May 16, 2008
photo credit: Janesdead
The freelancing life fits me quite well. I’m an introvert by nature so I don’t miss the office noise, water cooler gossip, and the general “you stab my back, I stab yours” mentality.
But some days I get an uneasy feeling, like I need to be around other people to prove to myself that I can live and work among the rest of the world without freaking out.
The only problem is that I live in a small town that hasn’t upgraded their broadband infrastructure just yet. There’s a Starbucks on the main street thoroughfare but unlimited wireless access is steep $40 per month.
For those times when I do venture outside my home office comforts, I have to scout out the best places to get a little work done while being sociable.
How do you find such places? What’s the best place for you? The following are my criteria for evaluating a potential “home away from home” workplace.
Find the downtime periods
One major problem with the big coffee houses or bookstores is that everyone else wants to be there too. But, most every retail establishment has periods of downtime. Breakfast, lunch, and evenings are usually the busiest.
I like to scout out places right after the breakfast/coffee rush. The staff seems to be in the cleaning mode so everything is nice and fresh when I sit down.
Another good time is after lunch. But sometimes the staff is tired and uninterested after having dealt with two rounds of grouchy customers.
Find out of the way places
I try to stay out of main street locations. These places tend to attract not just the locals but anyone traveling through on business or vacation.
I’ve also found that many smaller, eclectic locations have to provide better service to compete with the chains. They are typically owned by people who are eager to gain repeat customers.
Look for semi-secluded seating
I like to hide out if I’m going to be hanging around for a few hours. In a booth against a back wall. At a two seat table next to a lightly traveled area.
One of the reasons I like to work outside the home is to change the atmosphere which can really ignite my creativity . But, there’s nothing worse than getting into a creative spurt only to realize someone at the table behind you is catching the occasional glimpse of your screen.
If no space is available when I’m ready to work, I may hang out for a few minutes until the crowds clear out. Sometimes I find another spot better than where I first intended to work.
Friendly owners are best
Even if a coffee shop, cafe, or bookstore has wireless access, it doesn’t necessarily mean the staff is open to having someone sit at a table for hours and work.
Most of the mom and pop stores don’t seem to mind as long as you don’t get in the way of rush hour consumers.
Of course, you may be different. You may need to the constant flow of conversation and kitchen noises. Or, maybe you don’t like to be out at all. Either way, you can mold your lifestyle to fit your needs and wants.
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May 14, 2008
Debbie Dragon from MakeMoneyFromWriting.com knows what it takes to make a living online. She set a goal for herself a year ago—match her husband’s income within 12 months and do it all through online freelance writing. She met her goal.
Her assertion is bold. You don’t need previous writing experience. No college degree. No published works. Nothing but a desire to succeed and a willingness to make it happen.
Like many moms, Debbie wanted to take care of her babies and be able to help with household bills. Through trial and error, she put together a system anyone can use to run a highly successful freelance writing business.
As her income grew, Debbie began to share her experiences with friends and other close acquaintences. She soon realized her system was very robust and worth sharing with more than friends.
I stumbled on Debbie’s site and was excited to do a review for her freelance writing mentoring program. It’s a set of weekly e-classes which guide even the most technical neophytes to build successful freelance writing businesses—full or part time.
Instead of setting up a typical affiliate pitch (disguised as a review), we came up with an alternative. I’m very interested in helping others find and start successful freelance businesses. Debbie is very interested in sharing her online freelance writing success secrets.
So, Debbie has graciously allowed me to review her mentoring program and post my thoughts here as I progress through her program. I’ve received the first week’s lesson and I’m already impressed!
My goal is to use Debbie’s techniques to generate $500 per month by writing content for others. I don’t have a specific time frame (though I should) but Debbie will show me how to get my first client in lesson three.
So, stay tuned for updates on my progress. After I’ve been able to digest a few lessons (and do the homework), we’ll do an official launch.
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May 12, 2008
photo credit: Michelle Brea
Are you getting bored and tired in your current job? Are you looking for a change? Are you starting to wonder if there’s more to life than rushing from home to job to home again?
Don’t worry. I’d be willing to bet there are millions more just like you. Dreaming of moving away from the city—or the burbs—living a simple life and doing something that helps kick the commuting habit.
But, one person’s paradise may be another’s nightmare. Finding the right business for your own tastes and lifestyle doesn’t have to be hard. It just needs to be different.
That’s why I’m not a big fan of business opportunities or franchises. Because they force you into a system you may or may not be interested in pursuing for years to come. By the time this realization hits you, though, it might be too late.
What’s worse than being in a job you don’t like? Investing money and time into a business you don’t like. You’re tied down because of your investments.
So, what’s the one thing you should make sure of as you start your freelance business quest? Make darn sure the business fits you and you fit the business. Make sure you really are starting your “paradise” business.
I’ll be honest. Money covers many shortcomings. It can help you overlook a lot of nitpicky things that would otherwise drive you crazy. However, getting to that point can take a long time. If you can’t stand it long enough to make $500 per month, there’s no way you can stand it long enough to make $10,000 per month.
My wife is part of a direct selling company (MLM). It’s a great company. She’s been raising our three children at home the last six years while building this business.
You know what? It’s hard work. It’s a business. She’s absolutely dedicated to making it successful. And she is successful. Is she bringing in tens of thousands of dollars every month? No. But she pays a lot of bills, including our mortgage. It’s a great match for her. She’s willing to put in the time because she’s good at it.
The more your skill set matches the business you want to start and the more you are willing to learn about it, the more likely you’ll succeed.
Have you dreamed about designing Websites but your only experience is surfing Websites? It’s not impossible to start a Web design business but I can tell you the learning curve will be steep.
That’s why I recommend looking on the “inside” first. What are you good at now? What do you actually like to do? It can be something you currently do, even if you don’t like your job.
That’s how I got started with Web design. I purposely looked for opportunities to help with our office Intranet. Guess what? Nobody else wanted to do it. I gained immense design skills while on the job, guilt free.
Don’t be dismayed if it sounds impossible to find the “right” business. The right business is the one that you’ll be successful running. Not the one your mom or dad thinks is a good idea. Not the one your teacher, friend, or cat thinks you should start. Listening to your heart is the best medicine.
Posted in Business Planning, Freelance Life, Freelance Success No Comments »
May 9, 2008
photo credit: velo_city
What is cash flow? Have you ever thought about how much your business brings in each month, how much goes out, and where the heck it all goes anyway?
Can a startup estimate cash flow with no historical data?
If you apply for a business loan, the bank wants to know your cash flow—startup or not. Lenders want to know that you can make the loan payment and still have something left over to pay your living expenses and mortgage.
But what if you don’t want or need a loan? A cash flow analysis can still help you get an excellent idea of how your business will progress.
One thing I like to do is envision what my business will look like when I reach certain income levels. At what point can I take a few weeks off and not have to worry about my entire business tanking?
The important point is to put some kind of “stick in the sand”. What this means is that it’s more important to get a starting number down and adjust from there. One good way to get that starting number is to determine your pricing structure.
In an earlier post, I discussed my startup worksheets. In that group of worksheets is a cash flow prediction calculator.
The purpose of this calculator is to help you put together realistic numbers to actually see how your business is going to “flow” from month to month. It forces you to think through critical issues like when you would be able to quit your job or maybe cut back on your regular work hours.
The important point is not to get an exact figure but to get a realistic figure. The mistake I make, more often than not, is being too optimistic.
Case in point. What if I don’t collect a dime of receivables one month? What about two months? Of course, you can’t account for all scenarios. Any business without consistent monthly cash flow will go down in flames sooner or later.
If you do download the worksheets, I’d appreciate any feedback!
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May 5, 2008
First, I want to say thank you to all my loyal readers. Dedicating myself to this blog has been top priority since late January.
Right now, I post 4 to 5 times per week. From this week forward, I will be posting 3 times per week—Mondays, Wednesdays, and Fridays. I take great pride in what I post but, due to time constraints, I just can’t put in the time for more than 3 posts per week.
Why the change? Let me start at the beginning. In December 2006, a gentleman approached myself and my brother-in-law about purchasing his business.
He came to us because he knew our father-in-law (we married sisters) well. When he mentioned that his business was up for sale, my father-in-law suggested he talk to us. No pressure, huh? There was only one catch though. He wanted to offer it to his son first.
Fast forward to spring 2008. After much foot dragging, his son decided he didn’t want the business. Luckily, he remembered me and is very eager to do the deal.
So, we’re in the process of putting together a final offer along with filling out 25 page bank loan applications. Total price tag? Somewhere in the low $700,000 range. It’s a great opportunity because he could sell it for more if he wanted. But he’s very concerned that the person (or persons) taking over doesn’t drive the business into the ground.
What’s the business? Manufacturing burners for the oil and gas industry. It involves machining tools (my brother-in-law’s expertise) and a lot of accounting (my expertise). If it sounds niche that’s because it is…very niche. He’s run it successfully since 1994 and wants to retire very soon. We’re hoping that we can finalize the deal by July 1st and be running it full-time in the same month.
Because it’s been run very well, I will still have time to dedicate to this blog. I’ll be pressed for time at first. But I’m hoping my experiences during this time will shed some light on the business buying process—which I’m sure they will.
If you have specific questions, please let me know. Whether it’s getting a loan, structuring a deal, or negotiating, feel free to fire away.
In the mean time, I will continue to offer my freelance advice and ideas—the good, the bad, and the ugly.
Thanks again for reading and taking the time to comment. I try very hard to make sure I respond the each and every response. Posting on this blog has far exceeded my expectations.
Posted in Freelance Life 1 Comment »
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