Whether you have been in the freelancing business for a while or just starting, this guide on how to scale your freelance business to $10,000/month would surely be of great interest to you.
Like with a majority of freelancers, my first 10K month took a while. It wasn’t because freelancing was not profitable or sustainable, but because I somehow lacked the tools, guidance, and information to give things a fair shot in the first place.
I had this habit of saying ‘yes’ to almost every possible work opportunity coming my way and was still somehow clueless on how to become successful. And then came a time when I start landing dream clients, charging my worth, and setting a better work-life balance. I managed to pass that coveted six-figure mark in annual revenue. Now comes the big question – were things as easy as I’m making it seem? Absolutely not!
The path to scaling the freelance business to $10,000/month, at least for me, was full of doubtful turns, late-night Googling, and adjustments. And that’s exactly what I intend to save you from. Truth be told, there is no magic wand for hitting your first 10K month, but there are surely some tips that worked for me.
Find A Profitable Niche
You may have heard this many times. I know, I know, it’s easier said than done. However, scaling your business to $10,000/month starts with positioning yourself as a trustworthy specialist in a profitable niche.
You may be thinking how can I decide on a profitable niche. Been there, done that!
Time and again, I’ve seen highly-skilled and talented freelancers avoid finding the right niche and instead opt for offering a wide variety to clients in hopes of making it big. The irony? It usually results in the opposite.
Let’s understand this with the help of an example. Suppose you want to buy a new laptop but need some expert guidance on what to buy. Countless stores carry numerous brands and most of their employees have not learned about or used all of the products they sell. On the other hand, laptop-specific stores deal only in laptops, and their employees have a rich wealth of training and experience related to their products. Where would you rather go? I hope you got the answer! In other words, being a “jack of all trades” doesn’t always work since you would never be seen as an expert in any and this ultimately would make it difficult to price your services at a premium.
I’m not going to lie, I’ve my fair share of random assignments and one-off projects. However, I soon find out that automation, CRM, and scalability systems for small businesses were my sweet spots. These clients often have an urgent and unavoidable need for my services. The best thing is that they value high-quality work. If this is not all, my experience and background with these topics mean I can simply dive in with little back and forth – a win-win for me!
In short, having a niche isn’t your end-all-be-all but it’s surely an excellent way to build a solid foundation for your freelance business. Over time, your niche may change, and that’s perfectly okay!
Streamline Your Services
The next time is to tune in to your high-value services once you have done the deep-dive research of picking a profitable niche. To get started, you’ll have to gain a clear and complete understanding of which services your clients are most interested in. Once you’ve done that, the next step would be to figure out if that’s reflected in the prices that you’re charging.
During your journey of price estimation and scaling your business, you should always aim for a blend of demand, passion, and value of your work and services. However, it should not bring an abrupt end to your ability to take on projects that aren’t listed in bold on your website. The beauty of being a full-time or part-time freelancer is that you always stay in complete charge of the work you choose to do.
I’m Dana, a small business systems GENIE! As a mom of 5 kids, a wife, and a grandmother, I am someone who has worked from home in multiple businesses for the last 30 years, and I get it. We are tired and need systems in place in order to make it all work and achieve some semblance of balance! I love order and chaos all at once and when I see a problem, I map it out in my head to make it work.
I’m an avid reader and learner as well as a woman who needs color coding in her life to make it work. If you haven’t guessed yet, my favorite color is purple and family is life.