The Wealthy Freelancer Book Summary - The Wealthy Freelancer Book explained in key points

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The Wealthy Freelancer summary

Name: The Wealthy Freelancer
Rating: 4.4 (56 reviews)
Author: Steve Slaunwhite

Steve Slaunwhite

12 Secrets to a Great Income and an Enviable Lifestyle

4.4 (56 ratings)

19 mins

Table of Contents

The Wealthy Freelancer
summarized in 8 key ideas

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Key idea 1 of 8

What’s in it for me? Maximize your freelancing potential.

Would you like to be your own boss? Work your own hours? Only have clients you want to work for? Many do, and this is why so many people are becoming freelancers.

And yet, for all these plus sides, being a freelancer can be a struggle. All freelancers know the pain of not being able to go out with friends because of a late running project, or begging for rent money from parents because work is going slow.

But it doesn’t have to be this way. You can have the freedom and security, but how?

The following blinks contain 12 secrets that every freelancer, no matter what their expertise might be, should commit to memory.

In these blinks you’ll discover

why every good freelancer needs a buzz piece;
why you should turn your day into a jigsaw; and
why you need to live in the middle of a wealthy triangle.

A successful freelancer accepts that there are times when business isn’t great.

Every freelancer, no matter how relaxed they seem, is constantly under pressure. Even when business is booming and money is flowing in, certain fears linger in the back of the mind. What if work dries up next month? What if a competitor undercuts me next week?

However, these fears aren’t a reason to reject freelancing. Rather, by accepting the realities of constant pressure in freelancing, you’ll unlock the first secret to success.

Because it is always possible that work will dry up, or a rival will snatch your clients, you’ll need to prepare yourself for the moment catastrophe strikes. Use the acronym IDEA to memorize the four techniques that will help you think positively, no matter what the situation.

First, you’ll need to Invest in your success. There’s a whole host of coaching services, books, teleseminars and online resources available on how to make your freelance business prosper. So use them! Learn from the achievements of successful freelancers, and learn from their mistakes. In short: invest in learning and get as much information as you can.

Next, Develop an unshakable belief in yourself. Think of J.K. Rowling, Warren Buffett and Stephen Spielberg. If they strike you as people who’ve achieved what you’d never be able to, think again. They’re normal people too, and just like you, they had to start somewhere. Nobody ever got anywhere without a big dose of self-belief.

But you’ve also got to Expect that this belief will be tested. There are always times of self-doubt. Before her worldwide success, J.K. Rowling found it hard to get published at all, and money was very tight to say the least. Just remember that these dark moments are always temporary. Tell yourself that they’ll pass, and they surely will.

Finally, be sure to Absorb that satisfying feeling of success. If your business is going well, enjoy it! It’s exactly what you’ve been working so hard for.

With the IDEA acronym in mind you’ll always have something to guide you when the going gets tough. Now that you’ve uncovered the first secret to success in freelancing, it’s time to dive in. It all starts with finding the right clients.

To get the clients you want, carefully market your services to the right people.

As a freelancer, you take on the challenge of finding your own work. Which of course means finding clients who want your skills and expertise. But who are these clients? Where are they? And how can you attract them to you?

Enter the second secret of freelancing: the Master Marketing Formula. This formula will lead you right to your desired clients in five steps.

Create a brilliant buzz piece to position yourself as an expert in your field.

As we found out back in the first blink, there are inevitably times when work is scarce. If you want to give yourself the best chance possible of always having a project on your hands, then the third secret is something you should consider: writing a buzz piece.

Usually a short report between five and ten pages long, a buzz piece will help you to position yourself as an expert in your industry. You’ve got a whole range of options when it comes to format: a workbook, checklist, toolkit, how-to guide or a simple list of tips are all great choices. It’s choosing the right topic for your buzz piece that is more of a challenge.

Employ high-impact marketing tactics that are efficient and bring you returns.

Finding clients is one hurdle for freelancers, but keeping them is a whole new challenge. With the right strategies, however, maintaining existing client relationships while building new ones will be a breeze.

One great strategy that every freelancer should be making use of is the Marketing Effectiveness Matrix. By assessing your MEM, you’ll know exactly which marketing strategies are the best for attracting and maintaining your clients.

Avoid lean times by nurturing prospects perpetually.

If there’s one thing freelancers complain about, it’s the fact that their jobs are either incredibly busy with lots of work, or exhaustingly slow with every prospect out of reach. Little do they know that this problem is quite simple to solve!

The easiest way to avoid those slow periods in your freelance work is by keeping in touch with previous clients. That means both email and phone, so you can maintain your relationship after the project is over. But what if you’ve already dropped out of touch? It’s not too late! You can add them to your monthly e-newsletter, or even just drop them a message that looks a little something like this: “Hi, came across this article recently. Thought you’d find it interesting.” Sent with your business card, it’s a gentle reminder to your client that yes, you do still exist!

Price your services for success in your freelance business.

How much is your work worth? That’s a question that scares many solo professionals. Why? Well, as an emerging freelancer it can be very difficult to find an appropriate fee.

Charging an hourly rate often seems like the easiest option, but don’t be fooled! There are some significant disadvantages to it.

Get more done by working in focused bursts and carefully organizing your tasks.

Who wouldn’t want their commute to work to be as short as walking into the room nextdoor? Working from home is one much-coveted benefit of freelancing. But working at home can make it incredibly hard to concentrate.

Luckily, your lack of focus is easily solved with two clever techniques. The first of these is the 50 Minute Focus, which will help you structure your workday as efficiently as possible.

Create alternative streams of income and live in the Wealthy Triangle to ensure a strong work–life balance.

There comes a time in your freelancing career when you spend almost all of your time on work, while your personal life suffers as a result. But it doesn’t have to be this way! If you want to maintain a strong cash flow but also catch a break when you need it, then start thinking about how you can maximize your passive income.

Active income is everything you earn while you work. Passive income is money you can earn in your sleep. Sounds crazy? Let’s look at an example. A scout sells lemonade every hot Sunday afternoon. He earns ten cents for each beverage he sells to his neighbors. But when his mother calls him in for dinner, he has to stop selling. As a result, the dimes – his active income – stop rolling in.

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What is The Wealthy Freelancer about?

The Wealthy Freelancer (2010) reveals the secrets behind a successful career in freelancing. These blinks outline how you can focus, structure, manage, organize, market and price your freelance business in the most effective and fulfilling way possible.

Who should read The Wealthy Freelancer?

Freelancers, solo-professionals, consultants and independent contractors
Anyone toying with the idea of going solo

About the Author

Steve Slaunwhite is a famous marketing coach, professional copywriter and author of books such as The Complete Idiot’s Guide to Starting a Web-Based Business and Fast Track to Great Clients.

Pete Savage and Ed Gandia are successful copywriters, marketing consultants and coaches.

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