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When you start freelancing, everything seems so exciting. You finally work for yourself! You say goodbye to having a boss, attending boring meetings, and going to a job you hate every day.
But for many freelancers, a few months or years pass and things start to stagnate.
You can’t find new clients, the bills start piling up, you find yourself stuck in a feast-famine cycle, and suddenly things aren’t so glamorous.
Self-employment doesn’t work.
And you start to wonder: should I give up? Should I stop trying to succeed as a freelancer?
Before you give up…
Before you decide to give up freelancing for good and return to a job you hate, there are some things you can do to get out of your freelance slump, revitalize your business, and take your freelance work to a whole new level.
In this article, I’ll share a few essential things I’ve learned from coaching freelancers on our Freelance to Founder podcast that are almost guaranteed to help you make a difference in your freelance business.
Here are several ways to breathe new life into your failing freelance business before it’s too late:
1. Clearly define your business success
I’m starting with this because it’s important to clarify what success in freelancing looks like.
- Does success mean you are a self-employed millionaire?
- Does this mean you work with big brands?
- Does this mean spending more time at home with family or loved ones?
- Does this mean more flexibility to travel or try hobbies?
Can you see how defining success can be critical to your progress? If you don’t know where you’re going, how will you know if you’re okay or not?
For example, a person whose top priority is earning a lot of money may sacrifice family time and their personal life in exchange for higher income.
For them, money = success.
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But someone whose goals focus on flexibility or family would consider themselves a failure, no matter how much money they make.
For them, freedom/flexibility = success.
If you feel like a failure or self-employment “just isn’t working,” ask yourself: Why am I self-employed?
Then, make plans that align with your true goals rather than the goals that “influencers” or your peers inevitably impose on you.
2. Graduate of One-Time Payments
One thing that becomes incredibly frustrating as a freelancer is: no matter how well you do this month, you have to start from scratch next month.
But one-time payments are for noobs.
Experienced service providers know that the easiest way to go from freelance to agency (even if you’re an agency) is to create recurring revenue.
When your customers make repeated payments each month, you can:
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- Plan your income and expenses with more confidence.
- Hire based on future customer revenue, not just guessing.
- Finally overcome the feast-starvation cycle.
You can build a simple plan with our 5-Day Recurring Revenue Challenge video series. It was recorded live with a group of freelancers just like you and tells you exactly what you need to do to generate recurring revenue in your business.
3. Raise your rates
You probably started freelancing by essentially setting your prices.
Maybe you’ve asked other freelancers how much they charge for similar services. Or maybe you’ve used our independent rate calculator (if not, you should).
However you determine it, remember this: Rates are not permanent.
In order to stay in business, at some point you will have to raise your rates.
It can be an easier pill to swallow for customers if you increase your prices little by little instead of procrastinating until you are then forced to increase your current prices by 2-5 times just to keep your business in business.
There are many ways to increase your rates without losing customers.
4. Break up with your least profitable customers
If there are customers who are unable to pay your premium rates (see above), it may be time to break up with them.
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This is because most of your time may be taken up by clients who are not paying enough.
This often happens when you have long-time clients who are still paying the lower rates that you charged when you first met.
Because you have a long-term relationship, you spend the most time with these clients, but they tend to pay you the least.
This is simply bad business. Here’s exactly how to break up with clients professionally. The article also includes some examples and scripts that you can use for free.
5. Get a coach or mentor
Sometimes we’re just too close to a problem to know how to fix it. This can be especially true when you work for yourself as a freelancer.
That’s why a coach or mentor may be just what you need to get out of your freelancing slump.
A coach or mentor can help you see things about your business that you can’t see or refuse to see. They can help you solve problems in new and creative ways. They can encourage you when you feel like you’re fighting this battle alone.
That’s part of why we create our podcast, Freelance to Founder. We offer free live coaching sessions to freelancers trying to grow. You can even join us for a free coaching call if you wish.
6. Build a team (even a small one)
In addition to the help of a coach or mentor, you may want to consider enlisting the help of a team, even if it is small.
Hiring someone to join your team can be a huge relief and can free up your time to grow your business instead of only working on billable projects.
I recommend you start by hiring a freelancer to subcontract with you. This way, you avoid all the headaches of payroll, benefits, and legal necessities that come with hiring someone full-time.
Often, managing freelancers can be much simpler than managing full-time employees. Plus, if it doesn’t work out, it’s also much easier to cut ties with a freelancer than with a full-time employee.
7. Add new services/skills
Another way to breathe some life into your stagnant freelance business is to update the services you offer to potential clients.
This may involve learning a new skill, outsourcing complementary skills, or simply adding new services that you can already provide but have never offered before.
Adding new services does two things:
First, it gives you the opportunity to become excited about your business again by thinking about what your business offers potential customers.
Second, it gives you an excuse to recontact your current and former customers with something new to say.
8. Take a new marketing approach
In order to refresh your offering, you may not even need to add new services. You may just be able to work on your marketing approach.
Selling yourself as a freelancer can sometimes be the last thing on your mind. Other times it may seem a little embarrassing or awkward.
But without good marketing, it is difficult to grow a business.
So if you’ve relied primarily on referrals until now, think about what new marketing tactics you can try.
Basically, you have two options: change your messaging or change media.
The key to successful freelance marketing is to continually test, revise and improve your message and media until you find a combination that really works.
Change your message
Changing your message means adjusting HOW you talk about your freelance business.
You can adjust your target audience or review your value proposition (or USP).
Take the time to adjust the copy on your website (often overlooked) and polish your elevator pitch.
Change your media
Changing media means trying a new channel to promote yourself.
If you’re already very active on social media, try knocking on a few doors in your town or sending a few cold emails.
9. Pay your bills with a part-time job
There’s nothing wrong with taking a part-time job to help pay some bills while you figure out what to do next with your freelance business.
This doesn’t mean you’re a failure. It simply means that you are a responsible adult, recognizing that you have obligations to fulfill while you get your independent business back on its feet.
10. Take time if you can
Depending on how much you have saved, it may be a good idea to take some time away from your business. Yes, you can leave a contract job just like you leave a regular job. Sometimes the problem is that you work too much.
And taking some time off can clear your mind and make you want to jump back into problem-solving mode when you return.
Often, problems we are too close to can be easily resolved by taking a step back.
11. Go easy on yourself
Finally, a word of kindness: be kind to yourself.
It can be very easy to compare yourself to what others project on social media. It’s far too easy to assume that other freelancers make more money than you or work on more projects than you.
It’s incredibly easy to assume that a business failure is entirely your fault. Or that you are doomed to failure.
These are not the kinds of thoughts you should give a lot of space or time to.
Instead, remember why you started freelancing in the first place. Take time every day to recognize how great it is to work for yourself. Consider where you would be if you had never started freelancing.
Then take a deep breath. Speak kindly to yourself. And immerse yourself. Being independent is an incredible adventure.
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