.
Aw, I'm so thankful for those kind words.
You are absolutely right, we all need all the help we can get!
All the best to you in all your business endeavors! :)
Thank you so much.
Even if you take your liquid rewards as an income, there will always be that half that goes straight to SP to continue building your account and with that increased SP will come the curation rewards which will further increase it. Then if things get tight you can always self vote if needed, rather than powering down and losing your stake and influence.
I know self voting is controversial, but as long as you aren't only self voting, then you are still contributing more to the others you upvote than if you powered down. I see having SP as a win, win situation.
Ah yes, that pesky self-voting. I'm really torn. I'm considering doing it on a trial basis. I wouldn't do it right away though. I think that's the biggest problem. If you do it right away, you 'rob' people of their share of the curation awards. I want people to benefit when they spend their upvote on me. :)
Actually, you've given me the umph to give self-voting a try. Thank you :)
I have recently started self voting, but usually wait a grew days and only if I've got spare VP. You've got to take care of yourself to be able to take care of others.
What made me start considering it was seeing an account which had some of those huge earning posts early on (in the thousands) leaving because they couldn't make much any more. They'd always powered down regularly, so they never had a vote that supported anyone else much. So their supporters slowly left. Had they kept that SP they could easily have given themselves a big enough vote to make posting worthwhile, while still supporting those who supported them.
That's insane! Did they literally have enough SP to give themselves such a good upvote continually and 'threw' it all away? That's like an almost guaranteed income at that point.
They never let their SP grow much. Kept powering it down. Even using all the liquid rewards would still have left them plenty in SP had they not kept powering down. It certainly would have converted well into a self vote which would have given them some liquid reward as well as further investment.
Yep.
I can understand powering down to get some funds, after all, that's partly how I got money to start my business. But if you are doing well on rewards, why not keep it going, right?!
It's always a tough one, isn't it? Everybody's needs are different, but, like you say, if you're getting the liquid rewards keep your backup.
Agreed!