07/03/2022
Although Philip worked hard all his life, he was unable to pay his bills. He wanted to save money and pay off his debt, but not until he could afford the wedding of his daughter.
By day, Philip is a software developer, but by night he builds websites for businesses.
There is often feast and famine in his side hustle, as he gets gigs here and there and sometimes more than one at once. To break the cycle, most blogs suggest doing more marketing, getting larger clients, doing time-based gigs, and adding products.
We agree those tactics do help you to get more gigs, but you don't have the time or money to pay for them. Most gigsters believe that they need to work harder and harder in order to bring in more income.
We asked Philip to take a closer look at how he signed up new gigs and identify any challenges he had. According to him, price was the major issue, so he had to lower prices to fit their budget, which ate into his profits.
Our suggestion was that he offer Payment Plans, which he tried and everything exploded. It’s crazy. Similarly, a new client who may not be willing to pay £3,000 may be more than happy to pay $300 a month and actually $300 a month times 12 is more than $3,000. Cash flow!
Even if Philip didn't get a new gig or something one month, the revenue was still there, and what's more, it was recurring revenue.
Philip's new gigs tripled within two months, as he could take on 8 new jobs without the upfront full payment, resulting in an evergreen recurring monthly income of £2,400 over the next year.
If Philip continues to take on new gigs at the current rate, he will earn £6,000 monthly, at which point he might consider quitting his day job, and he will have sufficient financial resources to pay for his daughters wedding.
What steps should we take to accomplish that? That's the question you have to ask yourself every day.
“What is my client's recurring need?” Besides the one-off services that I offer them, what else do they need?
courtesy: Getty Images
