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Whenever you start freelancing, the whole lot feels so exciting. You’re finally working for yourself! You say goodbye to having a boss, attending boring meetings, and commuting day-after-day to a job you hate.
But for a lot of freelancers, a few months or years go by and things begin to feel stagnant.
You possibly can’t seem to search out recent clients, bills begin to pile up, you get trapped in a feast-famine cycle, and suddenly things aren’t so glamorous anymore.
Freelancing isn’t working.
And also you begin to wonder: should I surrender? Should I quit attempting to make it as a freelancer?
Before you surrender…
Before you choose to offer up freelancing for good and return to a job you hate, there are a few things you’ll be able to do to get out of your freelancing slump, revitalize your online business and grow your freelancing to an all-new level.
In this text, I’ll share a few critical things I’ve learned from coaching freelancers on our podcast Freelance to Founder which can be almost guaranteed to enable you to turn things around in your freelance business.
Listed here are several ways to breath recent life into your failing freelance business before it’s too late:
1. Clearly define success in your online business
I start with this since it’s essential to get clarity on what success looks like when freelancing.
- Does success mean you’re a freelance millionaire?
- Does it mean you’re employed with huge brands?
- Does it mean more time at home with family or family members?
- Does it mean more flexibility to travel or try hobbies?
Are you able to see how defining success could be critical to your progress? For those who don’t know where you’re headed, how will you already know in case you’re doing well or not?
For instance, someone focused on making tons of cash as their top priority, may sacrifice family time and private life in exchange for higher revenue.
To them, money = success.
But someone whose goals give attention to flexibility or family would consider themselves a failure irrespective of how much money they made.
To them, freedom/flexibility = success.
For those who’re feeling like a failure or like freelancing “just isn’t working,” ask yourself: Why am I freelancing?
Then make plans that align along with your true goals as an alternative of the goals “influencers” or peers inevitably placed on you.
2. Graduate from one-time payments
One thing that becomes incredibly frustrating as a freelancer is: irrespective of how well you do that month, you could have to begin from zero next month.
But one-time payments are for noobs.
Experienced service providers know the best solution to go from freelancer to agency (even in case you’re an agency of 1), is to create recurring revenue.
When you could have clients making repeat payments every month, you’ll be able to:
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- Plan income and expenses with more confidence.
- Hire based on future client income, not only by guessing.
- Finally overcome the feast-famine cycle.
You possibly can construct a easy plan with our 5-Day Recurring Revenue Challenge video series. It was recorded live with a group of freelancers identical to you and walks you thru exactly what you could do so as to construct recurring revenue into your online business.
3. Increase your rates
You most likely began freelancing by essentially making up your prices.
Perhaps you asked other freelancers what they charge for similar services. Or perhaps you used our freelance rate calculator (if not, it’s best to).
Nevertheless you determined it, though, remember this: rates are usually not everlasting.
To be able to stay in business, you’ll need to raise your rates sooner or later.
It could be a neater pill to swallow for clients in case you raise your rates a little at a time as an alternative of procrastinating until you’re then forced to 2-5x your current prices just to maintain your online business going.
There are a number of good ways you’ll be able to increase your rates without losing clients.
4. Break up along with your least profitable clients
If there are clients who are usually not in a position to pay your increased rates (see above) it could be time to interrupt up with them.
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That’s because most of your time could also be taken up by clients who don’t pay enough.
This often happens when you could have long-term clients who’re still paying the lower rates you were charging while you first met.
Because you could have a long-term relationship, you spend essentially the most time with these clients but they have an inclination to pay you the least.
This is just bad business. Here’s exactly how one can break up with clients in a skilled way. The article also includes some examples and scripts you need to use free of charge.
5. Get a coach or a mentor
Sometimes, we’re just too near a problem to know how one can solve it. This could be particularly true when working for yourself as a freelancer.
That’s why a coach or a mentor could also be exactly what you could come out of your freelancing slump.
A coach or mentor can enable you to see things about your online business you either can’t see or refuse to see. They will enable you to tackle problems in recent and inventive ways. They will help encourage you while you feel such as you’re fighting this battle all on your individual.
This is an element of why we do our podcast, Freelance to Founder. We provide free, on-air coaching sessions to freelancers attempting to grow. You possibly can even join us for a free coaching call in case you want.
6. Construct a team (even a small one)
Along with some help from a coach or mentor, you may want to think about getting some help from a team—even when it’s a small one.
Hiring someone to hitch your team could be a huge relief and may unlock your time to construct your online business as an alternative of only working on billable projects.
I recommend you begin by hiring a freelancer to sub-contract with you. That way you avoid all of the headaches of payroll, advantages, and the legal necessities of hiring someone full-time.
Often, managing freelancers could be way more easy than managing full-time employees. Plus, if it doesn’t work out, it’s much easier to sever ties with a freelancer than a full-time worker as well.
7. Add recent services/skills
One other solution to breathe some life into your stagnant freelance business is to update what services you offer to potential clients.
This might mean learning a recent skill, subcontracting out complementary skills, or simply adding recent services you’ll be able to already deliver but have never offered before.
Adding recent services does two things:
First, it gives you the prospect to get enthusiastic about your online business again by pondering through what your online business offers to potential customers.
Second, it gives you an excuse to succeed in back out to current and former clients with something recent to discuss.
8. Take a fresh marketing approach
To be able to clean up your offering, you might not even have to add recent services. You may just have the option to work in your marketing approach.
Marketing yourself as a freelancer can sometimes be the last item in your mind. Other times, it may feel a little embarrassing or awkward.
But without good marketing, it’s hard to grow a business.
So in case you’ve relied totally on referrals up thus far, consider what fresh recent marketing tactics you’ll be able to try.
You principally have two options: change your messaging or change your media.
The important thing to successful freelancer marketing is to repeatedly test, review, and improve your messaging and your media until you discover a mix that basically works.
Change your messaging
Changing your messaging means adjusting HOW you discuss your freelance business.
You may adjust who your target market is or revisit your value proposition (or USP).
Take time to regulate the copy in your website (often neglected) and brush up your elevator pitch.
Change your media
Changing your media means trying a recent channel for promoting yourself.
For those who’re already quite energetic on social media, try knocking a few doors in your city or sending out a few cold email pitches.
9. Pay bills w/ a part-time job
There’s nothing improper with taking a part-time job to assist pay some bills whilst you determine what’s next in your freelance business.
This doesn’t mean you’re a failure. It only means you’re a responsible adult—acknowledging you could have obligations that need met whilst you get your freelance business back on its feet.
10. Take some time without work in case you can
Depending on how much you could have in savings, it could be smart to take a while away from your online business. Yes, freelancers can go on vacation too. Sometimes the issue is you’re just working an excessive amount of.
And taking time away can clear your mind and leave you excited to leap back into problem-solving mode while you return.
Often, those problems we’re too near could be easily solved by stepping back.
11. Go easy on yourself
Finally, a word of kindness: go easy on yourself.
It could be very easy to check ourselves with what others are projecting on social media. It’s far too easy to assume other freelancers are making extra money than you or working on more projects than you.
It’s incredibly easy to assume a stumble in business is all of your fault. Or that you simply’re doomed to fail.
These are usually not the sorts of thoughts it’s best to give much headspace or time to.
As an alternative, remind yourself why you began freelancing in the primary place. Take time every day to acknowledge just how great it’s to work for yourself. Consider where you’d be in case you never began freelancing in the primary place.
Then take a deep breath. Speak kindly to yourself. And dive in. Freelancing is an incredible ride.
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