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3 Easy Steps to Financial Stability in Your Freelance Business

Jan 14, 2021 | Business Strategy, Customer Relationship | 0 comments

financial stability in your freelance business
When I started freelancing I was in high school, and I didn’t notice the “feast or famine” reality that full-time freelancers face. The ebb and flow of the business cycle didn’t phase me, as I was only working for supplemental income at night and on weekends. Out of college, I got a 9-5 job so though I continued to freelance I still wasn’t reliant on it.

The importance of financial stability my freelance business became much more clear (and stressful!) when I transitioned to freelancing full time and didn’t have the net of a 9 to 5. It was stressful not having clients, and even while working for a client, I would fret about where the next client would come from. Most of the time, I would find myself stressed out about finding clients. 

But what I learned over the past 15 years running my freelance design business, Red Logic, is that there are strategies you can mindfully use to leverage your clients and their needs to create financial stability in your freelance business.

As business often does, it all boils down to relationships.

Watch the video below to find out my top three tips for creating financial stability in your freelance business month after month, or scroll down to read more. 

1. Serve with Excellence

Clients are hiring you for a specific objective. Maybe it’s to build a website. Or ghostwrite a book. Whatever it is, you were hired for your specific expertise, so use it, and go above and beyond your clients’ expectations. When you serve your clients well and provide them with great value, they will want to work with you again.

And no matter how many clients you have, make them feel like they are your only client. Listen to them. Give as much value as you possibly can and do everything you can to help them get results.

2. Understand Your Client’s Business

When you understand the ins and outs of your client’s business, you can offer them more value. Know what the person directly above you and directly below you does, and you’ll be able to see your piece in the puzzle more clearly, as well as identify any gaps you may be able to fill. 

In other words, DO YOUR HOMEWORK and show that you care about your client’s business!

3. Look for Opportunities

When you do your homework and understand your customer’s business, you can identify opportunities to serve them even better, and create more financial stability for yourself in your freelance business.

Take this example: As a graphic designer, I would often create designs for print materials which I would then prep for printing and send to my clients’ preferred printer.

I quickly realized I could add value to my position by becoming a print broker. This took a step out of the print process for my clients, and because I was getting a cut from the printer, I was increasing my own profits – sometimes by up to 10x depending on the size of the print run.

Here’s one more example: One of my services is website design. I’ve done enough that I have good relationships with hosting companies. So when clients hire me to design their website I also offer to host their website, as well as do maintenance for a monthly fee. Getting my clients into a monthly maintenance service allowed me to bill them 12x per year – income I could count on!

I hope these tips help you start to get ideas about ways you can build your relationships, make yourself indispensable to your client, and build financial stability in your freelance business.

Want more great tips on maximizing your freelancing superpowers? Check out my Marketing for Freelancers podcast. Click here to get notified when new episodes drop!

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