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The Wealthy Freelancer
Being your own boss can lead to incredible profits-here's how...
Whether you call yourself a freelancer, consultant, independent contractor or solo professional of any kind, The Wealthy Freelancer: 12 Secrets to a Great Income and an Enviable Lifestyle shows you how to get the clients, income, and lifestyle you deserve. So you can put more money in the bank, enjoy more time with your family and make a great living doing what you truly love to do, free from the burden of employment...forever!
Filled with proven ideas and real-world examples from dozens of successful freelancers, The Wealthy Freelancer is essential reading for any solo professional who wants to enjoy a lifestyle that's "wealthy" in every sense of the word.
Here's a glimpse of what's waiting for you inside this book:
* Why the typical one-size-fits-all marketing advice rarely works, and a fool-proof system for determining the optimal mix of marketing activities for your specific circumstances and goals
* How to get more prospects to say "Yes!" to the fees that you propose
* Why striving to be the "best" in your field almost never works, and what to do instead
* How to charge more - and earn more - by creating new income streams closely related to your core business
* How to have more time for the life you want and still have a great income
* How to "test the waters" and land freelance work now, even if you're already employed
* Why freelancing has moved beyond creative fields and into mainstream careers such as engineering, software development, bookkeeping and more than 160 other professions
* Stories of real-life freelancers who destroy the myth that freelancers barely scrape by
And dozens more proven tips and strategies to build a more profitable and fulfilling solo business.
Whether you call yourself a freelancer, consultant, independent contractor or solo professional of any kind, The Wealthy Freelancer: 12 Secrets to a Great Income and an Enviable Lifestyle shows you how to get the clients, income, and lifestyle you deserve. So you can put more money in the bank, enjoy more time with your family and make a great living doing what you truly love to do, free from the burden of employment...forever!
Filled with proven ideas and real-world examples from dozens of successful freelancers, The Wealthy Freelancer is essential reading for any solo professional who wants to enjoy a lifestyle that's "wealthy" in every sense of the word.
Here's a glimpse of what's waiting for you inside this book:
* Why the typical one-size-fits-all marketing advice rarely works, and a fool-proof system for determining the optimal mix of marketing activities for your specific circumstances and goals
* How to get more prospects to say "Yes!" to the fees that you propose
* Why striving to be the "best" in your field almost never works, and what to do instead
* How to charge more - and earn more - by creating new income streams closely related to your core business
* How to have more time for the life you want and still have a great income
* How to "test the waters" and land freelance work now, even if you're already employed
* Why freelancing has moved beyond creative fields and into mainstream careers such as engineering, software development, bookkeeping and more than 160 other professions
* Stories of real-life freelancers who destroy the myth that freelancers barely scrape by
And dozens more proven tips and strategies to build a more profitable and fulfilling solo business.
288 pages, Paperback
First published February 26, 2010
33 people are currently reading
933 people want to read
About the author
Steve Slaunwhite
10 books15 followersSteve Slaunwhite is a bestselling author of books on marketing, sales, and small business success. He is considered one of the world's leading experts on copywriting.
His books include:
The Wealthy Freelancer
The Everything Guide To Writing Copy
Start & Run A Copywriting Business
The Complete Idiot’s Guide To Starting A Web-Based Business
Pricing Your Writing Services
A popular speaker at events and conferences, Steve's keynotes and presentations are as inspiring as they are practical. He has also created and delivered copywriting workshops for dozens of companies and is the owner of CopywritingTrainingCenter.com.
When not writing and speaking, Steve enjoys cycling and cross-country skiing -- which means he's bored silly in the spring and fall.
You can connect with Steve on LinkedIn, Twitter and Facebook
His books include:
The Wealthy Freelancer
The Everything Guide To Writing Copy
Start & Run A Copywriting Business
The Complete Idiot’s Guide To Starting A Web-Based Business
Pricing Your Writing Services
A popular speaker at events and conferences, Steve's keynotes and presentations are as inspiring as they are practical. He has also created and delivered copywriting workshops for dozens of companies and is the owner of CopywritingTrainingCenter.com.
When not writing and speaking, Steve enjoys cycling and cross-country skiing -- which means he's bored silly in the spring and fall.
You can connect with Steve on LinkedIn, Twitter and Facebook
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Displaying 1 - 29 of 29 reviews
November 18, 2016
This is definitely the best book on freelancing I’ve read so far! Many freelancers assume that they must choose between a high income and the freedom of freelancing, so they settle for an income that barely pays the bills. This book shows you how to have the freelance lifestyle you want and still achieve financial success. Topics include marketing, prospecting, client relations, pricing, productivity, work-life balance, and income streams.
The 3 authors dispense page after page of practical advice for web designers, graphic designers, copywriters, and other freelancers. I liked the many efficiency and productivity tips, and especially liked the chapters on pricing, focus, work-life balance, and the appendix on opportunities and obstacles.
The authors use “wealthy” to mean more than financial success; they say, “A wealthy freelancer is someone who consistently gets the projects, clients, income, and lifestyle he or she wants” and “Wealthy freelancers don’t just make a living. They design a fulfilling and meaningful life.”
I read this book because it was recommended by FreelanceSwitch.
Secret 3: Create Your Amazing Buzz Piece
Create a buzz piece like a special report, how-to guide, tips, interview, Q&A.
• Send to contacts, including current clients and past prospects who didn’t buy.
• Put it on your website.
• Include it in pitch letters, quotes, proposals.
• Include a bio page with an intro, services, and call to action.
Secret 4: Employ High-Impact Prospecting Tactics
Find organizations whose members truly understand the value of your services and could potentially hire you. Become an active member in 1-3 organizations. Volunteer, and join committees and boards.
Secret 5: Cultivate Repeat and Referral Business
• The more successful you appear, the less likely that clients will give referrals, since they assume you don’t need them. Be sure they know you want referrals.
• Ask each client for referrals when you deliver the project and they’re happy.
• Only 5-15% of prospects are ready to buy. About half of the remainder will buy in 18-24 months.
• Share relevant items of interest in a non-promotional way.
Secret 7: Price Your Services For Success
Hourly rate vs. fixed project price
Use project pricing for the following reasons:
• Clients prefer it because it eliminates price uncertainty. Hourly rates worry them.
• You have to provide a project price anyway, because you have to estimate your hours for the project.
• It lifts your income ceiling, because as you get better and faster, income increases. You’re rewarded for getting good. Hourly rates do the opposite.
• Your income isn’t limited by the hours you work, as with hourly rates.
• You don’t need to provide clients with timesheets.
• It takes rate comparisons out of the question, so the client considers whether the project is worth the price, rather than if you are worth your rate.
If the project is undefined, hourly may be the better choice.
Create a fee schedule with price ranges.
• Instills confidence in the client.
• Simplifies quoting.
• Deters low-paying clients.
Provide a ballpark price during initial calls to deal with price objections right away. Later, provide quote/proposal based on details.
Ask clients what they want to accomplish. They pay for results, not work.
Response to price objections: “I can appreciate your concern. Although that fee range is typical of what professionals charge for this type of project, I’m sure we can work something out. How much were you expecting to budget for this work?”
Don’t simply lower your price; negotiate an exchange of value:
• Offer to get the job done faster.
• Throw in an extra.
• Offer a discount for paying the full fee in advance.
• Ask for more time for the project.
• Offer a volume discount for additional work.
After sending a quote, follow up the same or next day. Act like you got the job, and ask about getting started. Don’t mention price.
Secret 8: Bring Focus to Your Freelance Business
• Discover what you have to offer by considering your education, work history, hobbies, interests, passions.
• Focus on a niche market, such as industry, project type, client type, etc.
Unique Selling Proposition (USP)
1. What do you do? Type of freelance work.
2. For whom? Identify the market.
3. What makes you different? What you have to offer.
Secret 10: Construct Your Own Work-Life Reality
• Outsource chores. Pay someone else to do the things you hate, and spend time making money or doing something you enjoy.
• Train clients to respect your time by not communicating outside business hours.
Secret 11: Create Alternative Streams of Income
• Convert freebies into attractive service packages and charge a professional fee.
• Focus on what you do best and enjoy. Outsource the rest of the project.
• Sell information products like ebooks and podcasts.
• Join affiliate programs for products and services you frequently recommend.
• Sell seminars and teaching gigs.
Secret 12: Live and Work in the Wealthy Triangle
Most freelancers don’t need professional liability (errors and omissions) insurance, but consult an attorney.
Opportunities and Obstacles
Don’t consider contingency fee (percentage of profits) arrangements unless the client has a good reputation and track record. If you do, base fees on something trackable like clicks or sales, not profits. Demand a 50% deposit. Have a detailed contract.
Spell out the number and timeframe of allowed revisions in quote/proposal/agreement. Tell clients you want final revisions, not multiple drafts.
Don’t be afraid to take on new project types. They could be great learning experiences, well-paying, and first steps toward becoming an expert. If the client is ready for you to start, do your research and go! If you need to sell the client, admit that you haven’t done that type of work specifically, but tell them about similar work you’ve done.
Never reduce fees for the promise of future work. It’s better to spend time finding better-paying clients than doing underpaid work.
The 3 authors dispense page after page of practical advice for web designers, graphic designers, copywriters, and other freelancers. I liked the many efficiency and productivity tips, and especially liked the chapters on pricing, focus, work-life balance, and the appendix on opportunities and obstacles.
The authors use “wealthy” to mean more than financial success; they say, “A wealthy freelancer is someone who consistently gets the projects, clients, income, and lifestyle he or she wants” and “Wealthy freelancers don’t just make a living. They design a fulfilling and meaningful life.”
I read this book because it was recommended by FreelanceSwitch.
Secret 3: Create Your Amazing Buzz Piece
Create a buzz piece like a special report, how-to guide, tips, interview, Q&A.
• Send to contacts, including current clients and past prospects who didn’t buy.
• Put it on your website.
• Include it in pitch letters, quotes, proposals.
• Include a bio page with an intro, services, and call to action.
Secret 4: Employ High-Impact Prospecting Tactics
Find organizations whose members truly understand the value of your services and could potentially hire you. Become an active member in 1-3 organizations. Volunteer, and join committees and boards.
Secret 5: Cultivate Repeat and Referral Business
• The more successful you appear, the less likely that clients will give referrals, since they assume you don’t need them. Be sure they know you want referrals.
• Ask each client for referrals when you deliver the project and they’re happy.
• Only 5-15% of prospects are ready to buy. About half of the remainder will buy in 18-24 months.
• Share relevant items of interest in a non-promotional way.
Secret 7: Price Your Services For Success
Hourly rate vs. fixed project price
Use project pricing for the following reasons:
• Clients prefer it because it eliminates price uncertainty. Hourly rates worry them.
• You have to provide a project price anyway, because you have to estimate your hours for the project.
• It lifts your income ceiling, because as you get better and faster, income increases. You’re rewarded for getting good. Hourly rates do the opposite.
• Your income isn’t limited by the hours you work, as with hourly rates.
• You don’t need to provide clients with timesheets.
• It takes rate comparisons out of the question, so the client considers whether the project is worth the price, rather than if you are worth your rate.
If the project is undefined, hourly may be the better choice.
Create a fee schedule with price ranges.
• Instills confidence in the client.
• Simplifies quoting.
• Deters low-paying clients.
Provide a ballpark price during initial calls to deal with price objections right away. Later, provide quote/proposal based on details.
Ask clients what they want to accomplish. They pay for results, not work.
Response to price objections: “I can appreciate your concern. Although that fee range is typical of what professionals charge for this type of project, I’m sure we can work something out. How much were you expecting to budget for this work?”
Don’t simply lower your price; negotiate an exchange of value:
• Offer to get the job done faster.
• Throw in an extra.
• Offer a discount for paying the full fee in advance.
• Ask for more time for the project.
• Offer a volume discount for additional work.
After sending a quote, follow up the same or next day. Act like you got the job, and ask about getting started. Don’t mention price.
Secret 8: Bring Focus to Your Freelance Business
• Discover what you have to offer by considering your education, work history, hobbies, interests, passions.
• Focus on a niche market, such as industry, project type, client type, etc.
Unique Selling Proposition (USP)
1. What do you do? Type of freelance work.
2. For whom? Identify the market.
3. What makes you different? What you have to offer.
Secret 10: Construct Your Own Work-Life Reality
• Outsource chores. Pay someone else to do the things you hate, and spend time making money or doing something you enjoy.
• Train clients to respect your time by not communicating outside business hours.
Secret 11: Create Alternative Streams of Income
• Convert freebies into attractive service packages and charge a professional fee.
• Focus on what you do best and enjoy. Outsource the rest of the project.
• Sell information products like ebooks and podcasts.
• Join affiliate programs for products and services you frequently recommend.
• Sell seminars and teaching gigs.
Secret 12: Live and Work in the Wealthy Triangle
Most freelancers don’t need professional liability (errors and omissions) insurance, but consult an attorney.
Opportunities and Obstacles
Don’t consider contingency fee (percentage of profits) arrangements unless the client has a good reputation and track record. If you do, base fees on something trackable like clicks or sales, not profits. Demand a 50% deposit. Have a detailed contract.
Spell out the number and timeframe of allowed revisions in quote/proposal/agreement. Tell clients you want final revisions, not multiple drafts.
Don’t be afraid to take on new project types. They could be great learning experiences, well-paying, and first steps toward becoming an expert. If the client is ready for you to start, do your research and go! If you need to sell the client, admit that you haven’t done that type of work specifically, but tell them about similar work you’ve done.
Never reduce fees for the promise of future work. It’s better to spend time finding better-paying clients than doing underpaid work.
May 31, 2010
I read this because I am a freelancer and even wrote my own money book aimed at freelancers. I didn't know what to expect but was blown away by the number of interesting tips, techniques, and highly usable technologies presented by Slaunwhite, Savage and Gandia. They have a knack for coming up with clever visuals that perfectly illustrate hard-to-express concepts. How do you stay on a potential client's radar without bugging him or her? TWF maps it out for you. How do you add value to your website while building a database of potential client emails? TWF shows you how. This isn't a money management book; it's a time-management book that thinks carefully about the freelancer's perpetual tradeoff: time = money. As such, I consider the book a genuine addition to the world of success literature, albeit for those without regular jobs. If you work for yourself, I think you really need to know about this book.
December 8, 2010
With the exception of E-Myth I think this is the most helpful business book I've ever read. The strategic methods and tips this book is full of helped me feel more confident about crafting a successful freelance career.
April 8, 2013
I thought I knew a good bit about how to have a successful freelancing business, but this book surprised me with tons of great suggestions that I didn't know. If I had known it would be half this good, I would have bought it for Kindle. It unlocks all the mysteries about how to really make freelancing work in a sustainable way and how to eliminate the dreaded feast/famine cycle.
Notes:
Intro
***worksheet:
The type of projects I want
The type of clients I want
The income I want to earn for my project work
The lifestyle I want for my freelance business
Secret 1: master the mental game
How to survive ups and downs? Keep focus on your goals. Get clear on them, write them down, carry them with you everywhere.
***exercise
1. Envision your ideal day
2. Compare your ideal day vs. normal day
3. Prioritize and execute.
Map out whole day in 30-min. increments. Map out whole year if want: what kinds of vacations, etc.
Note differences with real day. What could you do to make your ideal day a reality? Brainstorm and list ideas.
Prioritize and execute. Pick a few that seem most effective, set deadlines, carry around on index card or post on bulletin board.
***exercise
Standards: what do you do and what don't you do? even if you have to bend these temporarily to pay the mortgage, do it consciously.
4 tenets of mindset mastery
1. invest in your success (tools, subscriptions, memberships, learning)
2. develop an unshakable belief in yourself (read inspirational stuff)
3. expect this believe to be tested
4. absorb feelings of success when they come
Self-diagnosis/medication:
If low stress, low performance, invest in your succcess--take a class or whatever to rev up.
If low performance, high stress, work on your belief in yourself
If high performance, high stress, remember, it's expected that your belief will be tested. Don't worry.
If high performance, low stress, savor it and try to keep it that way.
Obstacles
What obstacle is bothering you most in freelance biz now? Whatever it is, if it's bothering you, you haven't decided for sure if you're going to overcome it. Instead, focus on the way around it. Acknowledge the obstacle and consciously decide to refuse to let it stop you.
Secret 2: simplify the process of getting clients
Master marketing formula
1. Find high-quality prospects
2. generate leads
3. get opportunities
4. close the sale
5. nurture "not today" prospects
Sales funnel: prospects -> leads -> opportunities -> clients. Keep moving people along, and keep feeding the funnel. That's what prevents feast/famine cycles.
1. Focus on job title of individual who hires freelancers like you, high-probability organizations/industry for hiring you, based on your background. Make a list. Shoot for 150-200 names. May include sub-lists with different criteria. Concentrate on following up really well with these people before building a bigger list.
Keep in spreadsheet: first name, last name, job title, company, address, country, phone number, email address, source.
Where to look: industry associations, company rankings in industry and trade pubs, local business chronicle, library (industry directories), Google, Jigsaw (finding names within companies), LinkedIn, Investor's Business Daily
Good follow-up => lead 4x more likely to become an opportunity!
Prospect is someone who might be interested. Express interest (ex. request buzz piece) => lead. Next, try to get opportunity = project.
Ask lead:
What challenge are you trying to overcome? (if applicable)
what are the consequences of this challenge?
What do you want to accomplish?
If the lead identifies a project, "can you tell me more about the project?"
Looking at answers, is the project well defined? Does it fit what you do? Does it make sense to solve their problem? Are their expectations realistic?
Once project identified, time to find out about budget.
Has a budget already been set aside for this project? If so, what's your budget range? or
My fee for this type of project typically ranges $1000-1500. Is that within your budget?
Watch for cluelessness, undefined budget, or lowball b.s.
Next, find out about decision-makign process and timeline.
Who will be involved in making the decision?
Are you considering other firms?
How will you make the decision--what will it be based on?
Do you need a quote for budgeting purposes, or are you looking to hire someone soon?
When will yo umake a decision, and when can I expect to hear back?
Once I send my proposal, when should I follow up with you?
Following up/prospecting
Expect to get voicemail 90% of the time. Use a 20-30 second script to make your pitch.
1. remind prospect why you're calling
2. immediately reference the person who sent you (if applicable)
3. ask if she ever uses freelancers
4. 2-3 sentences who you are, why your'e different
Practice until it sounds natural.
When to quit? 2-3 voicemails + 1-2 emails over 3-4 weeks with no respose. But still send mass follow-ups periodically
Trouble-shooting guide:
need more prospects if:
- no prospect list or not targeted
- have website but phone not ringing
need more leads if:
- don't have a buzz piece
- workload volatile
- only prospect when low in work
- phone isn't ringing, no email queries
- friends don't know what you do
- not sure how to approach prospects
need more opportunities if:
- don't always follow up
- don't always contact referrals
- give up too easily
- talking to leads makes you nervous
- waste a lot of time generating proposals for people not that interested
need to work on closing if:
- don't have master fee schedule
- don't have pricing strategy
- don't have negotiation strategy
- have a hard time getting from proposal to "you're hired"
- have a difficult time handlign pricing objections
Secret 3: Create your amazing buzz piece
Workbook, checklist, survey results, how-to guide, list of tips, etc. usually 5-10 pages. PDF.
Topic: top challenges, needs, interests of potential clients that your freelance service can address. Something prospects want.
Start with a compelling title. (19 tips for.... or How to... are fine.)
Use sections, consider Q&A or interview format, stay focused, take a stand.
Blow your own horn/pitch your services on bio page.Invite reader to call, look at portfolio, request another freeblie, offer them a discount, etc.
Get good cover design.
Use:
- ad on website (sign up to get freebie)
- offer in sales letters, mailings, ads
- offer it in cold calls
- give away at networking events (print)
- announce it in press releases
- clip it to quotes
- send it to past clients and other contacts to follow up/keep in touch
Secret 4: employ high-impact prospecting techniques
Effective & efficient:
- Tapping your existing network
- going deep with existing clients
- targeted direct mail
Effective but time-intensive:
- social media
- targeted networking
- public speaking
- article-writing
- blogging
- e-newsletter
- cold-calling
Top 5:
tap your network, get more out of exisitng clients, smart local networking, social media, direct mail
Tell all your friends and relatives what you're doing, ask them to be on the lookout for people who need you
Existing clients: more projects with them, referrals to peers and colleagues who might need you
Smart local networking: pick 1-2 organizations that fit and you enjoy, get very involved. Don't expect results quickly.
Social media: pick site(s) to focus on, be active daily (what you're working on, finished projects if client permits). Give value first. Don't forget forums as a possibility. Build community.
Direct mail: cheap, effective, consistent. Do it regularly, week in, week out.
1. letter to get them to rquest buzz piece (1-2 pages max)
Attention-grabbign headline
Discuss reader's problem
Offer solution: buzz piece
Give proof that you're qualified to talk about this (results, testimonials)
call to action: url to download your buzz piece
*** Sweet example p. 86-87
Secret 5: cultivate repeat and referral businses
Make sure clients know what-all you do--itemized listing of services on website.
Put ad in email signature.
Create fee schedule and put on website--use ranges, not fixed prices.
Ways to get mroe business: learn about client's business, look for ways you can help. Ask for more work--follow-ons, other pieces of project, etc. Ask to be introduced to others in company that could use services. Offer a "lunch and learn." Get to know your clients personally. Suggest new projects. Give.
As project wraps up and client is happy, ask for referral that day. Every time.
"Referrals are the primary source of how I grow my businsess. And since you're happy with the way this project has turned out, I wonder if I can ask you for the names of three people who might have a need for my services--now or sometime in the future. Would that be ok?" => yes, even if it's only 2. follow up with them, mention who sent you. Send thank you card to any client who makes a referral.
Make friends with others in industry so you can refer clients to each other.
Secret 6: Nurture Prospects Perpetually
Only 10% ready to buy today, but 40-50% may be ready to buy within 18-24 mos. If you stay in touch with them, they'll pick you. Build trust by dialog, sending them useful info.
- develop info library (stuff to send to people): articles you've written, reports/white papers, success stories, third-party content, books, press releases, new services or solutions, event invitations, videos, podcasts, helpful tools
- use multiple forms of media (email, mail, phone)
- do it every two months or more often. make sure it's relevant and useful.
- manage it simply
ex schedule:
Oct. mail article of interest
Dec. "touch base" with phone call/voicemail
Feb. email URL of results from an industry survey
Apr. mail client succcess story with personal note
Jun. "touch base" with phone call/voicemail
Aug. Mail report or white paper with Post-It Note attachedk
Oct. email url of helpful checklist or self-assessment quiz
Dec. call to invite them to download a podcast
Feb. Mail article of interest with personal note
Apr. Email URL of relevant online video
Jun "Touch base" with phone call/voicemail
aug. Mal article of interest with Post-It Note attached
Oct. E-mail URL of results summary from a survey
Can do newsletter in opposite months or same month, just put it on a week when you're not doing the personal stuff.
Doing it and keeping it relevant more important than exactly what you send. But track what you send so you don't send th same thing to the same person twice.
When to give up? Expect to nurture leads 18-24 mos unless they move to other companies or clearly aren't interested any more
Secret 7: Price your services for success
Charge by the project/outcome. Create a fee schedule with price range for each service, maybe describe featured/typical project. Ex. Website design, including one home-page template and one inside-page template. Sourcing up to 5 royalty-free images. Uploading and testing. $2500-3500.
How to find price norms: others' websites, professional associations, prospects/clients (quote higher when you have tons of work, see what flies)
Use fee schedule to give client instant ballpark figure as soon as they ask.
Ask the client for expected results ("What exactly do you need this project to accomplish?") => get goals of project, build proposal around that. (Ex. "thank you for the opportunity to quote you on my PR consulting services. As I understand it, the project is to write a 2-page press released. The objective is to ... My fee to help you acocmplish this is..."
Price argument: "I can appreciate your concern. Although that fee range is typical of what professionals charge for this type of project, I'm sure we can work something out. How much were you expecting to budget for this work?"
Then negotiate: offer to do job faster, throw in an extra. Or, offer discount for paying full fee in advance, do less work, ask for more time to do the work, or offer a volume discount to do more work. Just don't discount for nothing.
After send quote, follow up the same day! Don't talk about price any more. Act as though you have the job.
If person won't return your phone calls try this:
"Dave, I've been trying to get hold of you aoub that press release you wanted. At shi point, I still have room in my schedule for this project. Would you plese reply to this email and let me know how you'd like to proceed. Thanks!
[] Yes, your quotation is fine. Please get started.
[] No, we've made other plans. Thank you for quoting.
[] Maybe. But we haven't made the final decision yet. Please touch base again [insert date]."
Secret 8: Bring focus to your freelancing business
Discover what you offer, identify the market you'll service, position yourself in that market.
USP: what do you do? For whom do you do it? What makes you different?
Secret 9: boost your productivity--without perspiration!
Get butt in seat. Decide what you'll do and exactly when. Then do it. Set schedule as you like, but have one.
Pomodoro-focus for 50-min blocks. Take 20-minute breaks.
Follow the muse--if you're in the flow, stick with it. Let projects incubate if get stuck or need to think.
Hire people to do the stuff you're not good at and/or don't like.
Secret 10: Construct your own work-life reality
work-life balance isn't something you need to pursue. Just make it. Also, not necessarily equal.
Structure day to take advantage of most productive time.
Remembr the jigsaw puzzle visual: you have finite time. All the things you're trying to do can be represented as puzzle pieces taken from that time. If you add something or one piece gets bigger, you have to take time away from something else.
Tips:
start each project immediately
train clients to respect your time by not answering the phone on evenings and weekends
wind down before bed, eat right, get exercise, unplug
Secret 11: create alternative streams of income
Look for stuff you do for free; turn that into a paid service
Info products based on common problems faced by clients
Teaching
Secret 12: Live and work in the wealthy triangle
Find ways to increase income without proportional increase in time spent on work
Where do you go from here?
"Whatever you can do, or dream you can do, begin it.
Boldness has genius, magic, and power in it. Begin it now." --Goethe
Determine the size & nature of the gap between where you are and where you want to be.
Make a plan.
Write down 3 simple, quick steps you can do in the next 3 days. Do the first one now.
Don't let the perfect get in the way of the good. Start moving.
Don't put your goal on a pedestal. Think of it as totally doable.
Opportunities & Obstacles
Client doesn't like work: find out exactly what they don't like, fix it right away. Don't be defensive. They'll be happy soon.
Try to let your marketing materials get prospects 75% sold before you talk to them.
Payments: use a written contract, get a deposit (30-50%), tie final payment to initial draft not final draft--you shouldn't have to wait while they get around to reviewing it. Include a kill fee provision. Follow up for every late payment.
To fire a client: honestly tell them why you're not going to work together any more, be clear, be professional, don't get all emotional about it. Doing this by email is fine.
Prevent burnout by mapping your current work queue onto a calendar. Don't take on stuff that costs you sleep and relaxation unless you absolutely want to.
Keep up your marketing efforts constantly to avoid feast/famine.
Notes:
Intro
***worksheet:
The type of projects I want
The type of clients I want
The income I want to earn for my project work
The lifestyle I want for my freelance business
Secret 1: master the mental game
How to survive ups and downs? Keep focus on your goals. Get clear on them, write them down, carry them with you everywhere.
***exercise
1. Envision your ideal day
2. Compare your ideal day vs. normal day
3. Prioritize and execute.
Map out whole day in 30-min. increments. Map out whole year if want: what kinds of vacations, etc.
Note differences with real day. What could you do to make your ideal day a reality? Brainstorm and list ideas.
Prioritize and execute. Pick a few that seem most effective, set deadlines, carry around on index card or post on bulletin board.
***exercise
Standards: what do you do and what don't you do? even if you have to bend these temporarily to pay the mortgage, do it consciously.
4 tenets of mindset mastery
1. invest in your success (tools, subscriptions, memberships, learning)
2. develop an unshakable belief in yourself (read inspirational stuff)
3. expect this believe to be tested
4. absorb feelings of success when they come
Self-diagnosis/medication:
If low stress, low performance, invest in your succcess--take a class or whatever to rev up.
If low performance, high stress, work on your belief in yourself
If high performance, high stress, remember, it's expected that your belief will be tested. Don't worry.
If high performance, low stress, savor it and try to keep it that way.
Obstacles
What obstacle is bothering you most in freelance biz now? Whatever it is, if it's bothering you, you haven't decided for sure if you're going to overcome it. Instead, focus on the way around it. Acknowledge the obstacle and consciously decide to refuse to let it stop you.
Secret 2: simplify the process of getting clients
Master marketing formula
1. Find high-quality prospects
2. generate leads
3. get opportunities
4. close the sale
5. nurture "not today" prospects
Sales funnel: prospects -> leads -> opportunities -> clients. Keep moving people along, and keep feeding the funnel. That's what prevents feast/famine cycles.
1. Focus on job title of individual who hires freelancers like you, high-probability organizations/industry for hiring you, based on your background. Make a list. Shoot for 150-200 names. May include sub-lists with different criteria. Concentrate on following up really well with these people before building a bigger list.
Keep in spreadsheet: first name, last name, job title, company, address, country, phone number, email address, source.
Where to look: industry associations, company rankings in industry and trade pubs, local business chronicle, library (industry directories), Google, Jigsaw (finding names within companies), LinkedIn, Investor's Business Daily
Good follow-up => lead 4x more likely to become an opportunity!
Prospect is someone who might be interested. Express interest (ex. request buzz piece) => lead. Next, try to get opportunity = project.
Ask lead:
What challenge are you trying to overcome? (if applicable)
what are the consequences of this challenge?
What do you want to accomplish?
If the lead identifies a project, "can you tell me more about the project?"
Looking at answers, is the project well defined? Does it fit what you do? Does it make sense to solve their problem? Are their expectations realistic?
Once project identified, time to find out about budget.
Has a budget already been set aside for this project? If so, what's your budget range? or
My fee for this type of project typically ranges $1000-1500. Is that within your budget?
Watch for cluelessness, undefined budget, or lowball b.s.
Next, find out about decision-makign process and timeline.
Who will be involved in making the decision?
Are you considering other firms?
How will you make the decision--what will it be based on?
Do you need a quote for budgeting purposes, or are you looking to hire someone soon?
When will yo umake a decision, and when can I expect to hear back?
Once I send my proposal, when should I follow up with you?
Following up/prospecting
Expect to get voicemail 90% of the time. Use a 20-30 second script to make your pitch.
1. remind prospect why you're calling
2. immediately reference the person who sent you (if applicable)
3. ask if she ever uses freelancers
4. 2-3 sentences who you are, why your'e different
Practice until it sounds natural.
When to quit? 2-3 voicemails + 1-2 emails over 3-4 weeks with no respose. But still send mass follow-ups periodically
Trouble-shooting guide:
need more prospects if:
- no prospect list or not targeted
- have website but phone not ringing
need more leads if:
- don't have a buzz piece
- workload volatile
- only prospect when low in work
- phone isn't ringing, no email queries
- friends don't know what you do
- not sure how to approach prospects
need more opportunities if:
- don't always follow up
- don't always contact referrals
- give up too easily
- talking to leads makes you nervous
- waste a lot of time generating proposals for people not that interested
need to work on closing if:
- don't have master fee schedule
- don't have pricing strategy
- don't have negotiation strategy
- have a hard time getting from proposal to "you're hired"
- have a difficult time handlign pricing objections
Secret 3: Create your amazing buzz piece
Workbook, checklist, survey results, how-to guide, list of tips, etc. usually 5-10 pages. PDF.
Topic: top challenges, needs, interests of potential clients that your freelance service can address. Something prospects want.
Start with a compelling title. (19 tips for.... or How to... are fine.)
Use sections, consider Q&A or interview format, stay focused, take a stand.
Blow your own horn/pitch your services on bio page.Invite reader to call, look at portfolio, request another freeblie, offer them a discount, etc.
Get good cover design.
Use:
- ad on website (sign up to get freebie)
- offer in sales letters, mailings, ads
- offer it in cold calls
- give away at networking events (print)
- announce it in press releases
- clip it to quotes
- send it to past clients and other contacts to follow up/keep in touch
Secret 4: employ high-impact prospecting techniques
Effective & efficient:
- Tapping your existing network
- going deep with existing clients
- targeted direct mail
Effective but time-intensive:
- social media
- targeted networking
- public speaking
- article-writing
- blogging
- e-newsletter
- cold-calling
Top 5:
tap your network, get more out of exisitng clients, smart local networking, social media, direct mail
Tell all your friends and relatives what you're doing, ask them to be on the lookout for people who need you
Existing clients: more projects with them, referrals to peers and colleagues who might need you
Smart local networking: pick 1-2 organizations that fit and you enjoy, get very involved. Don't expect results quickly.
Social media: pick site(s) to focus on, be active daily (what you're working on, finished projects if client permits). Give value first. Don't forget forums as a possibility. Build community.
Direct mail: cheap, effective, consistent. Do it regularly, week in, week out.
1. letter to get them to rquest buzz piece (1-2 pages max)
Attention-grabbign headline
Discuss reader's problem
Offer solution: buzz piece
Give proof that you're qualified to talk about this (results, testimonials)
call to action: url to download your buzz piece
*** Sweet example p. 86-87
Secret 5: cultivate repeat and referral businses
Make sure clients know what-all you do--itemized listing of services on website.
Put ad in email signature.
Create fee schedule and put on website--use ranges, not fixed prices.
Ways to get mroe business: learn about client's business, look for ways you can help. Ask for more work--follow-ons, other pieces of project, etc. Ask to be introduced to others in company that could use services. Offer a "lunch and learn." Get to know your clients personally. Suggest new projects. Give.
As project wraps up and client is happy, ask for referral that day. Every time.
"Referrals are the primary source of how I grow my businsess. And since you're happy with the way this project has turned out, I wonder if I can ask you for the names of three people who might have a need for my services--now or sometime in the future. Would that be ok?" => yes, even if it's only 2. follow up with them, mention who sent you. Send thank you card to any client who makes a referral.
Make friends with others in industry so you can refer clients to each other.
Secret 6: Nurture Prospects Perpetually
Only 10% ready to buy today, but 40-50% may be ready to buy within 18-24 mos. If you stay in touch with them, they'll pick you. Build trust by dialog, sending them useful info.
- develop info library (stuff to send to people): articles you've written, reports/white papers, success stories, third-party content, books, press releases, new services or solutions, event invitations, videos, podcasts, helpful tools
- use multiple forms of media (email, mail, phone)
- do it every two months or more often. make sure it's relevant and useful.
- manage it simply
ex schedule:
Oct. mail article of interest
Dec. "touch base" with phone call/voicemail
Feb. email URL of results from an industry survey
Apr. mail client succcess story with personal note
Jun. "touch base" with phone call/voicemail
Aug. Mail report or white paper with Post-It Note attachedk
Oct. email url of helpful checklist or self-assessment quiz
Dec. call to invite them to download a podcast
Feb. Mail article of interest with personal note
Apr. Email URL of relevant online video
Jun "Touch base" with phone call/voicemail
aug. Mal article of interest with Post-It Note attached
Oct. E-mail URL of results summary from a survey
Can do newsletter in opposite months or same month, just put it on a week when you're not doing the personal stuff.
Doing it and keeping it relevant more important than exactly what you send. But track what you send so you don't send th same thing to the same person twice.
When to give up? Expect to nurture leads 18-24 mos unless they move to other companies or clearly aren't interested any more
Secret 7: Price your services for success
Charge by the project/outcome. Create a fee schedule with price range for each service, maybe describe featured/typical project. Ex. Website design, including one home-page template and one inside-page template. Sourcing up to 5 royalty-free images. Uploading and testing. $2500-3500.
How to find price norms: others' websites, professional associations, prospects/clients (quote higher when you have tons of work, see what flies)
Use fee schedule to give client instant ballpark figure as soon as they ask.
Ask the client for expected results ("What exactly do you need this project to accomplish?") => get goals of project, build proposal around that. (Ex. "thank you for the opportunity to quote you on my PR consulting services. As I understand it, the project is to write a 2-page press released. The objective is to ... My fee to help you acocmplish this is..."
Price argument: "I can appreciate your concern. Although that fee range is typical of what professionals charge for this type of project, I'm sure we can work something out. How much were you expecting to budget for this work?"
Then negotiate: offer to do job faster, throw in an extra. Or, offer discount for paying full fee in advance, do less work, ask for more time to do the work, or offer a volume discount to do more work. Just don't discount for nothing.
After send quote, follow up the same day! Don't talk about price any more. Act as though you have the job.
If person won't return your phone calls try this:
"Dave, I've been trying to get hold of you aoub that press release you wanted. At shi point, I still have room in my schedule for this project. Would you plese reply to this email and let me know how you'd like to proceed. Thanks!
[] Yes, your quotation is fine. Please get started.
[] No, we've made other plans. Thank you for quoting.
[] Maybe. But we haven't made the final decision yet. Please touch base again [insert date]."
Secret 8: Bring focus to your freelancing business
Discover what you offer, identify the market you'll service, position yourself in that market.
USP: what do you do? For whom do you do it? What makes you different?
Secret 9: boost your productivity--without perspiration!
Get butt in seat. Decide what you'll do and exactly when. Then do it. Set schedule as you like, but have one.
Pomodoro-focus for 50-min blocks. Take 20-minute breaks.
Follow the muse--if you're in the flow, stick with it. Let projects incubate if get stuck or need to think.
Hire people to do the stuff you're not good at and/or don't like.
Secret 10: Construct your own work-life reality
work-life balance isn't something you need to pursue. Just make it. Also, not necessarily equal.
Structure day to take advantage of most productive time.
Remembr the jigsaw puzzle visual: you have finite time. All the things you're trying to do can be represented as puzzle pieces taken from that time. If you add something or one piece gets bigger, you have to take time away from something else.
Tips:
start each project immediately
train clients to respect your time by not answering the phone on evenings and weekends
wind down before bed, eat right, get exercise, unplug
Secret 11: create alternative streams of income
Look for stuff you do for free; turn that into a paid service
Info products based on common problems faced by clients
Teaching
Secret 12: Live and work in the wealthy triangle
Find ways to increase income without proportional increase in time spent on work
Where do you go from here?
"Whatever you can do, or dream you can do, begin it.
Boldness has genius, magic, and power in it. Begin it now." --Goethe
Determine the size & nature of the gap between where you are and where you want to be.
Make a plan.
Write down 3 simple, quick steps you can do in the next 3 days. Do the first one now.
Don't let the perfect get in the way of the good. Start moving.
Don't put your goal on a pedestal. Think of it as totally doable.
Opportunities & Obstacles
Client doesn't like work: find out exactly what they don't like, fix it right away. Don't be defensive. They'll be happy soon.
Try to let your marketing materials get prospects 75% sold before you talk to them.
Payments: use a written contract, get a deposit (30-50%), tie final payment to initial draft not final draft--you shouldn't have to wait while they get around to reviewing it. Include a kill fee provision. Follow up for every late payment.
To fire a client: honestly tell them why you're not going to work together any more, be clear, be professional, don't get all emotional about it. Doing this by email is fine.
Prevent burnout by mapping your current work queue onto a calendar. Don't take on stuff that costs you sleep and relaxation unless you absolutely want to.
Keep up your marketing efforts constantly to avoid feast/famine.
May 10, 2022
A few good tips for freelancers here, the main one:
Project based fees rather than hourly means you don't need to send time sheets or account for every hour. Getting more efficient increases your income rather than reducing as in traditional roles (hour based).
Seek business while you have business (duh).
Make your money work for you by setting up passive income that works without you (duh).
Project based fees rather than hourly means you don't need to send time sheets or account for every hour. Getting more efficient increases your income rather than reducing as in traditional roles (hour based).
Seek business while you have business (duh).
Make your money work for you by setting up passive income that works without you (duh).
July 9, 2017
Excellent, practical advice on freelancing, with tons of helpful suggestions and examples. A must-read for freelance professionals!
July 31, 2018
My rating: 2.5
*Listened to the summarised version on Blinkist.
*Listened to the summarised version on Blinkist.
November 25, 2018
Outdated but still helpful. I'm a big fan of Steve and Ed.
June 24, 2022
Every freelancer should read this book. Simply amazing.
October 18, 2023
Está chulo, pero un poco desfasado en algunas estrategias. Ha envejecido mal.
March 26, 2014
As a freelancer, I find Ed Gandia's online information very helpful and since he co-authored this book, I checked it out. Glad I did. It goes beyond what most business how-to's offer, and it gives sensible, useable advice.
Here's the biggest tip: Don't let the expensive sports car on the cover throw you (Gandia said that was the editor's choice, not his). This isn't a get rich quick book. Instead, it helps you do two things: 1) determine what is your wealthy freelance lifestyle, whether it's freedom, time, money, etc; and 2) work smarter to achieve that goal.
I checked this book out from the library, but I plan to buy my own copy so I can refer back to it often.
Here's the biggest tip: Don't let the expensive sports car on the cover throw you (Gandia said that was the editor's choice, not his). This isn't a get rich quick book. Instead, it helps you do two things: 1) determine what is your wealthy freelance lifestyle, whether it's freedom, time, money, etc; and 2) work smarter to achieve that goal.
I checked this book out from the library, but I plan to buy my own copy so I can refer back to it often.
May 7, 2011
If you've read a few of these types of books, you know that they are often full of hype and cheerleading. This book largely avoids those pitfalls, and manages to offer some practical advice in every chapter. I've been a business owner since 1996 and a freelancer since 2005. These guys were right on the money in terms of identifying some of my bad habits and thought patterns, and presenting some new thinking. Yes, the authors try to brand every concept with a proprietary name and TM mark, but that's just how these books are done. Ignore that, and this book represents money and time well spent.
December 25, 2010
Steve, Pete, & Ed are sources of know-how, motivation, inspiration, & pride.
Wish I'd read it when it first came out, but I suppose this book came to me when I was ready.
The Wealthy Freelancer makes few assumptions as to where you are in your freelance career, but it does presume you are very good at what you do.
Take tons of notes!
Wish I'd read it when it first came out, but I suppose this book came to me when I was ready.
The Wealthy Freelancer makes few assumptions as to where you are in your freelance career, but it does presume you are very good at what you do.
Take tons of notes!
August 7, 2013
Gave a lot of good ideas on how to be a disciplined freelancer; shows that with hard work and discipline you can become a successful freelancer. Also great advice on time management and not taking on more than you can handle. Realistic and not overly preachy-tells you that it is a risk to be a freelancer, but a calculated one if you do it right.
This entire review has been hidden because of spoilers.
August 1, 2015
Great book full of proven ideas and real-world examples from successful freelancers who wants to enjoy their lifestyle. The tools included will help you set and achieve your goals, increase your income and get the lifestyle you want to have as a freelancer. Also, it will help you stay focused on every project, without losing track of future prospects, projects and streams of income.
August 28, 2011
Still reading this book, I refer back to it as I establish new processes and how I do business. For anyone looking to change how they manage their freelance business this is a must read.
Some might be put off by the Title, but don't let that stop you...read it.
Some might be put off by the Title, but don't let that stop you...read it.
July 5, 2013
I liked this book. It had a lot of good information on what it takes to succeed as a freelancer. I wish it had a reference in the back though. If I would've known there was not going to be a compiled list of websites they recommended throughout the book, I would have wrote them down.
July 14, 2015
There's a whole lotta great, practical advice in this book. I especially liked the fact that it was based on the idea that wealth isn't just about the money in your pocket. Highly recommended for any freelance professional.
November 15, 2019
A great guide to freelancing. Lots of great tips and encouragement for new freelancers and freelancers who want to grow their business. I'll be using almost every chapter of this as I start my freelance editing business next month!
Read
August 27, 2011Great advice for the fledgling freelancer.
December 1, 2011
Some VERY good, common sense advice that inspired a number of new to do list items for me. Recommended!
December 13, 2011
LOVE this book. Great advice for freelancers. Tips you can put into practice immediately!
December 13, 2011
A must-read for any freelancer.
March 23, 2012
Great insite into what it takes to be a freelancer and how to achieve success.
November 28, 2012
Lot's of really great ideas. I'll be referencing this book over and over again as I tweak and build my business.
February 25, 2014
Loved it! Great must-know tips for starting/improving your freelance business. Very engaging writing voice and content. It made me really eager to get rolling!
August 22, 2016
Blinkist
March 26, 2017
This is my 2nd time reading this book. The first time I read the book in 2009 (I think), it changed my professional life.
June 21, 2018
This is a must-have for anyone even thinking about becoming a solo professional. The best book I've read on the subject by far. This one won't collect dust on the shelf but will be constantly referred to as I work my freelance career.
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