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How This 30-Year-Old Grew His Financial Planning Tool to $6k/Month WITHOUT Marketing or SEO

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How This 30-Year-Old Grew His Financial Planning Tool to $6k/Month WITHOUT Marketing or SEO

Kyle Nolan got the entrepreneurial bug early on in life. That spirit, together with the discovery of the Financial Independence movement and unsatisfactory search for a financial planning tool, led him to start his current side hustle, ProjectionLab

For about 2 years, he has been working nights and weekends to develop this financial planning tool all by himself. Currently, he’s bringing in $6k per month and building a small but loyal community of dedicated users. And the adventure has only just begun.

Keep reading to find out:

  • What happened when he discovered the FI movement
  • How ProjectionLab works
  • How he grew it without marketing it
  • How growth in sales has evolved over time
  • How much time he spends on his business
  • His thoughts on SEO
  • Which resources and tools he recommends
  • His biggest challenge
  • His greatest accomplishment
  • His main mistake
  • His advice for other entrepreneurs

Meet Kyle Nolan

Hey, I’m Kyle. I’m a software engineer from Boston who likes scuba diving, fishing, reading, and hiking… well, last I checked, at least. For the past two years, I’ve spent most of my free time bootstrapping ProjectionLab to $6k MRR as a side project and solo developer.

I just turned 30 this year, and ever since I was a kid, I’ve been passionate about making things. In elementary school, I remember learning excel to create a (terrible) trading card game and sell packs to other kids in the neighborhood. In middle school, I started coding video games, and since then I’ve always had a personal project or two on the side.

Nothing matches that feeling of taking something that’s just an idea in your head and manifesting it in the real world. It will always feel a little like magic. And with side projects, it’s refreshing and liberating to have full creative control, no stand-up meetings, no sprint retrospectives, no changing requirements, and no funding to worry about 

ProjectionLab started as one of these creative outlets. I didn’t even have monetization in mind at the beginning.

Over the past 20 years, I’ve accumulated a pretty colossal graveyard of video games and personal projects. However, as people signed up for PL and feedback poured in, it became clear that this was destined for a different fate! 

Having a growing and supportive community of users is really energizing, and even though my work is still scoped to nights and weekends while it’s a side project, I’m more than happy to devote those hours because it really doesn’t feel like work.

Why He Created ProjectionLab

Before I discovered the financial independence movement, I often grappled with the feeling that there should be more to life than working until you’re too old to enjoy it.

Does sacrificing the best hours of the best days of your best years to meetings, briefings, and bureaucracy really add up to your best life?

I’ve witnessed how lifestyle inflation, bad planning, and unforeseen events can keep people trapped in that pattern forever. So when I discovered the books and blogs of FI community legends like J.L Collins, Pete Adeney, Morgan Housel, and Grant Sabatier, I realized that I needed to start actually taking control of my financial future. I wanted to know that someday I could have the freedom to be my best self all the time, not just when I’d saved up enough PTO for a vacation.

Theory is nice, but I wanted a hands-on and visual way to map out all the options and explore the trade-offs between different life plans. So, I went looking for a good long-term planning and forecasting tool. Something modern, fluid, nuanced, and actually fun to use.

But somehow, that search for the perfect financial planning tool spiraled out of control… before I knew it, I was building a new one instead.

And after a couple of thousand hours of coding over the past two years of nights and weekends, I created ProjectionLab. 

You can create beautiful financial plans with a level of nuance and flexibility that exceeds the standard online retirement calculators, run Monte Carlo simulations, backtest on historical data, review detailed analytics for estimated taxes, plan how to live life on your terms, and with any luck, reduce anxiety around your finances.

There’s a free sandbox if you want to see how it works quickly, it does not ask to link your financial accounts, you don’t have to create an account to try it, it works pretty well for international scenarios, and it respects your data.

As a solo dev building a fairly complex software solution as a side project, I’ve had a product-first approach by necessity, and it took several months just to create the MVP.

There were a grand total of 0 paid users when I posted it to Hacker News on a whim. I closed the tab, expecting that to go nowhere, and then came back an hour later to discover my email inbox was blowing up. I was astonished that the post had made the front page and more than a dozen people had signed up for premium.

Everyone always talks about how incredible it feels to make your first dollar on the internet… and in my experience, they’re right! 

The fact that the MVP was actually a hit with the famously critical HN community lit a fire under me, and I doubled down on building out the app and adding everything people wanted to see.

Sometime in the following weeks, it reached 100 paid users, and organic/ word-of-mouth spread, coupled with the occasional post to places like r/SideProject, gradually propelled it into the low hundreds.

Since then, my pattern has been: to spend basically all my time with my head in the sand developing cool new features, occasionally picking it up to create a post somewhere like Reddit or HN, and also nurturing a community of users who love the tool.

I know the “spend all my time on development” part contradicts much of the conventional SaaS business advice. Still, this may be one of those rare cases where a laser focus on the product before marketing has been a good thing overall. 

By scaling up the user base gradually, I’ve been able to avoid drowning in support requests and preserve the free time I’ve needed to re-architect and redesign the product several times before arriving at the more polished solution it is today.

Over the past few months, I was lucky enough to have some unexpected developments help to spread the word even more and close the remaining distance from ~750 paid users to the 1k mark:By scaling up the user base gradually, I’ve been able to avoid drowning in support requests and preserve the free time I’ve needed to re-architect and redesign the product several times before arriving at the more polished solution it is today.

– Pete Adeney (a.k.a. Mr. Money Mustache) gave PL a shout-out on Twitter

1678762418 333 How This 30 Year Old Grew His Financial Planning Tool to 6kMonth

– Rob Berger (the author of Retire Before Mom and Dad) created a video review.

– Cody Berman and Justin Taylor, who run The FI Show, asked me to come on their podcast.

How Much Money Kyle is Making

ProjectionLab just crossed $6k MRR.

1678762418 456 How This 30 Year Old Grew His Financial Planning Tool to 6kMonth

It took about 22 months to reach $6K MRR

→ 9 months to get to $1,000
→ 4 months to get to $2,000
→ 7 months to get to $5,000
→ 2 months to get to $6,000

Here’s a look at how the paid user base has grown over time:

1678762418 579 How This 30 Year Old Grew His Financial Planning Tool to 6kMonth

How Many Hours a Week Kyle Spends on his Business

For now, I am building ProjectionLab as a side project. The breakdown for an average week looks something like:

Weeknights: 8pm to midnight
Weekends: ~10 hrs per day

So, around 40 hrs per week in total, on top of a full-time job.

I guess now is the part where you go “Oh, okay, so this guy just has no life.” 

Well, side projects certainly have their pros and cons. The best part is the risk reduction. If you were to leap to full-time right away instead, I bet that liberating feeling of having complete creative control gets overpowered pretty quickly when it hits you that “this better work.” 

But the worst thing about side projects is that they force you to sacrifice more of your most precious non-renewable resource: time.

The hard truth is that burning the candle at both ends means you rarely have time for everything you want to do in life. Something has to give. For me, that was playing video games.

I still carve out the time to exercise daily and try to do at least one fun social thing per week, but I also used to have a group that would play games regularly. That was my favorite way to stay in touch over long distances. 

But the math just didn’t work while trying to bootstrap a complex technical project on the side. Some day in the future though, maybe I will come out of video game retirement and rejoin the squad.

Kyle’s Top Marketing Strategy

After validating the idea with PL version 1.0, the main thrust of my efforts has simply been to make the product so dang good that, eventually, people in this space can’t help but take notice. Maybe that’s finally working a little bit.

His View on SEO

I’ve barely thought about SEO and have no discernable content strategy. So yeah… you could say there’s plenty of room for improvement on the marketing side.

The primary focus has been to invest my extremely limited time in a way that (hopefully) manufactures some luck and exposure as a byproduct of creating a standout software solution.

But even though PL has been steadily growing over the past couple of years, I always remind myself that a mediocre product with great marketing often beats a great product with poor marketing. So at some point, I need to think more seriously about creating a reliable and sustainable long-term growth engine.

His Email List

I have an email list with a couple of thousand members, but one of my mistakes was implementing the “subscribe to newsletter” option late in the game. That should have been a part of the app since day one, not added a year late!

Kyle’s Favorite Resources

For those who have an interest in financial independence, here are a few of my favorites:

  • The Simple Path to Wealth, by J.L. Collins
  • The Psychology of Money, by Morgan Housel
  • A Random Walk Down Wall Street, by Burton Malkiel
  • Retire Before Mom and Dad, by Rob Berger
  • Financial Freedom, by Grant Sabatier

Or, if you’re an indie developer looking to create your own app, here’s a tech stack that has served me well: Vue.js, Vuetify, Chart.js, Paddle, Firebase, and GCP.

His Top 3 Tools

Using a modern, component-based web development framework with a good material UI library (in my case Vue.js and Vuetify) has enabled me to rapidly build engaging and responsive interfaces that users actually enjoy spending time in.

I chose Paddle for my subscriptions and billing platform, and so far, that’s been smooth sailing. 

Initially, Stripe lured me in with their excellent UX and developer APIs. But as a solo dev with serious time constraints, I wanted a full merchant of record solution that would handle all the complexities of collecting and remitting sales tax, VAT, etc. So at the end of the day, Paddle was the easy choice.

I also used Changemap to create a free public roadmap where anyone can suggest new features and vote. I set up a Discord server which has steadily been growing into a thriving community where people can ask questions, give feedback on the latest features in early access, and chat about personal finance and other topics with folks who share similar interests.

His Biggest Challenge

Given limited time, how to decide what to build and what not to build.

I always have a notional roadmap in my head, and it’s always being revised and rearranged based on:

  • What is the community asking for right now? What topics keep coming up again and again in Discord/email?
  • What are the most upvoted features on the public roadmap?
  • What did I originally think I would be doing next?
  • What do I actually **feel** like doing next? What would I be most energized and inspired to work on?

As I toss all the ideas around, I’ll usually try to add weights to them based on:

  • Estimated level of effort/time required
  • Chance to delight existing users and keep them around
  • The prospect of spurring new growth
  • Opportunity to reduce technical debt
  • Feature “coolness factor”
  • Chance to further differentiate from other products
  • Opportunity to build new skills and knowledge

His Greatest Accomplishment

The simple ability to stick with projects long enough to finish them, release them into the world, and give them a chance to grow.

It’s common among developers to start lots of projects, but ship very few. It’s easy to get halfway done, run into some edge cases, and then just move on to the next shiny idea or technology.

But you won’t hit any of the larger entrepreneurial milestones if you can’t commit to a vision long enough to get something out the door.

What He Wishes He Knew When He Started

I wish I had known about the importance, and compounding effect, of building an audience.

You can have the best product in the world, but it won’t go anywhere if you can’t get enough eyeballs on it.

You want to start building a following and a user community as soon as possible.

Kyle’s Biggest Mistake

For a few months during the middle of my journey with PL, I was working on a major overhaul and putting in an unsustainable number of hours. Time is a zero-sum game, and I was letting sleep and exercise take the hit… and my vitals started to reflect that.

Beyond all the tips and tricks, you need to take care of yourself first and foremost.

Launching and growing a small startup requires consistency and persistence. And luck. And a bunch of other things.

But the point is: it’s a marathon. So only burn the candle at both ends when there’s a tactical reason. And always make time to exercise! What’s the point of working towards a better future if you might not be around to enjoy it?

His Advice for Other Entrepreneurs

If you’re just starting your own journey or contemplating a new project, here’s a small piece of advice from my experience so far:

Try to find a problem you understand deeply and truly care about solving, and build something that you’ll actually be a user of. 

There are often more hurdles on the path to finishing and launching a project than you can predict going in; but if you really have that desire to see and enjoy the final product yourself, you can use that to help power through some of the obstacles. 

It’s a lot easier to pursue an idea with persistence when you’re working on something you love and that you personally can’t wait to use.



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12 Proven Methods to Make Money Blogging in 2024

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Make money blogging

 

Make money bloggingThis is a contributed article.

The world of blogging continues to thrive in 2024, offering a compelling avenue for creative minds to share their knowledge, build an audience, and even turn their passion into profit. Whether you’re a seasoned blogger or just starting, there are numerous effective strategies to monetize your blog and achieve financial success. Here, we delve into 12 proven methods to make money blogging in 2024:

1. Embrace Niche Expertise:

Standing out in the vast blogosphere requires focus. Carving a niche allows you to cater to a specific audience with targeted content. This not only builds a loyal following but also positions you as an authority in your chosen field. Whether it’s gardening techniques, travel hacking tips, or the intricacies of cryptocurrency, delve deep into a subject you’re passionate and knowledgeable about. Targeted audiences are more receptive to monetization efforts, making them ideal for success.

2. Content is King (and Queen):

High-quality content remains the cornerstone of any successful blog. In 2024, readers crave informative, engaging, and well-written content that solves their problems, answers their questions, or entertains them. Invest time in crafting valuable blog posts, articles, or videos that resonate with your target audience.

  • Focus on evergreen content: Create content that remains relevant for a long time, attracting consistent traffic and boosting your earning potential.
  • Incorporate multimedia: Spice up your content with captivating images, infographics, or even videos to enhance reader engagement and improve SEO.
  • Maintain consistency: Develop a regular publishing schedule to build anticipation and keep your audience coming back for more.

3. The Power of SEO:

Search Engine Optimization (SEO) ensures your blog ranks high in search engine results for relevant keywords. This increases organic traffic, the lifeblood of any monetization strategy.

  • Keyword research: Use keyword research tools to identify terms your target audience searches for. Strategically incorporate these keywords into your content naturally.
  • Technical SEO: Optimize your blog’s loading speed, mobile responsiveness, and overall technical aspects to improve search engine ranking.
  • Backlink building: Encourage other websites to link back to your content, boosting your blog’s authority in the eyes of search engines.

4. Monetization Magic: Affiliate Marketing

Affiliate marketing allows you to earn commissions by promoting other companies’ products or services. When a reader clicks on your affiliate link and makes a purchase, you get a commission.

  • Choose relevant affiliates: Promote products or services that align with your niche and resonate with your audience.
  • Transparency is key: Disclose your affiliate relationships clearly to your readers and build trust.
  • Integrate strategically: Don’t just bombard readers with links. Weave affiliate promotions naturally into your content, highlighting the value proposition.

5. Display Advertising: A Classic Approach

Display advertising involves placing banner ads, text ads, or other visual elements on your blog. When a reader clicks on an ad, you earn revenue.

  • Choose reputable ad networks: Partner with established ad networks that offer competitive rates and relevant ads for your audience.
  • Strategic ad placement: Place ads thoughtfully, avoiding an overwhelming experience for readers.
  • Track your performance: Monitor ad clicks and conversions to measure the effectiveness of your ad placements and optimize for better results.

6. Offer Premium Content:

Providing exclusive, in-depth content behind a paywall can generate additional income. This could be premium blog posts, ebooks, online courses, or webinars.

  • Deliver exceptional value: Ensure your premium content offers significant value that justifies the price tag.
  • Multiple pricing options: Consider offering tiered subscription plans to cater to different audience needs and budgets.
  • Promote effectively: Highlight the benefits of your premium content and encourage readers to subscribe.

7. Coaching and Consulting:

Leverage your expertise by offering coaching or consulting services related to your niche. Readers who find your content valuable may be interested in personalized guidance.

  • Position yourself as an expert: Showcase your qualifications, experience, and client testimonials to build trust and establish your credibility.
  • Offer free consultations: Provide a limited free consultation to potential clients, allowing them to experience your expertise firsthand.
  • Develop clear packages: Outline different coaching or consulting packages with varying time commitments and pricing structures.

8. The Power of Community: Online Events and Webinars

Host online events or webinars related to your niche. These events offer valuable content while also providing an opportunity to promote other monetization avenues.

  • Interactive and engaging: Structure your online events to be interactive with polls, Q&A sessions, or live chats. Click here to learn more about image marketing with Q&A sessions and live chats.

9. Embrace the Power of Email Marketing:

Building an email list allows you to foster stronger relationships with your audience and promote your content and offerings directly.

  • Offer valuable incentives: Encourage readers to subscribe by offering exclusive content, discounts, or early access to new products.
  • Segmentation is key: Segment your email list based on reader interests to send targeted campaigns that resonate more effectively.
  • Regular communication: Maintain consistent communication with your subscribers through engaging newsletters or updates.

10. Sell Your Own Products:

Take your expertise to the next level by creating and selling your own products. This could be physical merchandise, digital downloads, or even printables related to your niche.

  • Identify audience needs: Develop products that address the specific needs and desires of your target audience.
  • High-quality offerings: Invest in creating high-quality products that offer exceptional value and user experience.
  • Utilize multiple platforms: Sell your products through your blog, online marketplaces, or even social media platforms.

11. Sponsorships and Brand Collaborations:

Partner with brands or businesses relevant to your niche for sponsored content or collaborations. This can be a lucrative way to leverage your audience and generate income.

  • Maintain editorial control: While working with sponsors, ensure you retain editorial control to maintain your blog’s authenticity and audience trust.
  • Disclosures are essential: Clearly disclose sponsored content to readers, upholding transparency and ethical practices.
  • Align with your niche: Partner with brands that complement your content and resonate with your audience.

12. Freelancing and Paid Writing Opportunities:

Your blog can serve as a springboard for freelance writing opportunities. Showcase your writing skills and expertise through your blog content, attracting potential clients.

  • Target relevant publications: Identify online publications, websites, or magazines related to your niche and pitch your writing services.
  • High-quality samples: Include high-quality blog posts from your site as writing samples when pitching to potential clients.
  • Develop strong writing skills: Continuously hone your writing skills and stay updated on current trends in your niche to deliver exceptional work.

Conclusion:

Building a successful blog that generates income requires dedication, strategic planning, and high-quality content. In today’s digital age, there are numerous opportunities to make money online through blogging. By utilizing a combination of methods such as affiliate marketing, sponsored content, and selling digital products or services, you can leverage your blog’s potential and achieve financial success.

Remember, consistency in posting, engaging with your audience, and staying adaptable to trends are key to thriving in the ever-evolving blogosphere. Embrace new strategies, refine your approaches, and always keep your readers at the forefront of your content creation journey. With dedication and the right approach, your blog has the potential to become a valuable source of income and a platform for sharing your knowledge and passion with the world, making money online while doing what you love.

Image Credit: DepositPhotos



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This Toxic Money Habit Could Derail Your Financial Planning

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This Toxic Money Habit Could Derail Your Financial Planning

Many Americans believe social media offers an inaccurate picture of wealth and success; 57% of social media users say that people post to appear more successful, and 51% of users say that social media depicts “unrealistic lifestyles,” according to a 2023 Bankrate survey.

Even so, many of them can’t help but get caught up in the cycle of comparison. Between 2022 and 2023, U.S. adults spent $71 billion on “impulse buys” they were influenced to make by social media, per Bankrate’s data — a fact that backs up an increase in “money dysmorphia.”

Related: These 5 Money Secrets Can Turn Healthy Relationships Toxic, Financial Therapist Warns

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How to Get Beat Out Your Competition by Making a Lasting Impression

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How to Get Beat Out Your Competition by Making a Lasting Impression

Opinions expressed by Entrepreneur contributors are their own.

I’m in the public relations space, and as of last count, there are more than 48,000 other PR firms in the United States. A large fraction of these compete with my agency in the five hub cities where I operate. Yet mine consistently ranks among the highest in those cities — Nashville, for example.

Is it because I know my industry better than my competitors? Because I land more placements for my clients? Because my team is more talented or my network of connections more expansive? As much as I’d like to think that I’m running with the front of the pack based solely on the quality of my services and the effectiveness of my methodologies, it’s far more likely that I earn rave reviews and generate referrals from my clients due to two words: personalized attention.

More specifically, my team and I go well above and beyond to create an exceptional customer experience at my firm because I’ve learned over the years of running my own business that it’s the client’s impression of you that matters most — that’s what informs all other aspects of customer relations, drives all other client decisions and determines if they’ll stay with you or not (even more so than short-term results).

Even in the digital age we all inhabit, with so many automated tasks and productivity tools that populate our workplaces, personalizing the professional is a surefire means to client retention and satisfaction. Here are five practices I regularly follow to make the most positive impression on my clients I possibly can.

1. Get a copy of your client’s org chart

When you understand the structure of your client’s business, you understand who does what, who reports to whom, and, in turn, you know who to go to for what. Not only is this an immense time-saver — as in not filling people’s inboxes unnecessarily with work that doesn’t pertain to them — but your clients will also appreciate that you did your homework on their staffing.

It’s so much more impressive to send a note that says, “Would your team like to see this before we send it up to Jeremy?” or “I believe Bettina has the final sign-off here” than “Are you the right person to contact about this?” And note the use of actual names here — learning the first names of everyone you’ll be working with moves you into first place faster than you’d think!

Related: 4 Ways to Make the Best First Impression With Your Customers

2. Use proper grammar and punctuation

Make sure that all your communications to your client — and, far more importantly, all the communications you prepare on their behalf — are written properly. Yes, it takes some extra work to eliminate errors. Still, it’s absolutely worth the effort when you consider how much just one typo can mar an entire project (ever seen “pubic” instead of “public”?) and how poorly faulty grammar can reflect on quality output, education level and attracting the intended audience.

Though it may be true that language standards are slipping in America, that doesn’t mean nobody’s noticing the shoddy quality of copy. Some people still notice and care. If your client is one of them, you’ll earn bonus points by knowing the difference between “compliment” and “complement” by not allowing both “San Antonio Riverwalk” and “San Antonio River Walk” in the same publication. Use your grammar checker. Always do a spell-check. Re-read everything you produce. And if you don’t have a language maven on staff to serve as your in-house proofreader, hire an affordable freelancer who can provide quick turnaround times.

3. Choose video over audio

Whenever possible, schedule video calls and videoconference meetings over phone calls and phone meetings. The day and age of in-person meetings is quickly becoming obsolete. Still, there will never be a replacement for face-to-face interaction, eye contact, observing facial expressions and showing your client with every head nod and eyebrow raise that you’re following what they’re saying and closely attending to your conversation.

During the pandemic, cultivating one-on-one relationships over Zoom and Teams became the new norm, and most people are entirely fine leaving it that way! Interacting over a screen instead of a conference table is just more convenient, time-effective and environmentally friendly. Nevertheless, we can’t afford to lose the “one-on-one interaction” part of business relationships. Remember the old Bell advertising slogan? Well, video is the modern-day equivalent of “the next best thing to being there,” so leverage your camera as often as possible to “see” your clients, not just talk to them.

4. Mark your calendar!

Notate birthdays, business anniversaries, baby due dates. Keep a record of your client’s big meetings and conference attendance. On those days, send a person-to-person text or email. And the more specific, the better, such as “Hope your coffee product presentation in Jersey went well and the traffic wasn’t too bad on the Parkway!” Or “Congrats on baby Elliot. That was my grandfather’s name, and I hope it serves your brand-new son as well as it did him.”

By incorporating the personal into the professional, which is a pillar of my own approach at my company, clients value your role more because you’ve actively endeavored to become part of their lives, not just an appendage of their business. In other words, when you add personal touches to your communications and conversations, your clients can’t help but think of you on a more human level rather than just a professional contact with whom they can easily cut ties.

Related: 6 Strategies for Making a Good First Impression During Business Meetings

5. Observe the line between personal and professional, but use both — often

On a related but separate note: As much as I’m saying to weave personal connections into your daily dealings with your clients, you never, ever want to go too far. You can use humor, but not off-color humor. You can show vulnerability, but you don’t want to appear weak or indecisive. You can ask questions and admit what you don’t know, but be strategic (not lazy) about trying to resolve issues yourself before coming to your clients with them. And be yourself, absolutely always be genuinely yourself, but don’t expose so much that you cross the line into overintimacy or inappropriate divulgence.

By speckling your client interactions with individual touches as you simultaneously maintain proper decorum, you will put a personal face on your business name. And that name will leave more of a mark on your customers precisely because of your adept balancing act between the personal and the professional.

Part of making a meaningful impression on your clients is consciously putting your best face forward every day, in every way. Don’t let them see a messy office behind you on Zoom, but let them vent about their kid’s tonsillitis for 10 minutes if needed. Don’t bad-mouth other clients or finger-point when things go wrong, but get to know them well enough that you’d love to grab a drink next time you’re in town.

Take every opportunity you can to show your clients — and then remind them often — that “business as usual” to you means being prepared (as in learning an org chart), producing quality output (that’s been proofed), scheduling face-to-face encounters, observing special occasions in their lives and sharing your authentic self, who happens to be a multifaceted, wonderful human being with flaws who’s also an utter professional and a real pro at what you do!

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