Comments on: “But starting a freelance business is too risky!” and other reasons people don’t earn more money

By: Earning more money: How to turn your skills into services that people will pay for | I Will Teach You To Be Rich

Fri, 07 May 2010 15:19:47 +0000

[...] « “But starting a freelance business is too risky!” and other reasons people don’t make more mon… [...]

By: Should You Subscribe to the Scrooge Strategy?

Should You Subscribe to the Scrooge Strategy? — Sat, 27 Feb 2010 00:09:53 +0000

[...] how some people reacted to the Save $1,000 in 30 Days Challenge. Ramit had a band of grumpy commenters that complain about how the tips didn’t apply to him or how hard it was to use [...]

By: Barbara Saunders

Barbara Saunders — Sat, 06 Feb 2010 06:16:55 +0000

I don’t remember which guru said it, “The people who say they can’t afford to X,Y, or Z to increase their income are the very people who can’t afford NOT to.”

I suppose if you earn six figures with great benefits in a relatively secure job/industry/company (to the extent such a thing exists these days), it might make sense not to stick your neck out. A person with several dependents living paycheck to paycheck, hoping and praying that the other shoe doesn’t drop, is risking far less by trying out freelancing (especially in the cautious way Ramit suggests) than by putting the same effort into “holding onto” the job.

By: rama

rama — Mon, 01 Feb 2010 14:57:30 +0000

Never fear to be self-employed! I just bought a franchise business November of last year, and am now on the planning stage for its marketing, management & accounting system. Come June, I’m hoping to see my little food cart business up & fighting. My advice for those going on business venture is to save, so that you don’t have to resort to borrowings for your capital & operating needs. Debts can cause so much head ache, so any business strategy that eliminate debts is always advisable

By: Peter

Peter — Sat, 16 Jan 2010 15:44:44 +0000

@Jacqueline Bartek

I recently renamed my company that I’m launching (an online retail business) so I know your fear about naming, branding and being taken seriously.

My question is, what do you do and/or what do you want to offer?

Look at some a few other successful people in that area, what are their names/company names?

I also work in the design business creating clothes, so I have had experience with brand. The most important thing is you are consistent, whether that be the style of clothes you create or the content you produce. Think about Tim Ferris from the four hour work week. He talks a lot about business, but he’s branded himself as a lifestyle designer, and he ocassionally posts content about travel, eating, learning languages..etc. i.e. buidling a lifestyle. Ramit is heavy on finance, and it wouldn’t feel right if he did something similar to tim.

So what are you offering and is your content/ideas consistent with that is what i would start off with.

And yes, your name sounds pretty serious btw Bartek is a great easy to remember last name.

By: Jacqueline Bartek

Jacqueline Bartek — Fri, 15 Jan 2010 15:39:08 +0000

I am on the same wavelength as Shamik. I feel I need a great idea to make extra money. I am held back by “what do I name my business”? Will people remember Jacqueline Bartek, Inc.? Will they take it seriously? How do I develop my “Brand”? These things were holding me back. After I read Ramit’s “The myth of the great idea”, I may be inspired to move forward.

By: Jose

Jose — Fri, 15 Jan 2010 12:37:46 +0000

Pink Diamonds, can you give us insight how you manage to get $30k/year and with only 5hrs/week? I think a detail (to some extent) answer will be very helpful. Thanks in advanced.

By: Credit Card Chaser

Credit Card Chaser — Fri, 15 Jan 2010 08:33:23 +0000

@Barbara Yes, you are correct. You have every right to distrust that 90% “fact” and I mention a few of the studies that debunk that stat in the link I mentioned above ( http://www.debtfreeadventure.com/is-entrepreneurship-riskier-than-employment/ )

By: Pink Diamonds

Pink Diamonds — Fri, 15 Jan 2010 07:53:46 +0000

i’ve been able to add $30k/year working less than 5hrs/week on the side.

By: Barbara Saunders

Barbara Saunders — Fri, 15 Jan 2010 07:52:35 +0000

I really distrust that stat about “90%” of businesses failing. Here are just the obvious distortions I’ve seen:

- Person starts one business for which she leaves the day job, and several other projects on the side. Original business closes its doors BUT another of the projects turns into a new, successful business or a new job better than the previous job
- Person starts a business, pays himself a decent salary for a few years and closes the business to get a job because he is working a lot and sees no promise of the kind of profit he wants
-Person starts a business that makes a LOT of money, cashes out to buy a home and then goes back to a job because the big financial goal has been realized
- Person starts a business and gets bored and gets a job

All of these “failures” will register in that stat, but they are NOT failures. Not only does the person not lose their investments or go bankrupt, her or she is much more marketable for a better job or moves on to a different business.