No doubt you are feeling as if you are stuck in the freelancer hamster wheel of sorts. I know because I was there myself.
You have a bunch of clients under your belt, your skills are growing and your processes are really starting to be defined as a business.
The problem is that you are still trading time for money.
Your skills are advancing and you want to be able to grow the revenue accordingly. What will happen though is that your growth of revenue will start to plateau and hit a ceiling.
If you haven’t already, you need to niche down or specialize your business.
Start to figure out what problems you are solving for your clients over and over again.
Start figuring out which clients of yours that you work with the best.
Start figuring out an industry or even technology that you are working with to deliver the solution.
By doing this, you can start to build and increase your profitability.
You’ll start to deliver the solution quicker and more effectively. You’ll start to be able to anchor your price to the value of the return the client gets, not to the time you are actually billable.
Your client sees a price that is a no brainer for them to spend when the ROI on that investment is proven time and time again.
Specialize and Find your niche
More episodes in this topic:
What's the best way to pivot if you are serving a new niche?
How did you specialize your business?
Why should I niche or specialize?
How do I choose the niche?
How to say “no”?
How do I find out if the niche has value?
How to do research and land that first client?
How to you manage your existing clients when you start specializing?
Should I niche down to a specific industry in my local area?
Is my niche too narrow?
Aren’t I leaving money on the table?
What sort of freelance work is available for an individual web developer?
How to start out as a freelance translator?
What do I need to do to ramp up my freelance business after having been in the game for a few years?
How do I go from one-off projects to retainers for all future projects? And is it a good idea?
Can I do web, software development and digital marketing as a freelancer at the same time?
When niching down, should I target the type of work or the type of customer?
How to get over the fear of niching down?
How to stay being a generalist but test the waters to specialize your business?
What is a Niche?
How do you go about breaking into a niche (Part 1)?
How do you go about breaking into a niche (Part 2)?
Best of Season 3 - Get out of the comfort zone
Best of Season 3 - Building Relationships
S06 E12 - Undercharging, Targeting the Wrong Audience, and What You Should Do About It with Alex McClafferty
S03 Bonus - Tom McFarlin on Blogging, Balancing Work and Family, and Building a Business that Lasts
S09 E11 - Differentiation, Reputation, and Pivoting From the Top-Down with Peep Laja
S01 E11 - Kai Davis helping freelancers get more clients with outreach