10 Steps to Exploding Your Revenues and Profits

This is the ultimate guide for freelance writers who want to explode their revenues and profits. 

Let’s get straight into it, as I’ve got to help my elderly neighbour with his lawn before lunch.

Welcome to the exciting world of freelance writing. 

No, I’m not going to cover the global economy or the best ways to invest in real estate, how to beat the financial markets or invest in the stock market. 

This post is purely about freelance writing. The best business model and one of the most effective ways for new businesses to thrive.  

It’s a life of endless possibilities, steady work, and, yes, potentially full-time income. 

But we all know that navigating the choppy waters of a freelance writing business requires more than just writing skills. 

We never got into this for minimum wage.

I get repeated emails from my subscribers complaining that they are in a rut. And can’t seem to increase their income.

So, here’s the good news: we’re about to embark on a journey through the 10 essential steps I reckon you need to not just improve your revenues and profits, but to make them explode.

Step 1: You Gotta Define Your Mission

First things first. 

A successful freelance writing career starts with defining your mission. 

Ask yourself, what is your ‘why’? This is not just about becoming a better writer or increasing your hourly rate. 

It’s about identifying your purpose as a professional writer, what kind of work you want to do, and how you intend to make an impact. 

Understanding your mission is a great way to attract your ideal clients, those who align with your values and will appreciate and respect your work.

If you’re not sure of your why, what can you do?

Check out this article I wrote titled: 5 Tips To Understanding Your Why In Business

Step 2: Identify Your Ideal Prospect

In the freelance writing business, knowing your target audience is crucial. You’re not just writing for everyone on the job boards; you’re writing for a particular subset of potential clients who need your expertise. 

Think about their industry, the size of their business, their challenges, and how your writing can help them. Remember, they are real people. This step is about finding the perfect match between your skills and their needs. And remember, not every prospect is your ideal client. At the end of the day, don’t be afraid to block the people you don’t want to work with. Remember, clients can be a pain in the ‘you know what’.

Step 3: Identify Your Best Introductory Product

Every successful freelance writing career and the most successful startups begin with a stellar introductory product. This is usually a strong lead magnet. This could be a top-notch blog post, an informative article, or even an engaging guest post explaining the popular keywords in their niche. Often called your pillar content.

It should showcase your writing skills, your unique voice, and your ability to deliver value to your clients. Choose a product that can demonstrate your strengths and make a strong first impression.

Step 4: Identify Your Best Introductory Offer

Once you have your best product, pair it with an irresistible introductory offer. This could be a discounted rate for the first project or a package deal of articles. The goal is to reduce the barrier for potential clients to give you a chance. Make sure this offer is sustainable, though—you want to attract new clients, not undercut your worth.

But it’s one thing to have a killer product, but if the offer is not irresistible, potential clients might never experience the value you bring. This is where the concept of the “best introductory offer” comes in. The first thing you want to do is to understand what will make your target audience tick.

Do they respond well to discounts? Or maybe they prefer free trials or free extra features? 

The ultimate guide to nailing your introductory offer lies in understanding your ideal prospects’ pain points and preferences. 

With this knowledge, tailor an offer that meets their needs and preferences, ensuring they get a taste of the full-time service or product you provide.

Don’t be afraid to offer some of your best stuff. You need to wow them.

And, don’t forget to factor in your break-even point! 

Ensure that the offer is sustainable for your business and won’t plunge you into losses. Once you’ve identified your best introductory offer, it’s time to put it out there through the most effective channels.

Step 5: Identify Your Best Medium

With the digital age in full swing so it’s never been easier to establish your online presence. There are a ton of platforms where you can showcase your freelance writing with new ideas. 

Your task is to identify the medium that works best for you and your target audience and how to get noticed in their social media accounts. 

Perhaps your writing shines in long-form blog posts, or maybe you excel at snappy, engaging social media content. Find the medium that allows your writing to shine and reach the right people.

Your best medium is where your ideal prospects hang out or seek information. If you’re targeting business owners, for instance, LinkedIn might be a great place to start. 

For younger demographics, a better way to grab their attention could be through social media platforms like Instagram or TikTok might be your best bet.

If your prospects are avid readers of blog posts, then crafting engaging, informative content could work wonders. 

For others, video content on YouTube or webinars could be the way to go. 

Remember, your choice of medium can significantly impact the success of your promotional efforts.

Step 6: Calculate Your Break-Even Response Rate

In any business, it’s essential to know your numbers. Freelance writing is no different. Before you can think about revenue growth and a net profit, you need to think about your break-even response rate. This is the number of positive responses you need from your outreach efforts to cover your costs and time. 

This step is vital for the long-term sustainability of your freelance business. In simple terms, your break-even response rate is the number of positive responses (sales, sign-ups, etc.) you need to cover your costs.

This helps you set realistic goals, measure your success, and strategize better. Remember, success in freelancing isn’t just about hard work—it’s about smart work.

Step 7: Craft Your Introductory Messaging

After identifying your best medium and calculating your break-even response rate, it’s time to focus on your messaging with a few best practices. It’s time to put your freelance writing skills to good use. 

Craft a compelling introductory message that not only introduces you and your services but also speaks to your ideal client’s needs and challenges.

The hard work you’ve put into understanding your ideal prospect and their needs should now translate into compelling, persuasive messaging that resonates with them.

Your introductory messaging should reflect your mission and values, showcase the benefits of your intro product, and present your irresistible offer. Keep in mind your tone – it should be consistent with your brand and appealing to your target audience.

And make sure your introductory message is congruent with what comes next.

Step 8: Set Up Promotion and Customer Tracking

Once you have your messaging down, the next step is to set up promotion and customer tracking. 

One of the main beauties of direct response marketing. And what separates it from regular, “throw it at the wall” marketing, is your ability to track what works.

All your promotions, which could be through paid advertising, content marketing, social media marketing, email marketing, or even SEO to rank higher on search engines, must be tracked like your life depends on it.

Customer tracking allows you to measure the effectiveness of your promotional efforts. Tools like Google Analytics, CRM systems, and email marketing software can provide valuable insights into your customers’ behaviour, enabling you to refine your strategies over time.

Never skip this step. If tracking is too confusing for you, get in touch. We can help. Or get help from somewhere. Just don’t leave it to chance.  Or you’ll never “Explode Your Revenues and Profits”. You’ve been warned.

Step 9: Fine Tune Your Promotions

With the tracking in place, you’ll start receiving data about the performance of your promotions. This is a great opportunity to fine-tune your efforts. If certain aspects of your promotions aren’t working as expected, don’t be afraid to change course. Don’t be afraid to pivot down a different track. 

Perhaps your potential clients aren’t responding to your introductory offer as you’d hoped, or maybe your chosen medium isn’t reaching as many prospects as you’d like. Make adjustments as necessary, using the data as your guide.

And don’t be afraid to scrap your offer altogether and try something new.

Step 10: Scale Up Your Promotion

Once you’ve refined your promotion and found what works best, it’s time to scale up and increase your profit margin. This could mean investing more in paid advertising, increasing your content production, improving your sales process, or leveraging other growth strategies such as referral programs.

Remember, scaling should be a gradual process, always informed by the data you’re gathering. Never lose sight of your break-even response rate as you scale up your operations to attract new customers. 

Bonus Step 11: Systemize Your Business Processes

I know this was supposed to be ten steps. But here are some bonus steps to help you crush it even more.

As your freelance business grows, it’s important to streamline your processes for increased efficiency. Whether it’s your marketing strategies, client communication, project management, or invoicing, developing a system can save you considerable time and energy.

Consider investing in tools that can automate certain aspects of your business. For example, customer relationship management (CRM) software can help manage client interactions, while project management tools can keep your tasks organized and on track.

Bonus Step 12: Consistently Review and Improve

The final step in this blueprint is one that should be ongoing: consistently review and improve your strategies. The freelance market is dynamic, and what worked a year ago may not work today.

Regularly check in on your mission, target audience, introductory offer, messaging, and promotion strategies. 

Are they still effective? Are they still aligned with your goals and the needs of your prospects? Use your tracking data to answer these questions and make adjustments as needed.

Running a freelance business is a journey, not a destination. Continually striving for improvement and adapting to the changing landscape is the key to sustainable growth and success.

Remember, this blueprint is not a one-size-fits-all solution. It’s a guide that you should tailor to your unique circumstances, goals, and the nature of your freelance business. 

It’s about giving you a starting point from which you can develop a strategy that works best for you. With hard work, creativity, and resilience, there’s no limit to what you can achieve in your freelance business.

Final Thoughts on Exploding Your Revenues and Profits 

Mastering these advanced strategies for your freelance business requires time, effort, and continuous learning. However, the rewards are immense and will give your online business a leading edge. You’ll find yourself creating a stronger reputation, increasing your income, and finding more satisfaction in your work. 

Freelancing isn’t supposed to be about surviving—it’s about thriving and grabbing the right amount of money to boost your quality of life. 

By adopting these strategies, you’re not only preparing for the challenges ahead, especially in your first year, but also setting yourself up for long-term success. Remember that your freelance journey is unique and there’s no one-size-fits-all approach. Continue learning, adapting, and striving for excellence.

Remember, a key question you must always remember is success doesn’t come overnight. It takes time, patience, and persistence to close deals that move the needle. Just remember, 80% of freelancers give up too early.

Not you, ok?

By following the steps and tips I’ve given you in this post, you’re well on your way to building a successful and sustainable freelance business you’ll be proud of. And one that will see you enjoy a huge increase in your quality of life. Without trading your valuable time for dollars. 

Enjoy the journey my friend! And please get in touch if your business needs help…

Here’s to your success in the years ahead,

Greg Noland

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