Freelancers and Business Owners should go to the Restaurant industry for inspiration
Speaking of universal truth, the business landscape is diverse and will continue defining itself, providing ample options to serve the various tastes and preferences in the market.
Take, for example, the culinary landscape. Restaurant foods aren't necessarily better than their "street-corner/roadside" cousins. But for a long time, they've been championed as the epitome of dining experiences. They are not necessarily tastier, neater, or fancier. Yet, in many cases, they sell 10x more.
This article will delve into the phenomenon of Restaurants and explore how other businesses can leverage their doings to maximize profits in their respective industry.
How Restaurants design their league
Restaurants use various strategies to attract the kind of players they want to their league. They adopt methods that their "street-corner" cousins won't find necessary. And if you play it right, it could help you double your monthly income over the next 12 months.
There are many versions of these strategies like advertising and promotion, ambiance and decor, menu and cuisine, quality and consistency, online presence and reviews, collaboration, and partnerships, special events and themes, location and accessibility, and unique selling points amongst others, but it ultimately begins with one word: Ecosystem.
Think about it, the Restaurants go where the money is. The atmosphere is a natural "buying trance." The foods and drinks are 10x more expensive. The cars in the parking lot aren't just fancier, they ooze "Big money" from 10,000 miles away. There’s a higher benchmark for product and service fees. And the clients are often high-net-worth folks who’d rather die than be caught haggling prices.
You tell them $300 for a box of pizza, and they tell you: no problem, bring three boxes and keep the change. That’s peanuts to them anyway.
On the other hand, their street-corner cousins (though cheaper and better at preparing freshly cooked delicacies right before customers' eyes.) hawk or position their wares where there’s not much cash flow or high net-worth folks. As such, they’re stuck with 1/10 of what they could be getting if they switched to the right ecosystem and positioned themselves with a little savvy.
Looking for the moral of the gist? It helps to be great at what you do. That’s the first step. And even in a very tight corner, anybody who wants a piece of advice needs to know that “nothing beats a solid foundation!”
Still, if you want to retire rich and early, a good approach is to consistently “up your game” — while strategically positioning yourself in relevant ecosystems with a never-ending desire to pay handsomely for the high-quality solution you sell.
How Freelancers and Business owners can adopt the restaurant model to build a league of quality players
The keywords in the restaurant model are:
Relevant ecosystem(s)
Never-ending desire.
High-quality solution.
Fortunately, the same applies to freelancers as it does business owners or anyone with a quality offer to sell. For clarity's sake, here's a detailed explanation.
Relevant ecosystem(s):
A relevant ecosystem is the heartbeat for the success and growth of a freelancer, or business owner. It provides a supportive network of individuals, organizations, and resources that can contribute to their professional development, visibility, and overall success. For a freelancer, it offers opportunities to connect and collaborate with potential clients, fellow freelancers, and industry experts. This can lead to referrals, partnerships, and access to new projects.
For business owners, a relevant ecosystem helps business owners identify and reach their target audience. It may include potential customers, industry-specific platforms, or marketing channels that enable them to promote their products or services effectively.
Never-ending Desire:
Creating a never-ending desire for your services as a freelancer or business owner requires a combination of strategic marketing, exceptional service, and continuous improvement. Here are some steps you can take to achieve this:
Identify your target audience:
Clearly define your target audience and understand their needs, preferences, and pain points. This will allow you to tailor your services and marketing efforts to resonate with them effectively.
Develop a strong value proposition:
Communicate the unique value and benefits your services offer. What makes you stand out from competitors? Focus on the specific problems you solve, the outcomes you deliver, and the value you provide to clients.
Foster client relationships:
Prioritize building strong relationships with your clients. Stay in touch, follow up after completing projects, and demonstrate genuine care and interest in their success. Satisfied clients are more likely to become repeat customers and refer you to others.
Continuously improve:
Stay updated with industry trends, new technologies, and best practices in your field. Invest in professional development, attend relevant conferences or workshops, and continually enhance your skills. By offering cutting-edge solutions, you'll remain in high demand and maintain your clients' interest.
Stay visible:
Maintain an active online presence through social media, networking events, industry forums, and relevant online communities. Engage with your audience, participate in discussions, and share valuable insights. Being visible and active helps you stay top-of-mind with potential clients and establishes your authority.
High-quality solution:
When you consistently exceed your client's expectations by providing high-quality work, meeting deadlines, and maintaining open communication, you'll build a reputation for reliability and professionalism.
Putting into consideration, all restaurants ain't equal. Still, if you’ve been keeping up, you know even C-grade restaurants often charge 10x more than the highest-ranking street-corner bukas in town. That's a perfect food for thought to take home — if you’re tired of watching your neighbor take home 10x more money for something you do 10x better.
