Perhaps one of the most common complain I hear from companies is this ‘We work so hard to get very good at xyz. We are well respected and talented but now, all the market cares about is the price. How can we get people to be interested in and value our art?’
So, people aren’t interested to splurge on your top of the line lawn care services, accouting and consulting… All they want is the cheapest. Most of us don’t want the best laptop, they just want one that is worth their money. It is not because they are selfish (thought they are) or shortsighted (though they are). It’s because the market now don’t listen. They have been seduced to think that all options are the same, and so what really differentiates them is the price. The market is broken, so why trying to educate the masses to differentiate yourself.
Fixing the broken is always the hardest. Just because you are good at something, doesn’t mean they care longer.
Like the Marx brother. They were fantastic at live comedy skits, but their market moved on to movies. So they went into movies, and once TV slashed the movie market they moved on as well.
It’s a lot easier to find a market that will respect and pay for the art you created. Technology has been running this battle for years.
If Amazon decides to have this epic cultural shift to focus on what you do into a commodity, don’t argue. Find a new place before the competition does. I am not saying that it is easy or faire but it’s true. Be your own true niche.
“Many entrepreneurs feel that they cannot start a business without a great idea. They believe it will be impossible to succeed without a completely new concept, as the market will already be cornered by established businesses. Only by venturing into uncharted territory can they achieve their dreams. This is the fallacy of the great idea.”
In my last post, I mentioned about the need to be solutionary, today we have Trevor Ginn’s Ebook “The fallacy of the great idea” to further support this strange idea.
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If you are planning to embark on an ambitious career on investment banking or accounting good for you. However, some of you are probably not so ready to be stuck at the rat race yet. So what are the other options? Perhaps freelancing? If you work for yourself, getting more clients is a ‘captain obvious’ answer. Clients give you work, and the work pays the bill. DO good work and you get a testimonial. Do this enough to accumulate a great client list… And this circle runs on its own.
Is that what you want?
If you follow this pattern, it’s likely that you can’t see the end of the tunnel. You will always have to get more clients. If you don’t work, you don’t have billable hours, so you can’t get paid. Time off will always feel a money down the drain. If you aren’t careful, you will be stuck in the same rat race as more white collar.
Another issue is that you will expand all your energy and creative talent on other people’s projects. So what can YOU show off? Possibly put it on your resume and portfolio? But if you keep eating, you will need to keep working. So there we go, the awesome freelaning myth is shattered. The dreams of independence has been flushed down the sink, find themselves trapped in their own business. They work in it instead of on it.
The solution is to stop thinking like a ‘freelancer’ and start thinking and acting as a creative entrepreneur. This doesn’t mean you need to get intense amount of VC funding and take on a grand action plan. The opportunity created by the internet mean you can act as one hero of your very own micro-business.
What does that mean? Create your business assets that will increase value over time.
I agree it sounds daunting, but consider these four very possible types of assets:
(1) A Brand – create and project a profession and consistent image
For example, We are a Good Company is started with a couple. They do brand imaging and website design. Their design theme and copywriting are consistent, memorable and unmistakable. It is also good to have a side business that is beyond the restrictions of your identity – so you can sell it eventually to transfer the goodwill to the next owner.
(2) Online properties – build digital real estate that grows in value over time
For example, Ramit, from I will teach you to be rich, has built a great empire from his wisdom of personal finance. He published a book because of his popularity. His constant appearance on the TV shows reveals his success on building a great digital real estate.
(3) Permission assets – build on a list of people who are interested in what you can offer them
This would be Seth Godin’s permission marketing where “the privilege (not the right) of sending anticipated personal and relevant messages to people who actually want to get them” a permission asset could be an email list, a blog subscription or a facebook group. Everyday The RICH Pig is growing its subscription level, it is get in touch with the general readers of The RICH Pig.
(4) Products – turn your knowledge and skills into physical or digital items for sale
If you can offer professional advice to your clients, you are more than capable of building you own product line. Doing this successfully means you develop streams of income that increase over time – this will free you from the rat race and stop being so worried about your monthly pay. Set up an e-course, build a consulting agency or start a private club.
It’s hard I admit to find time to create these assets, especially when you have university and work to deal with. But for the sake of your long term happiness and wealth, you owe it to yourself to make the investment. It doesn’t need to be intense. Just make an effort to do some increments to build something great.
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