20% of clients that give you 80% of your income - Deepstash

20% of clients that give you 80% of your income

The main takeaway from the book The 4-Hour Workweek is to retain the 20% of clients that give you 80% of your income and let go of the clients who are giving you more work without the extra financial incentive.

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MORE IDEAS FROM 5 Simple Ways to Boost Client Relationships and Earnings

No matter how many clients you take on, always make them feel as if they are individuals. The reason? All people like to feel special

Anytime you can show interest in a client’s passions, you are showing that you care about them as individuals, leading to a potential ongoing arrangement. Keep it professional but personal.  

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Communication is key for longevity in any type of relationship, and the client relationship is no different.

Always be very transparent when it comes to client work. They want to know you are on top of any projects they’ve given you. They want to be secure that they’ve chosen the right business to work with.

The purpose of this step is to communicate any information the client might want before they’ve had the chance to ask for it.

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When a client is unhappy with your work, take the time to hear them out. Find out what is wrong and really listen to their concerns. Also, thank them for contacting you with criticism.

  • If you see you’ve made a big mistake before the client has noticed, don’t cover it up. Rather, call them ahead of time and explain the situation. 
  • If a client has a complaint, honestly take the time to listen to them and apologize, without making excuses. 
  • Find a way to rectify the situation

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How to do it:

  • Look at your final product and research ways to improve it. Compare your final product against the competition
  • Ask yourself how you can make your product stand out more

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How to do it: 

  • Think of unique gifts that are relevant to your business. 
  • Order gifts in bulk and claim them as a business expense to save money. 
  • Ensure gifts are a surprise.  

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RELATED IDEA

Introduction - What is Possible?
  1. Imagine one thing for a minute: a working week of only four hours. Don’t worry; the idea is that you’d still be making enough money. You’ll be working less, but you’ll be more productive.
  2. What would you do with the time you have left? Movies. A book. Maintaining friendships and family values. Every day would be like a mini vacation if you followed the 4-hour workweek.
  3. Timothy Ferriss, an American author and entrepreneur, says that is possible. His book, The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich, changed many people’s lives.
  4. In its basis, The 4-Hour Workweek is a productivity concept. The author himself tested it. He went from making $40,000 per year on an 80-hour workweek to making $40,000 per month on a 4-hour workweek.
  5. When I read the book, I realized it was more realistic and actionable than I expected.

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The Importance Of Storytelling

If you’re not telling a compelling story, then you’re losing your audience before you’ve even started. Numbers and other data will make your audience believe but stories will make them engaged listeners.

There’s a big misnomer whereby people perceive storytelling as telling a little ice breaker or making some jokes. This isn’t the case. Storytelling actually dates back thousands of years in the form of artifacts and literature. It’s the way information was conveyed when language first originated in the cave days and that’s how our brains and communication developed.

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When it comes to working out consistently, remember to:
  • Step 1: It’s okay to stumble (Forgive yourself). Everyone I know misses a workout here or there. It’s nothing to feel shame over. 
  • Step 2: Have a plan! Without scheduling your week’s workouts, how do you even know if you’re being consistent or not?
  • Step 3: Have a backup plan! (Lose the “all or nothing” mindset). If your first plan falls through, nbd. Just move onto the next one. “Some” workout is always better than “no” workout. Do the best you can.

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Newcomers to fitness can find it overwhelming and often times find it hard to remain consistent. This 2 minute read is a great help to learn tools to enjoy fitness and develop a schedule and consistency.

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