David Heinemeier Hansson, inventor of Ruby on Rails (something you might of heard of) in response to Paul Graham:
Getting your company to the point where you can pay yourself a decent salary is a great milestone. You created something sustainable that doesn’t rely on spending other people’s money. You deserve to pop a bottle and celebrate!
You certainly shouldn’t curb your ambitions because of that, though. The real economic pay-off for taking the risk of starting a business is what comes after this.
More on: You don’t have to sell your company to have financial security and the freedom to do what you want…
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…As we all know, when banks compete I win. And within a few days, without having to actually meet with or even speak to another human, I found myself offered a $336,000 mortgage.
It was SO easy. Fill out a few online forms, make some choices, and there I was, about to close that loan. But then I did an odd thing. I carefully read the papers I was about to sign (I’m one of THOSE people). And in that residential loan application, right on line something or other, was a number that didn’t make any sense to me at all. It was labeled “total household income” and was almost twice the pitiful amount I actually earn.
From where did that number come? It certainly never came from me. Since my signature would be at the bottom of this application I wanted to make sure everything was correct, so I called the mortgage broker. For the first time we spoke. She was a very nice lady, too, and explained that number was the variable required for all the ratios to be correct so I could qualify for the loan.
“But it isn’t true,” I said.
“Do you want the loan or not?” she asked.
I, Cringley on how the reduction in friction caused by the internet can be used to stuff TO us, instead of FOR us.
Whenever a company becomes wildly successful in a brief span of time, it naturally becomes an object of fascination for corporate executives and even the general public. More than that, it comes to be presented as a new model for business success. Reporters and scholars scour its history and its practices, looking to distill general lessons for other firms to copy. Google is no exception.
For all its success, Google is still a young company, and it has yet to be tested by adversity. We don’t even know whether its approach to management, and in particular its approach to innovation, is a cause of its success or a product of its success — a crucial distinction.
Interesting stuff. More here.
To invoice my clients, I use an application called Fresh Books, formerly called Second Site - at least that is what it was called when I signed up. I’ve been a customer for about 2 years or so. I signed up as part of a move to organize my freelancing and provide better service to my clients. Plus I needed a brain dead easy way of sending out invoices - something quickbooks sucked at.
They contacted me yesterday to inform me that I am the top performer “Days to Receive Payment” in your category of “Web Design and Development”. And they wanted to ask me, how do I do it?
As my “How Web Sites Are Built” pre-sales document explains, I tend to be upfront about payment. My billing practices are pretty simple actually, and were forged in the 4 years of frustration I felt during the early days years of my consulting practice.
- If the project is a flat rate, and is under $500 - The client must pay up front.
- If its a flat rate, and greater than $500, then a retainer must be paid up front - generally 50%. Larger projects (greater than $5000) can be done in thirds, if the client’s budget requires it.
- If I’m billing hourly than, payment is due when services have been rendered. Basically when the code is in production.
- All other bills are due 7 days after they are received. Fresh Books lets me know when my clients view their Invoices, an indispensable feature.
But it doesn’t stop there.
Continue reading ‘Know your value, and then Ask For it.’
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