GoKawiilOpinions expressed by Entrepreneur contributors are their own.
Key Takeaways How you design your delivery model drives how stable your business is.
Never price by the hour; instead, price by the week or by the month.
Never sell your entire availability to one client; instead, aim to not commit more than 25% of your week to any one client.
Creating a cyclical client journey that brings transformation in phases that build on each other is the best way to avoid the “feast or famine” cycle.
Before I started working solo in 2021, I observed those in my network who bounced between freelancing and full-time employment. As I planned my solopreneurship journey, I asked them what made freelancing difficult. Almost all of them brought up the challenges of the “feast or famine” cycle. So, I knew I had to develop a strategy to avoid it.
The engagement framework I use to create financial resilience in my work is a multi-phased approach. Over the last five years, I have learned that I always need to start small, deliver oversized value, and, in doing so, build each client partnership from a solid foundation.
The three key phases of my “SBS” framework are:
Start small and strategize Build the Minimum Viable Product (MVP) Stabilize and enhance with ongoing support
These three phases can cycle repeatedly with the same client as they set new business objectives. By applying this framework, I am proud to say my first-ever client is still my client five years later. This is how I build life-long partnerships with my clients and avoid the feast or famine cycle. Now it’s time to learn how you can have the same results.
... continue reading