A huge aspect of living a successful freelance lifestyle is working out where your money should go. Chances are you’re already spending much less on transport costs than you would if you were to work for a conventional company, and you don’t have to pay other staff or expensive overhead rental costs which sap the profits of many businesses.
One cost you won’t be able to escape as a freelancer, however, is marketing. Making people aware of what you do is a vital part of becoming a prosperous freelancer; you can attract new clients, reinforce your standing in the freelance community and simply create a professional look for yourself. Whilst it’s for these reasons that you should never neglect your marketing spend, working out the sensible amount respective to you and your business is essential. Ask yourself the following questions to determine what your marketing costs should be.
Unless you’re making healthy enough profits to live comfortably enough for your lifestyle, then you shouldn’t be burning a hole in your wallet to market yourself. Social media is your ally; it costs nothing to market yourself from your own Facebook and Twitter pages, and many freelancers get a sizeable chunk of their work from organic shares by friends who’ve opened the way for new business opportunities.
Likewise, setting up blogs and updating them with great content also costs nothing. Once you’ve built up some cash over a couple of months of good business you can start investing more heavily in paid marketing services to take your freelancing operation to the next level.
Whilst it’s wise to spend at least some of your income to consolidate your standing in the competitive freelance arena, if you’ve already built up an array of clients then you can afford to let your marketing costs slide somewhat. What’s the point in spending more on advertising if you’ve already got more clients than you can handle? Likewise, if you’re not established then a splurge on online marketing when you’re starting out is a wise choice if you can afford it – you’ll reap the benefits further down the line.
One reason to splash out on marketing, whether you’re a veteran with years of experience or a fledgling freelancer, is if you’re changing the services you offer. A large chunk of your client base may be simply unreachable through organic marketing, and you should endeavor to let them know about your enhanced new services as soon as possible to drive up your profits and enjoy the plethora of benefits that comes with the freelance lifestyle.