This is part 3 in the Why My First Attempt At Business Failed series.
You can read the other articles in the series No Product and Lack of Direction and Self-Doubt to get the full picture.
Here is another mistake I made during my first attempt at business.
I gave my writing away for free.
When I started writing I did some free work “for the exposure”.
Writing for exposure is supposed to get you noticed and hopefully bring in some well-paying jobs. Sometimes it works and other times it doesn’t.
Some people believe a bit of free work in the beginning is okay. Others advise don’t do it at all.
Not only did I make the mistake of giving my work away for free but I did it for far too long.
While I did get work writing for websites the money was either ridiculously low or non-existent. On many sites it’s a matter of churning out work in large quantities for low pay. It’s definitely a quantity over quality situation.
When I did get a writing assignment, I unknowingly undercharged for my services.
When I decided to create my own product I came up against a massive money block.
I realised I had a problem charging for my work.
I know, sounds crazy right!
At first I simply thought I was terrified to put myself out there. But then I realised, with over 300 posts on my blog (many well over 1000 words each) I had well and truly put myself out there already.
Whilst I seemed more than happy to give my words away for free the thought of charging money for my work scared me to death.
I was plagued with thoughts of – “Is it good enough? Somewhere in my mind I had decided that it was ‘good enough’ to give away but somehow not ‘good enough’ to charge money for!
This was all quite a revelation for someone who had quit their job to follow their passion, not realising how challenging that would be and what strange, new and unusual roadblocks my mind would throw up along the way!
- Firstly I had to deal with my money blocks head on. I headed over to Lucky Bitch for help. While I was there I found out I had more money blocks than I realised! This site was a godsend, it made me understand I was not alone in undervaluing my work.
- Secondly I looked at how other people price their products. One of the problems other than not charging in the first place, is not knowing what to charge once you place a product on the market. Many people under charge for their work.
To be honest, I think pricing is ones of those things that people in business (any sort of business) need to review on a regular basis.
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