Building a successful freelance business doesn’t happen overnight. And it doesn’t happen without some hard work. In addition to providing exceptional results and services, you also need to market your business.
However, how much time and money you should spend to market your business is up for a bit of debate. Here are a few considerations when deciding how much time and money to devote to your marketing.
#1 What are your business goals? If you aspire to have a small, part-time practice and you only need two to three clients to make that a reality, then you may not need to spend a ton of time and money marketing. On the other hand, if you aspire to have a large number of ongoing clients and to perhaps expand your business, then you’ll likely be investing a bit more into your marketing strategy.
#2 Who is your audience? Who you’re marketing to makes a difference in the amount of time and money you devote to the task. For example, if your audience is small business owners in your community, then they may be more receptive to hiring you. However, if you’re marketing to Fortune 500 businesses, then you’re going to have to devote a lot of time and energy to get their attention.
#3 How much time and money do you have? Realistically, you can only spend as much time or money as you have, right? So how much time and money do you have to devote to building your business? Take some time to determine how much you have in both areas.
#4 Follow recommendations. Many business experts recommend two things. They recommend spending half of your time marketing your business. This includes not only creating your marketing strategy but also implementing your marketing tactics and following up.
They also often recommend turning all of your profits for the first year back around into marketing your business. Of course that makes it difficult to eat and put a roof over your head. If you can follow this advice, by all means do. However, if that budget simply isn’t realistic, evaluate how much you need to live on and how much you can reinvest in your business.
#5 Where can you cut back? There are many areas in business where you can cut back. For example, instead of paying for an 800 number, you can get a Google number for free. Instead of hiring someone to custom design a website, you can install a WordPress website yourself.
There are also areas where you can get creative or better manage your time. For example, if it takes you a long time to send invoices and manage your finances, maybe you can trade with a bookkeeper and write copy for them, create a logo or manage their blog or website in exchange.
There’s no question that marketing your business is an important part of building and growing your freelance business. However, how much time and money you spend on marketing it depends largely on your goals and resources. Spend them wisely. To your success!