Ramit Sethi - CreativeLive - How To Earn Money On The Side
Posted on October 18th, 2012
Notes from the CreativeLive Course Money + Business: Essentials for Creative Entrepreneurs by Ramit Sethi - October 18, 2012
How to turn your creativity into income
Simply following your passion is not enough.
Session 1 - The Power Of Earning More
- Think of how to create systems rather than just rely on your will-power.
- There is a limit to how much you can cut but there is no limit to how much you can earn.
- People believe that to start a new business, they have to quit their job and become the next Google.
- Most people waste money on the stuff they don’t really need when it comes to building their own business.
- Keep your language simple when it comes to communicating with your clients.
- Get into the mindset of your client. Really.
Where do you want to be spending your money?
- Everybody starts at one place.
- Focus on the path the people you admire took.
- Think in terms of adding more skill sets into your life.
- If you keep on doing what you do, you’ll keep on getting what you get.
- It is easy to keep doing more of what you know.
Think - what your clients really want from you?
- Quality work
- Delivered on time
Think - what do your clients fear the most?
- Know your clients more than they know themselves.
- Focus on delivering massive value to your clients.
- Understand your customer’s hopes and dreams.
Focus on Big Wins
- Negotiation your salary
- Find your dream job
- Make more money
Why turn creativity into income?
What are your barriers of turning your creativity into income?
Popular mental barriers:
- I am not an expert
- I am not as good as…
- I’de like to do it but I need more time
- I am not experienced enough
- I am only 22
- I am still learning
- I don’t look like an expert
- I feel weird charging people for something I enjoy doing anyway
- I hate selling myself (I feel like a car salesman)
- Over deliver quality value
- Take care of your client’s needs
- I am going to come to your office instead of you driving here
- I will give you a free DVD
Video interview available on www.iwillteachyoutoberich.com
- Violin instructor
- Was teaching everyone
- She identified who her real client is
- Ambitious mothers of ambitious children
- Ethnic mothers
- Created references based on needs for her clients
- Price is irrelevant as long as it takes care of the need
Focus on Value
- Differentiate between getting more degrees vs really listening to your clients’ needs.
- Address your clients on the level they care and understand.
- Find your ideal clients.
- Figure out their hopes and dreams.
- Clearly communicate your value.
Ask without selling technique
- Why do you want your child to start playing a violin?
- Why did your child quit playing a violin?
- Why did you join this course?
- Why did you not join this course?
Where are your clients?
- Where do your clients hang out?
- What sites do they read?
- Most of us are targeting everybody. Big mistake.
When you get too many clients, you can:
- Increase your price.
- Start working with groups.
- Write a guide - 8 things to learn before you hire a photographer.
- Encourage people to join the lowest model (free) that you have and then encourage people to go for more.
- Correct me if I am wrong but your probably (address their problems).
- Think in terms of niches.
Web Design Example
- You probably want to get people sign-up to your email newsletter.
- Different clients have different levels of sophistication.
- Focus on solving specific problems.
Session 2 - How to find a profitable idea
- Profitable Idea
- Profitable client
Your friends and family are not your clients
- What are your challenges?
- Who is your clients?
- What are their challenges?
Real Idea Examples:
- Create Powerpoint for other peopel if you are goog at it.
- Indie wedding DJ.
- You don’t have to be the most unique person on the block but you have to be niched.
- Don’t force yourself to be too clever.
- If you see competition, that is a good thing.
- What niche within this area of competition can you create?
Find a $100 idea and tune it up into a $10,000 idea.
Niche Your Ideas
1. Get specific
“I am a web-designer” - is not specific
- In a world of infinite choice, if something is not made for me, I’m gone.
- Most of us server clients that will never pay us.
Step 2 - Pay Certainty Technique
- Think of your client - your target market.
- Does this client have the ABILITY to pay? Do they actually have money?
- Do they have the WILLINGNESS to pay? Do they want to pay?
Step 3 - Go external - validate your ideas in the real world
- Actually asks questions.
- Run a survey.
- Before you can offer something, find out war they care about first.
- If you keep it random and assume, you may be way off.
People see your behavior, not your attitude.
- What are you looking for in a wedding photographer?
- I have a million questions for you, but I first want to know how did you meet? I would love to hear your story.
- Get interested in the person’s life.
- Understand their emotions and their story.
- If you don’t learn how to be proactive, you’ll be out of business in 6 months.
- Examine people who do similar work and examine what they do different/better.
- Know your competition.
- Study your competition but don’t become your competition. Become better.
- Niche is power. Focus.
I can hep you with X so that you can Y
I can help you with video marketing so that you can get more clients in a shorter period of time.
Martial Arts Example
- Fans of MMA
- He chose police and SWAT officers
- Six months boot camp
- People have their own code words for their needs.
- Where do you want your clients to come from?
- What kind of language do they use?
- What kind of language can you use?
Session 3 - How to land you first 3 perfect clients
Don’t Do This
Instead of wasting time on networking events, research 3-4 specific people, study them, contact them, and build a meaningful relationship.
1. Focus on reaching out the right people - identify who they are
- Who is my client?
- Fears, Hopes, Dreams, Aspirations?
- Focus on reaching out the right people
- Study them
- Talk about them
Personal Organizer Example:
- Target women
- Age 40-45
- Has kids
- Husband works
- Busy working women/mother
- Stressed out
- Want to spend time with my family instead of taking care of home mass
Personal organizer sells:
- Service that provides a peace of mind that will allow you to feel free.
- Understand your client’s problems and goals. Connect with them.
- Concerns come first. Price comes later.
2. Reach out to them directly
- You need to be proactively reaching out to people
- Script: Pitching a prospect (website or book)
- Who specifically can you connect with that can potentially give you a referral
3. Chat over coffee, lunch, or email
- Focus your emails on the convenience of the recipient
- You cannot create a meaningful relationship just by sitting on the Internet
- Connect with people on levels greater than just email
- Making a connection in person is one of the best ways to make a meaningful connections
From having a conversation to selling
1. You don’t have to be the best, you just have to solve their problems
2. Be an advisor, not a salesperson
- I can help you out.
- When someone wants one thing, they probably wants something else too.
- Ask questions to identify the real value.
- Being an advisor also means knowing when to tell somebody NO.
- Show your clients what you can do for them.
3. Remove all risk
- Offer a full refund - money back guarantee.
- Eliminate commitment fee - no phone call needed.
- Record a Youtube video and address your client’s possible risks or fears.
- Tell a story behind your work: this is what happened when you take it with a regular camera and here is what happened when I did work on it. After the work has done, this photo looks flawless.
Should you ever have to work for free?
- Free work can work strategically.
Free work works when it is done correctly.
Do free work if the person you will work for is massively influential: famous, author.
- My normal rate is but because I really enjoy your work, I am willing to work for free if you are willing to give me a referral/go back to my normal rate when we are done.
- The are more valuable things than money in a short-term
How to go form 1 client to many
- Make an agreement - if I do an extraordinary job you will agree to give me 3 referrals.
- If you have clients - ask them how they found you, what sites do they read, and go there.
- Learn to tell stories (narrative).
Questions or comments? Send me an email
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