OK, you got me. It's all a metaphor for a photography business. I can't fool you at all. But the parallels are almost scary. Just as the Air Force must manage its resources, so must a freelancer.

Like Jimmy's Air Force, you have to purchase, maintain and upgrade your equipment, pay for promotions, rent, auto, insurance, office supplies, utilities and much more.

The Holy Grail of your business is your CDB — your cost of doing business. The CDB is inexorable. It doesn't stop if you're not shooting. It rings up a new running total every single one of the 250 working days a year (including two weeks of vacation.) If your income does not equal or exceed your CDB, you're losing money — no matter how much fun you're having.

Boston-based freelancer and photo-business lecturer Paula Lerner says that there are two basic ways to figure out your costs. "You can calculate your CDB on a daily basis or on a per-shoot basis. For a daily basis, take your total annual costs and divide by 250. For a per-shoot basis, count your average number of shoot days per year, and divide your total annual costs by that number. Once you have calculated your CDB, you can then see how much you need to make per day or per shoot to cover your overhead plus a reasonable profit. The point of this exercise is to see how much cash flow you need to generate to both run your business and earn a living."

A typical CDB is a couple of hundred bucks per day — $50,000 a year. Remembering that most freelancers only shoot about 100 days a year, that means an average day rate of $500 — just to break even. If you bill fewer than 100 days each year, the day rate has to be even higher. If your CDB is lower, you can afford to bill less.

It's critical to remember that your CDB includes a salary for yourself including a retirement plan, college for the kids, etc. A well-known business axiom is "Pay yourself first."

Staffers doing freelance work "on the side" should figure their CDB the same way — even if they're using their employer's facilities for their freelance work. The way things are going no staff job is safe. You'll need to get your business ducks in a row before the layoffs. Your clients won't pay you more just because you lost your "day job."