Do you remember the 7 Income streams for an architect? The most interesting one was:
- Royalty Income is the money you get as a result of letting someone use your projects, ideas, or processes.
e.g. If you write a book, you earn royalties when someone buys a copy. If you design a project, you make money when someone buys your designs or adapts it professionally. To successfully complete a project, an architect is responsible for making thousands of critical decisions. To complete the development of a standard residential additions and alterations project, it takes several months of focus and dedication. Many of us work long hours, long into the night, through weekends and holidays.
The innovative ideas and concepts we create can often only be born after hours (sometimes days) of intense thought and several dozen layers of sketch paper. The personal emotion, attachment and dedication that each project receives is unequaled in any other profession. The time and effort required to properly develop a design and complete a thorough set of construction documents is difficult for most anyone outside the profession to understand.
Then, there’s that little thing called profit. Every business, including architecture firms (yes, it’s true!), must earn a profit. It’s one of the rules to “the game”. In order to continue pursuing our success as architects, we must not only cover our expenses and take home a salary, we must make enough to reinvest into the business.
Most sole proprietors and small firms I know, struggle to meet the minimum requirements of the operation. Forget about profit.
Simply stated… Architects just don’t make enough money.
We deserve to earn more.
The biggest challenge here is to create something unique and then make it repeatable. This will need special skills to create such an asset but once created, there is virtually no limit to the amount of money you can earn. Have you ever considered selling your own projects and earning Royalty Income? Now you can.