When I first started making money from freelancing, I wanted to save every penny. I didn’t see the point of investing my money or putting it back into the business. I was one of those people who thought that everything was scam.
“That course is a scam. That conference is a scam. It’s all a scam.”
I quickly realized how delusional I was and I picked up a few rules about making more money once you’ve started making money. The goal is to keep on making money. You don’t want to stop after your first $100 nor do you want to peak with one customer. You want your side hustle to eventually turn into something more.
For the sake of this article, I’m going to assume that you’ve made a few bucks from freelancing or your own business. I want to help you build some momentum so that you can finally make some real money on your own.
Before we get into the rules, let’s look at what should happen first:
- You need a business or product that people care about.
- You need customers that are willing to spend money.
- You should be making some money.
- You need to have a decent attitude. If you’re still blaming the world for your problems, you can go elsewhere. No whining allowed here.
- You’re open-minded. You’re not the drunk uncle at a family function that has life figured out 100%. None of us have all of the answers. We’re all trying to figure this stuff out.
What are the rules of making more money?
Before I introduce you the rules, I want you to know that you can totally switch up the formula or you can experiment until you find that sweet spot. Every business is different.
1. Reinvest your profits to make more money.
I see friends make a few bucks and then they stop. This is stupid. Keep on going. Don’t stop now. You’re actually on to something. You’ve actually made money. You’re not another weirdo sharing Gary Vee memes everyday. You’re a real freelancer. You’ve seen money get exchanged.
Try at least one of these:
- Pay for consultants/coaching/advice. Talk to someone who has done this before you and pay to pick their brain, If they don’t accept cash then take them out for coffee or dinner or drinks.
- Get help. Find any help that you can. Outsource certain tasks. Pay for something. Get some sort of help so that you’re not in this alone.
- Attend a conference. These are the best. Find a conference and attend it. Even if it’s far away. Spend the money on the hotel and the flight. This could be the best investment that you ever make into your business.
Keep on investing in yourself and your business. Don’t be cheap. You want this to grow. You want to do this for the rest of your life. Start acting like it.
2. Focus on what you’re good at.
“You have to be good at everything.”
No, you don’t. I’m tired of people trying to convince me that I have to be good at everything. I only focus on the things that I actually care about and can be decent at.
Okay this may seem obvious but it’s not. Too often do I see friends stressing about things that they suck at.
Outsource what you suck at.
Don’t let minor stuff hold you back. Don’t waste hours trying to figure out how to code a website when you have a product to be working on. I broke this site countless times with my pathetic efforts to edit code. I didn’t know what I was doing but I figured that I would save a few bucks.
What was the point of that?
I just added stress to my life and I took time away from writing. The goal is to dedicate your energy to what’s going to actually bring in more. Oh, and it ended up costing me more money to fix the website because I had to pay an actual developer to fix it.
3. Have a clear path for making more money.
How will you increase your income? How will you level up?
This is where you stop discussing hypotheticals and you actually create a game plan. Think of exactly where the money will come from. Think of what you’re going to do for additional sources of income.
Some options for making more money include:
- Offering higher-level services.
- Offering more access to you.
- Selling a product (book, course, etc.).
Stop reading useless articles on visualizing. You’re not a damn hippie. You don’t need to channel your creative energy. You need a plan. A plan that you can follow. A plan so that you don’t end up broke forever.
What’s your game plan for making more money?
4. Treat yourself with your profits.
It feels pretty knowing that you bought something with your business income. It may start with a dinner. Then one day you’re buying a new car.
I’ll tell you, I really love it when my business pays for trips. My Google Adsense covered my Europe trip back in 2011. That felt surreal at the time. I was so proud of this accomplishment. It wasn’t the best opening line, but I felt pretty cool.
Don’t forget to treat yourself with your new source of income. I mean what’s the point of working long hours if you can’t have any fun?
5. Study the experts.
Keep on studying experts. See what’s working for others. See where the industry is going. See what you could be doing better.
This is where I struggle. I need to get better at studying experts in my field. There’s always going to be someone ahead of you.
Comparison can lead to misery, but it’s important that you know what’s working so that you don’t waste your time. You also don’t want to fumble in the dark. It’s 2018. Everything has been published or written about online at some point. I started my podcast by following clear step-by-step instructions. I couldn’t tell you how to do it today without looking at that guide again.
6. Get results for yourself and clients.
Your own results are your best form of marketing.
I took a personal training course in 2006. I was excited to learn more about training and training others. The guy showed up and he was in terrible shape. It was uncomfortable. He would go off on tangents on being jacked. He wasn’t anything close to jacked.
Get some results. Get results for your clients. Build up one hell of a portfolio.
7. Share the results.
Show us your results. Let’s see what you’ve personally accomplished.
People generally pay for the “after” result. It’s important to have case studies and testimonials. This is the equivalent of when a club has a line down the street to get in. Suddenly, you want to get in. Why? Social proof.
This is where Instagram becomes pretty helpful. This platform is the best for throwing up pictures as that’s what it’s all about. You can create a separate account for your business where you share the latest results.
8. Become really good.
This isn’t exactly groundbreaking advice, but there are lots of crappy products and services out there. Nobody decides to be mediocre. It just kind of happens when we only ask our parents for feedback.
Try to get real advice from people who won’t be afraid to hurt your feelings. You’re going to need to get your feelings hurt a few times.
Watch this video on working for free if you’re stuck on finding experience…
You don’t have to stress about applying all of these rules at once. Freelancing can get pretty overwhelming. Chances are that you still have to deal with your 9-5, your family, and a life. This is a guide to help you stay on track when you feel like quitting or if you’re not sure of what to do next with your new freelancing career.
Read up more on freelancing:
- Why you should always make more money.
- Freelancing vs. an online business?
- 4,000 words on starting freelancing.
- Finding freelance experience.
- Start an online business right now.
- Your quick start guide to more money.
It’s time to make more money. I don’t think anyone wants to miss out on morning coffee because they thought that this was the only way to get ahead financially.
“Making money is a hobby that will complement any other hobbies you have, beautifully.” — Scott Alexander