Easy Ways to Increase Freelance Income

Easy Ways to Increase Freelance Income

Show notes:

  • Raise your rates
  • Cross/upsell
  • Increase your productivity 25%
  • Live and die by your calendar and put (prospecting) goals in your calendar
  • Be more niche than you are now

Raw Transcript

Get ready for freelancing strategies, hacks and tactics to help you skyrocket your success brought to you by Freelancer masterclass calm. You’re listening to freelancing school with your instructor Mike Volkin.

And welcome to another episode of Freelancer school. I am Mike Volkin, your host. Today we’re going to be talking about easy ways to increase freelance income. Now, let’s start with the most obvious Okay, raising your rates. You might think Mike, I don’t need to listen to a podcast or somebody to tell me to raise my rates. But I’ll tell you I’ve been working with some freelancers for years and they just haven’t raised their rates. And there is a point at which you raise your rate and you’ll lose business you’ll notice when you’ve raised your rate too high, but don’t be afraid if you’re building 20 or 30 or even $100 an hour to go up and other 10% and test to See if the number of prospects you’re closing, your close rate is staying the same or even maybe increasing like it did for me it increased. So you should always document whenever you have a discovery call or a prospecting call with a potential new client, to documents statistics, meaning if I get on the phone with 10 people, how many of them actually become clients. So you know, when it’s time to raise your rate, that if the conversion of those prospects increase, meaning you’re closing more even staying the same, that your new rate has held water, so you can actually start building at that new rate with the same effectiveness. That’s why it’s always important to keep stats. So the first tip I’m going to give you is raise your rates. But in order to do that, you need to be able to keep stats on your business. So you can make a simple spreadsheet that says you know, number of calls taken in one column and the next column is number of calls closed and in the third column, simply just a percentage of column a verse column B. And again, if they say the same or increase, then you’ll know that that rate is holding. Another way that a freelancer can increase their income is to cross or upsell. Too often do I see freelancers saying I only do this, I only do on page SEO and that’s all I do. I don’t do off page SEO. I don’t do local SEO or ecommerce, SEO, I just do on page SEO. But if you have a more diverse skill set, you can increase your income because you have more billable hours by being able to service a client more with their needs. So be sure to cross sell or upsell. Okay.

increase your productivity 25%. Now, a lot of people don’t understand how much time they waste during the day, checking their email every minute checking social media, doing something that’s inefficient or repetitive. If you can think of all the things you do on a daily basis And then how much time that is towards billable hour, you will be surprised at how little little time that you have actually servicing clients, then you should. So as a good exercise tomorrow, what I would like you to do is document how much time you spend not billing hours to clients, and what that time was spent on. So every 15 minutes, I want you to keep a little, I don’t know a piece of paper by your mouse pad. If you haven’t on your computer, you’ll get distracted the file get buried, it won’t get done. Pull out a piece of paper, write on it every 15 minutes. Maybe you have a timer something on your smartphone app or on your smartphone have an app for a timer every 15 minutes is going to go off and you’re going to think what did I do the last 15 minutes. Okay, well, I only service clients for five minutes and then I checked my email twice. I looked at my Instagram feed and then I posted something on Facebook you got to write all that stuff down. Okay, and the at the end ended at the end of the day. You’ll see that Oh wow. I spent almost missed an hour on Instagram today looking to see what my cousin had for breakfast and what my friend had for this did this weekend, you know how, how much time that actually wasted? What you want to do is you want to think of a way to make yourself 25% more efficient. Okay, if you do that, you’ll have more time to increase your income because you have more billable hours. All right. And the fourth tip I’ll give you so so far we’ve had raise your rates, cross sell or upsell, increase your productivity. And now this tip is to live and die by your calendar. If you use your calendar as a golden rule, meaning to not have any interruptions by what your calendar states, meaning if you’re going to be at the gym from 10 to 11 every day that’s on your calendar and that’s what you’ll be there’s no exceptions barring some kind of family or health emergency. If you make that rule that your calendar is king, and then you put goals in that calendar You will be amazed at how many goals you can accomplish in your life. So if you’re putting prospecting goals, for example, meaning I want to reach out and make 10 new contacts a day on LinkedIn, and you put a half an hour a day to prospect on LinkedIn, you know, by the end of the week, you have 70 new contacts on LinkedIn like that would that that’s a hard rule because you’re making your small bite sized goals every day. And that’s a great way to increase your freelance income is to live and die by account or some other mechanism to where goals are written. And they are understood that if they’re on your calendar, that they are they absolutely have to be done barring any emergency. And my last rule for today, to increase your freelance income is to be more niche than you are now. So let’s say that you’re a writer that works in the transportation industry. Maybe you can work only with luxury cars now you’re not might think, Mike, that is not going to work because Now that reduces the amount of clientele that I can possibly work for. Well, actually, that is natural to think that, but it’s the opposite of what will happen you’ll see that more people in this case the luxury car market will come and talk to you because you specialize in their very specific field. When if you just do the transportation industry, you might be going up against hundreds of other bloggers that can provide the same service seemingly to the client, they might not be able to see your value up front. And you probably won’t close nearly as many deals as if you would, with someone with a very specific niche comes to you and they can see your expertise in that very specific niche right away. Okay, so I hope these tips helped. Good luck.

Thank you for joining us for freelancing school. Be sure to subscribe and get the latest updates on the show. Go to freelancing masterclass calm to become a master freelancer.

Transcribed by https://otter.ai

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