Whether you're in the first few years of your online service business / freelance business or you have been in business for a while but don't make more than $5k a month ($60k a year), this episode is for you.
And for those of you that do make $60k+, at least 6 of these mistakes will likely still apply to you, so don't skip this episode.
You'll learn...
2 mistakes I made when I first started my online business
1 thing I'm SO glad I did when I first started out
10 mistakes that are keeping your income below $5k a month
The simplest way to overcome procrastination
Why you should STOP offering free PDF's, charging what you're worth, waiting to feel motivated to work, relying too heavily on ONE marketing strategy, and more.
Click “play” on the podcast player below to tune in! Or keep reading for a simplified written version.
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10 Mistakes That Are Keeping Your Income Below $5k a Month
Not investing in business education and learning from entrepreneurs that are ahead of you (Podcast timestamp: 4:10 )
There are a lot of online business owners trying to reinvent the wheel in the name of saving money. This is what I did too when I first started my freelance design business. But it was a mistake because yes, it saved me the $500 - $8000 I could have invested in courses and coaching, but it took me 2-3 years to figure things out on my own. In those 2-3 years I earned less than £10k a year because I was teaching myself everything (which is slow and requires a lot of mistake-making before you find what works.)
Yes, we are all unique business owners and there’s no one-size-fits-all business structure or marketing strategy we can all follow for success. But it’s wise to pick and choose from other people’s proven structures instead of building the whole thing from scratch. If I had, maybe I would have earned £30k+ a year instead of less than £10k?
Would, let’s say, £5k in business education have been worth £30k in sales?
It’s a no-brainer - of course it would!
(This obviously depends on if you have the money to invest in your education. If you are struggling to pay the bills and put food on the table, it’s probably unwise to invest in your education right now. But you can look for a stable job that meets your financial needs and then work on your business.)
2. Constantly rebranding (9:26)
In my first few years as an online graphic designer, I was constantly rebranding. And it was a waste of time. Because honestly? There will never be a design that is 100% perfect because perfect doesn’t exist.
And if I’m being even more honest? Your clients don’t care if your logo or website isn’t perfect.
Just get it done and promise yourself that you won’t tweak it again for at least 6 months. Habitually rebranding is a form of procrastination that helps you avoid the scary work of actually marketing your services.
3. Relying solely on one risky marketing strategy (16:21)
Some marketing strategies are riskier than others, like referrals and social media marketing. Both are great! But if you rely solely on one of them for clients, it’s risky because you don’t control either strategy. Whether or not you get referrals is down to other people. And social media is controlled by an algorithm that can change at any time.
If you’ve relied on one marketing strategy and found it’s dried up and your income is endangered, take it as a lesson and learn to have 2-3 marketing strategies. At least one needs to be a safer strategy you have more control over, like email marketing.
4. Making a PDF your opt-in freebie instead of a free email course (19:41)
I have PDF’s and I also have free email courses. (A new one is coming out next month!)
I’ve had free email courses for a decade. And they convert far more clients and customers than my PDF’s. Plus, they help my subscribers get into the habit of opening my emails (whereas people often sign up for free PDF’s and then never open emails from that person again.)
Here are a few more reasons you might not be earning $5k a month…
24:09 You are charging what you’re worth, not what the result of your service is worth
26:41 You give up on marketing strategies too quickly
29:07 You rely on motivation or passion to fuel your work
30:59 You send 1 email a month or don’t have an email list at all
33:24 You work full-time hours. (Listen to the podcast episode for why this reason made the list!)
37:43 You don’t have a niche or clear messaging
40:00 You kinda just hope clients roll in without putting effort into marketing
I go in-depth on each of these points in the podcast episode. Hit “play” on the player below or listen to this episode on Apple or Spotify!
About Nesha
Hey there! I’m Nesha, host of The Simple Business Show. I teach freedom seekers how to make a full-time income online without working full-time hours, so they can have the time, location & financial freedom to live the slow + free lifestyle they dream of.
Looking for more ways I can help you? Here they are:
Organize & Automate - Join 1200+ students and learn how to organize your entire online service-based business in just two weeks (on the side of your regular routine!) so you can stop stressing and fall back in love with your business.
Simple Sales School - Learn how to get a consistent flow of clients so you can build the income & financial freedom you desire.
1:1 Coaching - Work with me 1:1 in my 3-month program, Momentum.
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