Business
Grow from an Individual Freelancer to a Freelance Business
Every career has a saturation point. There comes a point when growth stops, and you realize you have hit the saturation point. You are already working 35+ hours a week, you have increased your rate, and you are making a good amount of money. You have seen exponential growth in revenue. Now to grow further, you can do two things.
- Increase your working hours
- Increase your rate
By replicating this exact method, you are at a high point in your freelancing career. But further increasing your working hours or rate is not possible. Does that mean there is no space for growth? Absolutely not!
Why grow into a freelance business?
Growing your freelance career into a freelance business agency gives you the revenue and career growth you are looking for. Not only does it decreases your workload and gives you some extra time, but it also helps you expand your service range, thus increasing the revenue. You are able to take on more projects as an agency. It gives you a sense of building something big. Let’s deep dive into how to grow your freelance career into an agency business.
Treat yourself like a business.
A change in mindset is imminent. Until now, you were driven by your self-interest. Making more money and fulfilling your dreams is what you were focused on. As an agency owner, you will be hiring people online and working in a team. You have to work towards what’s good for everyone. You will often be doing administration and management work than technical and creative. Adequate communication and leadership skills will help you in this transition. Building up teams, managing projects, and running everything smoothly is hard to do, and you have to be equipped with the suitable skills and mindset.
Decide on capital
It would be best if you do the math here. The great thing about a service agency is you don’t have to worry about the production, manufacturing, and distribution like product-based businesses. You can have a high-profit margin that you can reinvest in your business and scale it faster. Start saving 50% of revenue right today. At the start, you will need an office and employees. You can also have a remote agency without requiring an office. Start small and hire only a few workers that can sustain till foreseeable future and transition gently.
Hire competent workers
Real success comes from hiring competent people. But that’s easier said than done. You have three options: full-time employees, part-time employees, and freelancers on contract. A large agency needs people in positions like director, marketing and sales, HR, finance, and some other creative roles. But at the start, you only need technical, sales and marketing staff. Start looking into your network, and ask fellow freelancers to join you. You can leverage social media and hire from there. Opt for people with solid portfolios and skills.
The consistent inflow of clients
In order for your agency to sustain itself for a long period, you need to have a consistent inflow of clients so you don’t have work deficiency. That means developing two new skills: sales and marketing. As an agency owner, you will shift your focus more towards getting more and more clients. That doesn’t mean neglecting the quality of your services. Research the market and develop a marketing strategy. You can also ask your peers for a piece of advice or hire a person for that role.
Branding
You need to become an authority in your domain. In marketing, you reach out to prospects. But in branding, clients reach out to you. You can niche down your target audience, work for a specific industry, and become the go-to person for that industry. You can create a brand on Youtube, Linkedin, Instagram, etc. When you establish the authority, clients will come to you.
Focus on quality
You need to have clarity on what type of clients you want to work with. Agencies mainly sell to high-ticket clients. Freelancers usually work with low-ticket clients, but they focus on quantity which is working with more clients. But to increase your revenue exponentially, you need to focus on quality which is working with high-ticket clients. For that, you can expand the range of services you provide and raft them as a complete package.
Freelancing can be lonely and limiting. An agency will give you entrepreneurial experience, fetch you more money, and a chance to build your own legacy. But it is a lot more complicated than freelancing. Choose what you need and act accordingly.
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