Treat Yourself Like A Business, By Greg Thomas

He would cringe to hear me talk about him like this, but Greg Thomas is one of those unassuming Mensa types who makes everyone around him a little smarter. I had the honor of working for him at a Cleveland agency called Brokaw.

Every time Greg opens his mouth, out comes the smartest thing you’ve ever heard. So when I got this unprompted email after losing my job, I couldn’t wait to read what it said. I wasn’t disappointed.

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Erik:

I read somewhere recently about some strategies for protecting yourself in an uncertain economy. There was something about purchasing term life insurance instead of whole life, something about investing in indexed funds, and something that really made an impression on me — if you can, work for yourself. Now, this was mentioned because of the psychological value of feeling like you control your own destiny, but I drew a parallel to the agency world, where we all know it’s dangerous to have any one client account for more than 12 – 15% of your revenue. I experienced this firsthand in my days at Lowe Marschalk, where Ameritech was about 80% of our office’s billing. As long as things were good, it was a gravy train. But as soon as we lost Ameritech, it was the end.

And yet, as individuals, we think nothing of allowing one company — our employer — to account for 100% of our revenue. And as long as things are good, we don’t question how dangerous our situation really is — even in a business as prone to instability and sudden expansions and contractions as advertising is.

I have become a real fan of the free agent economy. I know there’s business out there to be got, and I know that my skill set is multi-dimensional enough that if I just go out and look for it, there’s a lot I can do.

There’s a lot you can do, too. Advertising is your comfort zone and your passion, but you’re smart enough and skilled enough to do all kinds of things. So cast your net wider, as you have suggested in your blog. I bet you could find all kinds of other opportunities if you reframed your skills a little and looked at them through a lens (in addition to) advertising.

And in an economy like this one, which I have never seen in my lifetime, that kind of flexibility may be the difference between those who survive and those who thrive.

Greg