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My uncle ran a small business. He taught me 3 things as a teen that I've never forgotten.
1. Use money to create wealth.
* Trade money for things that make you money while you sleep.
* Arbitrage your time. Buy time from someone else if you can earn more.
Most people trade money for things that make them feel good about themselves. That's why they're never wealthy.
* Trade money for things that make you money while you sleep.
* Arbitrage your time. Buy time from someone else if you can earn more.
Most people trade money for things that make them feel good about themselves. That's why they're never wealthy.
2. Time has an opportunity cost. Price accordingly.
You have to figure this one out for yourself. Here is how my uncle did it.
He priced the first 75% of his time at 100% of his normal price. Then he added 5% for every 5% of time. So if you're 110% booked, bill 140% of normal.
You have to figure this one out for yourself. Here is how my uncle did it.
He priced the first 75% of his time at 100% of his normal price. Then he added 5% for every 5% of time. So if you're 110% booked, bill 140% of normal.
3. Honesty always wins in the long run.
One night he was on the phone and he told a client, "This isn't the thing we typically do. In order to do it right, I'd have to charge you 150% of what my competitors will charge you."
He almost always got the contract.
One night he was on the phone and he told a client, "This isn't the thing we typically do. In order to do it right, I'd have to charge you 150% of what my competitors will charge you."
He almost always got the contract.
