Money Moves is an ongoing series on how to build a business in today’s creative landscape. Topics range from hands-on advice to broader thoughts on how to grow your empire as a freelancer or company founder/employee. If you want to see specific topics discussed, you can email us at email@example.com or Slack us directly in our members-only chat.
Scott Masek is MAEKAN’s COO. Prior to joining MAEKAN, he spent over 5 years working in finance and tech across a range of positions and fields, most notably in investment banking and e-commerce.
Creatives and freelancers constantly battle with the ebb and flow of project work. Some months are hectic, with a constant demand for their talent, whilst others are completely dry, forcing creatives to stretch their hard-earned dollars. This could partially be due to seasonality, but it’s likely also due to a lack of clarity on which projects to undertake and how to bill them appropriately.
This first Money Moves article looks at our company’s methodologies for project classification, and how being proficient at the process can help you manage your time better and improve your bottom line.
Like any good (recovering) business school student, I enjoy visualising projects via a simple matrix (see below). There are two main axes: project strategic value and earning potential. Both axes scale from low to medium to high. The four quadrants created by the intersection of these two axes form the basis for your decision making when assessing opportunities.
In understanding the matrix, it’s important to define what is a good client versus a bad client. As such, consider companies X and Y. Company X is a large international sportswear brand with stringent demands and large budgets, whilst Company Y is a mid-sized hotel brand with dreams of world dominance. We can tabulate some fictional points below: