Multiple Profit Centers (MPCs) Increase Your Overall Potential
I was in the mood to read a book today so I snagged a book I’ve been working my way through from the bookshelf. I’ve mentioned this book before – Making a Living Without a Job by Barbara J. Winters (update: sadly, she passed away in Oct 2022 after a long illness). I’m in a bit of a pickle at the moment (I won’t bore you with the details but suffice it to say that my life will be turned upside down as of end of this month, which could turn good or bad).
I’ve been racking my brain on how to create more of what Barbara calls Multiple Profit Centers or MPCs. It’s her theory that by creating MPCs, you increase your potential for prosperity and a more balanced life. Each profit center/idea/ job/entrepreneurial adventure has its own rhythm; over time, you create a steady stream of income because while one or two MPCs may experience a lull in business, one or two other of your MPCs will be on the upswing and generate income.
She even mentions getting paid to write articles. Personally, I’ve not had much luck in this area (the getting paid part). In a previous blog, I wrote about getting exposure for your work via trade journals. In my experience, this type of exposure doesn’t pay (if it does, please let me know how – and now!). But I would enjoy writing articles for other publications; problem is, I’m not sure how to go about doing that (query advice anyone?). If any of you have had some success in this area, please share your experience and expertise so that we who have not yet tasted that kind of success can take a step closer.
A Quotable Quote
Something else in her book got me thinking – and it made perfect sense. This is from her chapter on creating MPCs and is a quote from author and former London Business School professor Charles Handy (she quotes him in her newsletters), who advocates developing MPCs:
“Think of it this way, ” he advises. “You will have a portfolio of work like an architect has, or like your stock portfolio, no prudent investor puts all his savings into one stock, and no sensible business goes after only one customer. Yet that’s what you’ve been doing with your work and talent all these years….Now is your chance to go ‘portfolio’: to diversify your interests and do some things for money, some because they interest you, some out of love or kindness, and some for the sheer hell of it. And, moreover, it’s your chance to flex your portfolio to leave you time for all those other things – for travel, for discovery, for golf, for dining.”
Patience and Perseverance
That brought me back to one of my early blogs, Be Careful What You Wish For. I realized I have already created MPCs, except that they don’t (yet) pay the rent. I guess I need to come up with a few more MPCs to cover the downswing of the current ones. It’s just that I feel lost amid the millions of voices already out there clambering for everyone’s business. All I can come up with at the moment is that I (and you, too) need to find a way to STAND OUT by doing something DIFFERENT with my (and your) skill set. Only then can my writing become a Multiple Profit Center that truly pays and supports my no-more-nine-to-five lifestyle.
What’s your MPC?
#blogging #barbarawinter #writer #author #mpcs #multipleprofitcenters #freelancer
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