Do You Want To Be The McDonald's Of Your Industry?

McDonald’s makes a lot of money, but is it the business model we should be emulating as freelancers? Let’s talk about how McDonald’s remains profitable and why we shouldn’t follow their business model.

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In today’s episode, we’ll be chatting about crafting an experience and being the best in your industry.

McDonald’s Works Because They Do A Lot

According to Statista, McDonald’s made $21 billion in 2018. That’s a lot of money, but when you look at the backend, they do a lot of work. Most of McDonald’s meals are under $10, so this means they had to sell billions of meals to make this possible. Since this is the figure they made, we can assume their net income was much higher, which means that they had to sell even more meals.

McDonald’s is a viable business model because they have perfected the art of getting out mediocre food in a relatively easy way. They also hire a ton of workers, many of who are being paid minimum wage. It works because it’s scalable, and the customers are there.

Going Above Low-Paying

You could go for a McDonald’s approach, but this might not work out for you. Chances are, you will create a miserable freelance experience that you can’t wait to leave. Being the McDonald’s of your industry comes at a price, especially as a solo creator. Instead, you should go above low-paying jobs to find clients who will value you.

Crafting An Experience

Instead of trying to be the lowest, craft an experience worth raving about. Imagine you are a chef at a burger restaurant. You sell $50 burgers, and these burgers are an experience. You craft specialty burgers that go above and beyond, you are friendly with your customers, and the atmosphere at your restaurant is breathtaking. You are not building a burger for college kids who need something to eat with their last $5. The experience you are creating blow’s your customers away.

You get $50 per meal, plus your servers get generous tips. Your restaurant stands out, but you don’t make as much money as McDonald’s does. Chances are, you are one restaurant, but you are profitable. You may not have McDonald’s money, but you make enough to live comfortably, and your employees do the same. Both McDonald’s and the fancy burger establishment have merit. When you are working solo, or with a small team, the deluxe burger establishment model works way better, though.

You Can Create A Bigger Connection When You Work For More Money

Since the chef at the fancy restaurant sold their burgers for more money, they were able to form a deeper bond with their customers and employees. A deep connection with a client can take you further than you can ever imagine. That’s what gets you referrals and relationships with people you never imagined connecting with. There is so much value in creating beautiful experiences.