Brighton Summary - October 2024

Masterclass: How to build a six-figure freelance business

Introduction

  • Content marketing services for agencies and small businesses in the UK/US/Europe
  • Worked with brands including Amazon, HSBC, and Reuters
  • Set up in 2016

Chapter 1: Getting Started

Why Go Freelance?

  • Pros: Being your own boss, managing your time, uncapped earning potential
  • Cons: Responsible for all aspects of business, no job security, dealing with stress

Building Your Online Presence

  1. Website: Use simple solutions like WordPress, Wix, or Squarespace
  2. Portfolio sites: Tumblr, Pinterest, Contently, Medium
  3. Directories: ProCopywriters, Being Freelance, YunoJuno
  4. Social media: LinkedIn, Facebook, Instagram

Promoting Yourself

  • Draft press releases
  • Build a Google My Business profile
  • Reach out to podcasts
  • Collaborate with competitors and join online communities

Chapter 2: Onboarding Clients

Building a Portfolio

  • Use projects from previous jobs, volunteering work, personal blogs, work experience
  • Collect testimonials, references, and social media shout-outs

Generating Leads

  1. Outbound: Pay-per-click ads, networking, cold emails
  2. Inbound: LinkedIn posts, SEO, job board newsletters
  3. Referrals: Word of mouth, case studies, reviews

Red Flags When Onboarding Clients

  • Money issues: Asking for discounts, free trials, promising long-term work for low pay
  • Time issues: Unrealistic deadlines, wanting to stay in touch outside of boundaries

Protecting Yourself

  • State terms on your website
  • Use project templates and contracts
  • Ask for deposits
  • Be aware of late payment laws

Chapter 3: Levelling Up

Using Management Software (e.g., Harpoon)

  • Money management: Integrate with accounting software, automate invoices
  • Client management: Onboard clients, allocate time and budgets

Tiering Clients

  • Categorize clients based on revenue, frequency, and time spent
  • Use a formula to determine which clients to keep, upsell, or let go

Time Management

  • Use tools like Trello for project timelines
  • Factor in admin time when planning
  • Use time-tracking tools to estimate future projects

Business Roles

  • Technician: Providing the service
  • Manager: Handling admin and processes
  • Entrepreneur: Growing the business

Considering Limited Company Status

  • Pros: More authority, tax benefits
  • Cons: Accountant fees, additional admin

Chapter 4: Thriving

Pricing Your Services

  • Consider day rates, hourly rates, project rates, and retainers
  • Look at industry benchmarks and your own experience

Saving Time

  • Use contract templates and automated tools
  • Repurpose existing content

Work-Life Balance

  • Set boundaries with clients
  • Evaluate opportunities based on long-term benefits

Avoiding Feast and Famine

  • Plan retainers in advance
  • Continue marketing during busy periods
  • Ask for reviews after completed projects

Standing Out

  • Develop products
  • Apply for awards
  • Go the extra mile

Case Studies

  • Winning clients like Reuters, HSBC, Amazon, and PG Tips through various channels

Action Points

  1. Build and continuously improve your online presence
  2. Join freelance communities and collaborate with peers
  3. Create a strong portfolio using existing networks and experiences
  4. Focus on inbound leads while building confidence
  5. Implement protective measures like contracts and deposits
  6. Use management software to track finances and client relationships
  7. Regularly evaluate and tier your clients
  8. Develop efficient time management practices
  9. Consider the pros and cons of becoming a limited company
  10. Diversify your skills with public speaking and product development
  11. Set clear boundaries for work-life balance
  12. Implement strategies to maintain consistent work and avoid feast-famine cycles

By following these strategies and continuously refining your approach, you can build a successful six-figure freelance business.