For several years now I have had a problem…
With business growth.
The problem is: I have too many clients.
Why is this a problem? Because it actually makes me stuck. My clients book me for big projects, long-term work, and send a ton of referrals. I end up overwhelmed with work and stuck to my desk because I overcommit and want to help my clients and their friends.
(Yikes! That was totally a #humblebrag. Sorry about that. It wasn’t meant to be at first and I promise that this post will reveal my many imperfections very shortly.)
I know I’m not alone in this problem. I’ve met other freelancers, copywriters, coaches, and consultants who have faced this same problem. Usually it’s business owners who have a strong brand and a half-decent sales funnel in a tightly-defined niche.
Business growth often starts with those very things: improve your branding and your sales funnel and your target market so that you get more clients, but for me and many other freelancers and professionals, we want to grow our businesses but don’t actually want or need to start at those fundamentals.
I’ve spent some time trying to unlock this puzzle and I’ve found that there are 7 ways to grow like this.
#1. Raise Your Prices. This might seem might like a no-brainer to most people reading this but I’m mentioning it anyway in the interest of being thorough. I was really good at raising my prices years ago and I’ve improved in the last year or two, but there was a couple of years, just recently, when I didn’t do a great job of raising my prices and I saw my income plateau for a while.
#2. Streamline For Efficiency. Whatever kind of work you do (whether copywriting, marketing, consulting, etc.), it is ultimately dependent on you to market your services, find clients, deliver your service, and perform administrative work to keep your business operational. Each of these can be improved and dramatically sped up by creating efficiencies. Maybe you track your time to measure when you work best, or maybe you cut back on some of the non-essential projects that you once did, or maybe you focus in even more on one type of work.
#3. Work Harder, Faster, And Longer. Okay, this probably sounds crazy to do since you might be reading this now because you are working too hard or too long. However, I’m listing it anyway to be thorough but also to encourage you to take a look at your work and decide when you work best and how you can work more effectively. As I write this, I just recently (nearly) doubled my income without any other changes than simply making sure that I’m focused for specific periods of time during the day and thinking about other things at other times in the day. Simply by tweaking my focus I grew my income. I also mention this because there may be times in your business when you need to burn the candle at both ends, so it’s a viable option as long as you’re not using this as a 24/7/365 approach to business.
#4. Build/Implement Templates, Systems, and Automation. This has been really big for me lately, too: instead of reinventing the wheel each time you do something, start with a template. Build it once and modify it whenever you need to do that work again. Use checklists and flowcharts as simple systems for everything you do. (For example, I write a couple of magazine articles every month so I have a checklist of things I need to do with those articles to make sure the project gets completed efficiently. The checklist keeps me on track and speeds things up.) Consider using software in your business to save time.
#5. Productize Your Services. Instead of providing a la carte services that clients can pick-and-choose, create productized services and offer those. It will save you a ton of time (especially if you used to spend a lot of time creating custom proposals and bids in the past) plus you get a ton of credibility AND can raise your prices even more with these.
#6. Create Products. I know you’re busy so this will be challenging to complete but a powerful way to grow your business is to create products, such as infoproducts. Start with a small book of collected blog posts or podcast transcripts, just to get something out there and get a bit of money for it. Once you see that passive income starting to come in, you’ll make time for other products.
#7. Hire A Team. I put this one last on purpose. A team is a powerful way to leverage yourself and build your business, however it’s often a stumbling block to freelancers because they either don’t see how they can hire a team, or they can’t find someone to hire, or they struggle with justifying the financial investment needed before they get a return. All those are perfectly understandable and I’ve had the same challenges too. (I have a team now but it took years to get it dialed in correctly.) A good starting point is to outsource some of your non-essential work. Do this slowly. I started by outsourcing my bookkeeping. Then I outsourced some of my really low-level marketing. Then I outsourced some of my research and editing. Today, I have a team that includes a couple of writers who write stuff in niches that I don’t want to write about and I use my marketing infrastructure to give them work and take a cut of the proceeds. But a few years ago I struggled to hire even one person! So, just start small with a virtual assistant working a couple hours a week and grow from there.
For many businesses, the answer to “how do I grow my business” usually starts with better marketing, a better sales funnel, a more narrowly-defined niche, and a strong brand. But for businesses that already have those (especially freelancers), the question is: how do you grow your business when you don’t need more clients? These 7 ways can help you do just that. You can implement some right away and slowly add others incrementally when you can. Slow but sure, day-by-day, put these pieces in place and you will grow!