Freelancer? 5 Strategies to Thrive through Lean Times
- Save in the time of boom: the reality is that lean times will come. So, when there is a boom, you must consciously save ahead so that you don’t become desperate and accept briefs because you are financially stranded. I have created a monthly budget for my business where I know how much I spend on internet/data purchase, electricity, website hosting renewal and other sundry costs. So, I know what the minimum amount is that I need to have per month. I then save up to 50% of that value monthly (when there are many clients). What this does is that business does not suffer or shut down when money is not coming in.
2. Create spin-offs from your core service to attract new clients: I am a public relations consultant, and I work strictly with organisations. In recent times though, getting corporate clients have been a challenge so I created a spin-off: personal consulting for heads of PR units and senior business executives. The logic is simple: figure out as many ways to get to your target clients. Instead of submitting proposals and quotations, I’m meeting individuals who I can eventually up-sell to provide services to their organisations. Create a sub-product where you are still within sight of, and providing value to, your target market.
3. Volunteer/Give back and use same to boost your personal brand: lean times come when clients slowly dry out. Accounts are lost, and getting new ones become a herculean task. Instead of focusing on your problems, use that time to give back. Be strategic in selecting causes to volunteer for. Identify causes that attract your target market, and volunteer at such events. Use that avenue to meet people as well. Being a volunteer is definitely better than being a part of the crowd. You are able to leverage on other people’s network to expand yours.
In 2019, my company Mosron Communications held the second edition of the Mosron Training Series. We have so far trained over 1,000 young professionals and senior executives on LinkedIn Optimisation and Business Communication Strategies.
https://drive.google.com/open?id=16OZth8OPrz_Cnc9tyRCS-1WfJHBQahnf
4. Cross-sell and up-sell current clients: you will likely have an inkling as things begin to taper out. Focus on giving even more value to existing clients, and explore ways to up-sell and cross-sell. One of the earliest mistakes I made as a sole proprietor was that I requested that an account be closed because I assumed that the client no longer saw the value in the service I was offering. Never ever preempt a client to request that a business relationship be severed, especially when there are no issues. If you ever fill like you are not providing sufficient value, find other things to do within your area of specialisation which you can bill for.
5. Personal Professional development so you come back strong with a better value proposition: times are lean and you suddenly have too much time on your hands. Don’t stay idle. Use that time to attend seminars, take online courses, register at the local business school and get a certified in a course that would boost your portfolio. If you use social media for prospecting, don’t show desperation in your post. Teach people online. You would be surprised at the number of people who are interested in learning more about your field; teaching them will position you as a thought leader and invariably attract paying clients.
Being a freelancer or sole proprietor comes its own peculiar challenges, not the least of which is the constant struggle to get new clients. Follow these tips to ensure that you always have something in the pipeline to keep you going.
