VOLUME 20, ISSUE 7 – JULY 2021
THIS MONTH’S MENU:
I. APPETIZER: GUESS WHAT? BUSINESS IS REALLY GOOD.
Small-Biz Coach: Writers Are Thriving Now (AND Raising Their Rates!)
II. “FIELD” GREENS: IS COLD CALLING PASSÉ, NOW?
Debunking (Again) the “Cold Calling’s-for-the-Desperate-&-Doesn’t-Work” Trope
III. MAIN “MEAT” COURSE: HOW TO GROW WHILE STAYING LEAN
Small-Biz Coach: Scale Your Business Without Adding to Your Team
IV. DESSERT: SWEET SUCCESS STORY & TIP
NY Mom Finds TWFW 14 Years Ago, Builds a Life that Checks All the Boxes!
I. APPETIZER: GUESS WHAT? BUSINESS IS REALLY GOOD.
Small-Biz Coach: Writers Are Thriving Now (AND Raising Their Rates!)
I recently had lunch with my good buddy, Ed Gandia…
We always enjoy our lunches, and while our discussions are typically wide ranging, one topic this time was exceptionally good news for commercial freelancers everywhere.
As many of you know, Ed is a small business coach, who helps already established writers hit the next level of income. And he told me something very interesting:
“I’m currently coaching about 35 clients, all of them established and good to very strong earners. Well over 80% of them are either booked solid or beyond booked solid. I haven’t seen that in a while. It’s even stronger than the pre-covid days (2019) when business was already very strong.”
He went on to say that many of them are dealing with a whole new set of challenges: how to scale better, raise fees, achieve better work/life balance, decide what work to take on, which clients to turn down, etc.
None of this is particularly surprising to Ed or myself for that matter. Ed predicted this quite a while back, as did I, in a “Field Greens” piece in the May 2020 issue of the EPUB.
The upshot of all this, in addition to the good news that our business is especially promising these days, is that Ed strongly recommends writers raise their rates now.
Why? Simply put, the demand for our services is higher than normal. Ed sites a recent survey of Upwork clients (i.e., business entities that hire freelancers). 79% of them who increased their hiring of independent professionals during COVID-19 said the increase was permanent.
Second reason? Inflation. The government has pumped a lot of money into the market in the last year, and that oversupply will reliably lead to inflation. Bottom line, prices are rising on everything, so why wouldn’t we consider doing the same thing?
And in case you’re reading this and thinking to yourself, “I’m not seeing so much more new business,” all I can say is it’s out there. Like Ed’s coachees, I’ve noticed it in my own business.
Now, it’s not likely to come knocking on your door. But, if you step up your own efforts to knock on its doors, I think both Ed and I would agree you might just be surprised at what you find.
We’re in summer, which has traditionally been a slower season in our business. Which makes it a perfect time to reach out to clients you haven’t worked for in a while, and to get your prospecting ducks in a row: build prospect lists, decide which prospecting method(s) you’ll use, and put a plan in action.
On that “ask-and-ye-shall-receive” note, let’s eat!
To learn more about Ed, his work and his philosophy, check out his site, and while there, download a free copy of his latest book, Earn More in Less Time: The Proven Mindset, Strategies and Actions to Prosper as a Freelance Writer.
II. “FIELD” GREENS: IS COLD CALLING PASSÉ, NOW?
Debunking (Again) the “Cold Calling’s-for-the-Desperate-&-Doesn’t-Work” Trope
Got this email from a recent buyer of the book:
“Do you still think that cold calling is effective in launching or relaunching a writing business? Someone recently told me that when freelancers cold call, it gives off an air of desperation and isn’t effective. I just did a bunch of email outreach, and while a few replied to say they’d keep me in mind, it took most of the day to get them out.
I’d think cold calling would be a little quicker, but more to the point, more efficient and productive, since one could have an actual conversation with someone.”
I always smile at that characterization of cold calling (ineffective, whiff of desperation, etc.). At the risk of overstating the obvious, if you’re desperate when you do it, then that’s how you’ll come across.
If you’re not (i.e., you view yourself as a professional selling a crucial professional service to other professionals), then you’ll be talking with peers.
As far as ineffective? Reality check: This is a hard business to get off the ground, regardless of the prospecting method you choose. Cold calling can certainly feel like a waste if you’ve made 50 calls, and nothing happens, but my emailer felt the same kind of “ineffective” doing EM prospecting. And fact is, they can BOTH be very effective if done in big enough numbers.
I absolutely agree that cold calling is far more cut-to-the-chase than other methods. I used it exclusively when I got started a million years ago, precisely because I had no contacts, no industry experience and few samples.
Plus I had no fear of it (which was key), so I just ground it out, day after day, and, in under four months, I had plenty of work.
I hear, “No one answers their phone anymore” all the time. Well, I got tons of voicemail back in 1994 as well, but the Law of Averages is ironclad: make enough contacts (through ANY prospecting method), and you’ll get business.
Not saying it’s better than other methods, but it’s certainly as good as other methods, and, depending on your circumstances and temperament, it can be an exceptionally viable option.
III. MAIN “MEAT” COURSE: HOW TO GROW WHILE STAYING LEAN
Small-Biz Coach: Scale Your Business Without Adding to Your Team
More great advice from small-business writing coach, Ed Gandia, on how to scale your copywriting practice while staying solo. Most of us, if we get to the point of landing more than enough work, have considered subcontracting, but that can lead to potential complications and hassles.
Exploring these avenues first will still lead to more work (the goal!), but it’ll be work with a quantified scope and timetable, which makes it easier to predict and plan. Thanks, Ed!
When successful writers think about scaling their businesses, the first (and sometimes only) strategy they consider is bringing in subcontractors.
But that’s just one way to scale. You can get similar (and sometimes better) results with these four alternative approaches:
1. Repeat Business: Strategically fostering repeat business with future, current and dormant clients is perhaps the easiest way to scale your business. Suggest complementary and add-on projects to your clients. Ask for introductions to their colleagues within their organization.
For instance, say you’re writing articles for a client. With some probing, you might find they need a good web copywriter—something you could also do for them. You won’t know unless you ask!
You should also focus on repeat business when assessing potential clients. By deliberately pursuing prospects that can offer repeat work—and saying “no” to prospects that have one-time writing needs—you’ll build a select group of long-term repeat clients over time.
The more work you do for these clients, the more efficient you’ll become, which will free up your time to take on other projects while keeping your fees steady.
2. High-Profit Packages: When there are few differentiators among writing services, buyers will prioritize price. And when buyers use price as the deciding variable, they reduce their decision-making to the simplest unit: hourly rates.
Hourly rate is the great equalizer. It enables buyers to compare everyone with the same unit of measure. That’s a losing game for freelancers.
But one way to remove yourself from the game is to bundle your services. For instance, rather than offering a case-study deliverable, you offer a case-study package that includes the case study AND supporting services (such as strategy call, interview, design, etc.) for a higher fee.
The “package” approach boosts your profit and makes it difficult for prospective clients to compare your pricing with everyone else.
3. Consulting Engagements: Another strategy you can use to scale your business is consulting. But unfortunately, many freelancers offer consulting by the hour, which is a problem.
Clients see your hourly rate, and when you need to charge, say, $125 an hour to make a fair living, that hourly rate will sound high to some clients.
Rather than selling your time, put together a package that includes one or more deliverables—and quote a flat fee for the engagement.
4. Retainer Agreements: A retainer agreement is simply an agreement whereby a client pays you a fixed sum of money every month to retain your services. Traditionally, it allows the client to “reserve you” for a fixed amount of time or for a certain amount of work every month.
As a freelance writer, you should modify this arrangement so you’re not getting dragged back into the hourly model. Instead, offer to complete a specific list of projects for a flat fee over a set period of time.
Clients like this arrangement because they know the work will get done in a timely fashion and the monthly fee is predictable. The benefit for you is that it brings predictability and stability to your income.
Scaling Doesn’t Have to Be Complicated
If you’ve been hesitating to scale your business because you don’t want the added complexity of hiring contractors, recognize that this isn’t your only option. Try these strategies first, before adding contractors into the mix.
IV. DESSERT: SWEET SUCCESS STORY & TIP
NY Mom Finds TWFW 14 Years Ago, Builds a Life that Checks All the Boxes!
TIP: Use “Staging” to Mentally Prepare AND Get More Done!
A month or so back, when Oceanside, NY FLCW Jill Schweitzer ordered the new edition of TWFW, she added this note:
Over the past 14 years, I’ve built a thriving freelance writing and editing business. I’m excited to find the new edition of TWFW—& Tool Box, Time Line, and Ezine Banquet—right when I’ve begun looking to expand and take my business to the next level!
Love getting notes like that, so when I asked Jill if she’d be kind enough to share a bit of her journey, she graciously accepted. Yes, she talks about me and TWFW, but as I always say, I just provide the idea; people have to do something with it. Jill, I’m delighted you’ve crafted a life that works on so many levels!
After that, a small but powerful tool to clear your head and ready yourself to make serious progress on projects.
Timing is everything. Opportunities to live your best destiny often show up just when you need them most. That’s been my experience. And the path I’ve followed to fulfill that destiny has taken me on one of the greatest adventures I’ve ever known.
It all started 14 years ago. I was looking for a way to accomplish two imperative goals: to be a good mother, and to find a work-from-home job. The parenting side was going great. The job search, not so much.
So, I called my alma mater’s career counseling department for help. When the advisor heard my background was in writing and communication, he said he’d just read an article about the viability of making a good living at freelance writing, and he sent me the link. The article focused on The Well-Fed Writer as the key to success. I ordered the book that evening.
That first edition of TWFW was my lodestone. Peter’s wit, wisdom, and humor made the book engaging and fun; following his pragmatic advice gave me the knowledge, tools, and strategies to build a thriving business. But it was the mentoring and encouragement that Peter offers throughout the book that inspired me to be brave and go for it.
Though I’ve had my share of challenges along the way, I am very fortunate. It’s tremendously rewarding to be valued for the caliber of the work I can deliver.
My clients have ranged from B2B and B2C PR firms needing marketing and promotional print copy or audio/video scripting to aspiring or established authors needing proofreading or editing.
Best of all, I’ve been able to build this business while making irreplaceable memories with my family, every step of the way!
In advance of a rare in-person meeting or upscale function, we’ve likely selected and laid out all our clothes in advance, so when it’s showtime, it’s one less thing to worry about.
I’ve also discussed, in a past E-PUB, about creating a “structure for fulfillment”: how getting my gym bag all ready to go for a trip to the aquatic center, makes it more likely to happen.
It’s all about “staging.” And here’s another example…
I recently had one of those days where I didn’t get done everything I set out to do (I know that never happens to anyone else). So, to ensure that, the next day, I’d make solid progress on this one particular project, I did a little “staging.”
The project was a major editing/restructuring of a client’s ebook. I’m going chapter by chapter, and because I don’t compose on the screen (I’m weird that way), I’m doing the editing on a printed hard copy, and then making all the edits on screen.
So, I printed out the next two chapters, stuck them in my clipboard, knowing I could just hit the ground running the next day.
If I’m working on, say, some web content, I’ll print out the relevant client notes and source material I’ll need to write the copy (encapsulated in as few pages as possible), stick it in my clipboard with a legal pad and pen, and I’m good to go the next day.
Plus, being so “bare bones” means it’s easier to go work anywhere (at the park, the coffee shop), minus the laptop (yes, I’m a relic…), for a change of pace.
May seem like a little thing, but it’s actually a big deal. Come the next day, you’re not starting with all the “compiling” work, which gives the project’s launch, psychologically, a messy feel. And which, you can keep putting off. Rather, you’ve cleared the decks and there’s nothing to do but start working!