I consistently notice three sneaky areas that silently drain people's web design businesses. In this session we're going to shine light on these three areas:
Client Acquisition Costs
How to avoid spending far too much time and money hunting for clients.
Business Structures That Don't Scale
Things that seem like a good idea at first, but ultimately will never scale to meet your income goals.
Unrecognized Opportunity Costs
Only looking at the revenue you are making from one thing without considering the cost of not doing something different.
Addressing these three areas of your business can literally be the difference that more than doubles your income far faster than you might have thought possible.
Client Acquisition Costs
It costs way too much and takes far to long to land new clients
Waisting time in your comfort zone
Blogging, posting on social media, and trying to drive traffic through organic SEO – takes forever and is costing you a fortune burning through saving waiting for your next client.
Other people control your lead flow
Always waiting for referrals, hoping someone calls you, etc. Always being REACTIVE rather than PROACTIVE when it comes to lead generation. If you're not in control of your lead flow, you are not in control of your cashflow. If you're not in control of your cash flow your business is hanging by a thread.
Not actually making an offer to your clients
It might seem like you are sending out proposals but the truth is for a lot of people the client is the one making the offer.
They are saying:
- Here's what I want.
- Here's what I'm willing to pay.
- Will you accept these terms?
This is why the price is so low. There's so much competition keeping the price down. If you don't say yes, someone else will.
The solution is to shift who is making the offer. Bring genuine leadership from a place of honestly caring about your clients' results. That leadership will breed confidence in your client and that confidence it what is required for high-ticket investments.
Spending too much time on non-billable work
- Doing maintenance for free
- Hosting a site but answering support questions for free
- Stuck always looking for new clients
Unrecognized Opportunity Cost
Let's move past finding clients and the marketing for a moment and let's say you've got a meeting set with your ideal client. This client is open to following your expertise and advice and they need as much help as you can deliver.
For example, let's say someone has just opened up their health and fitness center and they are awesome at what they do. They can help people lose weight, get their health back on track, and achieve amazing results. They have an unlimited budget to hire you. So now you have the opportunity to give them all of your best work.
- Designing and building an amazing, responsive, secure website
- Dialing things in with SEO
- Creating an eye-popping logo
- Building an email list
- Setting up landing pages
- Developing sales funnels
If you've got other skills like photography or videography, they need that too. They want a video tour of their facility. They want awesome pictures of their staff. They want all the stuff that you are the best at delivering.
What would you charge for all of that? Think about both the initial build AND the monthly retainer you'd want to set up to continue helping them leverage all the stuff you just set up month-after-month.
You'd probably charge at least $5,000 for the initial build. Your monthly retainer would probably be over $1500 per month. Suppose you just spent 1 hour per day helping them at $85 per hour. That's $1700 per month. That project has an annual value of over $25,000! ($5,000 + $1,700/month)
What if you had 5 clients like that? That's over $125,000 per year – with just 5 clients.
Now, let's do a little math. What are you making right now? For example, over the last 12 months, how much have you brought in? Take that number and subtract it from $125,000.
Or, if you'd rather think about it in monthly terms, how much money did you bring in this month? Was it $6k? $5k? $4k? Whatever it was, take that number and subtract it from $10,000.
That's what it is costing you every month not to fix this problem.