Feast and famine is part of life for a freelancer, right? You have your good months and your bad months but overall, you get by throughout the year. This is a common path for freelancers to walk down. Some prefer it over a stable paycheck. They enjoy the ride and the potential for unlimited earnings. Most of the time they make pretty close to the median income anyway. Those that are making more than the regular nine to five are often putting in the hours to justify it. Anywhere between 50 hours a week up to 80 or more to get their clients work completed on time and to keep the pipeline flowing.
Then there are those other freelancers.
They might be in the top 10% but there is something different about them. They are not making just enough to pay the bills and put aside a little extra for a vacation. They are making well over six figures, have multiple investments and in some cases they are barely working more than 20 hours a week. Is that the kind of freelancer you want to be?
These are the kind of freelancers that make everyday a payday. They are earning money in their sleep and that money isn’t coming from client work alone. Most freelancers are aware that they need some kind of extra offering to keep cash pouring into the account. Far less know exactly what that little extra might be.
You might have dabbled in creating a course in the past, maybe released an ebook. You might sell coaching calls or some kind of digital product to help x customer do y. Hell, you have probably tried all the above. You and just about every other freelancer who has been in the game for more than 12 months has had a crack at tapping into the digital economy. Why is it that some fail where others succeed?
It’s not enough to offer these products alone. You might make some sales and supplement your income but if you are not consistently building recurring revenue every single day then there is still a piece of the puzzle missing. Although you could sum up this mystery ingredient with the word marketing, that still doesn’t explain how to actually tap into this secret sauce. The truth is there are many working parts. You need a recognisable and relatable brand, a service that solves a specific problem, a channel to reach and communicate with your target customers and a system to move your customers through your product pipeline.
You are probably well aware of this. The question you are constantly asking is “Where do I even start?” It might sound overwhelming at first but once you start getting a few key things in place, you will soon realise that everything falls into place.
Your brand is key to getting potentially clients to notice you. Branding can be a complex and confusing topic. Let’s keep it simple. To put it simply, if your business had a personality, what would that look like? Branding encompasses everything from the colours you use on your website, the font of your business name, the personality in your copywriting and the overall style of your business. Branding helps you communicate with your target audience and can turn curious visitors into lifelong fans.
Solving a specific problem
This is where a lot of new freelancers can get confused. They have a service, let’s say freelance writing, and they go looking for just about any freelance writing gig they can get their hands on. While they may have plenty of work, their focus is all over the place and the pay keeps them constantly on the grind. Have a deep think about what problems are faced by your niche. Do they need help putting technical topics into easy to understand articles? Are they struggling to reach a younger audience? Do a bit of research and think about how you might be able to help them solve this problem through your services. When you have come across a good idea, consider turning it into a product.
Problem solving products
Products are created to solve problems. Whatever problem you want to tackle for your client, make sure that it will either save them money or save them time. Your product can be in the form of information, such as a course or ebook or it could be a tool that helps them achieve something they are struggling with. Don’t just stop at one product either. The longer you freelance, the more you will come across clients with common problems that need solving. Use these as inspiration for your next product. The more products you create and sell, the more your income will grow. This is how you can make every day pay day as a freelancer.