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Type of Business Models for Excel Solutions

Discussion in 'The Lounge' started by PP3321, Oct 10, 2018.

  1. PP3321

    PP3321 Active Member

    Messages:
    371
    Dear Community,

    Hi! Today I wanted to ask you this question because I was looking for excel-related work.
    What are the most common ways for Excel Engineers to do business?
    I can think of following but not sure which ones are common these days.

    [product base - paid by product]
    1. Add-on creation and distribution online
    2. Report / Solutions creation

    [project base - paid by hour]
    1. Consulating
    2. Training
    3. Project-base Excel Engineer (hired by the client for specific period of time)
    *Can be remote / on the site

    [Membership based - paid by monthly fee]
    1. Excel 911 Ambulance

    Thanking you in advance...
  2. chirayu

    chirayu Well-Known Member

    Messages:
    924
    Honstly I'd say best way is by hour because you don't know how long someting may take to develop and wha bugs and issues you may need to fix after solution has been provided. - usually happens if what thy asked you to do was mising bits or chages in sourc file etc.
    PP3321 likes this.
  3. PP3321

    PP3321 Active Member

    Messages:
    371
    @chirayu
    Thanks yes do you find that some clients do not understand Excel at all and they may give unrealistic estimation? For example they might think if we find bug and spend more time they think we lack competencies and must work some hours for free. I guess the issue here is agreement on the work scope and uncertainty in the beginning which is difficult
  4. Chihiro

    Chihiro Excel Ninja

    Messages:
    5,052
    My advise. In freelancing work, don't take on any job that does not have clear description of what is required (and any constraints). If client can't clearly outline what their expectation is, you can't really help them and it will frustrate both you and the client. Helping client find what they want/need, is more in the realm of consultancy work.

    As freelance, you must meticulously manage your limited resource to gain maximum benefit (material or otherwise). That includes carefully choosing your client.

    Also, don't agree to take on a job, unless you first come to terms with client on your pricing scheme. Hourly or by Project. Do some research on freelance portals and see what is reasonable hourly rate for your skill set is and build your pricing scheme from there.
    Thomas Kuriakose and PP3321 like this.
  5. PP3321

    PP3321 Active Member

    Messages:
    371
    @chihro wow thanks for your great advice. I realize that freelancing not only requires Excel skills but also project management skills, good sales skills, strategically choosing clients in other words positioning myself in the market. Also maybe emotional intelligence because there is fear of not earning enough when saying no....if you do not mind me asking I was just curious but do you work alone as freelancer or do you work as team? I imagine it is a lot of hard work being freelancer...
  6. Chihiro

    Chihiro Excel Ninja

    Messages:
    5,052
    I'm currently employed as analyst/developer/project manager.

    But in the past I've done freelance work (not Excel, but translation, data mining etc). When doing freelance, I worked alone, but then I had pretty good network that referred me works. And I didn't rely on it as sole source of income ;)
    PP3321 likes this.
  7. PP3321

    PP3321 Active Member

    Messages:
    371
    @Chihiro wow thanks a lot that is amazing I wish you all the succcess and thank you for all the help in the past I think that is the way to go...I mean I imagine spending whole day discussing with clients clarifying what the requirements are and then clients eventually decided to say no and what do I do? that is whole day gone! That will be too much pain to handle and a lot of pressure for me. I do not know if I can charge the hours for defining the scope but I do not know how freelancers do it as you must do everything. I think it would not work unless you charge big hourly rate. To jump into this I think one must already have good reputation so that no time is wasted on sales (clients will come to you and listen to you with respect) And all that insurance and tax return things one must do alone. I wonder how Mr. Chandoo did it I think he had a good business mind I mean his positioning was teaching and creating products for teaching Excel and that seems a good way to make living with Excel otherwise I think it is tough...

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