Recently, I asked a simple question on my Facebook Page, it was "if you had a magic wand that could instantly solve your #1 problem as a Freelance Web Developer / Designer, what would it solve?
And people have been commenting like crazy — sharing their struggles, pain points, and what's holding them back from launching their own freelance web development business.
I spent hours in the comments section replying to each and every person, and there have been some awesome conversations happening — but there was one particular comment that caught my attention.
"I would love to be making $150K per year."
The commenter continued on saying how it would effectively change their life. It would allow them more money for travel, donating generously, leaving a financial legacy and ensuring their family will be okay. I was inspired to write this blog post because the person who left this comment is not the only one who feels this way. Maybe for you it's $50k, $100k, even $250k. I'm here to tell you that you can make $150,000 as a freelancer. So, why dream about it when we can DO something about it, right?
Let's Create a Simple $150k Business Strategy
Keep in mind, even though this example is targeted to towards Web Developers, you can extract the concepts and apply it to your business — whether you're a Designer, Copywriter, Accountant, or other consultant. Your first step is to decide your dream number. Let's go with $150,000. That looks big. Let's break it down.
Break Your Goal Down
Let's break that number down into a monthly goal. That's $12,500 / month. Ah, much better! Don't be afraid of this number. It's not a big deal. If you're afraid of it, you'll approach it with hesitation. We want to crush this number (not the other way around). So, how do we make that money?
Secure Monthly Recurring Revenue
You need cashflow, and you need it fast! Instead of wasting time "preparing" our products & services before launching our business, let's just LAUNCH already! What's a simple service that we can offer RIGHT NOW? Something that takes little to no time to setup, offer and deliver. Let's offer a Complete Website Maintenance retainer at $500/mo. If I secure only 10 clients at this rate, I'm 40% of the way there! Revenue Tally: $5,000/mo
Offer a Premium Product/Service
Alright, we've got some cashflow coming in. Let's build a premium offer that we can provide for clients. Let's put in the hard work to secure at least two $2,500 full-service website projects per month. That's doable. Hard at first; easier once I build some connections and consistently deliver value to my current clients. This brings me another $5k in revenue. Revenue Tally: $10,000/mo
Create an Auto-Pilot Intro Product
Okay! Now to tackle the remainder. I'm gonna build an affordable product — a simple eBook — that serves as an introduction into my business, the services I offer, and the value I bring to the table. In between client work, I'll give myself 10 days to write an eBook that teaches my Target Client how to setup their first business website with WordPress. I'll price it at $100.
To gain traffic and market the eBook, I'll blog on my Portfolio website once a week, and create some YouTube tutorial videos. I'll promote my content marketing efforts on my business' Social Media accounts. I'll capture email addresses by offering a lead magnet — a simple PDF checklist for business owners wanting to setup their first website. I'll use my email list to pitch my eBook, since they're warm leads. 25 sales will get me $2,500 — my target! I could then pitch my eBook customers my retainer offering, or my premium offering to boost my sales.
Revenue Tally: $12,500/mo
Total: $150,000
Simple? Yes.
Easy? No.
Impossible? Never. This same business model works for $50k, $100k, and $200k+. It depends on your scale, your authority, your positioning, the effort you put in, and your marketing strategy.
An oversimplification?
Okay, you may be thinking, this is easier said than done, and this is an oversimplification of how to earn $150,000 as a freelancer. Of course, this is an extremely simple example of how to achieve this goal. But let me ask you, why do we need to complicate it? Many people fail to start their business because they overlook the simple concepts, and believe they have to understand the complex, nuanced details of business before they can launch.
If I wrote about the complicated way to launch your business, would you be inspired to take action and figure out how to get started?
Unlikely.
Start simple.
And get to work!