Myth: Freelancers run every aspect of their business themselves.
As a one-man show, it's logical to think that you're responsible for managing every moving part of your business. Though not as complex as a small business, freelancers are still tasked with accounting, marketing, branding, and every other little thing that will result in revenue.
The truth is, even though you're a freelancer or solopreneur, you don't have to do business alone. Learn how you can scale your freelance business and take your earnings to the next level.
Scale Your Business with Freelancers
No one knows the struggles of a freelancer better than a freelancer. That's why it makes sense to use the talents of other freelancers to help you grow your business.
Rather than taking time to learn how to do your own bookkeeping, logo design, blog writing, marketing, or other task, you could outsource certain activities to someone who can help you get the most for your investment. This frees you up to focus on other areas of your business, like more client work to help you pay the bills.
Increase Your Rates
Most freelancers balk at the idea of increasing their rates. Lower prices are one of the competitive advantages freelancers hold over agencies and small businesses. Especially when you're first starting out, you might be inclined to offer jaw-dropping low rates to generate quick business.
But hear me out.
Let's say you sell Service X for $20. Five people buy it. But then you raise your rates for that same service to $25, and only four people buy it. You haven't lost any revenue, plus you've opened up a little time in your schedule.
Raising your prices can be tricky, but you shouldn't be afraid to do it. If you're worried you might lose the customers you have because of a price hike, consider grandfathering them in at your old rates and charging new customers your increased rate.
Sell Products, Not Just Services
Freelancers are service providers, meaning you make money every time you sell your talents.
Or, put another way, you only make money when you're putting in actual work.
An easy way to scale your business is by creating one-time products that relate to your business that you can sell over and over again. Think e-books, online courses, or some physical product that takes a one-time investment. You can sell this product multiple times for little to no work, whereas you can only sell your services a certain number of times in a given time span.
Never Stop Scaling Your Freelance Business
It's important to continue finding ways to grow your revenue as a freelancer. Putting all your efforts into a single revenue stream might work for a while, but eventually you will hit a plateau. Having a backup plan can help you reduce your financial risk and keep profits flowing.
If you're new to freelancing or haven't reached the potential you're capable, of, sign up for our FREE five-day course on How to Market Yourself as a Freelancer. Inside we'll show you how to build credibility as a freelancer, where to find and close clients, and how to grow your business quickly. Join us today!