You’ve become a freelancer and created some value!
You’ve started your new career as a freelancer, and now you have a few clients. Or you’re running a small business and you’ve managed to stay afloat for a few months. Congratulations! Give yourself a high five!
Prepare a strategy for your business
At some point though, you might start thinking about taking the next steps: they may be hunting for that big client, hiring that extra help, or moving into a bigger office. That’s when anxiety starts creeping in. Is this the right time? Have I got enough resources? Am I good enough?
Sounds familiar? Mental hurdles such as impostor syndrome and decision paralysis can make it difficult to begin, but with the proper strategy – both business and mental – you can scale up your business and reach new heights.
1. The foundation of your freelance business: the right mindset
Growing your business can provide many opportunities: you can offer new services or products, work with more clients, and have more revenue to invest back in the business. But it also comes with a lot of risks, and you need to balance the two by having a growth strategy.
In what ways do you want to change your freelance business?
It’s no use blindly rushing towards growth if you don’t know why you want to grow. Know what you expect from growing. Would you want X amount of clients? Offer a new product or service? Automate your workflow so you can have five days off per week? Each of these goals would require a different approach. Knowing your goals will make it easier for you to measure them in the future, and will make sure you’re spending your time and resources on the right things.
Your work and your part will change
As you’re growing, you’ll become more of a leader and take on roles your employees, clients, and subcontractors are not willing or capable to take on themselves. This may include sales, relationships with clients, admin and financial tasks, or networking with other freelancers. This free workshop from The Futur will teach you why what you do matters and how to scale up in a smart way. It will be the best 2 hours you will invest in your business growth today!
2. Plan. Reason. Find your place.
Once you know where you want to go, it’s time to set the strategy for how to get there.
An audit, a first-rate source for improvement
Take a look at the past 12 months. If your numbers aren’t improving, then maybe instead of looking forward, you need to look back and figure out why you’re underperforming. Which area needs the most resources? If you’re having trouble finding clients, hiring an assistant for automation may not be the wisest use of your resources.
Questioning your processes
Every business has eight elements: leadership, finance, operations, growth, product, service, sales, and marketing. Take a look at each one and determine if it works or it needs to be improved.
Formula: search, compare, and define tasks
Next, start filling the gaps between your current state and your projection. Growing a freelance e-commerce business, or website traffic within a niche is different process than growing a law consulting business, so think about what will work for you.
Consider how your business can increase in the future and make projections. Imagine your number of orders, clients, or subscribers doubles overnight. Would you be able to handle it? No? Then what would you need? More employees? Can you afford them?
3. Define your skills and your tasks
Growth equals more work, and that can eat at your time for making an awesome product. This is why learning to delegate is an essential skill for independent professionals.
Outsourcing the small stuff
If you’re starting out, chances are you’re doing most things yourself and are spending time on many small tasks. If you delegate those, you’ll have more time to focus on what matters most. After all, time is money, and themore time you free up, the more you’ll be able to invest in your business.
Define the tasks well
If you’re having trouble finding the time, break up your day into 30-minute blocks and write what you do in each block. Then spot tasks you can delegate and hire a virtual assistant or another freelancer to help. Now you have removed the bottleneck and have more time to focus on what matters. A great tip is to make sure your processes are well documented, and new recruits can pick them up without wasting time.
Finally, automation may be a nice trick to make your life easier as a small business, but as you grow, automating your systems becomes a must, so start thinking about it early!
4. Freelancing is a business: Figure out the financials!
This can be the trickiest part, especially if your history of financial planning hasn’t been top-notch. By growing, you are making an investment in your future, which means you’ll have to spend in the present. During your planning phase, you identified the investments you’ll need to make to grow your venture. Now you need to allocate your resources in the right way.
Your business needs to pay freelancers and their services
There is a great risk that by mismanaging your finances, your cash balance can go in the red quickly, so spend carefully. If you’re hiring new people, make sure you have enough to clear their invoices. If you’re running a larger business, you might take note of options like investments, grants, and even crowdfunding to get the necessary funds.
5. Ask for help
Regardless of the size and nature of your business, growth can be daunting. This is why one of the best tips is to find people who have achieved the results you’re after and ask for their advice. Even if someone is your “competitor”, you can still approach them and pick their brain. Ask how they got there, and they’ll likely share their story. Be friendly and collaborative – it will pay off in the long term.
You’re changing your profile bit by bit
It can be difficult to take the step toward growing your business, but in reality, it’s not one big step you have to take, but many small steps. With the right preparation, execution, and future planning, you can successfully grow your business with minimal risk.
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Access the masterclass about Scaling your freelance business (free registration). Or you can rewatch our past session: How to break 7-figure in revenue in a business staffed only by the owners with Elaine Pofeldt.
