source (The Futur)
This particular episode was about changing from a freelance career to a business. If you want to go into high-level business and do the thinking part instead of the production part.
Here is how:
1.define what success looks like.
- have a product-business (this is mandatory)
- you want to do less freelancer-hours
2. Create a time-frame. Goals need to be time-bound.
e.g. 2 million a year within 5 years and a team of 10 people.
3. Learn to sell value-based. This seems to be the one that comes back over and over. Hourly businesses cannot scale. Product-based businesses can.
Some important questions asked were for example:
I work super fast. If I have to train someone, just explaining it, takes a quarter of my time. How can I make sure my employees do the same?
So this question actually refers to how much money your company is making.
If you sell to really high-value businesses and can make great margins, it doesn't matter if your employee works half as fast as you do. When you make $500/hour, the employee still makes you $250/hour.
Some clients you will have to fire because some clients simply want to add you as part of the team and thus have to charge hourly. Of course, when you can fire clients, you're in a great position anyway