Feeling distracted? Feel like you could be earning more in less time? Not enough hours in the day? Check out these tips to help you earn more in less time as a freelancer.
As a freelancer or solo self-employed business owner, it’s crucial to find ways to maximise your productivity and efficiency to earn more in less time. Like most good things in life, there’s no magic formula for success, but there are some tried-and-true strategies that can help you achieve your goals.
Follow some or all of these tips and see if you start to see the needle move on your productivity and your earning power.
Streamline your processes
One of the biggest time-wasters for solo self-employed business owners is inefficient processes. Whether it’s the way you handle client inquiries, emails or the tools you use to manage your finances, there’s always room for improvement.
Take a critical look at your workflows and identify areas where you could streamline your processes. For example, you could use automation tools to handle routine tasks, or you could create standardised templates for common business documents.
Invoicing is one area most freelancers can improve upon. IPSE suggests these invoicing apps for freelancers.
Focus on your highest-value activities
As a solo self-employed business owner, your time is your most valuable asset. To maximise your earning potential, you need to focus on the activities that generate the most value for your business. In essence, the clients that pay you more or generate the most money should be your priority. Just because another client is more hands-on or needy does not mean that justifies more of your time, sometimes with little remuneration.
Take a look at your current workload and identify the tasks that are most important for driving revenue or growth. These might include sales and marketing activities, product development, or client management. Put these at the top of the list and find ways to delegate or eliminate the lower-value tasks.
Use time-tracking software
One of the most effective ways to boost your productivity is to track your time. Time-tracking software allows you to see exactly how much time you’re spending on different tasks and identify areas where you can improve your efficiency. It is also crucial for billing by the hour. Don’t guess how much time you are spending on client emails and requests, time it! Your time is your money.
There are many time-tracking tools available, ranging from simple timers to complex project management platforms. Find a tool that works for you and make it a habit to track your time every day. Start out with a free one first and if you feel you need something more complex or that helps with your billing, then do your research before paying up. Remember, these tools are expenses, so keep track of all billing or subscriptions through your business bank account.
Outsource non-core tasks
As a solo self-employed business owner, it’s tempting to try to do everything yourself. However, this approach can quickly lead to burnout and lower earnings. Instead, consider outsourcing non-core tasks to freelancers or contractors.
For example, you could hire a virtual assistant to handle administrative tasks like scheduling and email management, or you could work with a freelance graphic designer to create marketing materials. By outsourcing these tasks, you free up your time to focus on your core business activities.
Set clear goals and priorities
To earn more in less time, it’s important to have a clear sense of what you’re trying to achieve. Set specific, measurable goals for your business and break them down into smaller, actionable steps.
In addition to setting goals, it’s also important to prioritize your tasks. Use a system like the Eisenhower matrix to identify tasks that are urgent and important, and focus on these tasks first.
Take breaks and prioritise self-care
Finally, it’s important to remember that your productivity and earning potential are closely tied to your well-being. As a solo self-employed business owner, it’s easy to fall into the trap of working all hours of the day and neglecting your health and happiness.
Make sure to build in self-care by taking breaks throughout the day, getting regular exercise, and spending time with friends and family. By taking care of yourself, you’ll be better equipped to handle the challenges of running a successful business.
Strategic planning is crucial if you want more out of life
Taking all these steps into consideration, earning more in less time as a solo self-employed business owner requires a combination of strategic planning, efficient processes, and a focus on high-value activities. By implementing these tips and putting more thought into self-care, you can achieve your business goals while maintaining a healthy work-life balance.