Let me start by saying, this is going to be a JOURNEY 🏔
Where you 🚦 START is not where you’ll END 🏁
When you are FIRST offering freelance services, it’s VERY normal to charge hourly rates. This guarantees that you get paid for the TIME you’re working – and allows you to learn how LONG certain tasks/services will take you to deliver on. Once you start to understand HOW to deliver the work with confidence – and on a predictable TIME cadence, now it’s time to move onto a retainer-focused model.
Retainers are KEY for scaling a service-based company. Retainers are “value based” pricing which allow you to get AWAY from time tracking & also allow you to capitalize on the industry knowledge you’ve gained with your specific expertise.
The first time you ever complete a service….you’re likely going to take MUCH LONGER compared to completing the service a year later. We don’t want you to get paid LESS because you can work FASTER based on experience.
Even without time tracking, as a soloprenuer, you’re going to hit a LIMIT to the amount of clients/work you can help at any given time. This is where it’s time to SCALE by hiring. When you hire, you now have a different CAPACITY to help your clients. This means you’ll have different TIERS of service based on the complexity of the client work – and how involved your team members will need to be to support each client.
This ^ is how I went from making $65/hr on Upwork ➡️ to $20k/month as a solopreneur to ➡️ $50/month as a Project Management COMPANY.
This is also how I teach my students to scale their own freelance/service-based business. 📖
Curious about how to make this transition? We’ve got you covered! Our 5 Steps Pop-Up Class takes you through the entire journey, step by step. From your current role to a thriving freelancing business, we’re here to guide you every step of the way.