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The conversation continues as Jim is interviewed by Mike Andrews, a typical listener with common questions on how to get started as an entrepreneur (part 2)

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The conversation continues

Last week we tried something new. Rather than Jim interviewing a guest, budding entrepreneur Mike Andrews asked Jim the questions about his experience as he was starting out. Mike dubbed it the “Sensei Sessions,” and is still amazed it only cost him a lunch to get as much information as possible out of Jim.

Since the interview went long, we split it into two parts over two weeks.

In case you missed it: Click here to view Part 1 of the Sensei Session interview.

As usual with interviews, your best bet is to subscribe on iTunes or play the entire show from the links above. But here is a summary of what we covered:

The $100,000 question

– How do you figure out how much to charge as a freelancer
– How Jim was able to raise his consulting rates 150% (and isn’t done yet)
– Example of setting up a win-win consulting rate that makes both you and the client money

Confidently negotiating

– How do you know how and when to raise your rates
– The number one thing Jim found when talking to freelancers that enables them to raise rates
– Is it better to start high, or raise your rates over time

Developing multiple revenue streams and passive income

– The entrepreneur’s Venn Diagram: Time, Money, Enjoyment
– Trying different things to see what sticks
– Building out passive streams of income
– The difference between passive income, dollars-for-hours, and delayed time earning power
– How to get paid through writing, teaching, and sponsorships

Marketing your business

– The main reason freelancers go back to full time
– Sustaining the “side hustle”
– Getting people to your product, is paid marketing worth it
– What I mean about “Going Pro”

Feedback for Mike

– Case study on next steps Mike could take
– Developing three pillars for your business
– How an old-school paper document can help your marketing
– What you should do if you get asked the same question over and over
– How to decide what your next course is
– What format should your digital product be (book, course, webinar)

In case you missed it: Click here to view Part 1 of the Sensei Session interview.

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Sponsor Message: Amari Hotels.

Welcome to our new sponsor for September 2012, Amari Hotels. They are a group of 13 full service hotels and resorts covering the leisure and business markets in Thailand. Full disclosure: They have been kind enough to sponsor part of my stay in Bangkok and Krabi, Thailand, and I will be doing a review of my trip with photos and videos at the end of September. Check them out:

• The Amari Watergate in Bangkok is ranked in the Top 50 out of more than 700 hotels on TripAdvisor, with 4.5 stars based on more than 1,000 reviews
• The Amari Vogue in Krabi is ranked as the 2nd best hotel, and was given a TripAdvisor’s Travelers Choice award in 2012.

I posted this week’s podcast while working remotely at the Amari Vogue hotel in Krabi, Thailand. Pretty nice “remote office,” right?

Learn more at Amari.com.

Sponsor Message: dusitD2 Hotels.

dusitD2 hotels & resorts offer a contemporary, colorful, chic and a refreshing sense of playfulness. Conde Nast Traveller placed them in their 10th annual “Hot list” of top hotels, Travel + Leisure selected them in “World’s best awards 2009 – Top 40 city hotels in asia,” and they were named TripAdvisor’s Traveler’s Choice 2012 for trendiest hotel.

Full disclosure: They have been kind enough to sponsor my stay in Chiang Mai, Thailand, and I will be doing a review of my trip with photos and videos at the end of September.

Learn more at dusitD2 Hotels.

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