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 youâre 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 youâre able to manage your business well.
This starts from day one where you have to set your prices.
One of the hardest decisions youâll 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 youâre experienced enough
- Youâre unaware of how good you actually are
- Taking your abilities for granted
- Not knowing the quality of your competition
- You donât 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 youâre comfortable to work for, then double it.
You may have to take a small amount off the price so you donât feel like vomiting, but make sure youâre still uncomfortable with your price. If youâre initially comfortable with your set prices, youâre 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, donât 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, youâd assume youâre 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 wonât matter that youâre 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 youâre 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 donât account for when starting out.
If youâre used to working in a group, then going solo can get incredible lonely.
But it doesnât have to be.
If you set out to love your clients and customers, then you will never be alone.
I donât 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 isnât 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 itâs 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 âbetter clientsâ, 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 phoneâs text messages (or inbox if youâre using email), and scroll all the way to the bottom.
The people at the bottom are the ones who you havenât contacted for a while, so start there.
Message them and just see how theyâre going; Be friendly, and donât expect anything in return.
You should consider buying this book ifâŠ
This book is ideal for anybody who is looking to start their entrepreneurial journey, especially if theyâre a creative type.
The Worst Business Model In The World is also a great choice for freelancers who are going out on their own.
Or, read our other business book summaries.
Lots of love
Vince
You should also check out..
a Swedish university student, marketing professional, and life-long learner. Here at BookSummaryClub I summarize my favorite non-fiction books into easily digested posts. Hope you like what youâre reading!
đ€ Your Next Step⊠đ€
Head across to one of the following pages for more goodies
đ Read our Blinkist review and become a member of Blinkist. Read or listen to 3000+ full version quality summaries!
đ Read our list of the best business books of all time
đ Read some more of our book summaries
đ See our top book summary apps
