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Welcome to this week's edition of Freelance Fuel, where, as always, we share curated content that will hopefully inspire your business or get you started.
Today we look at a practical guide on how to move on from hourly rates, we put the customer experience to formula, hear from 4 successful solopreneurs, and of course, have the tool of the week for you.
Let's get started.
/Jannik from Factofly
🍯 Overlooked gems: Breaking The Time Barrier
Social Proof is the oil that lubricates the sales machine, and it's also what we as consumers use to help navigate all the offers screaming for our attention.
If others like it, there's probably a good chance I do too.
This also means that some of the most valuable resources are hiding in the corners. Not necessarily on the bestseller lists.
One of them is the short (and free) eBook by FreshBooks co-founder and CEO, Mike McDerment and Donald Cowper, Breaking the time barrier.
💸 BTTB is a fictional story about a web designer named Steve and is your easy-to-read, hands-on guide on how to go from selling yourself on hourly rates to value-based pricing.
In other words, it's the book that can help you take your shop's finances to the next level.
The book busts the biggest myths around hourly rates and helps you as a freelancer understand the psychology behind your clients' willingness to pay more when the perceived value of the work is higher.
🍯 Breaking The Time Barrier is 30 minutes of your life well spent.
💸 Your customer's value in formula
Alex Hormozi has put a customer's perceived value of a product or service into a formula and it's worth a closer look.
The numerator of the formula adds value, while the denominator removes value from the experience.
To increase the perceived value for your customer, the point is that in your business you need to get the numerator at the top and the denominator at the bottom. Easy peasy, right?
But how do you do that?
Maximize the counter
- 🤑 Dream outcome: What is the customer's ideal outcome for your product or service?
- 👊 Likelihood of achievement: How easy it is for the customer to achieve the goal.
In the ideal world, you need to create a dream scenario that the customer can't say no to. All while convincing them that the journey there will be easy.
However, Hormozi believes that focusing your energy on minimizing the denominator can be much more beneficial to your business .
⏳ Time delay: How long does it take for the customer to receive your product and/or have the aha moment? If you sell e-books, make sure the customer receives it within 30 seconds.
😵💫 Effort & sacrifice: How hard should the customer work? Make it as easy as possible for your customers to succeed.
So give your own business a spin and see how you can boost your customer value.
🤌 4 solopreneurs and their secrets
It's always worth more to hear from the horse's mouth how the money comes in than it is to read dusty theory on how to do it.
4 successful solopreneurs share insights about their business and what they've done to land an annual income on the heavy side of $1m.
🖖 The end of "solo"
⚙️ Recommended tool: One Sec
Last week we shared a delightfully disturbing statistic that on average we pick up our phone every 10 minutes, or 96 times a day.
We probably all have that one go-to app that we check when we pull out our phone. (Here it's instagram 🤦♂️)
One Sec is an app that delays access to selected apps, giving you time to think about whether it's worth your time.
It's free with one app and highly recommended.