Every freelancer and small business owner wants to make more money. You may be happy with where you are, but if you knew there was a relatively simple opportunity to bring in more income, you’d take it.
Of course, making more money isn’t a simple matter; otherwise, anyone with a business would become a billionaire eventually. But boosting your revenue, at least slightly, may be simpler than you think. Rather than inventing some new, ingenious product or expanding into new territories, you could instead turn your attention toward getting more lucrative clients.
The Advantages of Lucrative Clients
Attracting higher-paying clients is advantageous over other modes of expansion or improvement for the following reasons:
- Value growth. Time is inherently valuable, so many entrepreneurs make the mistake of thinking the only way to get more value is to invest more time. This isn’t the case. Instead, you can make your time more valuable by spending it with more profitable clients and more profitable opportunities.
- Risk management. Attracting more lucrative clients helps you manage risk; a high-volume, low-paying client may balance out a low-volume, high-paying one, and diversify your client portfolio to protect you against loss.
- Time reduction. If your bottom-line goal is revenue, taking on higher-paying clients should reduce the total amount of time you need to spend working on projects. That means you’ll have more time to invest in other areas of business expansion.
- Future opportunities. In some cases, having a lucrative client can improve your business’s reputation, helping you secure even more high-profile work in the future.
How to Land Them
So what actionable steps can your business take to get more lucrative clients?
- Change up your tactics. You won’t land more lucrative clients if you keep using the same tactics that got you your current client portfolio. No matter what strategies you choose to adopt, you’ll need to change something in your client acquisition and retention strategies if you want to make a measurable impact on your incoming work.
- Networking events are one of the best places for any solopreneur to be, especially if you’re in the market for more valuable clients. Here, you’ll get the chance to meet with power players in your city, potentially meeting new prospects as first-level connections. If not, you can network with industry mavens, who may be able to connect you with new opportunities secondarily.
- Upsell existing clients. Your current clients could become more lucrative clients if you know how to approach them. Talk to your most loyal clients about new services you offer, or renegotiate the terms of your existing contract with them. If you’ve been doing good work, they’ll be willing to pay you more—and maybe even send more jobs your way.
- Change your target demographics. If your clients are underpaying you, the root of the problem may be in the type of clients you’re targeting. Research some new potential demographics, and brainstorm the changes to your brand that would help you appeal to them. Targeting bigger companies, or an older population may be exactly what you need to bring home more revenue.
- Build your portfolio. Spend some time investing in and upgrading your portfolio of work (and/or your client testimonials). Big-paying clients rely on social proof like the rest of us, and tend to want more persuasive evidence before finalizing a financial decision. Make sure they see something they like when they research the work you’ve done in the past.
- Take bigger risks. Don’t be afraid to take some risks. Reach out to major influencers on social media, or try to make a cold email to a big business. While you’re at it, experiment with some new marketing tactics—even if you don’t fully understand them yet (though you’ll want to do at least some research beforehand). You might lose a few hours of your time if you fail, but if you succeed, you could land a client big enough to redefine your business.
- Reallocate your time distribution. Take a look at your current hours distribution. Chances are, you’re spending at least some of your hours on tasks that could be delegated or eliminated entirely. Clean up your schedule, and use all those extra hours to invest in finding new, higher-paying clients. You might develop a new product or service, invest in a redesign of your website, or simply spend more time making pitches and closing sales. In any case, the extra time will help you accomplish your goals.
Higher-paying clients may seem elusive, but if you’re willing to put in the time, they’re a completely approachable crowd. Who knows—you may already have a client willing to invest more in your services. You won’t know until you shift your priorities to focus on more profitable opportunities.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.