Maximising Resources and Minimising Costs
Hello ,
Freelancing presents unique challenges, especially when you're just starting. Marketing and selling your services can be challenging, particularly when resources are limited. This article offers practical strategies to manage these costs, leveraging the five-line business decision-making framework. We'll explore how to optimise your selling costs, including marketing, advertising, and selling costs, and guide you through a strategic approach to maximise your returns.
Understanding the Costs of Selling
The "cost of selling" encompasses all your marketing and selling expenses. It's the mechanism that attracts prospective clients who will buy from you. The cost of selling can be challenging, especially when starting, but understanding it is crucial for business survival.
When starting, your most valuable asset is your "sweat equity", i.e., your time and effort. If you have sufficient resources, use those to help you with your marketing, as when you are older, your time will be your most valuable asset.
The five-line framework is designed to aid you in comprehensively understanding your business operations. It not only illuminates the financial aspects but also underlines the necessary activities for ensuring smooth and efficient business functioning. f
- Revenue from product/service sales (which must exceed costs)
- Cost to make or buy the product/service (your time, including materials and contractors)
- Cost of selling (marketing, advertising and selling costs)
- Cost of running the business (rent, insurance, utilities, subscriptions and administration)
- Profit (revenue less costs)
When we talk numbers, this framework can shift into a tangible model, which we'll explore more in future articles.
Defining Your Value Proposition
Understanding and articulating the precise problem you can solve for your potential clients is paramount. Securing projects becomes considerably more straightforward when your prospects grapple with persistent, urgent issues that require immediate attention and for which they have allocated a budget. If this necessitates developing more specialised skills, consider it an integral component of your work.
Leveraging Your Network
Your personal and professional network should be your first port of call when seeking prospects who could benefit from your services. Individuals within your network are likelier to listen to your pitch or refer you to others who need your assistance and why it's so vital to establish and maintain your reputation. Ideally, you have recognition for your expertise within your network.
If this isn't the case, it's time to start actively marketing your services. Engaging with people within your network who face issues you can address is often more productive than attempting to attract strangers via a website.
Establishing Your Online Presence
Creating a website is your digital headquarters where potential clients can explore your services, understand your expertise, and contact you. Platforms like WordPress, Wix, Squarespace, and Weebly provide cost-effective solutions. You can even establish a simple, free website using Carrd.co.
However, exercise caution when using AI website builders; the results can sometimes be inconsistent. For instance, when I recently rebuilt my marketing services website, I didn't like what it created. I had to recruit my developer to refine the website significantly, including replacing subpar images and text.
Bear in mind that the level of ease when setting up these platforms can vary significantly. Be ready to dedicate time to understand these platforms and ongoing maintenance, or consider bringing in a professional to expedite the process and ensure a polished result.
Implementing Effective Marketing Strategies
Upon setting up your website, it's essential to enhance its discoverability by optimising it for search engines through SEO. If you're starting from the point of relative obscurity, a fast track to gaining visibility online is by presenting your solution as a form of assistance. Remember, many people turn to the internet in search of solutions. While some prefer a DIY approach, others might be interested in purchasing your solution.
Although SEO is a long-term strategy, it significantly boosts your online visibility, especially with consistent content creation. This includes writing and publishing articles to showcase your expertise and establish credibility. Distribute these articles on your LinkedIn profile, or consider guest posting on industry-relevant blogs. By doing so, you are sharing your knowledge and expanding your digital footprint, making it easier for potential clients to find you.
Besides SEO, here are some practical examples of low-cost or free marketing activities:
Networking: Utilise platforms like LinkedIn to update your profile, connect with relevant networks, and inform your contacts about your business. Attend industry events, both online and offline, to meet potential clients.
Email Marketing: Start building an email list from day one. Send regular newsletters with helpful information to stay on top of mind with potential clients. Reach out to your network for subscribers.
Social Media: Use platforms where your potential clients are likely to be. Share your content, engage with others, and build your online presence. For professionals, I would stick with Linkedin and learn how to use it best.
As you secure projects and generate income, consider hiring contractors or using a range of subscription services to automate your processes with marketing. Treat these outsourcing costs as investments to generate significantly higher revenue through new clients.
Suggested Reading
David A Fields The Irresistible Consultant's Guide to Winning Clients: 6 Steps to Unlimited Clients & Financial Freedom
Seth Godin Permission Marketing
Alan Dibb 1-Page Marketing Plan: Get New Customers, Make More Money, And Stand out From The Crowd
Cheers
Nigel Rawlins
https://wisepreneurs.com.au/
I help self-employed professional women survive, grow and thrive with strategic marketing solutions.
Don't forget to link with me on Linkedin and check out my latest conversation on the Wisepreneurs Podcast with Lisa Ross-Marcus Performance Artist, Executive Coaching and Entrepreneurship.
