Do You Feel Like You're Going Round in Circles With Your Business?
I managed to break the cycle, and you can too. But you have to be the one to break it. Your business won't magically transform if you don't do anything to change it.
I'd been freelancing on the side for two years before I went full-time self-employed, so I already had a few clients and an idea of what I was doing. But there's a big difference between freelancing part-time and actually needing to make a living from it.
The first year was exciting. It had its ups and downs, but being able to pay my mortgage from my income every month felt like a huge achievement, so I was fairly content.
I increased my turnover and profit the following year, and again the next, which looked good on paper. But when I looked at how many hours I was working compared to my income, I was barely earning more than minimum wage.
I felt like I had to take on almost every bit of work that came my way just in case the next month was quiet. I'd get too busy to do any effective marketing, which meant I'd go quiet. Then I'd go into panic mode with my marketing instead of being strategic. This meant I didn't always get offered the type of work I wanted, but I'd take it on anyway because I needed the money.
It felt like I was going round in circles and I had no idea how to break the cycle.
When would I start to get more consistency? When would I start to make good money? When would all my hard work pay off?
If my story sounds familiar, it's because it's not unique. Many freelancers find themselves in similar situations and convince themselves it's "just how it is" - it's all part of freelance life.
But it's not.
Or at least it doesn't have to be.
I managed to break the cycle, and you can too. But you have to be the one to break it. Your business won't magically transform if you don't do anything to change it.
And while I'd love to tell you there's a secret formula you can follow or give you a step-by-step guide, I'm afraid secret formulas don't exist.
What I can do is tell you some of the steps I took that enabled me to build a business that genuinely makes me happy.
Work out what you want
I didn't have a plan when I started my business. I just went with the flow. And that worked for a while, but it doesn't pay off long-term. If you don't know what you're aiming for, you just end up getting pulled in different directions, doing work you don't enjoy, and working with people you don't particularly like.
That's not to say you need a five-year strategy mapped out or a goal that's set in stone. You just need some idea of what you want your business to look like.
Once I'd decided I was happy being a one-person business and didn't need to build a business empire, life became much easier. I only had to worry about earning enough money for me, so I could be selective about the kind of work I took on. I worked out what kind of work I wanted and stopped saying yes to the stuff I didn't enjoy.
Figure out what success looks like for you. Decide what makes you happy.
Lisa Slater
Lisa Slater
Put your prices up
The idea that you can help more people if you keep your prices "affordable" is flawed. Affordable is subjective, and freelancers often end up being underpriced instead.
And when you're underpriced, you usually end up overworked. Firstly, because most people will agree to your low prices, so you get a lot of clients. And secondly, because you have to fill all your available time with paid work to hit your financial targets.
This isn’t only unfair to you. It’s unfair to your clients too.
Let’s say you charge £500 per project and you need to earn £2000 a week to cover all your costs. This means you need four projects a week. You have to divide your attention between four clients.
But if you charge £1000 a project, you only need two clients, and you can give those two clients double your time.
How much better is the quality of your service going to be if you only have to split your attention between two projects instead of four?
My prices were too low, so I increased them. I started getting better clients - clients who actually valued what I did - and I was able to give them a better service. Plus, I had more time for business development and side projects.
Putting your prices up might sound scary, especially if you are struggling to attract clients consistently, but high-paying clients aren't going to suddenly turn up at your door out of the blue. If you want to earn more, you need to charge more.
Lisa Slater
Lisa Slater
Make your marketing messages clearer
Once you've worked out what kind of work and clients you want, make sure your marketing reflects that. Don't waste your time promoting services you don't enjoy delivering or trying to appeal to everyone and anyone.
Focus on attracting the type of clients you enjoy working with most or the type of work that brings you the most enjoyment. Be consistent with your messaging.
Lisa Slater
Set boundaries
You can't provide an excellent service if you're overloading yourself with low-paid work, letting clients dictate how you run your business, or feeling anxious because payments aren't coming in on time. You can't deliver excellent service if one unreasonable client is making you so stressed that you can't concentrate on anything else.
You have to protect yourself. You have to protect your mental health. And you can't do that if you aren't setting boundaries.
In my book, one of the chapters is all about setting rules - your non-negotiables. The rules you set are up to you, but they should be rules that will protect you, and you have to be prepared to stick to them.
Lisa Slater
Get help and support (from the right places)
I used to think business mentors were a luxury. Something for other people. What could a mentor tell me that I couldn't learn from a book or the internet?
Eventually I got to the point where I felt like I'd tried everything else and I had nothing to lose by giving it a go, so I swallowed my pride and asked for help.
I only wish I'd gotten help sooner.
I ended up working with two mentors. The first helped me get out of the rut and back on track. The second helped me build the business I wanted.
Now I mentor other people, and it brings me so much joy. I love being able to do for others what my mentors did for me.
Lisa Slater
If you're going round in circles with your business, get help. I'm not saying you should choose me as your mentor, but why keep muddling along when you could get help from someone who has been there, done that and built the kind of business you want?
Lisa Slater
Lisa Slater
