10,000 hours of Business Advice in 3 minutes!

Summary

In this insightful video, the speaker shares key lessons learned from building a successful business over three years and 100 projects. Emphasizing the importance of personality in business, they advise freelancers to connect authentically and to decline projects that may lead to burnout. Highlighting the significance of social media for showcasing work and attracting clients, they encourage consistency and tracking expenses. The speaker stresses the value of charging for expertise rather than time, advocating for continual learning and professional development. Overall, the video offers practical advice for freelancers seeking to grow their businesses sustainably.

Takeaways

• 😀 People buy from people; showcase your personality to attract clients.
• 😀 It's okay to say no to projects that don't interest you to avoid burnout.
• 😀 Consistency is essential for growth; find enjoyment in your work to stay consistent.
• 😀 Never make decisions solely based on money; think long-term for success.
• 😀 Always take a deposit before starting work to protect your time and resources.
• 😀 Utilize resources to save time; tools like Envato Elements can be invaluable.
• 😀 Social media is crucial for freelancers; start documenting your journey and sharing your work.
• 😀 Passion projects enhance your skills and provide great content for your portfolio.
• 😀 Track all your expenses and earnings to avoid complications later on.
• 😀 Avoid charging hourly rates; focus on the value of your expertise instead.

Q & A

What key lesson is emphasized regarding personality in business?

People buy from people; a business that lacks personality will struggle to attract clients. It's important to showcase personality on social profiles and connect on a deeper level.

Why is it important to say no to certain projects?

Taking on projects that you know you won't enjoy can lead to burnout. It's crucial to overcome the fear of missing out on jobs for better long-term satisfaction.

What is the significance of consistency in business?

Consistency is key to growth, and enjoying your work makes it easier to maintain that consistency. If you're only motivated by money, it can drain your passion.

What financial precaution should be taken before starting work?

Always take a deposit before starting any project, ideally 50% of the total fee, to avoid wasting time and resources.

How can resources save time in a business?

Having go-to resources, like mock-ups and fonts, can significantly save time in the long run and improve efficiency in your workflow.

What role does social media play in attracting clients?

Social media is a powerful tool for freelancers to showcase their work, provide valuable information, and build an audience, which is crucial for business success.

Why are passion projects beneficial for skill development?

Passion projects allow for creativity and experimentation, which are essential for improving skills. They also create great content for social media and portfolios.

What is the importance of tracking expenses and earnings?

Tracking expenses and earnings is essential for managing finances effectively. Using tools like QuickBooks can streamline this process and avoid future difficulties.

Why is it advised not to charge an hourly rate?

Charging an hourly rate can penalize skilled designers for their efficiency. Instead, payment should reflect expertise, rewarding quick and effective work.

How can continuous learning impact business success?

Learning from others through mentorship, online courses, and videos is vital for business success. Staying updated and evolving is crucial in a competitive environment.