The Lowdown: For creators who want the financial freedom to be creative The Worst Business Model In The World is the blueprint for creating a business that makes you happy.
A word of warning before you start reading.
If you’re looking for a way to scale your business and make as much money as humanly possible, read another book summary. However, if you want to make enough money to live comfortably and build a business that makes you happy, this is a book for you.
For every budding entrepreneur who wants to build the next Facebook or Amazon, there is the person who wants to do what they love, and make enough money to not have to worry about money.
The Worst Business Model In The World is a guide for the latter, giving ways that you can turn your passion into a business.
The main takeaways from The Worst Business Model In The World are:
- Trust yourself, even when starting out
- The world wants you to succeed
- Love your clients
Lesson One: Trust yourself, even when starting out
Trusting yourself and your ability is key to making sure you’re able to manage your business well.
This starts from day one where you have to set your prices.
One of the hardest decisions you’ll make when starting out, especially as a freelancer or business owner, is knowing what to charge clients.
It is too easy to undervalue yourself and the quality of work that you produce. This is for a number of reasons
- You may not think you’re experienced enough
- You’re unaware of how good you actually are
- Taking your abilities for granted
- Not knowing the quality of your competition
- You don’t think people will pay a lot for what you do
Whatever the reason is, it is important to know that you produce quality work and you should charge accordingly.
How to price your work
The pricing method mentioned in the book is to take the amount that you’re comfortable to work for, then double it.
You may have to take a small amount off the price so you don’t feel like vomiting, but make sure you’re still uncomfortable with your price. If you’re initially comfortable with your set prices, you’re probably charging too little.
The more you charge for your work, the more esteemed that it will be perceived.
There are a million writers on Freelancer or Fiverr who charge a few dollars for an article, don’t fall into the trap of thinking that you need to start there.
Even if the best writer on the planet started charging $5 an article on Freelancer, they will never be hired by a larger client because at that price, you’d assume you’re paying cheap prices for shitty work.
This is especially true in creative fields.
There are hundreds or maybe thousands of competitors out there charging next to nothing for their work. However, once you enter the commodity game of trying to be the cheapest, you are setting yourself up to lose.
There is always someone cheaper than you and if a client is looking for a cheap fix, it won’t matter that you’re better.
So, when setting prices, make sure you value yourself accordingly. Even if it makes you a little sick.
Lesson Two: The world wants you to succeed
In order to have success, you need to trust the world and those around you.
That means you need to share with others; Share resources, share ideas, and share you expertise.
Sharing also means that you should look to help others. Helping the odd person out will come back to you in a positive way down the track, even if all you get out of it is a friendly smile.
Not only does collaboration and sharing of ideas help you in a creative sense but you also build the well for if you’re thirsty one day.
By helping others on their journey and growing together, you build a network of supporters who can help you in times of trouble.
Having a strong network is not a passive task. Make sure you keep communication lines open and regularly contact those in your network.
Lesson Three: Love your clients
Freelancing or starting your own business can be lonely. In fact, I would say that is the one thing that most freelancers or business owners don’t account for when starting out.
If you’re used to working in a group, then going solo can get incredible lonely.
But it doesn’t have to be.
If you set out to love your clients and customers, then you will never be alone.
I don’t just mean the odd email either.
Take some of your clients out for a coffee, send them an article or newspaper story which you think will interest them.
It isn’t exactly rocket science, and it is something small business owners have been doing for years.
There are many benefits of loving your clients. Not only can you escape the loneliness of freelancing (and see some sunlight on occasion), but treating your clients well and developing a relationship will lead to increased customer loyalty and repeat business.
Loyalty is it’s own reward; taking time to love your clients will make sure your business grows for the right reasons.
My Personal Takeaway
As a freelance writer, I still find pricing my services difficult.
I will look to tackle my pricing structure over the coming weeks and create something that makes me initially a tad uncomfortable.
You always see that charging a higher amount will lead to ‘better clients’, which seems like a no-brainer until you go to actually raise your prices.
Put it into action
Today, it would be great to reach out to a few clients and just say hi. A good way to do this is to go to your work phone’s text messages (or inbox if you’re using email), and scroll all the way to the bottom.
The people at the bottom are the ones who you haven’t contacted for a while, so start there.
Message them and just see how they’re going; Be friendly, and don’t expect anything in return.
You should consider buying this book if…
This book is ideal for anybody who is looking to start their entrepreneurial journey, especially if they’re a creative type.
The Worst Business Model In The World is also a great choice for freelancers who are going out on their own.
Lots of love
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